VAN THUYNE.2: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VAN THUYNE.2
Largest movements
- Receivables within one year +€11.1m
up €11.1m (+1,394%), from €798,739 to €11.9m
of which Trade receivables: +€11.4m
- Tangible fixed assets -€1.1m
down €1.1m (-8.6%), from €12.3m to €11.3m
of which Plant, machinery and equipment: -€756,217
- Stocks and contracts +€314,708
up €314,708 (+180%), from €174,756 to €489,464
- Trade debts +€11.4m
up €11.4m (+1,730%), from €658,707 to €12.1m
- Profit (loss) carried forward -€412,082
down €412,082 (-73.5%), from -€560,833 to -€972,915
- Current portion of long-term debt -€332,827
down €332,827 (-49.1%), from €677,543 to €344,716
- Gross operating margin -€283,179
down €283,179 (-16.2%), from €1.7m to €1.5m
- Depreciation +€170,076
up €170,076 (+15.5%), from €1.1m to €1.3m
- Financial charges -€51,131
down €51,131 (-16.3%), from €313,807 to €262,676
- Staff costs +€38,519
up €38,519 (+11.4%), from €338,841 to €377,361
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,479,993 | €23,886,890 | +€10.4m | +77.2% |
| Fixed assets | 21/28 | €12,334,434 | €11,281,796 | -€1.1m | -8.5% |
| Tangible fixed assets | 22/27 | €12,332,719 | €11,274,081 | -€1.1m | -8.6% |
| Land and buildings | 22 | €31,438 | €29,810 | -€1,628 | -5.2% |
| Plant, machinery and equipment | 23 | €8,324,207 | €7,567,990 | -€756,217 | -9.1% |
| Furniture and vehicles | 24 | €124,662 | €92,342 | -€32,319 | -25.9% |
| Leasing and similar rights | 25 | €1,338,109 | €1,190,538 | -€147,572 | -11.0% |
| Other tangible fixed assets | 26 | €2,514,303 | €2,393,401 | -€120,902 | -4.8% |
| Financial fixed assets | 28 | €1,715 | €7,715 | +€6,000 | +350% |
| Current assets | 29/58 | €1,145,559 | €12,605,094 | +€11.5m | +1,000% |
| Stocks and contracts in progress | 3 | €174,756 | €489,464 | +€314,708 | +180% |
| Stocks | 30/36 | €174,756 | €489,464 | +€314,708 | +180% |
| Amounts receivable within one year | 40/41 | €798,739 | €11,931,909 | +€11.1m | +1,394% |
| Trade receivables | 40 | €371,562 | €11,726,878 | +€11.4m | +3,056% |
| Other amounts receivable | 41 | €427,178 | €205,031 | -€222,147 | -52.0% |
| Cash at bank and in hand | 54/58 | €171,220 | €172,956 | +€1,736 | +1.0% |
| Deferred charges and accrued income | 490/1 | €843 | €10,765 | +€9,922 | +1,177% |
| Total equity and liabilities | 10/49 | €13,479,993 | €23,886,890 | +€10.4m | +77.2% |
| Equity | 10/15 | -€147,397 | -€598,218 | -€450,821 | -306% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€560,833 | -€972,915 | -€412,082 | -73.5% |
| Investment grants | 15 | €388,436 | €349,697 | -€38,739 | -10.0% |
| Amounts payable | 17/49 | €13,627,390 | €24,485,108 | +€10.9m | +79.7% |
| Amounts payable after more than one year | 17 | €10,850,718 | €10,759,166 | -€91,551 | -0.8% |
| Financial debts | 170/4 | €3,850,718 | €794,791 | -€3.1m | -79.4% |
| Other amounts payable | 178/9 | €7,000,000 | €9,964,375 | +€3.0m | +42.3% |
| Amounts payable within one year | 42/48 | €2,776,672 | €13,725,942 | +€10.9m | +394% |
| Current portion of amounts payable after more than one year | 42 | €677,543 | €344,716 | -€332,827 | -49.1% |
| Trade debts | 44 | €658,707 | €12,053,218 | +€11.4m | +1,730% |
| Suppliers | 440/4 | €658,707 | €12,053,218 | +€11.4m | +1,730% |
| Taxes, remuneration and social security | 45 | €67,296 | €73,199 | +€5,902 | +8.8% |
| Taxes | 450/3 | €9,681 | €13,294 | +€3,612 | +37.3% |
| Remuneration and social security | 454/9 | €57,615 | €59,905 | +€2,290 | +4.0% |
| Other amounts payable | 47/48 | €1,373,126 | €1,254,810 | -€118,317 | -8.6% |
| Remuneration, social security and pensions | 62 | €338,841 | €377,361 | +€38,519 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,098,073 | €1,268,149 | +€170,076 | +15.5% |
| Other operating charges | 640/8 | €4,821 | €12,271 | +€7,450 | +155% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,746,516 | €1,463,337 | -€283,179 | -16.2% |
| Operating profit (loss) | 9901 | €304,780 | -€194,444 | -€499,224 | |
| Financial income | 75/76B | €50,618 | €45,777 | -€4,841 | -9.6% |
| Recurring financial income | 75 | €50,618 | €45,777 | -€4,841 | -9.6% |
| Financial charges | 65/66B | €313,807 | €262,676 | -€51,131 | -16.3% |
| Recurring financial charges | 65 | €313,807 | €262,676 | -€51,131 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €41,591 | -€411,343 | -€452,934 | |
| Income taxes | 67/77 | €581 | €739 | +€158 | +27.1% |
| Profit (loss) for the period | 9904 | €41,010 | -€412,082 | -€453,092 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,010 | -€412,082 | -€453,092 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.