THIBAULT VERBIEST: 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 VERBIEST
Largest movements
- Receivables within one year -€39,793
down €39,793 (-8.2%), from €486,403 to €446,610
of which Trade receivables: -€57,147
- Cash -€20,813
down €20,813 (-48.5%), from €42,920 to €22,107
mainly Trade debts (-€126,965) and Tax, wage and social debts (-€48,674)
- Trade debts -€126,965
down €126,965 (-68.2%), from €186,132 to €59,168
- Profit (loss) carried forward +€104,284
up €104,284 (+55.1%), from €189,180 to €293,464
- Tax, wage and social debts -€48,674
down €48,674 (-52.3%), from €93,126 to €44,452
- Current portion of long-term debt +€13,553
new in 2025: €13,553
- Gross operating margin -€19,405
down €19,405 (-14.1%), from €137,569 to €118,164
- Taxes +€11,802
up €11,802 (+61.1%), from €19,301 to €31,103
- Financial income -€1,463
down €1,463 (-5.9%), from €24,761 to €23,298
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 | €539,962 | €482,161 | -€57,801 | -10.7% |
| Fixed assets | 21/28 | €10,639 | €8,444 | -€2,195 | -20.6% |
| Tangible fixed assets | 22/27 | €10,639 | €5,464 | -€5,175 | -48.6% |
| Furniture and vehicles | 24 | €8,505 | €3,992 | -€4,513 | -53.1% |
| Other tangible fixed assets | 26 | €2,135 | €1,472 | -€663 | -31.0% |
| Financial fixed assets | 28 | - | €2,980 | +€2,980 | |
| Current assets | 29/58 | €529,322 | €473,717 | -€55,606 | -10.5% |
| Amounts receivable after more than one year | 29 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 291 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €486,403 | €446,610 | -€39,793 | -8.2% |
| Trade receivables | 40 | €57,147 | €0 | -€57,147 | -100% |
| Other amounts receivable | 41 | €429,256 | €446,610 | +€17,354 | +4.0% |
| Cash at bank and in hand | 54/58 | €42,920 | €22,107 | -€20,813 | -48.5% |
| Total equity and liabilities | 10/49 | €539,962 | €482,161 | -€57,801 | -10.7% |
| Equity | 10/15 | €200,142 | €304,426 | +€104,284 | +52.1% |
| Contributions | 10/11 | €7,850 | €7,850 | = | 0.0% |
| Reserves | 13 | €3,112 | €3,112 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,112 | €3,112 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,112 | €3,112 | = | 0.0% |
| Profit (loss) carried forward | 14 | €189,180 | €293,464 | +€104,284 | +55.1% |
| Amounts payable | 17/49 | €339,820 | €177,735 | -€162,085 | -47.7% |
| Amounts payable within one year | 42/48 | €339,820 | €177,735 | -€162,085 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | - | €13,553 | +€13,553 | |
| Financial debts | 43 | €7,563 | €7,563 | = | 0.0% |
| Credit institutions | 430/8 | €7,563 | €7,563 | = | 0.0% |
| Trade debts | 44 | €186,132 | €59,168 | -€126,965 | -68.2% |
| Suppliers | 440/4 | €186,132 | €59,168 | -€126,965 | -68.2% |
| Taxes, remuneration and social security | 45 | €93,126 | €44,452 | -€48,674 | -52.3% |
| Taxes | 450/3 | €93,126 | €44,452 | -€48,674 | -52.3% |
| Other amounts payable | 47/48 | €53,000 | €53,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,416 | €5,175 | -€241 | -4.5% |
| Other operating charges | 640/8 | €722 | €793 | +€70 | +9.7% |
| Gross operating margin | 9900 | €137,569 | €118,164 | -€19,405 | -14.1% |
| Operating profit (loss) | 9901 | €131,430 | €112,197 | -€19,233 | -14.6% |
| Financial income | 75/76B | €24,761 | €23,298 | -€1,463 | -5.9% |
| Recurring financial income | 75 | €24,761 | €23,298 | -€1,463 | -5.9% |
| Financial charges | 65/66B | €478 | €108 | -€370 | -77.5% |
| Recurring financial charges | 65 | €478 | €108 | -€370 | -77.5% |
| Profit (loss) for the period before taxes | 9903 | €155,713 | €135,387 | -€20,326 | -13.1% |
| Income taxes | 67/77 | €19,301 | €31,103 | +€11,802 | +61.1% |
| Profit (loss) for the period | 9904 | €136,412 | €104,284 | -€32,128 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €136,412 | €104,284 | -€32,128 | -23.6% |
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 15 October 2026 via checked.be.