STEPHANE THIRY: 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.
STEPHANE THIRY
Largest movements
- Receivables within one year +€50,139
up €50,139 (+45.1%), from €111,052 to €161,191
of which Trade receivables: +€48,120
- Tangible fixed assets +€43,017
up €43,017 (+25.0%), from €171,815 to €214,832
of which Land and buildings: +€61,155
- Deferred charges and accrued income -€7,499
down €7,499 (-86.3%), from €8,688 to €1,189
- Stocks and contracts -€7,406
down €7,406 (-82.5%), from €8,981 to €1,575
- Debts after one year +€61,642
up €61,642 (+55.2%), from €111,605 to €173,247
- Reserves +€20,016
up €20,016 (+39.8%), from €50,353 to €70,369
- Trade debts -€10,045
down €10,045 (-35.2%), from €28,533 to €18,488
- Current portion of long-term debt +€9,353
up €9,353 (+24.6%), from €38,098 to €47,451
- Investment grants +€5,732
up €5,732 (+135.5%), from €4,229 to €9,960
- Gross operating margin +€38,619
up €38,619 (+28.1%), from €137,512 to €176,131
- Depreciation +€11,000
up €11,000 (+16.7%), from €65,854 to €76,854
- Staff costs +€10,219
up €10,219 (+22.6%), from €45,265 to €55,483
- Other operating charges -€4,122
down €4,122 (-68.2%), from €6,041 to €1,920
- Financial charges +€3,056
up €3,056 (+60.5%), from €5,056 to €8,112
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 | €344,932 | €426,703 | +€81,771 | +23.7% |
| Fixed assets | 21/28 | €176,430 | €219,497 | +€43,067 | +24.4% |
| Tangible fixed assets | 22/27 | €171,815 | €214,832 | +€43,017 | +25.0% |
| Land and buildings | 22 | €2,967 | €64,121 | +€61,155 | +2061.4% |
| Furniture and vehicles | 24 | €44,608 | €85,309 | +€40,701 | +91.2% |
| Leasing and similar rights | 25 | €124,240 | €65,402 | -€58,839 | -47.4% |
| Financial fixed assets | 28 | €4,615 | €4,665 | +€50 | +1.1% |
| Current assets | 29/58 | €168,502 | €207,206 | +€38,704 | +23.0% |
| Stocks and contracts in progress | 3 | €8,981 | €1,575 | -€7,406 | -82.5% |
| Stocks | 30/36 | €8,981 | €1,575 | -€7,406 | -82.5% |
| Amounts receivable within one year | 40/41 | €111,052 | €161,191 | +€50,139 | +45.1% |
| Trade receivables | 40 | €103,452 | €151,572 | +€48,120 | +46.5% |
| Other amounts receivable | 41 | €7,600 | €9,619 | +€2,019 | +26.6% |
| Cash at bank and in hand | 54/58 | €39,781 | €43,251 | +€3,470 | +8.7% |
| Deferred charges and accrued income | 490/1 | €8,688 | €1,189 | -€7,499 | -86.3% |
| Total equity and liabilities | 10/49 | €344,932 | €426,703 | +€81,771 | +23.7% |
| Equity | 10/15 | €152,317 | €175,065 | +€22,748 | +14.9% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €50,353 | €70,369 | +€20,016 | +39.8% |
| Distributable reserves | 133 | €50,353 | €70,369 | +€20,016 | +39.8% |
| Profit (loss) carried forward | 14 | €77,284 | €74,284 | -€3,000 | -3.9% |
| Investment grants | 15 | €4,229 | €9,960 | +€5,732 | +135.5% |
| Amounts payable | 17/49 | €192,615 | €251,638 | +€59,023 | +30.6% |
| Amounts payable after more than one year | 17 | €111,605 | €173,247 | +€61,642 | +55.2% |
| Financial debts | 170/4 | €111,605 | €173,247 | +€61,642 | +55.2% |
| Amounts payable within one year | 42/48 | €79,875 | €78,391 | -€1,484 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €38,098 | €47,451 | +€9,353 | +24.6% |
| Trade debts | 44 | €28,533 | €18,488 | -€10,045 | -35.2% |
| Suppliers | 440/4 | €28,533 | €18,488 | -€10,045 | -35.2% |
| Taxes, remuneration and social security | 45 | €9,743 | €10,351 | +€608 | +6.2% |
| Taxes | 450/3 | €8,351 | €8,569 | +€218 | +2.6% |
| Remuneration and social security | 454/9 | €1,393 | €1,783 | +€390 | +28.0% |
| Other amounts payable | 47/48 | €3,500 | €2,100 | -€1,400 | -40.0% |
| Accrued charges and deferred income | 492/3 | €1,135 | - | -€1,135 | |
| Non-recurring operating income | 76A | €12,397 | €19 | -€12,377 | -99.8% |
| Remuneration, social security and pensions | 62 | €45,265 | €55,483 | +€10,219 | +22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,854 | €76,854 | +€11,000 | +16.7% |
| Other operating charges | 640/8 | €6,041 | €1,920 | -€4,122 | -68.2% |
| Non-recurring operating charges | 66A | - | €10,132 | +€10,132 | |
| Gross operating margin | 9900 | €137,512 | €176,131 | +€38,619 | +28.1% |
| Operating profit (loss) | 9901 | €20,352 | €31,742 | +€11,390 | +56.0% |
| Financial income | 75/76B | €1,576 | €3,978 | +€2,402 | +152.5% |
| Recurring financial income | 75 | €1,576 | €3,978 | +€2,402 | +152.5% |
| Financial charges | 65/66B | €5,056 | €8,112 | +€3,056 | +60.5% |
| Recurring financial charges | 65 | €5,056 | €8,112 | +€3,056 | +60.5% |
| Profit (loss) for the period before taxes | 9903 | €16,872 | €27,608 | +€10,736 | +63.6% |
| Income taxes | 67/77 | €6,056 | €7,592 | +€1,536 | +25.4% |
| Profit (loss) for the period | 9904 | €10,815 | €20,016 | +€9,201 | +85.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,815 | €20,016 | +€9,201 | +85.1% |
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 11 October 2026 via checked.be.