GUY THIJSEN: 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.
GUY THIJSEN
Largest movements
- Receivables after one year +€28,340
new in 2025: €28,340
- Cash -€23,673
down €23,673 (-55.7%), from €42,465 to €18,792
mainly Receivables after one year (-€28,340) and Debts after one year (-€25,822)
- Tangible fixed assets -€10,137
down €10,137 (-14.5%), from €69,678 to €59,541
of which Furniture and vehicles: -€10,308
- Deferred charges and accrued income +€4,795
up €4,795 (+1270.2%), from €377 to €5,172
- Reserves +€30,981
up €30,981 (+202.6%), from €15,289 to €46,269
of which Distributable reserves: +€30,981
- Debts after one year -€25,822
down €25,822 (-59.7%), from €43,256 to €17,435
- Other debts -€25,000
no longer reported in 2025 (was €25,000)
- Tax, wage and social debts +€16,597
up €16,597 (+451.9%), from €3,673 to €20,269
- Current portion of long-term debt +€4,352
up €4,352 (+22.3%), from €19,532 to €23,884
- Financial charges -€19,632
down €19,632 (-91.1%), from €21,555 to €1,923
- Gross operating margin +€14,956
up €14,956 (+25.8%), from €58,071 to €73,026
- Taxes +€13,297
up €13,297 (+338.1%), from €3,933 to €17,230
- Depreciation -€2,905
down €2,905 (-14.9%), from €19,443 to €16,538
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 | €114,184 | €113,508 | -€676 | -0.6% |
| Fixed assets | 21/28 | €71,342 | €61,204 | -€10,137 | -14.2% |
| Tangible fixed assets | 22/27 | €69,678 | €59,541 | -€10,137 | -14.5% |
| Plant, machinery and equipment | 23 | €474 | €1,046 | +€572 | +120.6% |
| Furniture and vehicles | 24 | €68,113 | €57,806 | -€10,308 | -15.1% |
| Other tangible fixed assets | 26 | €1,091 | €689 | -€402 | -36.8% |
| Financial fixed assets | 28 | €1,664 | €1,664 | = | 0.0% |
| Current assets | 29/58 | €42,843 | €52,304 | +€9,462 | +22.1% |
| Amounts receivable after more than one year | 29 | - | €28,340 | +€28,340 | |
| Other amounts receivable | 291 | - | €28,340 | +€28,340 | |
| Cash at bank and in hand | 54/58 | €42,465 | €18,792 | -€23,673 | -55.7% |
| Deferred charges and accrued income | 490/1 | €377 | €5,172 | +€4,795 | +1270.2% |
| Total equity and liabilities | 10/49 | €114,184 | €113,508 | -€676 | -0.6% |
| Equity | 10/15 | €20,740 | €51,721 | +€30,981 | +149.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €15,289 | €46,269 | +€30,981 | +202.6% |
| Non-distributable reserves | 130/1 | €417 | €417 | = | 0.0% |
| Reserves not available under the articles | 1311 | €417 | €417 | = | 0.0% |
| Distributable reserves | 133 | €14,872 | €45,853 | +€30,981 | +208.3% |
| Profit (loss) carried forward | 14 | -€13,141 | -€13,141 | = | 0.0% |
| Amounts payable | 17/49 | €93,444 | €61,788 | -€31,656 | -33.9% |
| Amounts payable after more than one year | 17 | €43,256 | €17,435 | -€25,822 | -59.7% |
| Financial debts | 170/4 | €43,256 | €17,435 | -€25,822 | -59.7% |
| Amounts payable within one year | 42/48 | €50,188 | €44,353 | -€5,835 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €19,532 | €23,884 | +€4,352 | +22.3% |
| Trade debts | 44 | €1,983 | €200 | -€1,783 | -89.9% |
| Suppliers | 440/4 | €1,983 | €200 | -€1,783 | -89.9% |
| Taxes, remuneration and social security | 45 | €3,673 | €20,269 | +€16,597 | +451.9% |
| Taxes | 450/3 | €3,673 | €20,269 | +€16,597 | +451.9% |
| Other amounts payable | 47/48 | €25,000 | - | -€25,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,443 | €16,538 | -€2,905 | -14.9% |
| Other operating charges | 640/8 | €504 | €1,061 | +€557 | +110.4% |
| Non-recurring operating charges | 66A | €4,296 | €5,309 | +€1,012 | +23.6% |
| Gross operating margin | 9900 | €58,071 | €73,026 | +€14,956 | +25.8% |
| Operating profit (loss) | 9901 | €33,827 | €50,118 | +€16,292 | +48.2% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €21,555 | €1,923 | -€19,632 | -91.1% |
| Recurring financial charges | 65 | €21,555 | €1,923 | -€19,632 | -91.1% |
| Profit (loss) for the period before taxes | 9903 | €12,272 | €48,211 | +€35,939 | +292.8% |
| Income taxes | 67/77 | €3,933 | €17,230 | +€13,297 | +338.1% |
| Profit (loss) for the period | 9904 | €8,339 | €30,981 | +€22,642 | +271.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,339 | €30,981 | +€22,642 | +271.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.