THIBAGRI: 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.
THIBAGRI
Largest movements
- Tangible fixed assets +€23,664
up €23,664 (+4.5%), from €529,756 to €553,421
of which Furniture and vehicles: +€57,595
- Receivables within one year +€9,709
up €9,709 (+7.6%), from €127,532 to €137,242
of which Trade receivables: +€9,325
- Cash -€8,661
down €8,661 (-15.7%), from €55,214 to €46,552
mainly Investment in fixed assets (net) (-€155,988) and Net result for the year (-€10,268)
- Debts after one year +€31,901
up €31,901 (+7.0%), from €457,842 to €489,743
of which Financial debts: +€31,901
- Profit (loss) carried forward -€10,268
down €10,268 (-64.0%), from €16,036 to €5,767
- Trade debts +€9,316
up €9,316 (+15.5%), from €60,026 to €69,342
- Tax, wage and social debts -€8,275
down €8,275 (-72.2%), from €11,466 to €3,190
of which Taxes: -€8,275
- Current portion of long-term debt +€8,000
up €8,000 (+8.0%), from €99,849 to €107,849
- Gross operating margin +€22,804
up €22,804 (+18.6%), from €122,831 to €145,635
- Financial charges +€6,911
up €6,911 (+42.2%), from €16,378 to €23,289
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 | €716,692 | €743,112 | +€26,420 | +3.7% |
| Fixed assets | 21/28 | €529,756 | €553,421 | +€23,664 | +4.5% |
| Tangible fixed assets | 22/27 | €529,756 | €553,421 | +€23,664 | +4.5% |
| Plant, machinery and equipment | 23 | €213,878 | €179,947 | -€33,931 | -15.9% |
| Furniture and vehicles | 24 | €315,879 | €373,474 | +€57,595 | +18.2% |
| Current assets | 29/58 | €186,935 | €189,692 | +€2,756 | +1.5% |
| Stocks and contracts in progress | 3 | €1,653 | €3,071 | +€1,418 | +85.8% |
| Stocks | 30/36 | €1,653 | €3,071 | +€1,418 | +85.8% |
| Amounts receivable within one year | 40/41 | €127,532 | €137,242 | +€9,709 | +7.6% |
| Trade receivables | 40 | €127,532 | €136,857 | +€9,325 | +7.3% |
| Other amounts receivable | 41 | - | €384 | +€384 | |
| Cash at bank and in hand | 54/58 | €55,214 | €46,552 | -€8,661 | -15.7% |
| Deferred charges and accrued income | 490/1 | €2,536 | €2,827 | +€290 | +11.5% |
| Total equity and liabilities | 10/49 | €716,692 | €743,112 | +€26,420 | +3.7% |
| Equity | 10/15 | €38,890 | €28,123 | -€10,767 | -27.7% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,036 | €5,767 | -€10,268 | -64.0% |
| Investment grants | 15 | €855 | €356 | -€499 | -58.4% |
| Amounts payable | 17/49 | €677,801 | €714,989 | +€37,188 | +5.5% |
| Amounts payable after more than one year | 17 | €457,842 | €489,743 | +€31,901 | +7.0% |
| Financial debts | 170/4 | €428,482 | €460,383 | +€31,901 | +7.4% |
| Other amounts payable | 178/9 | €29,360 | €29,360 | = | 0.0% |
| Amounts payable within one year | 42/48 | €219,959 | €225,246 | +€5,287 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €99,849 | €107,849 | +€8,000 | +8.0% |
| Trade debts | 44 | €60,026 | €69,342 | +€9,316 | +15.5% |
| Suppliers | 440/4 | €60,026 | €69,342 | +€9,316 | +15.5% |
| Taxes, remuneration and social security | 45 | €11,466 | €3,190 | -€8,275 | -72.2% |
| Taxes | 450/3 | €8,466 | €190 | -€8,275 | -97.8% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €48,619 | €44,865 | -€3,754 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,766 | €132,324 | +€558 | +0.4% |
| Other operating charges | 640/8 | €931 | €789 | -€142 | -15.2% |
| Gross operating margin | 9900 | €122,831 | €145,635 | +€22,804 | +18.6% |
| Operating profit (loss) | 9901 | -€9,866 | €12,522 | +€22,388 | |
| Financial income | 75/76B | €569 | €499 | -€70 | -12.2% |
| Recurring financial income | 75 | €569 | €499 | -€70 | -12.2% |
| Financial charges | 65/66B | €16,378 | €23,289 | +€6,911 | +42.2% |
| Recurring financial charges | 65 | €16,378 | €23,289 | +€6,911 | +42.2% |
| Profit (loss) for the period before taxes | 9903 | -€25,675 | -€10,268 | +€15,407 | +60.0% |
| Profit (loss) for the period | 9904 | -€25,675 | -€10,268 | +€15,407 | +60.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,675 | -€10,268 | +€15,407 | +60.0% |
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 24 October 2026 via checked.be.