Bruno de Thibault: 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.
Bruno de Thibault
Largest movements
- Cash +€124,693
up €124,693 (+39.7%), from €313,723 to €438,416
mainly Net result for the year (+€183,902) and Tax, wage and social debts (+€21,709)
- Receivables within one year +€30,710
up €30,710 (+150%), from €20,456 to €51,166
of which Trade receivables: +€38,572
- Financial fixed assets +€24,052
up €24,052 (+7.5%), from €322,665 to €346,717
- Reserves +€141,045
up €141,045 (+23.4%), from €601,654 to €742,699
- Tax, wage and social debts +€21,709
up €21,709 (+61.9%), from €35,087 to €56,797
- Other debts +€12,638
up €12,638 (+43.6%), from €28,991 to €41,630
- Financial charges -€90,015
down €90,015 (-46.6%), from €193,267 to €103,252
- Gross operating margin +€47,711
up €47,711 (+16.0%), from €298,258 to €345,969
- Taxes +€44,938
up €44,938 (+138%), from €32,464 to €77,402
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 | €666,526 | €841,456 | +€174,930 | +26.2% |
| Fixed assets | 21/28 | €330,303 | €350,261 | +€19,957 | +6.0% |
| Tangible fixed assets | 22/27 | €7,638 | €3,544 | -€4,095 | -53.6% |
| Plant, machinery and equipment | 23 | €74 | - | -€74 | |
| Furniture and vehicles | 24 | €6,161 | €2,831 | -€3,329 | -54.0% |
| Other tangible fixed assets | 26 | €1,404 | €712 | -€692 | -49.3% |
| Financial fixed assets | 28 | €322,665 | €346,717 | +€24,052 | +7.5% |
| Current assets | 29/58 | €336,223 | €491,196 | +€154,973 | +46.1% |
| Amounts receivable within one year | 40/41 | €20,456 | €51,166 | +€30,710 | +150% |
| Trade receivables | 40 | - | €38,572 | +€38,572 | |
| Other amounts receivable | 41 | €20,456 | €12,594 | -€7,862 | -38.4% |
| Cash at bank and in hand | 54/58 | €313,723 | €438,416 | +€124,693 | +39.7% |
| Deferred charges and accrued income | 490/1 | €2,044 | €1,613 | -€431 | -21.1% |
| Total equity and liabilities | 10/49 | €666,526 | €841,456 | +€174,930 | +26.2% |
| Equity | 10/15 | €601,654 | €742,699 | +€141,045 | +23.4% |
| Reserves | 13 | €601,654 | €742,699 | +€141,045 | +23.4% |
| Distributable reserves | 133 | €601,654 | €742,699 | +€141,045 | +23.4% |
| Amounts payable | 17/49 | €64,872 | €98,758 | +€33,885 | +52.2% |
| Amounts payable within one year | 42/48 | €64,872 | €98,758 | +€33,885 | +52.2% |
| Trade debts | 44 | €794 | €332 | -€462 | -58.2% |
| Suppliers | 440/4 | €794 | €332 | -€462 | -58.2% |
| Taxes, remuneration and social security | 45 | €35,087 | €56,797 | +€21,709 | +61.9% |
| Taxes | 450/3 | €35,087 | €56,797 | +€21,709 | +61.9% |
| Other amounts payable | 47/48 | €28,991 | €41,630 | +€12,638 | +43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,265 | €4,095 | -€170 | -4.0% |
| Other operating charges | 640/8 | €1,817 | €1,378 | -€439 | -24.2% |
| Gross operating margin | 9900 | €298,258 | €345,969 | +€47,711 | +16.0% |
| Operating profit (loss) | 9901 | €292,176 | €340,497 | +€48,321 | +16.5% |
| Financial income | 75/76B | €22,850 | €24,059 | +€1,209 | +5.3% |
| Recurring financial income | 75 | €22,850 | €24,059 | +€1,209 | +5.3% |
| Financial charges | 65/66B | €193,267 | €103,252 | -€90,015 | -46.6% |
| Recurring financial charges | 65 | €193,267 | €103,252 | -€90,015 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | €121,760 | €261,304 | +€139,544 | +115% |
| Income taxes | 67/77 | €32,464 | €77,402 | +€44,938 | +138% |
| Profit (loss) for the period | 9904 | €89,296 | €183,902 | +€94,606 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €89,296 | €183,902 | +€94,606 | +106% |
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 29 October 2026 via checked.be.