THEBAUT: 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.
THEBAUT
Largest movements
- Tangible fixed assets +€23,232
up €23,232 (+183%), from €12,704 to €35,936
- Cash -€18,562
down €18,562 (-51.2%), from €36,256 to €17,694
mainly Investment in fixed assets (net) (-€33,879) and Net result for the year (-€30,949)
- Receivables within one year -€6,240
down €6,240 (-17.8%), from €35,120 to €28,880
of which Trade receivables: -€12,298
- Deferred charges and accrued income -€1,596
down €1,596 (-50.5%), from €3,160 to €1,564
- Profit (loss) carried forward -€30,949
down €30,949 (-82.7%), from -€37,421 to -€68,371
- Trade debts +€30,287
new in 2025: €30,287
- Tax, wage and social debts -€9,581
down €9,581 (-93.1%), from €10,294 to €713
- Other debts +€7,077
up €7,077 (+166%), from €4,267 to €11,344
- Gross operating margin +€34,572
up €34,572 (+97.7%), from -€35,393 to -€821
- Staff costs +€17,787
new in 2025: €17,787
- Write-downs +€7,730
new in 2025: €7,730
- Financial income +€7,131
new in 2025: €7,131
- Depreciation +€6,524
up €6,524 (+158%), from €4,123 to €10,647
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 | €87,240 | €84,074 | -€3,166 | -3.6% |
| Fixed assets | 21/28 | €12,704 | €35,936 | +€23,232 | +183% |
| Tangible fixed assets | 22/27 | €12,704 | €35,936 | +€23,232 | +183% |
| Furniture and vehicles | 24 | €12,704 | €35,936 | +€23,232 | +183% |
| Current assets | 29/58 | €74,536 | €48,138 | -€26,398 | -35.4% |
| Amounts receivable within one year | 40/41 | €35,120 | €28,880 | -€6,240 | -17.8% |
| Trade receivables | 40 | €31,690 | €19,392 | -€12,298 | -38.8% |
| Other amounts receivable | 41 | €3,430 | €9,488 | +€6,058 | +177% |
| Cash at bank and in hand | 54/58 | €36,256 | €17,694 | -€18,562 | -51.2% |
| Deferred charges and accrued income | 490/1 | €3,160 | €1,564 | -€1,596 | -50.5% |
| Total equity and liabilities | 10/49 | €87,240 | €84,074 | -€3,166 | -3.6% |
| Equity | 10/15 | €72,679 | €41,729 | -€30,949 | -42.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,500 | €91,500 | = | 0.0% |
| Distributable reserves | 133 | €91,500 | €91,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,421 | -€68,371 | -€30,949 | -82.7% |
| Amounts payable | 17/49 | €14,562 | €42,345 | +€27,783 | +191% |
| Amounts payable within one year | 42/48 | €14,562 | €42,345 | +€27,783 | +191% |
| Trade debts | 44 | - | €30,287 | +€30,287 | |
| Suppliers | 440/4 | - | €30,287 | +€30,287 | |
| Taxes, remuneration and social security | 45 | €10,294 | €713 | -€9,581 | -93.1% |
| Taxes | 450/3 | €10,294 | €713 | -€9,581 | -93.1% |
| Other amounts payable | 47/48 | €4,267 | €11,344 | +€7,077 | +166% |
| Remuneration, social security and pensions | 62 | - | €17,787 | +€17,787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,123 | €10,647 | +€6,524 | +158% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,730 | +€7,730 | |
| Other operating charges | 640/8 | €1,174 | €796 | -€379 | -32.2% |
| Gross operating margin | 9900 | -€35,393 | -€821 | +€34,572 | +97.7% |
| Operating profit (loss) | 9901 | -€40,690 | -€37,780 | +€2,910 | +7.2% |
| Financial income | 75/76B | - | €7,131 | +€7,131 | |
| Recurring financial income | 75 | - | €7,131 | +€7,131 | |
| Financial charges | 65/66B | €305 | €231 | -€75 | -24.4% |
| Recurring financial charges | 65 | €305 | €231 | -€75 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | -€40,995 | -€30,880 | +€10,116 | +24.7% |
| Income taxes | 67/77 | €15 | €69 | +€54 | +356% |
| Profit (loss) for the period | 9904 | -€41,011 | -€30,949 | +€10,061 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,011 | -€30,949 | +€10,061 | +24.5% |
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 14 October 2026 via checked.be.