THIBAUT D'HULST: 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 D'HULST
Largest movements
- Cash +€79,833
up €79,833 (+50.6%), from €157,673 to €237,506
mainly Other debts (+€158,696) and Net result for the year (+€76,502)
- Tangible fixed assets -€39,684
down €39,684 (-18.7%), from €212,278 to €172,594
of which Land and buildings: -€25,000
- Current investments +€12,000
up €12,000 (+13.0%), from €92,346 to €104,346
- Receivables within one year +€7,427
up €7,427 (+83.0%), from €8,953 to €16,380
of which Trade receivables: +€4,175
- Other debts +€158,696
up €158,696 (+3,288%), from €4,827 to €163,523
- Reserves -€80,105
down €80,105 (-29.9%), from €267,524 to €187,419
of which Distributable reserves: -€150,332
- Debts after one year -€56,264
down €56,264 (-38.9%), from €144,700 to €88,436
- Trade debts +€24,502
up €24,502 (+252%), from €9,721 to €34,223
- Provisions +€23,409
new in 2025: €23,409
- Gross operating margin +€53,375
up €53,375 (+61.9%), from €86,181 to €139,556
- Depreciation -€20,432
down €20,432 (-52.6%), from €38,881 to €18,449
- Taxes +€6,206
up €6,206 (+56.2%), from €11,048 to €17,254
- Financial charges +€1,793
up €1,793 (+62.0%), from €2,893 to €4,686
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 | €472,217 | €530,827 | +€58,610 | +12.4% |
| Fixed assets | 21/28 | €212,278 | €172,594 | -€39,684 | -18.7% |
| Tangible fixed assets | 22/27 | €212,278 | €172,594 | -€39,684 | -18.7% |
| Land and buildings | 22 | €193,909 | €168,909 | -€25,000 | -12.9% |
| Furniture and vehicles | 24 | €18,369 | €3,686 | -€14,683 | -79.9% |
| Current assets | 29/58 | €259,939 | €358,232 | +€98,293 | +37.8% |
| Amounts receivable within one year | 40/41 | €8,953 | €16,380 | +€7,427 | +83.0% |
| Trade receivables | 40 | - | €4,175 | +€4,175 | |
| Other amounts receivable | 41 | €8,953 | €12,206 | +€3,253 | +36.3% |
| Current investments | 50/53 | €92,346 | €104,346 | +€12,000 | +13.0% |
| Cash at bank and in hand | 54/58 | €157,673 | €237,506 | +€79,833 | +50.6% |
| Deferred charges and accrued income | 490/1 | €967 | - | -€967 | |
| Total equity and liabilities | 10/49 | €472,217 | €530,827 | +€58,610 | +12.4% |
| Equity | 10/15 | €287,329 | €207,224 | -€80,105 | -27.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €267,524 | €187,419 | -€80,105 | -29.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,699 | €105,926 | +€70,227 | +197% |
| Distributable reserves | 133 | €229,970 | €79,638 | -€150,332 | -65.4% |
| Profit (loss) carried forward | 14 | €1,255 | €1,255 | -€0 | 0.0% |
| Provisions and deferred taxes | 16 | - | €23,409 | +€23,409 | |
| Deferred taxes | 168 | - | €23,409 | +€23,409 | |
| Amounts payable | 17/49 | €184,888 | €300,194 | +€115,306 | +62.4% |
| Amounts payable after more than one year | 17 | €144,700 | €88,436 | -€56,264 | -38.9% |
| Financial debts | 170/4 | €144,700 | €88,436 | -€56,264 | -38.9% |
| Amounts payable within one year | 42/48 | €40,188 | €211,758 | +€171,570 | +427% |
| Current portion of amounts payable after more than one year | 42 | €5,064 | €5,264 | +€200 | +3.9% |
| Trade debts | 44 | €9,721 | €34,223 | +€24,502 | +252% |
| Suppliers | 440/4 | €9,721 | €34,223 | +€24,502 | +252% |
| Taxes, remuneration and social security | 45 | €20,576 | €8,748 | -€11,828 | -57.5% |
| Taxes | 450/3 | €18,176 | €3,173 | -€15,003 | -82.5% |
| Remuneration and social security | 454/9 | €2,400 | €5,575 | +€3,175 | +132% |
| Other amounts payable | 47/48 | €4,827 | €163,523 | +€158,696 | +3,288% |
| Non-recurring operating income | 76A | - | €110,060 | +€110,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,881 | €18,449 | -€20,432 | -52.6% |
| Other operating charges | 640/8 | €994 | €698 | -€296 | -29.8% |
| Gross operating margin | 9900 | €86,181 | €139,556 | +€53,375 | +61.9% |
| Operating profit (loss) | 9901 | €46,306 | €120,409 | +€74,103 | +160% |
| Financial income | 75/76B | €637 | €1,441 | +€804 | +126% |
| Recurring financial income | 75 | €637 | €1,441 | +€804 | +126% |
| Financial charges | 65/66B | €2,893 | €4,686 | +€1,793 | +62.0% |
| Recurring financial charges | 65 | €2,893 | €4,686 | +€1,793 | +62.0% |
| Profit (loss) for the period before taxes | 9903 | €44,050 | €117,165 | +€73,115 | +166% |
| Transfer from deferred taxes | 780 | - | €4,106 | +€4,106 | |
| Transfer to deferred taxes | 680 | - | €27,515 | +€27,515 | |
| Income taxes | 67/77 | €11,048 | €17,254 | +€6,206 | +56.2% |
| Profit (loss) for the period | 9904 | €33,002 | €76,502 | +€43,500 | +132% |
| Transfer from tax-exempt reserves | 789 | - | €12,318 | +€12,318 | |
| Transfer to tax-exempt reserves | 689 | - | €82,545 | +€82,545 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,002 | €6,274 | -€26,728 | -81.0% |
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 28 October 2026 via checked.be.