FIERS 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.
FIERS THIBAULT
Largest movements
- Tangible fixed assets -€193,945
down €193,945 (-50.5%), from €384,328 to €190,383
of which Land and buildings: -€258,083
- Cash +€34,517
up €34,517 (+583%), from €5,916 to €40,433
mainly Investment in fixed assets (net) (+€163,218) and Debts after one year (+€138,382)
- Intangible fixed assets -€11,656
down €11,656 (-26.4%), from €44,196 to €32,541
- Profit (loss) carried forward -€327,549
new in 2025: -€327,549
- Debts after one year +€138,382
up €138,382 (+38.6%), from €358,125 to €496,507
- Current portion of long-term debt +€15,074
new in 2025: €15,074
- Other debts +€7,675
up €7,675 (+989%), from €776 to €8,451
- Tax, wage and social debts -€7,355
down €7,355 (-42.7%), from €17,224 to €9,869
of which Taxes: -€7,055
- Depreciation +€37,879
up €37,879 (+841%), from €4,504 to €42,383
- Gross operating margin -€9,745
down €9,745 (-30.4%), from €32,060 to €22,315
- Taxes -€7,031
down €7,031 (-100%), from €7,031 to €0
- Other operating charges +€2,098
up €2,098 (+154%), from €1,363 to €3,461
- Financial charges +€917
up €917 (+2,642%), from €35 to €952
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 | €438,989 | €266,033 | -€172,956 | -39.4% |
| Fixed assets | 21/28 | €428,525 | €222,923 | -€205,601 | -48.0% |
| Intangible fixed assets | 21 | €44,196 | €32,541 | -€11,656 | -26.4% |
| Tangible fixed assets | 22/27 | €384,328 | €190,383 | -€193,945 | -50.5% |
| Land and buildings | 22 | €368,699 | €110,616 | -€258,083 | -70.0% |
| Plant, machinery and equipment | 23 | €13,808 | €13,916 | +€108 | +0.8% |
| Furniture and vehicles | 24 | €1,821 | €2,504 | +€683 | +37.5% |
| Leasing and similar rights | 25 | - | €63,347 | +€63,347 | |
| Current assets | 29/58 | €10,465 | €43,110 | +€32,645 | +312% |
| Amounts receivable within one year | 40/41 | €3,131 | €408 | -€2,724 | -87.0% |
| Trade receivables | 40 | €0 | €369 | +€369 | |
| Other amounts receivable | 41 | €3,131 | €39 | -€3,093 | -98.8% |
| Cash at bank and in hand | 54/58 | €5,916 | €40,433 | +€34,517 | +583% |
| Deferred charges and accrued income | 490/1 | €1,417 | €2,269 | +€852 | +60.1% |
| Total equity and liabilities | 10/49 | €438,989 | €266,033 | -€172,956 | -39.4% |
| Equity | 10/15 | €57,857 | -€269,692 | -€327,549 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €52,857 | €52,857 | = | 0.0% |
| Distributable reserves | 133 | €52,857 | €52,857 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€327,549 | -€327,549 | |
| Amounts payable | 17/49 | €381,132 | €535,725 | +€154,593 | +40.6% |
| Amounts payable after more than one year | 17 | €358,125 | €496,507 | +€138,382 | +38.6% |
| Financial debts | 170/4 | €358,125 | €496,507 | +€138,382 | +38.6% |
| Amounts payable within one year | 42/48 | €23,007 | €38,981 | +€15,973 | +69.4% |
| Current portion of amounts payable after more than one year | 42 | - | €15,074 | +€15,074 | |
| Trade debts | 44 | €5,007 | €5,587 | +€580 | +11.6% |
| Suppliers | 440/4 | €5,007 | €5,587 | +€580 | +11.6% |
| Taxes, remuneration and social security | 45 | €17,224 | €9,869 | -€7,355 | -42.7% |
| Taxes | 450/3 | €15,424 | €8,369 | -€7,055 | -45.7% |
| Remuneration and social security | 454/9 | €1,800 | €1,500 | -€300 | -16.7% |
| Other amounts payable | 47/48 | €776 | €8,451 | +€7,675 | +989% |
| Accrued charges and deferred income | 492/3 | - | €237 | +€237 | |
| Non-recurring operating income | 76A | - | €8,367 | +€8,367 | |
| Remuneration, social security and pensions | 62 | €152 | €0 | -€152 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,504 | €42,383 | +€37,879 | +841% |
| Other operating charges | 640/8 | €1,363 | €3,461 | +€2,098 | +154% |
| Non-recurring operating charges | 66A | - | €303,094 | +€303,094 | |
| Gross operating margin | 9900 | €32,060 | €22,315 | -€9,745 | -30.4% |
| Operating profit (loss) | 9901 | €26,041 | -€326,623 | -€352,663 | |
| Financial income | 75/76B | €0 | €25 | +€25 | |
| Recurring financial income | 75 | €0 | €25 | +€25 | |
| Financial charges | 65/66B | €35 | €952 | +€917 | +2,642% |
| Recurring financial charges | 65 | €35 | €952 | +€917 | +2,642% |
| Profit (loss) for the period before taxes | 9903 | €26,006 | -€327,549 | -€353,555 | |
| Income taxes | 67/77 | €7,031 | €0 | -€7,031 | -100% |
| Profit (loss) for the period | 9904 | €18,976 | -€327,549 | -€346,525 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,976 | -€327,549 | -€346,525 |
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 28 October 2026 via checked.be.