SEBASTIEN THUET: 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.
SEBASTIEN THUET
Largest movements
- Receivables within one year +€25,468
up €25,468 (+10.1%), from €251,821 to €277,289
of which Trade receivables: +€24,679
- Cash +€23,879
up €23,879 (+435%), from €5,488 to €29,367
mainly Net result for the year (+€56,139) and Depreciation (+€16,157)
- Tangible fixed assets -€7,825
down €7,825 (-6.6%), from €119,088 to €111,263
- Reserves +€56,139
up €56,139 (+49.9%), from €112,548 to €168,686
- Debts after one year -€12,435
down €12,435 (-23.8%), from €52,243 to €39,808
- Trade debts -€5,717
down €5,717 (-81.0%), from €7,054 to €1,337
- Gross operating margin -€5,801
down €5,801 (-5.5%), from €106,316 to €100,515
- Other operating charges -€1,905
down €1,905 (-62.6%), from €3,045 to €1,140
- Financial charges -€1,270
down €1,270 (-23.7%), from €5,358 to €4,088
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 | €379,759 | €420,820 | +€41,061 | +10.8% |
| Fixed assets | 21/28 | €119,088 | €111,263 | -€7,825 | -6.6% |
| Tangible fixed assets | 22/27 | €119,088 | €111,263 | -€7,825 | -6.6% |
| Land and buildings | 22 | €18,508 | €16,745 | -€1,763 | -9.5% |
| Plant, machinery and equipment | 23 | €63,093 | €62,689 | -€404 | -0.6% |
| Furniture and vehicles | 24 | €7,749 | €4,803 | -€2,946 | -38.0% |
| Other tangible fixed assets | 26 | €29,737 | €27,027 | -€2,711 | -9.1% |
| Current assets | 29/58 | €260,671 | €309,557 | +€48,886 | +18.8% |
| Amounts receivable within one year | 40/41 | €251,821 | €277,289 | +€25,468 | +10.1% |
| Trade receivables | 40 | €251,685 | €276,365 | +€24,679 | +9.8% |
| Other amounts receivable | 41 | €136 | €925 | +€789 | +580% |
| Cash at bank and in hand | 54/58 | €5,488 | €29,367 | +€23,879 | +435% |
| Deferred charges and accrued income | 490/1 | €3,362 | €2,901 | -€461 | -13.7% |
| Total equity and liabilities | 10/49 | €379,759 | €420,820 | +€41,061 | +10.8% |
| Equity | 10/15 | €273,878 | €330,017 | +€56,139 | +20.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €112,548 | €168,686 | +€56,139 | +49.9% |
| Distributable reserves | 133 | €112,548 | €168,686 | +€56,139 | +49.9% |
| Profit (loss) carried forward | 14 | €155,130 | €155,130 | = | 0.0% |
| Amounts payable | 17/49 | €105,881 | €90,804 | -€15,077 | -14.2% |
| Amounts payable after more than one year | 17 | €52,243 | €39,808 | -€12,435 | -23.8% |
| Financial debts | 170/4 | €52,243 | €39,808 | -€12,435 | -23.8% |
| Amounts payable within one year | 42/48 | €53,638 | €50,866 | -€2,772 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €11,989 | €12,435 | +€446 | +3.7% |
| Financial debts | 43 | €2,055 | €2,049 | -€6 | -0.3% |
| Credit institutions | 430/8 | €2,055 | €2,049 | -€6 | -0.3% |
| Trade debts | 44 | €7,054 | €1,337 | -€5,717 | -81.0% |
| Suppliers | 440/4 | €7,054 | €1,337 | -€5,717 | -81.0% |
| Taxes, remuneration and social security | 45 | €12,420 | €11,369 | -€1,050 | -8.5% |
| Taxes | 450/3 | €12,420 | €11,369 | -€1,050 | -8.5% |
| Other amounts payable | 47/48 | €20,120 | €23,675 | +€3,555 | +17.7% |
| Accrued charges and deferred income | 492/3 | - | €130 | +€130 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,255 | €16,157 | -€99 | -0.6% |
| Other operating charges | 640/8 | €3,045 | €1,140 | -€1,905 | -62.6% |
| Gross operating margin | 9900 | €106,316 | €100,515 | -€5,801 | -5.5% |
| Operating profit (loss) | 9901 | €87,016 | €83,218 | -€3,798 | -4.4% |
| Financial income | 75/76B | €8 | €7 | -€2 | -19.7% |
| Recurring financial income | 75 | €8 | €7 | -€2 | -19.7% |
| Financial charges | 65/66B | €5,358 | €4,088 | -€1,270 | -23.7% |
| Recurring financial charges | 65 | €5,358 | €4,088 | -€1,270 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €81,666 | €79,137 | -€2,529 | -3.1% |
| Income taxes | 67/77 | €22,755 | €22,999 | +€243 | +1.1% |
| Profit (loss) for the period | 9904 | €58,911 | €56,139 | -€2,772 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,911 | €56,139 | -€2,772 | -4.7% |
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 29 October 2026 via checked.be.