W. THYSSEN: what changed
Two fiscal 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.
W. THYSSEN
Largest movements
- Tangible fixed assets -€14,835
down €14,835 (-10.3%), from €144,674 to €129,839
of which Furniture and vehicles: -€10,141
- Receivables within one year -€8,861
down €8,861 (-19.4%), from €45,603 to €36,742
- Reserves -€196,952
down €196,952 (-51.0%), from €386,136 to €189,184
of which Distributable reserves: -€196,952
- Other debts +€169,490
up €169,490 (+192.6%), from €87,993 to €257,483
- Gross operating margin -€5,528
down €5,528 (-3.6%), from €153,171 to €147,643
- Taxes -€1,585
down €1,585 (-4.8%), from €32,759 to €31,174
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.
Cash bridge derived
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 | €501,583 | €475,594 | -€25,989 | -5.2% |
| Fixed assets | 21/28 | €354,360 | €339,526 | -€14,835 | -4.2% |
| Tangible fixed assets | 22/27 | €144,674 | €129,839 | -€14,835 | -10.3% |
| Land and buildings | 22 | €93,844 | €89,822 | -€4,022 | -4.3% |
| Plant, machinery and equipment | 23 | €194 | - | -€194 | |
| Furniture and vehicles | 24 | €49,205 | €39,064 | -€10,141 | -20.6% |
| Other tangible fixed assets | 26 | €1,431 | €953 | -€477 | -33.4% |
| Financial fixed assets | 28 | €209,686 | €209,686 | = | 0.0% |
| Current assets | 29/58 | €147,222 | €136,068 | -€11,154 | -7.6% |
| Amounts receivable within one year | 40/41 | €45,603 | €36,742 | -€8,861 | -19.4% |
| Trade receivables | 40 | €45,603 | €36,742 | -€8,861 | -19.4% |
| Current investments | 50/53 | €35,758 | €35,758 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,861 | €63,402 | -€2,459 | -3.7% |
| Deferred charges and accrued income | 490/1 | - | €166 | +€166 | |
| Total equity and liabilities | 10/49 | €501,583 | €475,594 | -€25,989 | -5.2% |
| Equity | 10/15 | €392,336 | €195,384 | -€196,952 | -50.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €386,136 | €189,184 | -€196,952 | -51.0% |
| 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 | €384,281 | €187,329 | -€196,952 | -51.3% |
| Profit (loss) carried forward | 14 | €0 | - | -€0 | |
| Amounts payable | 17/49 | €109,247 | €280,210 | +€170,963 | +156.5% |
| Amounts payable within one year | 42/48 | €108,427 | €280,210 | +€171,782 | +158.4% |
| Trade debts | 44 | €1,123 | €731 | -€392 | -34.9% |
| Suppliers | 440/4 | €1,123 | €731 | -€392 | -34.9% |
| Taxes, remuneration and social security | 45 | €19,311 | €21,996 | +€2,684 | +13.9% |
| Taxes | 450/3 | €14,777 | €17,347 | +€2,571 | +17.4% |
| Remuneration and social security | 454/9 | €4,535 | €4,648 | +€114 | +2.5% |
| Other amounts payable | 47/48 | €87,993 | €257,483 | +€169,490 | +192.6% |
| Accrued charges and deferred income | 492/3 | €819 | - | -€819 | |
| Remuneration, social security and pensions | 62 | €37,777 | €36,920 | -€857 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,878 | €19,459 | -€419 | -2.1% |
| Other operating charges | 640/8 | €1,914 | €1,895 | -€18 | -1.0% |
| Gross operating margin | 9900 | €153,171 | €147,643 | -€5,528 | -3.6% |
| Operating profit (loss) | 9901 | €93,602 | €89,368 | -€4,234 | -4.5% |
| Financial income | 75/76B | €1,930 | €1,408 | -€522 | -27.1% |
| Recurring financial income | 75 | €1,930 | €1,408 | -€522 | -27.1% |
| Financial charges | 65/66B | €80 | €83 | +€2 | +2.9% |
| Recurring financial charges | 65 | €80 | €83 | +€2 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €95,452 | €90,693 | -€4,758 | -5.0% |
| Income taxes | 67/77 | €32,759 | €31,174 | -€1,585 | -4.8% |
| Profit (loss) for the period | 9904 | €62,693 | €59,519 | -€3,174 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,693 | €59,519 | -€3,174 | -5.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.