VINCENT THUNUS: what changed
VINCENT THUNUS
Largest movements
- Tangible fixed assets +€275,845
up €275,845 (+1,216%), from €22,682 to €298,527
of which Land and buildings: +€245,843
- Cash -€118,072
down €118,072 (-81.4%), from €145,082 to €27,009
mainly Investment in fixed assets (net) (-€297,356) and Receivables within one year (-€34,146)
- Receivables within one year +€34,146
up €34,146 (+107%), from €31,840 to €65,985
of which Trade receivables: +€31,520
- Stocks and contracts +€18,747
up €18,747 (+99.7%), from €18,796 to €37,543
of which Contracts in progress: +€19,770
- Debts after one year +€166,206
up €166,206 (+2,475%), from €6,715 to €172,921
- Reserves +€35,054
up €35,054 (+26.3%), from €133,176 to €168,231
of which Distributable reserves: +€35,054
- Current portion of long-term debt +€15,586
up €15,586 (+234%), from €6,653 to €22,239
- Other debts -€11,167
down €11,167 (-22.1%), from €50,522 to €39,355
- Gross operating margin +€35,096
up €35,096 (+26.8%), from €130,794 to €165,890
- Staff costs +€26,263
up €26,263 (+35.8%), from €73,259 to €99,523
- Depreciation +€12,456
up €12,456 (+138%), from €9,055 to €21,511
- Financial charges +€5,114
up €5,114 (+518%), from €987 to €6,101
- Taxes -€3,072
down €3,072 (-44.3%), from €6,934 to €3,862
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €223,203 | €433,722 | +€210,519 | +94.3% |
| Fixed assets | 21/28 | €22,682 | €298,527 | +€275,845 | +1,216% |
| Tangible fixed assets | 22/27 | €22,682 | €298,527 | +€275,845 | +1,216% |
| Land and buildings | 22 | €574 | €246,417 | +€245,843 | +42,819% |
| Plant, machinery and equipment | 23 | €11,762 | €21,053 | +€9,291 | +79.0% |
| Furniture and vehicles | 24 | €7,375 | €28,552 | +€21,177 | +287% |
| Other tangible fixed assets | 26 | €2,971 | €2,504 | -€467 | -15.7% |
| Current assets | 29/58 | €200,521 | €135,195 | -€65,325 | -32.6% |
| Stocks and contracts in progress | 3 | €18,796 | €37,543 | +€18,747 | +99.7% |
| Stocks | 30/36 | €18,796 | €17,772 | -€1,024 | -5.4% |
| Contracts in progress | 37 | - | €19,770 | +€19,770 | |
| Amounts receivable within one year | 40/41 | €31,840 | €65,985 | +€34,146 | +107% |
| Trade receivables | 40 | €26,675 | €58,195 | +€31,520 | +118% |
| Other amounts receivable | 41 | €5,165 | €7,790 | +€2,626 | +50.8% |
| Cash at bank and in hand | 54/58 | €145,082 | €27,009 | -€118,072 | -81.4% |
| Deferred charges and accrued income | 490/1 | €4,803 | €4,658 | -€145 | -3.0% |
| Total equity and liabilities | 10/49 | €223,203 | €433,722 | +€210,519 | +94.3% |
| Equity | 10/15 | €151,726 | €186,781 | +€35,054 | +23.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €133,176 | €168,231 | +€35,054 | +26.3% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €131,321 | €166,376 | +€35,054 | +26.7% |
| Amounts payable | 17/49 | €71,477 | €246,942 | +€175,465 | +245% |
| Amounts payable after more than one year | 17 | €6,715 | €172,921 | +€166,206 | +2,475% |
| Financial debts | 170/4 | €6,715 | €172,921 | +€166,206 | +2,475% |
| Amounts payable within one year | 42/48 | €64,027 | €72,273 | +€8,245 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €6,653 | €22,239 | +€15,586 | +234% |
| Trade debts | 44 | €1,323 | €4,312 | +€2,989 | +226% |
| Suppliers | 440/4 | €1,323 | €4,312 | +€2,989 | +226% |
| Taxes, remuneration and social security | 45 | €5,529 | €6,366 | +€837 | +15.1% |
| Remuneration and social security | 454/9 | €5,529 | €6,366 | +€837 | +15.1% |
| Other amounts payable | 47/48 | €50,522 | €39,355 | -€11,167 | -22.1% |
| Accrued charges and deferred income | 492/3 | €734 | €1,748 | +€1,014 | +138% |
| Remuneration, social security and pensions | 62 | €73,259 | €99,523 | +€26,263 | +35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,055 | €21,511 | +€12,456 | +138% |
| Other operating charges | 640/8 | €1,720 | €1,166 | -€554 | -32.2% |
| Gross operating margin | 9900 | €130,794 | €165,890 | +€35,096 | +26.8% |
| Operating profit (loss) | 9901 | €46,760 | €43,690 | -€3,070 | -6.6% |
| Financial income | 75/76B | €830 | €2,160 | +€1,329 | +160% |
| Recurring financial income | 75 | €830 | €2,160 | +€1,329 | +160% |
| Financial charges | 65/66B | €987 | €6,101 | +€5,114 | +518% |
| Recurring financial charges | 65 | €987 | €6,101 | +€5,114 | +518% |
| Profit (loss) for the period before taxes | 9903 | €46,604 | €39,749 | -€6,854 | -14.7% |
| Income taxes | 67/77 | €6,934 | €3,862 | -€3,072 | -44.3% |
| Profit (loss) for the period | 9904 | €39,670 | €35,887 | -€3,782 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,670 | €35,887 | -€3,782 | -9.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.