THIBAT: what changed
THIBAT
Largest movements
- Receivables within one year +€67,234
up €67,234 (+549%), from €12,255 to €79,489
of which Other amounts receivable: +€65,442
- Cash -€46,141
down €46,141 (-54.1%), from €85,284 to €39,144
mainly Receivables within one year (-€67,234) and Investment in fixed assets (net) (-€34,646)
- Tangible fixed assets +€28,758
up €28,758 (+992%), from €2,900 to €31,658
of which Furniture and vehicles: +€27,039
- Debts after one year +€23,286
new in 2025: €23,286
- Profit (loss) carried forward +€21,172
up €21,172 (+31.1%), from €68,130 to €89,301
- Other debts -€9,250
no longer reported in 2025 (was €9,250)
- Current portion of long-term debt +€6,675
new in 2025: €6,675
- Tax, wage and social debts +€5,783
up €5,783 (+132%), from €4,365 to €10,148
of which Taxes: +€4,808
- Gross operating margin +€16,891
up €16,891 (+55.2%), from €30,611 to €47,501
- Depreciation +€4,796
up €4,796 (+439%), from €1,092 to €5,888
- Staff costs +€2,609
up €2,609 (+36.1%), from €7,229 to €9,838
- Other operating charges +€954
up €954 (+248%), from €385 to €1,339
- Financial charges +€695
up €695 (+43.0%), from €1,617 to €2,312
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 | €103,399 | €152,788 | +€49,389 | +47.8% |
| Fixed assets | 21/28 | €2,900 | €31,658 | +€28,758 | +992% |
| Tangible fixed assets | 22/27 | €2,900 | €31,658 | +€28,758 | +992% |
| Plant, machinery and equipment | 23 | €566 | €2,285 | +€1,719 | +304% |
| Furniture and vehicles | 24 | €2,335 | €29,373 | +€27,039 | +1,158% |
| Current assets | 29/58 | €100,499 | €121,130 | +€20,632 | +20.5% |
| Amounts receivable within one year | 40/41 | €12,255 | €79,489 | +€67,234 | +549% |
| Trade receivables | 40 | €131 | €1,923 | +€1,792 | +1,364% |
| Other amounts receivable | 41 | €12,123 | €77,565 | +€65,442 | +540% |
| Cash at bank and in hand | 54/58 | €85,284 | €39,144 | -€46,141 | -54.1% |
| Deferred charges and accrued income | 490/1 | €2,960 | €2,498 | -€462 | -15.6% |
| Total equity and liabilities | 10/49 | €103,399 | €152,788 | +€49,389 | +47.8% |
| Equity | 10/15 | €89,766 | €110,938 | +€21,172 | +23.6% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €13,636 | €13,636 | = | 0.0% |
| Distributable reserves | 133 | €13,636 | €13,636 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,130 | €89,301 | +€21,172 | +31.1% |
| Amounts payable | 17/49 | €13,633 | €41,850 | +€28,218 | +207% |
| Amounts payable after more than one year | 17 | - | €23,286 | +€23,286 | |
| Financial debts | 170/4 | - | €23,286 | +€23,286 | |
| Amounts payable within one year | 42/48 | €13,616 | €18,564 | +€4,949 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | - | €6,675 | +€6,675 | |
| Trade debts | 44 | - | €1,741 | +€1,741 | |
| Suppliers | 440/4 | - | €1,741 | +€1,741 | |
| Taxes, remuneration and social security | 45 | €4,365 | €10,148 | +€5,783 | +132% |
| Taxes | 450/3 | €1,561 | €6,369 | +€4,808 | +308% |
| Remuneration and social security | 454/9 | €2,804 | €3,779 | +€975 | +34.8% |
| Other amounts payable | 47/48 | €9,250 | - | -€9,250 | |
| Accrued charges and deferred income | 492/3 | €17 | - | -€17 | |
| Remuneration, social security and pensions | 62 | €7,229 | €9,838 | +€2,609 | +36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,092 | €5,888 | +€4,796 | +439% |
| Other operating charges | 640/8 | €385 | €1,339 | +€954 | +248% |
| Non-recurring operating charges | 66A | - | €1,012 | +€1,012 | |
| Gross operating margin | 9900 | €30,611 | €47,501 | +€16,891 | +55.2% |
| Operating profit (loss) | 9901 | €21,904 | €29,424 | +€7,520 | +34.3% |
| Financial income | 75/76B | €0 | €129 | +€129 | +183,814% |
| Recurring financial income | 75 | €0 | €129 | +€129 | +183,814% |
| Financial charges | 65/66B | €1,617 | €2,312 | +€695 | +43.0% |
| Recurring financial charges | 65 | €1,617 | €2,312 | +€695 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | €20,288 | €27,241 | +€6,953 | +34.3% |
| Income taxes | 67/77 | €5,877 | €6,069 | +€192 | +3.3% |
| Profit (loss) for the period | 9904 | €14,411 | €21,172 | +€6,761 | +46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,411 | €21,172 | +€6,761 | +46.9% |
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 2 November 2026 via checked.be.