Thibault Dardenne: what changed
Two fiscal 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.
Thibault Dardenne
Largest movements
- Tangible fixed assets +€73,552
up €73,552 (+1895.4%), from €3,881 to €77,433
of which Plant, machinery and equipment: +€71,297
- Cash -€7,542
down €7,542 (-44.1%), from €17,107 to €9,565
mainly Investment in fixed assets (net) (-€77,672) and Deferred charges and accrued income (-€2,768)
- Deferred charges and accrued income +€2,768
new in 2025: €2,768
- Receivables within one year +€1,234
up €1,234 (+11.0%), from €11,230 to €12,464
of which Trade receivables: +€11,694
- Debts after one year +€57,542
new in 2025: €57,542
- Trade debts +€10,532
up €10,532 (+1221.7%), from €862 to €11,395
- Current portion of long-term debt +€2,981
up €2,981 (+678.7%), from €439 to €3,420
- Other debts -€2,035
down €2,035 (-22.2%), from €9,185 to €7,150
- Financial income -€9,504
down €9,504 (-90.9%), from €10,460 to €956
of which Financial income: -€10,460
- Depreciation +€2,947
up €2,947 (+146.5%), from €2,012 to €4,959
- Financial charges +€1,705
up €1,705 (+572.3%), from €298 to €2,003
- Gross operating margin +€693
up €693 (+10.2%), from €6,814 to €7,507
- Taxes -€357
down €357 (-37.1%), from €962 to €604
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.
Cash bridge derived
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 | €33,058 | €102,231 | +€69,173 | +209.2% |
| Fixed assets | 21/28 | €4,721 | €77,433 | +€72,712 | +1540.3% |
| Tangible fixed assets | 22/27 | €3,881 | €77,433 | +€73,552 | +1895.4% |
| Plant, machinery and equipment | 23 | - | €71,297 | +€71,297 | |
| Furniture and vehicles | 24 | €3,881 | €6,136 | +€2,256 | +58.1% |
| Financial fixed assets | 28 | €840 | - | -€840 | |
| Current assets | 29/58 | €28,337 | €24,798 | -€3,539 | -12.5% |
| Amounts receivable within one year | 40/41 | €11,230 | €12,464 | +€1,234 | +11.0% |
| Trade receivables | 40 | €770 | €12,464 | +€11,694 | +1518.5% |
| Other amounts receivable | 41 | €10,460 | - | -€10,460 | |
| Cash at bank and in hand | 54/58 | €17,107 | €9,565 | -€7,542 | -44.1% |
| Deferred charges and accrued income | 490/1 | - | €2,768 | +€2,768 | |
| Total equity and liabilities | 10/49 | €33,058 | €102,231 | +€69,173 | +209.2% |
| Equity | 10/15 | €16,480 | €16,572 | +€92 | +0.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,480 | €13,572 | +€92 | +0.7% |
| Amounts payable | 17/49 | €16,578 | €85,658 | +€69,081 | +416.7% |
| Amounts payable after more than one year | 17 | - | €57,542 | +€57,542 | |
| Financial debts | 170/4 | - | €57,542 | +€57,542 | |
| Amounts payable within one year | 42/48 | €16,578 | €28,116 | +€11,539 | +69.6% |
| Current portion of amounts payable after more than one year | 42 | €439 | €3,420 | +€2,981 | +678.7% |
| Trade debts | 44 | €862 | €11,395 | +€10,532 | +1221.7% |
| Suppliers | 440/4 | €862 | €11,395 | +€10,532 | +1221.7% |
| Taxes, remuneration and social security | 45 | €6,091 | €6,152 | +€60 | +1.0% |
| Taxes | 450/3 | €4,541 | €4,689 | +€148 | +3.2% |
| Remuneration and social security | 454/9 | €1,550 | €1,463 | -€87 | -5.6% |
| Other amounts payable | 47/48 | €9,185 | €7,150 | -€2,035 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,012 | €4,959 | +€2,947 | +146.5% |
| Other operating charges | 640/8 | €779 | €803 | +€24 | +3.1% |
| Gross operating margin | 9900 | €6,814 | €7,507 | +€693 | +10.2% |
| Operating profit (loss) | 9901 | €4,023 | €1,744 | -€2,279 | -56.6% |
| Financial income | 75/76B | €10,460 | €956 | -€9,504 | -90.9% |
| Recurring financial income | 75 | €10,460 | €0 | -€10,460 | -100.0% |
| Non-recurring financial income | 76B | - | €955 | +€955 | |
| Financial charges | 65/66B | €298 | €2,003 | +€1,705 | +572.3% |
| Recurring financial charges | 65 | €298 | €2,003 | +€1,705 | +572.3% |
| Profit (loss) for the period before taxes | 9903 | €14,185 | €697 | -€13,489 | -95.1% |
| Income taxes | 67/77 | €962 | €604 | -€357 | -37.1% |
| Profit (loss) for the period | 9904 | €13,224 | €92 | -€13,132 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,224 | €92 | -€13,132 | -99.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.