THOMAS: 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.
THOMAS
Largest movements
- Cash -€283,355
no longer reported in 2025 (was €283,355)
mainly Other debts (-€304,990) and Receivables within one year (-€21,653)
- Receivables within one year +€21,653
up €21,653 (+305%), from €7,102 to €28,755
of which Trade receivables: +€21,875
- Current investments +€4,926
new in 2025: €4,926
- Other debts -€304,990
down €304,990 (-71.0%), from €429,697 to €124,707
- Profit (loss) carried forward +€30,779
up €30,779 (+10.5%), from -€292,063 to -€261,285
- Debts after one year +€22,114
up €22,114 (+185%), from €11,957 to €34,071
- Trade debts -€7,411
down €7,411 (-94.7%), from €7,823 to €412
- Gross operating margin +€66,270
up €66,270, from -€9,804 to €56,466
- Depreciation +€2,102
up €2,102 (+13.6%), from €15,449 to €17,551
- Financial charges -€1,636
down €1,636 (-93.3%), from €1,754 to €118
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 | €355,940 | €93,529 | -€262,411 | -73.7% |
| Fixed assets | 21/28 | €50,029 | €46,536 | -€3,493 | -7.0% |
| Tangible fixed assets | 22/27 | €50,029 | €46,536 | -€3,493 | -7.0% |
| Land and buildings | 22 | - | €12,790 | +€12,790 | |
| Plant, machinery and equipment | 23 | - | €1,200 | +€1,200 | |
| Furniture and vehicles | 24 | €39,512 | €16,345 | -€23,167 | -58.6% |
| Other tangible fixed assets | 26 | €10,517 | €16,201 | +€5,684 | +54.0% |
| Current assets | 29/58 | €305,911 | €46,993 | -€258,918 | -84.6% |
| Stocks and contracts in progress | 3 | €12,000 | €13,312 | +€1,312 | +10.9% |
| Stocks | 30/36 | €12,000 | €13,312 | +€1,312 | +10.9% |
| Amounts receivable within one year | 40/41 | €7,102 | €28,755 | +€21,653 | +305% |
| Trade receivables | 40 | €6,833 | €28,708 | +€21,875 | +320% |
| Other amounts receivable | 41 | €268 | €47 | -€221 | -82.5% |
| Current investments | 50/53 | - | €4,926 | +€4,926 | |
| Cash at bank and in hand | 54/58 | €283,355 | - | -€283,355 | |
| Deferred charges and accrued income | 490/1 | €3,455 | - | -€3,455 | |
| Total equity and liabilities | 10/49 | €355,940 | €93,529 | -€262,411 | -73.7% |
| Equity | 10/15 | -€108,463 | -€77,685 | +€30,779 | +28.4% |
| Contributions | 10/11 | €183,600 | €183,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€292,063 | -€261,285 | +€30,779 | +10.5% |
| Amounts payable | 17/49 | €464,404 | €171,214 | -€293,190 | -63.1% |
| Amounts payable after more than one year | 17 | €11,957 | €34,071 | +€22,114 | +185% |
| Financial debts | 170/4 | €11,957 | €34,071 | +€22,114 | +185% |
| Amounts payable within one year | 42/48 | €452,447 | €137,143 | -€315,304 | -69.7% |
| Current portion of amounts payable after more than one year | 42 | €13,830 | €11,324 | -€2,507 | -18.1% |
| Trade debts | 44 | €7,823 | €412 | -€7,411 | -94.7% |
| Suppliers | 440/4 | €7,823 | €412 | -€7,411 | -94.7% |
| Taxes, remuneration and social security | 45 | €1,096 | €700 | -€396 | -36.1% |
| Taxes | 450/3 | €1,096 | €700 | -€396 | -36.1% |
| Other amounts payable | 47/48 | €429,697 | €124,707 | -€304,990 | -71.0% |
| Non-recurring operating income | 76A | €1,653 | - | -€1,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,449 | €17,551 | +€2,102 | +13.6% |
| Other operating charges | 640/8 | €528 | €742 | +€214 | +40.5% |
| Non-recurring operating charges | 66A | - | €3,909 | +€3,909 | |
| Gross operating margin | 9900 | -€9,804 | €56,466 | +€66,270 | |
| Operating profit (loss) | 9901 | -€25,780 | €34,265 | +€60,045 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,754 | €118 | -€1,636 | -93.3% |
| Recurring financial charges | 65 | €1,754 | €118 | -€1,636 | -93.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,535 | €34,147 | +€61,682 | |
| Profit (loss) for the period | 9904 | -€27,535 | €34,147 | +€61,682 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,535 | €34,147 | +€61,682 |
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 23 October 2026 via checked.be.