THIBAULD POLFLIET: 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.
THIBAULD POLFLIET
Largest movements
- Cash +€780,452
up €780,452 (+499%), from €156,515 to €936,967
mainly Other debts (+€1.1m) and Net result for the year (+€535,183)
- Current investments -€400,000
down €400,000 (-100%), from €400,000 to €0
- Receivables within one year +€37,567
up €37,567 (+27.4%), from €136,940 to €174,507
of which Other amounts receivable: +€25,243
- Tangible fixed assets +€37,374
new in 2025: €37,374
- Other debts +€1.1m
up €1.1m (+8,397%), from €13,406 to €1.1m
- Reserves -€693,817
down €693,817 (-99.9%), from €694,544 to €727
- Accrued charges and deferred income +€24,437
up €24,437 (+881%), from €2,774 to €27,212
- Gross operating margin +€425,550
up €425,550 (+145%), from €292,493 to €718,043
- Taxes +€107,971
up €107,971 (+150%), from €71,885 to €179,857
- Financial charges +€25,194
up €25,194 (+2,707%), from €931 to €26,125
- Financial income +€12,723
up €12,723 (+102%), from €12,451 to €25,174
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 | €736,042 | €1,186,200 | +€450,158 | +61.2% |
| Fixed assets | 21/28 | €36,916 | €74,290 | +€37,374 | +101% |
| Tangible fixed assets | 22/27 | - | €37,374 | +€37,374 | |
| Land and buildings | 22 | - | €37,374 | +€37,374 | |
| Financial fixed assets | 28 | €36,916 | €36,916 | = | 0.0% |
| Current assets | 29/58 | €699,125 | €1,111,910 | +€412,784 | +59.0% |
| Amounts receivable within one year | 40/41 | €136,940 | €174,507 | +€37,567 | +27.4% |
| Trade receivables | 40 | €136,940 | €149,264 | +€12,324 | +9.0% |
| Other amounts receivable | 41 | - | €25,243 | +€25,243 | |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100% |
| Cash at bank and in hand | 54/58 | €156,515 | €936,967 | +€780,452 | +499% |
| Deferred charges and accrued income | 490/1 | €5,671 | €436 | -€5,235 | -92.3% |
| Total equity and liabilities | 10/49 | €736,042 | €1,186,200 | +€450,158 | +61.2% |
| Equity | 10/15 | €699,544 | €5,727 | -€693,817 | -99.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €694,544 | €727 | -€693,817 | -99.9% |
| Distributable reserves | 133 | €694,544 | €727 | -€693,817 | -99.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,498 | €1,180,473 | +€1.1m | +3,134% |
| Amounts payable within one year | 42/48 | €33,724 | €1,153,261 | +€1.1m | +3,320% |
| Trade debts | 44 | €2,463 | €1,682 | -€781 | -31.7% |
| Suppliers | 440/4 | €2,463 | €1,682 | -€781 | -31.7% |
| Taxes, remuneration and social security | 45 | €17,855 | €12,506 | -€5,349 | -30.0% |
| Taxes | 450/3 | €15,855 | €10,506 | -€5,349 | -33.7% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €13,406 | €1,139,074 | +€1.1m | +8,397% |
| Accrued charges and deferred income | 492/3 | €2,774 | €27,212 | +€24,437 | +881% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,266 | +€1,266 | |
| Other operating charges | 640/8 | €126 | €787 | +€661 | +526% |
| Gross operating margin | 9900 | €292,493 | €718,043 | +€425,550 | +145% |
| Operating profit (loss) | 9901 | €292,367 | €715,990 | +€423,623 | +145% |
| Financial income | 75/76B | €12,451 | €25,174 | +€12,723 | +102% |
| Recurring financial income | 75 | €12,451 | €25,174 | +€12,723 | +102% |
| Financial charges | 65/66B | €931 | €26,125 | +€25,194 | +2,707% |
| Recurring financial charges | 65 | €931 | €26,125 | +€25,194 | +2,707% |
| Profit (loss) for the period before taxes | 9903 | €303,887 | €715,040 | +€411,152 | +135% |
| Income taxes | 67/77 | €71,885 | €179,857 | +€107,971 | +150% |
| Profit (loss) for the period | 9904 | €232,002 | €535,183 | +€303,181 | +131% |
| Profit (loss) for the period to be appropriated | 9905 | €232,002 | €535,183 | +€303,181 | +131% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.