Stijn Tiebos: what changed
Stijn Tiebos
Largest movements
- Receivables within one year +€112,768
up €112,768 (+105%), from €107,477 to €220,245
of which Trade receivables: +€109,885
- Tangible fixed assets -€34,864
down €34,864 (-15.8%), from €220,739 to €185,875
of which Leasing and similar rights: -€25,100
- Cash +€9,945
up €9,945 (+368%), from €2,704 to €12,649
mainly Trade debts (+€102,760) and Depreciation (+€50,948)
- Trade debts +€102,760
up €102,760 (+266%), from €38,625 to €141,384
- Debts after one year -€72,862
down €72,862 (-35.9%), from €202,968 to €130,106
- Current portion of long-term debt +€29,396
up €29,396 (+145%), from €20,284 to €49,680
- Reserves +€25,873
up €25,873 (+77.0%), from €33,588 to €59,461
of which Distributable reserves: +€25,873
- Gross operating margin -€24,547
down €24,547 (-20.8%), from €118,246 to €93,698
- Depreciation +€1,804
up €1,804 (+3.7%), from €49,143 to €50,948
- Financial charges -€1,517
down €1,517 (-18.1%), from €8,377 to €6,860
- Taxes +€1,451
up €1,451 (+18.0%), from €8,054 to €9,505
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €333,784 | €419,983 | +€86,199 | +25.8% |
| Fixed assets | 21/28 | €220,739 | €185,875 | -€34,864 | -15.8% |
| Tangible fixed assets | 22/27 | €220,739 | €185,875 | -€34,864 | -15.8% |
| Land and buildings | 22 | €136,239 | €125,553 | -€10,685 | -7.8% |
| Plant, machinery and equipment | 23 | €4,127 | €16,072 | +€11,945 | +289% |
| Furniture and vehicles | 24 | €31,136 | €20,112 | -€11,024 | -35.4% |
| Leasing and similar rights | 25 | €49,237 | €24,137 | -€25,100 | -51.0% |
| Current assets | 29/58 | €113,046 | €234,108 | +€121,062 | +107% |
| Amounts receivable within one year | 40/41 | €107,477 | €220,245 | +€112,768 | +105% |
| Trade receivables | 40 | €97,547 | €207,431 | +€109,885 | +113% |
| Other amounts receivable | 41 | €9,930 | €12,814 | +€2,883 | +29.0% |
| Cash at bank and in hand | 54/58 | €2,704 | €12,649 | +€9,945 | +368% |
| Deferred charges and accrued income | 490/1 | €2,865 | €1,214 | -€1,651 | -57.6% |
| Total equity and liabilities | 10/49 | €333,784 | €419,983 | +€86,199 | +25.8% |
| Equity | 10/15 | €39,788 | €65,661 | +€25,873 | +65.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €33,588 | €59,461 | +€25,873 | +77.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €31,728 | €57,601 | +€25,873 | +81.5% |
| Amounts payable | 17/49 | €293,997 | €354,322 | +€60,325 | +20.5% |
| Amounts payable after more than one year | 17 | €202,968 | €130,106 | -€72,862 | -35.9% |
| Financial debts | 170/4 | €202,968 | €130,106 | -€72,862 | -35.9% |
| Amounts payable within one year | 42/48 | €91,029 | €224,216 | +€133,187 | +146% |
| Current portion of amounts payable after more than one year | 42 | €20,284 | €49,680 | +€29,396 | +145% |
| Financial debts | 43 | €30 | €1 | -€29 | -95.9% |
| Credit institutions | 430/8 | €30 | €1 | -€29 | -95.9% |
| Trade debts | 44 | €38,625 | €141,384 | +€102,760 | +266% |
| Suppliers | 440/4 | €38,625 | €141,384 | +€102,760 | +266% |
| Taxes, remuneration and social security | 45 | €10,054 | €10,554 | +€500 | +5.0% |
| Taxes | 450/3 | €8,054 | €8,054 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,000 | €2,500 | +€500 | +25.0% |
| Other amounts payable | 47/48 | €22,037 | €22,597 | +€560 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,143 | €50,948 | +€1,804 | +3.7% |
| Other operating charges | 640/8 | €1,368 | €1,815 | +€447 | +32.7% |
| Gross operating margin | 9900 | €118,246 | €93,698 | -€24,547 | -20.8% |
| Operating profit (loss) | 9901 | €67,735 | €40,936 | -€26,799 | -39.6% |
| Financial income | 75/76B | €1,065 | €1,302 | +€238 | +22.3% |
| Recurring financial income | 75 | €1,065 | €1,302 | +€238 | +22.3% |
| Financial charges | 65/66B | €8,377 | €6,860 | -€1,517 | -18.1% |
| Recurring financial charges | 65 | €8,377 | €6,860 | -€1,517 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €60,423 | €35,378 | -€25,044 | -41.4% |
| Income taxes | 67/77 | €8,054 | €9,505 | +€1,451 | +18.0% |
| Profit (loss) for the period | 9904 | €52,369 | €25,873 | -€26,496 | -50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,369 | €25,873 | -€26,496 | -50.6% |
Next steps
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.