FREDERIC THIELEMANS: what changed
Two fiscal 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.
FREDERIC THIELEMANS
Largest movements
- Cash -€43,891
down €43,891 (-15.0%), from €292,076 to €248,185
mainly Contributions, distributions and other (-€59,834) and Tax, wage and social debts (-€14,705)
- Financial fixed assets +€5,370
up €5,370 (+10.7%), from €50,241 to €55,611
- Reserves -€34,839
down €34,839 (-7.9%), from €441,811 to €406,972
- Tax, wage and social debts -€14,705
down €14,705 (-37.3%), from €39,437 to €24,731
- Trade debts +€7,848
up €7,848 (+282.1%), from €2,782 to €10,630
- Gross operating margin -€37,988
down €37,988 (-44.1%), from €86,107 to €48,120
- Other operating charges -€15,506
down €15,506 (-88.0%), from €17,630 to €2,124
- Taxes -€6,083
down €6,083 (-32.9%), from €18,510 to €12,426
- Financial charges -€2,268
down €2,268 (-31.1%), from €7,291 to €5,023
- Financial income -€946
down €946 (-34.8%), from €2,720 to €1,775
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.
Cash bridge derived
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 | €534,083 | €492,338 | -€41,745 | -7.8% |
| Fixed assets | 21/28 | €85,017 | €88,494 | +€3,477 | +4.1% |
| Tangible fixed assets | 22/27 | €34,776 | €32,884 | -€1,893 | -5.4% |
| Land and buildings | 22 | €21,465 | €21,060 | -€405 | -1.9% |
| Furniture and vehicles | 24 | €6,246 | €2,277 | -€3,969 | -63.5% |
| Other tangible fixed assets | 26 | €7,066 | €9,547 | +€2,481 | +35.1% |
| Financial fixed assets | 28 | €50,241 | €55,611 | +€5,370 | +10.7% |
| Current assets | 29/58 | €449,066 | €403,844 | -€45,222 | -10.1% |
| Amounts receivable within one year | 40/41 | €149,760 | €151,522 | +€1,762 | +1.2% |
| Trade receivables | 40 | €60,000 | - | -€60,000 | |
| Other amounts receivable | 41 | €89,760 | €151,522 | +€61,762 | +68.8% |
| Cash at bank and in hand | 54/58 | €292,076 | €248,185 | -€43,891 | -15.0% |
| Deferred charges and accrued income | 490/1 | €7,229 | €4,137 | -€3,092 | -42.8% |
| Total equity and liabilities | 10/49 | €534,083 | €492,338 | -€41,745 | -7.8% |
| Equity | 10/15 | €442,411 | €407,572 | -€34,839 | -7.9% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €441,811 | €406,972 | -€34,839 | -7.9% |
| Distributable reserves | 133 | €441,811 | €406,972 | -€34,839 | -7.9% |
| Provisions and deferred taxes | 16 | €49,404 | €49,404 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €49,404 | €49,404 | = | 0.0% |
| Pensions and similar obligations | 160 | €49,404 | €49,404 | = | 0.0% |
| Amounts payable | 17/49 | €42,268 | €35,362 | -€6,906 | -16.3% |
| Amounts payable within one year | 42/48 | €42,219 | €35,362 | -€6,857 | -16.2% |
| Trade debts | 44 | €2,782 | €10,630 | +€7,848 | +282.1% |
| Suppliers | 440/4 | €2,782 | €10,630 | +€7,848 | +282.1% |
| Taxes, remuneration and social security | 45 | €39,437 | €24,731 | -€14,705 | -37.3% |
| Taxes | 450/3 | €39,437 | €24,731 | -€14,705 | -37.3% |
| Accrued charges and deferred income | 492/3 | €49 | - | -€49 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,516 | €5,326 | -€190 | -3.4% |
| Other operating charges | 640/8 | €17,630 | €2,124 | -€15,506 | -88.0% |
| Gross operating margin | 9900 | €86,107 | €48,120 | -€37,988 | -44.1% |
| Operating profit (loss) | 9901 | €62,961 | €40,670 | -€22,291 | -35.4% |
| Financial income | 75/76B | €2,720 | €1,775 | -€946 | -34.8% |
| Recurring financial income | 75 | €2,720 | €1,775 | -€946 | -34.8% |
| Financial charges | 65/66B | €7,291 | €5,023 | -€2,268 | -31.1% |
| Recurring financial charges | 65 | €7,291 | €5,023 | -€2,268 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €58,391 | €37,422 | -€20,969 | -35.9% |
| Income taxes | 67/77 | €18,510 | €12,426 | -€6,083 | -32.9% |
| Profit (loss) for the period | 9904 | €39,881 | €24,995 | -€14,885 | -37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,881 | €24,995 | -€14,885 | -37.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.