THIBAUT-GERARD: 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-GERARD
Largest movements
- Tangible fixed assets +€78,512
up €78,512 (+180%), from €43,559 to €122,071
of which Plant, machinery and equipment: +€80,609
- Receivables within one year -€20,714
down €20,714 (-35.7%), from €57,998 to €37,284
of which Trade receivables: -€18,601
- Cash +€12,968
up €12,968 (+58.4%), from €22,217 to €35,185
mainly Debts after one year (+€60,801) and Depreciation (+€24,402)
- Debts after one year +€60,801
up €60,801 (+523%), from €11,634 to €72,435
- Other debts -€27,142
no longer reported in 2025 (was €27,142)
- Current portion of long-term debt +€17,455
up €17,455 (+182%), from €9,617 to €27,072
- Profit (loss) carried forward +€14,510
up €14,510 (+26.2%), from €55,474 to €69,984
- Tax, wage and social debts +€4,462
up €4,462 (+37.0%), from €12,055 to €16,517
of which Taxes: +€3,778
- Gross operating margin +€16,317
up €16,317 (+17.7%), from €92,286 to €108,603
- Depreciation +€9,520
up €9,520 (+64.0%), from €14,882 to €24,402
- Staff costs +€9,277
up €9,277 (+16.7%), from €55,437 to €64,714
- Taxes -€3,469
down €3,469 (-64.3%), from €5,391 to €1,922
- Financial charges +€2,485
up €2,485 (+428%), from €580 to €3,065
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 | €139,217 | €209,722 | +€70,505 | +50.6% |
| Fixed assets | 21/28 | €43,719 | €122,231 | +€78,512 | +180% |
| Tangible fixed assets | 22/27 | €43,559 | €122,071 | +€78,512 | +180% |
| Plant, machinery and equipment | 23 | €39,702 | €120,311 | +€80,609 | +203% |
| Furniture and vehicles | 24 | €3,857 | €1,760 | -€2,097 | -54.4% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €95,498 | €87,491 | -€8,007 | -8.4% |
| Stocks and contracts in progress | 3 | €13,565 | €12,037 | -€1,528 | -11.3% |
| Stocks | 30/36 | €13,565 | €12,037 | -€1,528 | -11.3% |
| Amounts receivable within one year | 40/41 | €57,998 | €37,284 | -€20,714 | -35.7% |
| Trade receivables | 40 | €49,101 | €30,500 | -€18,601 | -37.9% |
| Other amounts receivable | 41 | €8,897 | €6,784 | -€2,113 | -23.7% |
| Cash at bank and in hand | 54/58 | €22,217 | €35,185 | +€12,968 | +58.4% |
| Deferred charges and accrued income | 490/1 | €1,718 | €2,985 | +€1,267 | +73.7% |
| Total equity and liabilities | 10/49 | €139,217 | €209,722 | +€70,505 | +50.6% |
| Equity | 10/15 | €62,561 | €77,071 | +€14,510 | +23.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €887 | €887 | = | 0.0% |
| Non-distributable reserves | 130/1 | €887 | €887 | = | 0.0% |
| Reserves not available under the articles | 1311 | €887 | €887 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,474 | €69,984 | +€14,510 | +26.2% |
| Amounts payable | 17/49 | €76,656 | €132,651 | +€55,995 | +73.0% |
| Amounts payable after more than one year | 17 | €11,634 | €72,435 | +€60,801 | +523% |
| Financial debts | 170/4 | €11,634 | €72,435 | +€60,801 | +523% |
| Amounts payable within one year | 42/48 | €65,022 | €60,198 | -€4,824 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €9,617 | €27,072 | +€17,455 | +182% |
| Trade debts | 44 | €16,208 | €16,609 | +€401 | +2.5% |
| Suppliers | 440/4 | €16,208 | €16,609 | +€401 | +2.5% |
| Taxes, remuneration and social security | 45 | €12,055 | €16,517 | +€4,462 | +37.0% |
| Taxes | 450/3 | €9,835 | €13,613 | +€3,778 | +38.4% |
| Remuneration and social security | 454/9 | €2,220 | €2,904 | +€684 | +30.8% |
| Other amounts payable | 47/48 | €27,142 | - | -€27,142 | |
| Accrued charges and deferred income | 492/3 | - | €18 | +€18 | |
| Remuneration, social security and pensions | 62 | €55,437 | €64,714 | +€9,277 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,882 | €24,402 | +€9,520 | +64.0% |
| Gross operating margin | 9900 | €92,286 | €108,603 | +€16,317 | +17.7% |
| Operating profit (loss) | 9901 | €21,967 | €19,487 | -€2,480 | -11.3% |
| Financial income | 75/76B | €2 | €10 | +€8 | +400% |
| Recurring financial income | 75 | €2 | €10 | +€8 | +400% |
| Financial charges | 65/66B | €580 | €3,065 | +€2,485 | +428% |
| Recurring financial charges | 65 | €580 | €3,065 | +€2,485 | +428% |
| Profit (loss) for the period before taxes | 9903 | €21,389 | €16,432 | -€4,957 | -23.2% |
| Income taxes | 67/77 | €5,391 | €1,922 | -€3,469 | -64.3% |
| Profit (loss) for the period | 9904 | €15,998 | €14,510 | -€1,488 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,998 | €14,510 | -€1,488 | -9.3% |
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.