THIBAULT WARLOP": 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 WARLOP"
Largest movements
- Receivables within one year +€31,235
up €31,235 (+55.9%), from €55,837 to €87,072
of which Other amounts receivable: +€29,947
- Cash -€11,714
down €11,714 (-25.6%), from €45,792 to €34,078
mainly Receivables within one year (-€31,235) and Investment in fixed assets (net) (-€8,344)
- Deferred charges and accrued income +€7,667
new in 2025: €7,667
- Reserves +€33,972
up €33,972 (+33.7%), from €100,701 to €134,672
- Tax, wage and social debts -€5,919
down €5,919 (-38.4%), from €15,402 to €9,483
- Gross operating margin -€29,241
down €29,241 (-36.6%), from €79,933 to €50,692
- Taxes -€5,894
down €5,894 (-38.3%), from €15,386 to €9,492
- Depreciation +€3,256
up €3,256 (+89.6%), from €3,634 to €6,891
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 | €123,725 | €152,366 | +€28,641 | +23.1% |
| Fixed assets | 21/28 | €22,097 | €23,550 | +€1,453 | +6.6% |
| Tangible fixed assets | 22/27 | €22,097 | €23,550 | +€1,453 | +6.6% |
| Plant, machinery and equipment | 23 | €6,518 | €12,038 | +€5,519 | +84.7% |
| Furniture and vehicles | 24 | €11,078 | €11,512 | +€434 | +3.9% |
| Assets under construction and advance payments | 27 | €4,500 | - | -€4,500 | |
| Current assets | 29/58 | €101,628 | €128,816 | +€27,188 | +26.8% |
| Amounts receivable within one year | 40/41 | €55,837 | €87,072 | +€31,235 | +55.9% |
| Trade receivables | 40 | €54,541 | €55,829 | +€1,288 | +2.4% |
| Other amounts receivable | 41 | €1,296 | €31,243 | +€29,947 | +2,311% |
| Cash at bank and in hand | 54/58 | €45,792 | €34,078 | -€11,714 | -25.6% |
| Deferred charges and accrued income | 490/1 | - | €7,667 | +€7,667 | |
| Total equity and liabilities | 10/49 | €123,725 | €152,366 | +€28,641 | +23.1% |
| Equity | 10/15 | €105,701 | €139,672 | +€33,972 | +32.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €100,701 | €134,672 | +€33,972 | +33.7% |
| Distributable reserves | 133 | €100,701 | €134,672 | +€33,972 | +33.7% |
| Amounts payable | 17/49 | €18,024 | €12,694 | -€5,331 | -29.6% |
| Amounts payable within one year | 42/48 | €18,024 | €12,694 | -€5,331 | -29.6% |
| Trade debts | 44 | €2,622 | €3,211 | +€589 | +22.5% |
| Suppliers | 440/4 | €2,622 | €3,211 | +€589 | +22.5% |
| Taxes, remuneration and social security | 45 | €15,402 | €9,483 | -€5,919 | -38.4% |
| Taxes | 450/3 | €15,402 | €9,483 | -€5,919 | -38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,634 | €6,891 | +€3,256 | +89.6% |
| Other operating charges | 640/8 | €490 | €252 | -€238 | -48.5% |
| Gross operating margin | 9900 | €79,933 | €50,692 | -€29,241 | -36.6% |
| Operating profit (loss) | 9901 | €75,808 | €43,549 | -€32,259 | -42.6% |
| Financial charges | 65/66B | €116 | €85 | -€31 | -26.5% |
| Recurring financial charges | 65 | €116 | €85 | -€31 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €75,692 | €43,464 | -€32,229 | -42.6% |
| Income taxes | 67/77 | €15,386 | €9,492 | -€5,894 | -38.3% |
| Profit (loss) for the period | 9904 | €60,306 | €33,972 | -€26,334 | -43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,306 | €33,972 | -€26,334 | -43.7% |
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 25 October 2026 via checked.be.