Desutter Thibaud: 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.
Desutter Thibaud
Largest movements
- Tangible fixed assets +€367,536
up €367,536 (+750%), from €49,017 to €416,553
of which Land and buildings: +€383,656
- Receivables within one year -€63,175
down €63,175 (-55.7%), from €113,409 to €50,234
of which Trade receivables: -€67,749
- Cash -€44,909
down €44,909 (-70.9%), from €63,318 to €18,409
mainly Investment in fixed assets (net) (-€398,619) and Trade debts (-€26,261)
- Stocks and contracts +€18,841
up €18,841 (+111%), from €17,022 to €35,863
- Debts after one year +€315,144
up €315,144 (+2,683%), from €11,744 to €326,889
- Trade debts -€26,261
down €26,261 (-40.3%), from €65,236 to €38,975
- Other debts -€9,300
down €9,300 (-10.4%), from €89,692 to €80,392
- Current portion of long-term debt +€9,220
up €9,220 (+106%), from €8,731 to €17,951
- Reserves -€8,392
down €8,392 (-14.7%), from €56,900 to €48,508
- Gross operating margin -€52,107
down €52,107 (-57.5%), from €90,646 to €38,539
- Depreciation +€16,017
up €16,017 (+100%), from €16,007 to €32,024
- Taxes -€13,724
down €13,724 (-99.0%), from €13,856 to €132
- Staff costs +€6,063
new in 2025: €6,063
- Financial charges +€5,619
up €5,619 (+277%), from €2,029 to €7,648
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 | €247,168 | €527,793 | +€280,625 | +114% |
| Fixed assets | 21/28 | €52,839 | €419,435 | +€366,596 | +694% |
| Intangible fixed assets | 21 | €3,755 | €2,815 | -€940 | -25.0% |
| Tangible fixed assets | 22/27 | €49,017 | €416,553 | +€367,536 | +750% |
| Land and buildings | 22 | - | €383,656 | +€383,656 | |
| Plant, machinery and equipment | 23 | €10,997 | €5,347 | -€5,651 | -51.4% |
| Furniture and vehicles | 24 | €38,020 | €27,550 | -€10,470 | -27.5% |
| Financial fixed assets | 28 | €67 | €67 | = | 0.0% |
| Current assets | 29/58 | €194,328 | €108,358 | -€85,970 | -44.2% |
| Stocks and contracts in progress | 3 | €17,022 | €35,863 | +€18,841 | +111% |
| Stocks | 30/36 | €17,022 | €35,863 | +€18,841 | +111% |
| Amounts receivable within one year | 40/41 | €113,409 | €50,234 | -€63,175 | -55.7% |
| Trade receivables | 40 | €108,795 | €41,046 | -€67,749 | -62.3% |
| Other amounts receivable | 41 | €4,614 | €9,188 | +€4,574 | +99.1% |
| Cash at bank and in hand | 54/58 | €63,318 | €18,409 | -€44,909 | -70.9% |
| Deferred charges and accrued income | 490/1 | €580 | €3,852 | +€3,272 | +565% |
| Total equity and liabilities | 10/49 | €247,168 | €527,793 | +€280,625 | +114% |
| Equity | 10/15 | €60,900 | €52,508 | -€8,392 | -13.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €56,900 | €48,508 | -€8,392 | -14.7% |
| Distributable reserves | 133 | €56,900 | €48,508 | -€8,392 | -14.7% |
| Amounts payable | 17/49 | €186,267 | €475,285 | +€289,017 | +155% |
| Amounts payable after more than one year | 17 | €11,744 | €326,889 | +€315,144 | +2,683% |
| Financial debts | 170/4 | €11,744 | €326,889 | +€315,144 | +2,683% |
| Amounts payable within one year | 42/48 | €174,523 | €148,396 | -€26,127 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €8,731 | €17,951 | +€9,220 | +106% |
| Trade debts | 44 | €65,236 | €38,975 | -€26,261 | -40.3% |
| Suppliers | 440/4 | €65,236 | €38,975 | -€26,261 | -40.3% |
| Taxes, remuneration and social security | 45 | €10,864 | €11,078 | +€214 | +2.0% |
| Taxes | 450/3 | €10,864 | €11,078 | +€214 | +2.0% |
| Other amounts payable | 47/48 | €89,692 | €80,392 | -€9,300 | -10.4% |
| Remuneration, social security and pensions | 62 | - | €6,063 | +€6,063 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,007 | €32,024 | +€16,017 | +100% |
| Other operating charges | 640/8 | €1,865 | €1,072 | -€793 | -42.5% |
| Non-recurring operating charges | 66A | - | €7 | +€7 | |
| Gross operating margin | 9900 | €90,646 | €38,539 | -€52,107 | -57.5% |
| Operating profit (loss) | 9901 | €72,774 | -€626 | -€73,400 | |
| Financial income | 75/76B | €12 | €15 | +€3 | +21.6% |
| Recurring financial income | 75 | €12 | €15 | +€3 | +21.6% |
| Financial charges | 65/66B | €2,029 | €7,648 | +€5,619 | +277% |
| Recurring financial charges | 65 | €2,029 | €7,648 | +€5,619 | +277% |
| Profit (loss) for the period before taxes | 9903 | €70,757 | -€8,260 | -€79,016 | |
| Income taxes | 67/77 | €13,856 | €132 | -€13,724 | -99.0% |
| Profit (loss) for the period | 9904 | €56,900 | -€8,392 | -€65,292 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,900 | -€8,392 | -€65,292 |
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 15 October 2026 via checked.be.