DIRK THIEBAUT: 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.
DIRK THIEBAUT
Largest movements
- Tangible fixed assets -€17,843
down €17,843 (-26.9%), from €66,415 to €48,572
of which Plant, machinery and equipment: -€11,587
- Cash +€7,228
up €7,228 (+19.9%), from €36,305 to €43,533
mainly Depreciation (+€22,463) and Trade debts (+€4,919)
- Receivables within one year -€2,755
down €2,755 (-11.8%), from €23,336 to €20,580
of which Trade receivables: -€3,817
- Debts after one year -€9,632
down €9,632 (-34.0%), from €28,366 to €18,734
- Profit (loss) carried forward -€9,227
down €9,227 (-19.5%), from €47,410 to €38,183
- Trade debts +€4,919
up €4,919 (+1,769%), from €278 to €5,197
- Current portion of long-term debt +€4,542
up €4,542 (+48.2%), from €9,418 to €13,960
- Other debts -€3,156
down €3,156 (-37.8%), from €8,345 to €5,189
- Gross operating margin -€15,896
down €15,896 (-50.7%), from €31,349 to €15,452
- Taxes -€1,192
down €1,192 (-89.0%), from €1,340 to €148
- Depreciation -€691
down €691 (-3.0%), from €23,154 to €22,463
- Financial charges -€456
down €456 (-23.2%), from €1,962 to €1,507
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 | €127,729 | €113,408 | -€14,321 | -11.2% |
| Fixed assets | 21/28 | €66,415 | €48,572 | -€17,843 | -26.9% |
| Tangible fixed assets | 22/27 | €66,415 | €48,572 | -€17,843 | -26.9% |
| Plant, machinery and equipment | 23 | €25,427 | €13,839 | -€11,587 | -45.6% |
| Furniture and vehicles | 24 | €40,988 | €34,733 | -€6,256 | -15.3% |
| Current assets | 29/58 | €61,314 | €64,836 | +€3,522 | +5.7% |
| Amounts receivable within one year | 40/41 | €23,336 | €20,580 | -€2,755 | -11.8% |
| Trade receivables | 40 | €19,545 | €15,728 | -€3,817 | -19.5% |
| Other amounts receivable | 41 | €3,791 | €4,852 | +€1,062 | +28.0% |
| Cash at bank and in hand | 54/58 | €36,305 | €43,533 | +€7,228 | +19.9% |
| Deferred charges and accrued income | 490/1 | €1,673 | €723 | -€950 | -56.8% |
| Total equity and liabilities | 10/49 | €127,729 | €113,408 | -€14,321 | -11.2% |
| Equity | 10/15 | €77,970 | €68,743 | -€9,227 | -11.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €24,360 | €24,360 | = | 0.0% |
| Distributable reserves | 133 | €24,360 | €24,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,410 | €38,183 | -€9,227 | -19.5% |
| Amounts payable | 17/49 | €49,759 | €44,665 | -€5,093 | -10.2% |
| Amounts payable after more than one year | 17 | €28,366 | €18,734 | -€9,632 | -34.0% |
| Financial debts | 170/4 | €28,366 | €18,734 | -€9,632 | -34.0% |
| Amounts payable within one year | 42/48 | €21,393 | €25,931 | +€4,538 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €9,418 | €13,960 | +€4,542 | +48.2% |
| Trade debts | 44 | €278 | €5,197 | +€4,919 | +1,769% |
| Suppliers | 440/4 | €278 | €5,197 | +€4,919 | +1,769% |
| Taxes, remuneration and social security | 45 | €3,352 | €1,585 | -€1,767 | -52.7% |
| Taxes | 450/3 | €1,267 | €1,585 | +€318 | +25.1% |
| Remuneration and social security | 454/9 | €2,085 | - | -€2,085 | |
| Other amounts payable | 47/48 | €8,345 | €5,189 | -€3,156 | -37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,154 | €22,463 | -€691 | -3.0% |
| Other operating charges | 640/8 | €587 | €563 | -€24 | -4.1% |
| Gross operating margin | 9900 | €31,349 | €15,452 | -€15,896 | -50.7% |
| Operating profit (loss) | 9901 | €7,608 | -€7,573 | -€15,181 | |
| Financial income | 75/76B | €0 | €1 | +€0 | +4,900% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +4,900% |
| Financial charges | 65/66B | €1,962 | €1,507 | -€456 | -23.2% |
| Recurring financial charges | 65 | €1,962 | €1,507 | -€456 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €5,645 | -€9,080 | -€14,725 | |
| Income taxes | 67/77 | €1,340 | €148 | -€1,192 | -89.0% |
| Profit (loss) for the period | 9904 | €4,305 | -€9,227 | -€13,533 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,305 | -€9,227 | -€13,533 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.