Thibault Legrand: 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.
Thibault Legrand
Largest movements
- Tangible fixed assets -€34,797
down €34,797 (-19.3%), from €180,663 to €145,865
of which Leasing and similar rights: -€31,384
- Cash -€32,523
down €32,523 (-86.2%), from €37,743 to €5,220
mainly Debts after one year (-€33,673) and Stocks and contracts (-€17,000)
- Stocks and contracts +€17,000
new in 2025: €17,000
- Debts after one year -€33,673
down €33,673 (-28.2%), from €119,412 to €85,738
of which Financial debts: -€34,861
- Profit (loss) carried forward -€12,811
down €12,811 (-35.7%), from €35,901 to €23,090
- Gross operating margin -€27,496
down €27,496 (-41.8%), from €65,801 to €38,305
- Depreciation -€3,676
down €3,676 (-7.2%), from €51,169 to €47,493
- Financial charges -€662
down €662 (-23.0%), from €2,881 to €2,219
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 | €226,690 | €178,324 | -€48,366 | -21.3% |
| Fixed assets | 21/28 | €180,798 | €146,000 | -€34,797 | -19.2% |
| Tangible fixed assets | 22/27 | €180,663 | €145,865 | -€34,797 | -19.3% |
| Plant, machinery and equipment | 23 | €16,698 | €20,437 | +€3,738 | +22.4% |
| Furniture and vehicles | 24 | €21,293 | €15,112 | -€6,181 | -29.0% |
| Leasing and similar rights | 25 | €139,486 | €108,103 | -€31,384 | -22.5% |
| Other tangible fixed assets | 26 | €3,185 | €2,214 | -€971 | -30.5% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €45,892 | €32,324 | -€13,568 | -29.6% |
| Stocks and contracts in progress | 3 | - | €17,000 | +€17,000 | |
| Contracts in progress | 37 | - | €17,000 | +€17,000 | |
| Amounts receivable within one year | 40/41 | €5,974 | €7,946 | +€1,972 | +33.0% |
| Trade receivables | 40 | €13 | €3,535 | +€3,521 | +26,456% |
| Other amounts receivable | 41 | €5,961 | €4,412 | -€1,549 | -26.0% |
| Cash at bank and in hand | 54/58 | €37,743 | €5,220 | -€32,523 | -86.2% |
| Deferred charges and accrued income | 490/1 | €2,175 | €2,157 | -€18 | -0.8% |
| Total equity and liabilities | 10/49 | €226,690 | €178,324 | -€48,366 | -21.3% |
| Equity | 10/15 | €68,901 | €56,090 | -€12,811 | -18.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,901 | €23,090 | -€12,811 | -35.7% |
| Amounts payable | 17/49 | €157,789 | €122,234 | -€35,555 | -22.5% |
| Amounts payable after more than one year | 17 | €119,412 | €85,738 | -€33,673 | -28.2% |
| Financial debts | 170/4 | €75,402 | €40,540 | -€34,861 | -46.2% |
| Other amounts payable | 178/9 | €44,010 | €45,198 | +€1,188 | +2.7% |
| Amounts payable within one year | 42/48 | €37,827 | €35,938 | -€1,889 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €34,181 | €34,861 | +€680 | +2.0% |
| Trade debts | 44 | €3,040 | €902 | -€2,138 | -70.3% |
| Suppliers | 440/4 | €3,040 | €902 | -€2,138 | -70.3% |
| Taxes, remuneration and social security | 45 | €606 | €175 | -€431 | -71.2% |
| Taxes | 450/3 | €431 | €0 | -€431 | -100% |
| Remuneration and social security | 454/9 | €175 | €175 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €551 | €558 | +€7 | +1.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,169 | €47,493 | -€3,676 | -7.2% |
| Other operating charges | 640/8 | €1,633 | €1,381 | -€252 | -15.4% |
| Non-recurring operating charges | 66A | - | €24 | +€24 | |
| Gross operating margin | 9900 | €65,801 | €38,305 | -€27,496 | -41.8% |
| Operating profit (loss) | 9901 | €12,999 | -€10,592 | -€23,591 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,881 | €2,219 | -€662 | -23.0% |
| Recurring financial charges | 65 | €2,881 | €2,219 | -€662 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €10,118 | -€12,811 | -€22,928 | |
| Income taxes | 67/77 | €431 | €0 | -€431 | -100% |
| Profit (loss) for the period | 9904 | €9,687 | -€12,811 | -€22,497 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,687 | -€12,811 | -€22,497 |
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 19 October 2026 via checked.be.