THIBAUT SEYNAEVE: 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 SEYNAEVE
Largest movements
- Tangible fixed assets -€35,742
down €35,742 (-29.9%), from €119,342 to €83,600
of which Plant, machinery and equipment: -€22,455
- Cash +€33,021
up €33,021 (+91.5%), from €36,094 to €69,115
mainly Depreciation (+€31,170) and Net result for the year (+€28,824)
- Receivables within one year +€22,943
up €22,943 (+113%), from €20,264 to €43,208
of which Trade receivables: +€27,327
- Trade debts -€36,869
down €36,869 (-63.6%), from €57,939 to €21,070
- Profit (loss) carried forward +€28,824
up €28,824 (+311%), from €9,267 to €38,091
- Debts after one year +€11,815
new in 2025: €11,815
- Current portion of long-term debt +€10,459
up €10,459, from €0 to €10,459
- Tax, wage and social debts +€8,017
up €8,017 (+262%), from €3,064 to €11,081
of which Taxes: +€5,317
- Gross operating margin +€36,205
up €36,205 (+109%), from €33,130 to €69,335
- Taxes +€6,130
up €6,130 (+702%), from €873 to €7,003
- Depreciation +€3,456
up €3,456 (+12.5%), from €27,714 to €31,170
- Financial charges +€966
up €966 (+599%), from €161 to €1,127
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 | €177,166 | €198,306 | +€21,140 | +11.9% |
| Fixed assets | 21/28 | €119,342 | €83,600 | -€35,742 | -29.9% |
| Tangible fixed assets | 22/27 | €119,342 | €83,600 | -€35,742 | -29.9% |
| Plant, machinery and equipment | 23 | €101,488 | €79,033 | -€22,455 | -22.1% |
| Furniture and vehicles | 24 | €17,854 | €4,567 | -€13,287 | -74.4% |
| Current assets | 29/58 | €57,824 | €114,706 | +€56,883 | +98.4% |
| Amounts receivable within one year | 40/41 | €20,264 | €43,208 | +€22,943 | +113% |
| Trade receivables | 40 | €8,719 | €36,046 | +€27,327 | +313% |
| Other amounts receivable | 41 | €11,546 | €7,162 | -€4,384 | -38.0% |
| Cash at bank and in hand | 54/58 | €36,094 | €69,115 | +€33,021 | +91.5% |
| Deferred charges and accrued income | 490/1 | €1,465 | €2,383 | +€918 | +62.7% |
| Total equity and liabilities | 10/49 | €177,166 | €198,306 | +€21,140 | +11.9% |
| Equity | 10/15 | €19,267 | €48,091 | +€28,824 | +150% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,267 | €38,091 | +€28,824 | +311% |
| Amounts payable | 17/49 | €157,899 | €150,215 | -€7,683 | -4.9% |
| Amounts payable after more than one year | 17 | - | €11,815 | +€11,815 | |
| Financial debts | 170/4 | - | €11,815 | +€11,815 | |
| Amounts payable within one year | 42/48 | €157,826 | €138,400 | -€19,427 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | €10,459 | +€10,459 | |
| Trade debts | 44 | €57,939 | €21,070 | -€36,869 | -63.6% |
| Suppliers | 440/4 | €57,939 | €21,070 | -€36,869 | -63.6% |
| Taxes, remuneration and social security | 45 | €3,064 | €11,081 | +€8,017 | +262% |
| Taxes | 450/3 | €3,064 | €8,381 | +€5,317 | +174% |
| Remuneration and social security | 454/9 | - | €2,700 | +€2,700 | |
| Other amounts payable | 47/48 | €96,823 | €95,790 | -€1,033 | -1.1% |
| Accrued charges and deferred income | 492/3 | €72 | €0 | -€72 | -100% |
| Non-recurring operating income | 76A | €4,000 | €744 | -€3,256 | -81.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,714 | €31,170 | +€3,456 | +12.5% |
| Other operating charges | 640/8 | €1,083 | €1,211 | +€127 | +11.7% |
| Gross operating margin | 9900 | €33,130 | €69,335 | +€36,205 | +109% |
| Operating profit (loss) | 9901 | €4,333 | €36,954 | +€32,622 | +753% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €161 | €1,127 | +€966 | +599% |
| Recurring financial charges | 65 | €161 | €1,127 | +€966 | +599% |
| Profit (loss) for the period before taxes | 9903 | €4,171 | €35,827 | +€31,655 | +759% |
| Income taxes | 67/77 | €873 | €7,003 | +€6,130 | +702% |
| Profit (loss) for the period | 9904 | €3,298 | €28,824 | +€25,526 | +774% |
| Profit (loss) for the period to be appropriated | 9905 | €3,298 | €28,824 | +€25,526 | +774% |
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.