WILLY THIENPONT: 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.
WILLY THIENPONT
Largest movements
- Stocks and contracts -€15,861
down €15,861 (-44.4%), from €35,694 to €19,833
of which Contracts in progress: -€12,521
- Cash -€3,615
down €3,615 (-16.5%), from €21,927 to €18,312
mainly Net result for the year (-€14,922) and Receivables within one year (-€3,117)
- Receivables within one year +€3,117
up €3,117 (+59.2%), from €5,268 to €8,385
of which Trade receivables: +€2,668
- Profit (loss) carried forward -€14,922
down €14,922 (-16.7%), from -€89,569 to -€104,491
- Trade debts -€1,471
down €1,471 (-61.5%), from €2,394 to €922
- Gross operating margin -€6,458
down €6,458 (-126%), from -€5,135 to -€11,593
- Financial income -€445
down €445 (-51.1%), from €871 to €426
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 | €77,923 | €61,587 | -€16,336 | -21.0% |
| Fixed assets | 21/28 | €12,738 | €12,490 | -€248 | -1.9% |
| Tangible fixed assets | 22/27 | €12,738 | €12,490 | -€248 | -1.9% |
| Plant, machinery and equipment | 23 | €1,139 | €568 | -€570 | -50.1% |
| Furniture and vehicles | 24 | €913 | €1,906 | +€993 | +109% |
| Other tangible fixed assets | 26 | €10,686 | €10,016 | -€670 | -6.3% |
| Current assets | 29/58 | €65,186 | €49,097 | -€16,088 | -24.7% |
| Stocks and contracts in progress | 3 | €35,694 | €19,833 | -€15,861 | -44.4% |
| Stocks | 30/36 | €23,173 | €19,833 | -€3,340 | -14.4% |
| Contracts in progress | 37 | €12,521 | €0 | -€12,521 | -100% |
| Amounts receivable within one year | 40/41 | €5,268 | €8,385 | +€3,117 | +59.2% |
| Trade receivables | 40 | €3,017 | €5,685 | +€2,668 | +88.4% |
| Other amounts receivable | 41 | €2,251 | €2,700 | +€449 | +19.9% |
| Cash at bank and in hand | 54/58 | €21,927 | €18,312 | -€3,615 | -16.5% |
| Deferred charges and accrued income | 490/1 | €2,296 | €2,567 | +€271 | +11.8% |
| Total equity and liabilities | 10/49 | €77,923 | €61,587 | -€16,336 | -21.0% |
| Equity | 10/15 | €75,530 | €60,608 | -€14,922 | -19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €146,499 | €146,499 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,352 | €9,352 | = | 0.0% |
| Distributable reserves | 133 | €135,287 | €135,287 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,569 | -€104,491 | -€14,922 | -16.7% |
| Amounts payable | 17/49 | €2,394 | €979 | -€1,414 | -59.1% |
| Amounts payable within one year | 42/48 | €2,394 | €933 | -€1,461 | -61.0% |
| Trade debts | 44 | €2,394 | €922 | -€1,471 | -61.5% |
| Suppliers | 440/4 | €2,394 | €922 | -€1,471 | -61.5% |
| Taxes, remuneration and social security | 45 | €0 | €10 | +€10 | |
| Taxes | 450/3 | €0 | €10 | +€10 | |
| Accrued charges and deferred income | 492/3 | - | €47 | +€47 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,873 | €1,776 | -€97 | -5.2% |
| Other operating charges | 640/8 | €1,381 | €1,425 | +€44 | +3.2% |
| Gross operating margin | 9900 | -€5,135 | -€11,593 | -€6,458 | -126% |
| Operating profit (loss) | 9901 | -€8,389 | -€14,794 | -€6,405 | -76.4% |
| Financial income | 75/76B | €871 | €426 | -€445 | -51.1% |
| Recurring financial income | 75 | €871 | €426 | -€445 | -51.1% |
| Financial charges | 65/66B | €163 | €143 | -€20 | -12.2% |
| Recurring financial charges | 65 | €163 | €143 | -€20 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,681 | -€14,511 | -€6,830 | -88.9% |
| Income taxes | 67/77 | €384 | €410 | +€26 | +6.8% |
| Profit (loss) for the period | 9904 | -€8,065 | -€14,922 | -€6,856 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,065 | -€14,922 | -€6,856 | -85.0% |
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 26 October 2026 via checked.be.