Thibaut Borzée: 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.
Thibaut Borzée
Largest movements
- Cash -€21,297
down €21,297 (-69.9%), from €30,478 to €9,181
mainly Net result for the year (-€24,440) and Investment in fixed assets (net) (-€13,050)
- Receivables within one year -€7,707
down €7,707 (-10.3%), from €74,617 to €66,910
of which Other amounts receivable: -€5,569
- Tangible fixed assets +€4,873
up €4,873 (+26.4%), from €18,475 to €23,348
of which Leasing and similar rights: +€11,809
- Profit (loss) carried forward -€24,440
down €24,440 (-37.3%), from €65,462 to €41,022
- Tax, wage and social debts -€5,805
down €5,805 (-17.7%), from €32,767 to €26,963
of which Remuneration and social security: -€3,029
- Other debts +€3,538
new in 2024: €3,538
- Trade debts +€1,716
up €1,716 (+7.4%), from €23,100 to €24,816
- Gross operating margin -€114,560
down €114,560 (-90.0%), from €127,283 to €12,723
- Taxes -€28,290
down €28,290 (-96.7%), from €29,260 to €970
- Depreciation +€4,804
up €4,804 (+142%), from €3,373 to €8,177
- Staff costs +€2,689
up €2,689 (+11.0%), from €24,509 to €27,198
- Financial income +€2,078
up €2,078 (+86.8%), from €2,394 to €4,472
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €124,429 | €99,439 | -€24,990 | -20.1% |
| Fixed assets | 21/28 | €18,475 | €23,348 | +€4,873 | +26.4% |
| Tangible fixed assets | 22/27 | €18,475 | €23,348 | +€4,873 | +26.4% |
| Furniture and vehicles | 24 | €18,475 | €11,539 | -€6,936 | -37.5% |
| Leasing and similar rights | 25 | - | €11,809 | +€11,809 | |
| Current assets | 29/58 | €105,954 | €76,091 | -€29,863 | -28.2% |
| Amounts receivable within one year | 40/41 | €74,617 | €66,910 | -€7,707 | -10.3% |
| Trade receivables | 40 | €14,745 | €12,607 | -€2,139 | -14.5% |
| Other amounts receivable | 41 | €59,872 | €54,303 | -€5,569 | -9.3% |
| Cash at bank and in hand | 54/58 | €30,478 | €9,181 | -€21,297 | -69.9% |
| Deferred charges and accrued income | 490/1 | €859 | - | -€859 | |
| Total equity and liabilities | 10/49 | €124,429 | €99,439 | -€24,990 | -20.1% |
| Equity | 10/15 | €65,562 | €41,122 | -€24,440 | -37.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,462 | €41,022 | -€24,440 | -37.3% |
| Amounts payable | 17/49 | €58,867 | €58,317 | -€550 | -0.9% |
| Amounts payable within one year | 42/48 | €58,867 | €58,317 | -€550 | -0.9% |
| Trade debts | 44 | €23,100 | €24,816 | +€1,716 | +7.4% |
| Suppliers | 440/4 | €23,100 | €24,816 | +€1,716 | +7.4% |
| Advances received on contracts in progress | 46 | €3,000 | €3,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €32,767 | €26,963 | -€5,805 | -17.7% |
| Taxes | 450/3 | €29,348 | €26,573 | -€2,776 | -9.5% |
| Remuneration and social security | 454/9 | €3,419 | €390 | -€3,029 | -88.6% |
| Other amounts payable | 47/48 | - | €3,538 | +€3,538 | |
| Remuneration, social security and pensions | 62 | €24,509 | €27,198 | +€2,689 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,373 | €8,177 | +€4,804 | +142% |
| Other operating charges | 640/8 | €2,913 | €2,268 | -€645 | -22.1% |
| Gross operating margin | 9900 | €127,283 | €12,723 | -€114,560 | -90.0% |
| Operating profit (loss) | 9901 | €96,489 | -€24,919 | -€121,408 | |
| Financial income | 75/76B | €2,394 | €4,472 | +€2,078 | +86.8% |
| Recurring financial income | 75 | €2,394 | €4,472 | +€2,078 | +86.8% |
| Financial charges | 65/66B | €4,162 | €3,022 | -€1,139 | -27.4% |
| Recurring financial charges | 65 | €4,162 | €3,022 | -€1,139 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €94,722 | -€23,470 | -€118,191 | |
| Income taxes | 67/77 | €29,260 | €970 | -€28,290 | -96.7% |
| Profit (loss) for the period | 9904 | €65,462 | -€24,440 | -€89,901 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,462 | -€24,440 | -€89,901 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.