SIBILLE THOMAS: 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.
SIBILLE THOMAS
Largest movements
- Receivables after one year +€68,000
up €68,000 (+10.5%), from €646,000 to €714,000
- Cash +€56,306
up €56,306 (+25.4%), from €221,640 to €277,946
mainly Net result for the year (+€342,057) and Other debts (+€332,251)
- Tangible fixed assets -€43,098
down €43,098 (-8.1%), from €528,944 to €485,847
of which Furniture and vehicles: -€23,376
- Receivables within one year +€39,411
up €39,411 (+13.4%), from €294,392 to €333,802
of which Trade receivables: +€45,073
- Other debts +€332,251
up €332,251 (+74.3%), from €447,300 to €779,551
- Profit (loss) carried forward -€235,472
no longer reported in 2025 (was €235,472)
- Short-term financial debts +€52,190
up €52,190 (+12.2%), from €429,427 to €481,616
of which Other loans: +€52,333
- Debts after one year -€33,029
down €33,029 (-9.5%), from €348,451 to €315,422
- Tax, wage and social debts +€21,635
up €21,635 (+16.4%), from €131,969 to €153,604
- Gross operating margin +€141,115
up €141,115 (+36.8%), from €383,806 to €524,920
- Taxes +€37,172
up €37,172 (+50.2%), from €74,077 to €111,249
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 | €1,703,410 | €1,824,579 | +€121,170 | +7.1% |
| Fixed assets | 21/28 | €528,944 | €486,847 | -€42,098 | -8.0% |
| Tangible fixed assets | 22/27 | €528,944 | €485,847 | -€43,098 | -8.1% |
| Land and buildings | 22 | €461,182 | €441,460 | -€19,722 | -4.3% |
| Furniture and vehicles | 24 | €67,762 | €44,387 | -€23,376 | -34.5% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €1,174,465 | €1,337,733 | +€163,267 | +13.9% |
| Amounts receivable after more than one year | 29 | €646,000 | €714,000 | +€68,000 | +10.5% |
| Other amounts receivable | 291 | €646,000 | €714,000 | +€68,000 | +10.5% |
| Amounts receivable within one year | 40/41 | €294,392 | €333,802 | +€39,411 | +13.4% |
| Trade receivables | 40 | €288,729 | €333,802 | +€45,073 | +15.6% |
| Other amounts receivable | 41 | €5,662 | - | -€5,662 | |
| Cash at bank and in hand | 54/58 | €221,640 | €277,946 | +€56,306 | +25.4% |
| Deferred charges and accrued income | 490/1 | €12,434 | €11,984 | -€449 | -3.6% |
| Total equity and liabilities | 10/49 | €1,703,410 | €1,824,579 | +€121,170 | +7.1% |
| Equity | 10/15 | €267,332 | €31,860 | -€235,472 | -88.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €235,472 | - | -€235,472 | |
| Amounts payable | 17/49 | €1,436,078 | €1,792,719 | +€356,642 | +24.8% |
| Amounts payable after more than one year | 17 | €348,451 | €315,422 | -€33,029 | -9.5% |
| Financial debts | 170/4 | €348,451 | €315,422 | -€33,029 | -9.5% |
| Amounts payable within one year | 42/48 | €1,063,982 | €1,453,108 | +€389,126 | +36.6% |
| Current portion of amounts payable after more than one year | 42 | €44,565 | €33,029 | -€11,536 | -25.9% |
| Financial debts | 43 | €429,427 | €481,616 | +€52,190 | +12.2% |
| Credit institutions | 430/8 | €743 | €600 | -€144 | -19.3% |
| Other loans | 439 | €428,683 | €481,017 | +€52,333 | +12.2% |
| Trade debts | 44 | €10,720 | €5,307 | -€5,413 | -50.5% |
| Suppliers | 440/4 | €10,720 | €5,307 | -€5,413 | -50.5% |
| Taxes, remuneration and social security | 45 | €131,969 | €153,604 | +€21,635 | +16.4% |
| Taxes | 450/3 | €131,969 | €153,604 | +€21,635 | +16.4% |
| Other amounts payable | 47/48 | €447,300 | €779,551 | +€332,251 | +74.3% |
| Accrued charges and deferred income | 492/3 | €23,645 | €24,190 | +€545 | +2.3% |
| Non-recurring operating income | 76A | €16,968 | - | -€16,968 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,830 | €56,543 | +€2,712 | +5.0% |
| Other operating charges | 640/8 | €2,060 | €1,730 | -€330 | -16.0% |
| Non-recurring operating charges | 66A | €252 | €127 | -€126 | -49.7% |
| Gross operating margin | 9900 | €383,806 | €524,920 | +€141,115 | +36.8% |
| Operating profit (loss) | 9901 | €327,664 | €466,521 | +€138,857 | +42.4% |
| Financial income | 75/76B | €14,472 | €15,711 | +€1,239 | +8.6% |
| Recurring financial income | 75 | €14,472 | €15,711 | +€1,239 | +8.6% |
| Financial charges | 65/66B | €31,728 | €28,926 | -€2,802 | -8.8% |
| Recurring financial charges | 65 | €31,728 | €28,926 | -€2,802 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €310,407 | €453,306 | +€142,898 | +46.0% |
| Income taxes | 67/77 | €74,077 | €111,249 | +€37,172 | +50.2% |
| Profit (loss) for the period | 9904 | €236,331 | €342,057 | +€105,726 | +44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €236,331 | €342,057 | +€105,726 | +44.7% |
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 18 October 2026 via checked.be.