THIBAULT MARTENS: 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 MARTENS
Largest movements
- Financial fixed assets -€82,000
down €82,000 (-18.6%), from €440,000 to €358,000
- Receivables within one year +€76,874
up €76,874 (+692%), from €11,104 to €87,978
- Tangible fixed assets -€20,892
down €20,892 (-4.7%), from €441,903 to €421,011
of which Land and buildings: -€20,376
- Other debts -€44,769
down €44,769 (-100%), from €44,769 to €0
- Profit (loss) carried forward +€38,165
up €38,165 (+37.7%), from -€101,175 to -€63,010
- Debts after one year -€20,360
down €20,360 (-5.5%), from €373,187 to €352,827
- Gross operating margin +€38,997
up €38,997 (+88.4%), from €44,117 to €83,114
- Taxes +€13,958
up €13,958 (+4,689%), from €298 to €14,256
- Other operating charges +€5,078
up €5,078 (+79.6%), from €6,378 to €11,456
- Financial income +€2,629
up €2,629 (+575%), from €457 to €3,086
- Financial charges -€1,019
down €1,019 (-6.6%), from €15,411 to €14,391
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 | €893,753 | €868,381 | -€25,373 | -2.8% |
| Fixed assets | 21/28 | €881,903 | €779,011 | -€102,892 | -11.7% |
| Tangible fixed assets | 22/27 | €441,903 | €421,011 | -€20,892 | -4.7% |
| Land and buildings | 22 | €440,881 | €420,505 | -€20,376 | -4.6% |
| Plant, machinery and equipment | 23 | €74 | €0 | -€74 | -100% |
| Furniture and vehicles | 24 | €947 | €506 | -€442 | -46.6% |
| Financial fixed assets | 28 | €440,000 | €358,000 | -€82,000 | -18.6% |
| Current assets | 29/58 | €11,850 | €89,369 | +€77,519 | +654% |
| Amounts receivable within one year | 40/41 | €11,104 | €87,978 | +€76,874 | +692% |
| Other amounts receivable | 41 | €11,104 | €87,978 | +€76,874 | +692% |
| Cash at bank and in hand | 54/58 | - | €48 | +€48 | |
| Deferred charges and accrued income | 490/1 | €746 | €1,343 | +€596 | +79.9% |
| Total equity and liabilities | 10/49 | €893,753 | €868,381 | -€25,373 | -2.8% |
| Equity | 10/15 | €356,057 | €391,087 | +€35,029 | +9.8% |
| Contributions | 10/11 | €210,600 | €210,600 | = | 0.0% |
| Reserves | 13 | €246,633 | €243,497 | -€3,136 | -1.3% |
| Tax-exempt reserves | 132 | €246,633 | €243,497 | -€3,136 | -1.3% |
| Profit (loss) carried forward | 14 | -€101,175 | -€63,010 | +€38,165 | +37.7% |
| Provisions and deferred taxes | 16 | €82,211 | €81,166 | -€1,045 | -1.3% |
| Deferred taxes | 168 | €82,211 | €81,166 | -€1,045 | -1.3% |
| Amounts payable | 17/49 | €455,485 | €396,128 | -€59,357 | -13.0% |
| Amounts payable after more than one year | 17 | €373,187 | €352,827 | -€20,360 | -5.5% |
| Financial debts | 170/4 | €373,187 | €352,827 | -€20,360 | -5.5% |
| Amounts payable within one year | 42/48 | €82,298 | €43,301 | -€38,997 | -47.4% |
| Current portion of amounts payable after more than one year | 42 | €21,265 | €20,360 | -€905 | -4.3% |
| Financial debts | 43 | €5,871 | €4,281 | -€1,591 | -27.1% |
| Credit institutions | 430/8 | €5,871 | €4,281 | -€1,591 | -27.1% |
| Trade debts | 44 | €6,860 | €15,068 | +€8,208 | +120% |
| Suppliers | 440/4 | €6,860 | €15,068 | +€8,208 | +120% |
| Taxes, remuneration and social security | 45 | €3,533 | €3,593 | +€60 | +1.7% |
| Taxes | 450/3 | €3,533 | €3,593 | +€60 | +1.7% |
| Other amounts payable | 47/48 | €44,769 | €0 | -€44,769 | -100% |
| Non-recurring operating income | 76A | - | €9,351 | +€9,351 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,844 | €12,113 | -€731 | -5.7% |
| Other operating charges | 640/8 | €6,378 | €11,456 | +€5,078 | +79.6% |
| Gross operating margin | 9900 | €44,117 | €83,114 | +€38,997 | +88.4% |
| Operating profit (loss) | 9901 | €24,895 | €59,545 | +€34,650 | +139% |
| Financial income | 75/76B | €457 | €3,086 | +€2,629 | +575% |
| Recurring financial income | 75 | €457 | €3,086 | +€2,629 | +575% |
| Financial charges | 65/66B | €15,411 | €14,391 | -€1,019 | -6.6% |
| Recurring financial charges | 65 | €15,411 | €14,391 | -€1,019 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €9,942 | €48,240 | +€38,298 | +385% |
| Transfer from deferred taxes | 780 | €1,092 | €1,045 | -€47 | -4.3% |
| Income taxes | 67/77 | €298 | €14,256 | +€13,958 | +4,689% |
| Profit (loss) for the period | 9904 | €10,736 | €35,029 | +€24,293 | +226% |
| Transfer from tax-exempt reserves | 789 | €3,276 | €3,136 | -€140 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,012 | €38,165 | +€24,153 | +172% |
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 22 October 2026 via checked.be.