Bjorn V. Tilborgh: 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.
Bjorn V. Tilborgh
Largest movements
- Receivables within one year +€103,436
up €103,436 (+285%), from €36,249 to €139,685
of which Trade receivables: +€106,547
- Cash -€52,069
down €52,069 (-83.1%), from €62,676 to €10,607
mainly Receivables within one year (-€103,436) and Trade debts (-€24,052)
- Tangible fixed assets -€40,475
down €40,475 (-20.0%), from €201,977 to €161,502
of which Other tangible fixed assets: -€40,000
- Reserves +€41,077
new in 2025: €41,077
- Trade debts -€24,052
down €24,052 (-90.0%), from €26,716 to €2,664
- Debts after one year -€20,975
down €20,975 (-14.8%), from €141,491 to €120,517
- Tax, wage and social debts +€11,627
up €11,627 (+30.5%), from €38,073 to €49,700
of which Taxes: +€22,572
- Staff costs +€52,066
up €52,066 (+38.0%), from €136,848 to €188,914
- Gross operating margin +€47,404
up €47,404 (+19.1%), from €247,594 to €294,998
- Depreciation +€40,078
up €40,078 (+10,105%), from €397 to €40,475
- Taxes -€6,505
down €6,505 (-27.7%), from €23,505 to €17,000
- Financial charges +€5,820
up €5,820 (+217%), from €2,680 to €8,500
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 | €307,678 | €318,932 | +€11,254 | +3.7% |
| Fixed assets | 21/28 | €204,977 | €167,127 | -€37,850 | -18.5% |
| Tangible fixed assets | 22/27 | €201,977 | €161,502 | -€40,475 | -20.0% |
| Furniture and vehicles | 24 | €2,305 | €1,830 | -€475 | -20.6% |
| Other tangible fixed assets | 26 | €199,672 | €159,672 | -€40,000 | -20.0% |
| Financial fixed assets | 28 | €3,000 | €5,625 | +€2,625 | +87.5% |
| Current assets | 29/58 | €102,701 | €151,805 | +€49,104 | +47.8% |
| Stocks and contracts in progress | 3 | €2,718 | €1,513 | -€1,205 | -44.3% |
| Stocks | 30/36 | €2,718 | €1,513 | -€1,205 | -44.3% |
| Amounts receivable within one year | 40/41 | €36,249 | €139,685 | +€103,436 | +285% |
| Trade receivables | 40 | €116 | €106,662 | +€106,547 | +91,930% |
| Other amounts receivable | 41 | €36,133 | €33,023 | -€3,110 | -8.6% |
| Cash at bank and in hand | 54/58 | €62,676 | €10,607 | -€52,069 | -83.1% |
| Deferred charges and accrued income | 490/1 | €1,058 | €0 | -€1,058 | -100% |
| Total equity and liabilities | 10/49 | €307,678 | €318,932 | +€11,254 | +3.7% |
| Equity | 10/15 | €82,855 | €123,932 | +€41,077 | +49.6% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | - | €41,077 | +€41,077 | |
| Distributable reserves | 133 | - | €41,077 | +€41,077 | |
| Profit (loss) carried forward | 14 | €82,854 | €82,854 | = | 0.0% |
| Amounts payable | 17/49 | €224,823 | €195,000 | -€29,823 | -13.3% |
| Amounts payable after more than one year | 17 | €141,491 | €120,517 | -€20,975 | -14.8% |
| Financial debts | 170/4 | €141,491 | €120,517 | -€20,975 | -14.8% |
| Amounts payable within one year | 42/48 | €83,298 | €74,484 | -€8,815 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €18,509 | €20,975 | +€2,466 | +13.3% |
| Trade debts | 44 | €26,716 | €2,664 | -€24,052 | -90.0% |
| Suppliers | 440/4 | €26,716 | €2,664 | -€24,052 | -90.0% |
| Taxes, remuneration and social security | 45 | €38,073 | €49,700 | +€11,627 | +30.5% |
| Taxes | 450/3 | €21,423 | €43,994 | +€22,572 | +105% |
| Remuneration and social security | 454/9 | €16,651 | €5,706 | -€10,945 | -65.7% |
| Other amounts payable | 47/48 | - | €1,144 | +€1,144 | |
| Accrued charges and deferred income | 492/3 | €33 | €0 | -€33 | -100% |
| Remuneration, social security and pensions | 62 | €136,848 | €188,914 | +€52,066 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €397 | €40,475 | +€40,078 | +10,105% |
| Other operating charges | 640/8 | €1,311 | €1,437 | +€126 | +9.6% |
| Gross operating margin | 9900 | €247,594 | €294,998 | +€47,404 | +19.1% |
| Operating profit (loss) | 9901 | €109,039 | €64,173 | -€44,866 | -41.1% |
| Financial income | 75/76B | - | €2,404 | +€2,404 | |
| Recurring financial income | 75 | - | €2,404 | +€2,404 | |
| Financial charges | 65/66B | €2,680 | €8,500 | +€5,820 | +217% |
| Recurring financial charges | 65 | €2,680 | €8,500 | +€5,820 | +217% |
| Profit (loss) for the period before taxes | 9903 | €106,359 | €58,077 | -€48,282 | -45.4% |
| Income taxes | 67/77 | €23,505 | €17,000 | -€6,505 | -27.7% |
| Profit (loss) for the period | 9904 | €82,854 | €41,077 | -€41,777 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,854 | €41,077 | -€41,777 | -50.4% |
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 31 October 2026 via checked.be.