HAGELSTEIN THIBAUT: what changed
What changed
HAGELSTEIN THIBAUT
NACE 86.951, Physiotherapy
filed annual accounts (NBB)
Net result for the year
€15,419
2024 · €13,487+€1,931
Equity
€32,240
2024 · €17,654+€14,586
Cash
€20,737
2024 · €20,956-€219
Balance sheet total
€205,300
2024 · €219,063-€13,763
Largest movements
Assets
- Intangible fixed assets -€17,000
down €17,000 (-11.1%), from €153,000 to €136,000
- Deferred charges and accrued income +€2,307
up €2,307 (+190%), from €1,213 to €3,520
Equity and liabilities
- Debts after one year -€26,915
down €26,915 (-14.5%), from €185,374 to €158,458
of which Other amounts payable: -€24,761
- Profit (loss) carried forward +€14,586
up €14,586 (+115%), from €12,654 to €27,240
Income statement
- Gross operating margin +€3,502
up €3,502 (+7.7%), from €45,563 to €49,065
- Financial charges +€704
up €704 (+58.9%), from €1,194 to €1,897
- Depreciation +€682
up €682 (+2.6%), from €26,315 to €26,997
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€13,487
Gross operating margin
+€3,502
Depreciation
-€682
Other operating charges
+€54
Financial income
+€0
Financial charges
-€704
Taxes
-€240
Result 2025
€15,419
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€40,842
Investment
-€11,146
Financing
-€29,915
Cash 2024
€20,956
From operations (derived)
+€40,842
Net result for the year
+€15,419
Depreciation
+€26,997
Deferred charges and accrued income
-€2,307
Trade debts
+€239
Tax, wage and social debts
+€494
Investment (derived)
-€11,146
Investment in fixed assets (net)
-€11,146
Financing
-€29,915
Debts after one year
-€26,915
Current portion of long-term debt
-€2,167
Contributions, distributions and other
-€833
Cash 2025
€20,737
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €219,063 | €205,300 | -€13,763 | -6.3% |
| Fixed assets | 21/28 | €196,895 | €181,043 | -€15,851 | -8.1% |
| Intangible fixed assets | 21 | €153,000 | €136,000 | -€17,000 | -11.1% |
| Tangible fixed assets | 22/27 | €43,895 | €45,043 | +€1,149 | +2.6% |
| Land and buildings | 22 | €12,600 | €11,200 | -€1,400 | -11.1% |
| Plant, machinery and equipment | 23 | €1,728 | €7,138 | +€5,410 | +313% |
| Furniture and vehicles | 24 | €29,567 | €26,705 | -€2,862 | -9.7% |
| Current assets | 29/58 | €22,168 | €24,257 | +€2,089 | +9.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €20,956 | €20,737 | -€219 | -1.0% |
| Deferred charges and accrued income | 490/1 | €1,213 | €3,520 | +€2,307 | +190% |
| Total equity and liabilities | 10/49 | €219,063 | €205,300 | -€13,763 | -6.3% |
| Equity | 10/15 | €17,654 | €32,240 | +€14,586 | +82.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,654 | €27,240 | +€14,586 | +115% |
| Amounts payable | 17/49 | €201,409 | €173,060 | -€28,349 | -14.1% |
| Amounts payable after more than one year | 17 | €185,374 | €158,458 | -€26,915 | -14.5% |
| Financial debts | 170/4 | €6,267 | €4,113 | -€2,154 | -34.4% |
| Other amounts payable | 178/9 | €179,107 | €154,345 | -€24,761 | -13.8% |
| Amounts payable within one year | 42/48 | €16,035 | €14,602 | -€1,433 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €10,670 | €8,503 | -€2,167 | -20.3% |
| Trade debts | 44 | €518 | €758 | +€239 | +46.2% |
| Suppliers | 440/4 | €518 | €758 | +€239 | +46.2% |
| Taxes, remuneration and social security | 45 | €4,264 | €4,759 | +€494 | +11.6% |
| Taxes | 450/3 | €4,264 | €4,759 | +€494 | +11.6% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €583 | €583 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,315 | €26,997 | +€682 | +2.6% |
| Other operating charges | 640/8 | €672 | €618 | -€54 | -8.1% |
| Gross operating margin | 9900 | €45,563 | €49,065 | +€3,502 | +7.7% |
| Operating profit (loss) | 9901 | €18,575 | €21,450 | +€2,875 | +15.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,194 | €1,897 | +€704 | +58.9% |
| Recurring financial charges | 65 | €1,194 | €1,897 | +€704 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €17,381 | €19,552 | +€2,171 | +12.5% |
| Income taxes | 67/77 | €3,894 | €4,134 | +€240 | +6.2% |
| Profit (loss) for the period | 9904 | €13,487 | €15,419 | +€1,931 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,487 | €15,419 | +€1,931 | +14.3% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.