THIBAUT STRUBBE: 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 STRUBBE
Largest movements
- Cash -€100,997
down €100,997 (-94.8%), from €106,500 to €5,503
mainly Contributions, distributions and other (-€117,361) and Current investments (-€50,000)
- Current investments +€50,000
up €50,000 (+21.7%), from €230,000 to €280,000
- Receivables after one year -€35,148
down €35,148 (-55.8%), from €62,977 to €27,829
- Receivables within one year +€11,069
up €11,069 (+49.4%), from €22,409 to €33,478
of which Other amounts receivable: +€10,252
- Tangible fixed assets -€6,506
down €6,506 (-15.5%), from €41,933 to €35,427
of which Leasing and similar rights: -€5,773
- Reserves -€75,716
down €75,716 (-18.0%), from €421,569 to €345,853
of which Distributable reserves: -€75,716
- Debts after one year -€5,778
down €5,778 (-32.1%), from €18,003 to €12,225
- Staff costs +€22,978
new in 2025: €22,978
- Gross operating margin +€9,776
up €9,776 (+11.4%), from €85,928 to €95,704
- Taxes -€4,304
down €4,304 (-17.3%), from €24,858 to €20,554
- Financial income -€1,263
down €1,263 (-42.4%), from €2,976 to €1,713
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 | €466,733 | €388,398 | -€78,335 | -16.8% |
| Fixed assets | 21/28 | €41,933 | €35,427 | -€6,506 | -15.5% |
| Tangible fixed assets | 22/27 | €41,933 | €35,427 | -€6,506 | -15.5% |
| Plant, machinery and equipment | 23 | €16,908 | €17,284 | +€376 | +2.2% |
| Furniture and vehicles | 24 | €2,330 | €1,221 | -€1,109 | -47.6% |
| Leasing and similar rights | 25 | €22,695 | €16,922 | -€5,773 | -25.4% |
| Current assets | 29/58 | €424,800 | €352,971 | -€71,829 | -16.9% |
| Amounts receivable after more than one year | 29 | €62,977 | €27,829 | -€35,148 | -55.8% |
| Other amounts receivable | 291 | €62,977 | €27,829 | -€35,148 | -55.8% |
| Amounts receivable within one year | 40/41 | €22,409 | €33,478 | +€11,069 | +49.4% |
| Trade receivables | 40 | €20,365 | €21,182 | +€817 | +4.0% |
| Other amounts receivable | 41 | €2,044 | €12,296 | +€10,252 | +502% |
| Current investments | 50/53 | €230,000 | €280,000 | +€50,000 | +21.7% |
| Cash at bank and in hand | 54/58 | €106,500 | €5,503 | -€100,997 | -94.8% |
| Deferred charges and accrued income | 490/1 | €2,914 | €6,161 | +€3,247 | +111% |
| Total equity and liabilities | 10/49 | €466,733 | €388,398 | -€78,335 | -16.8% |
| Equity | 10/15 | €432,762 | €357,046 | -€75,716 | -17.5% |
| Contributions | 10/11 | €10,520 | €10,520 | = | 0.0% |
| Reserves | 13 | €421,569 | €345,853 | -€75,716 | -18.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €419,714 | €343,998 | -€75,716 | -18.0% |
| Profit (loss) carried forward | 14 | €673 | €673 | = | 0.0% |
| Amounts payable | 17/49 | €33,971 | €31,352 | -€2,619 | -7.7% |
| Amounts payable after more than one year | 17 | €18,003 | €12,225 | -€5,778 | -32.1% |
| Financial debts | 170/4 | €18,003 | €12,225 | -€5,778 | -32.1% |
| Amounts payable within one year | 42/48 | €15,968 | €19,127 | +€3,159 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €12,842 | €13,193 | +€351 | +2.7% |
| Trade debts | 44 | €518 | €2,050 | +€1,532 | +296% |
| Suppliers | 440/4 | €518 | €2,050 | +€1,532 | +296% |
| Taxes, remuneration and social security | 45 | €2,608 | €3,884 | +€1,276 | +48.9% |
| Taxes | 450/3 | €2,608 | €1,263 | -€1,345 | -51.6% |
| Remuneration and social security | 454/9 | - | €2,621 | +€2,621 | |
| Remuneration, social security and pensions | 62 | - | €22,978 | +€22,978 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,607 | €9,005 | +€398 | +4.6% |
| Other operating charges | 640/8 | €871 | €928 | +€57 | +6.5% |
| Gross operating margin | 9900 | €85,928 | €95,704 | +€9,776 | +11.4% |
| Operating profit (loss) | 9901 | €76,450 | €62,793 | -€13,657 | -17.9% |
| Financial income | 75/76B | €2,976 | €1,713 | -€1,263 | -42.4% |
| Recurring financial income | 75 | €2,976 | €1,713 | -€1,263 | -42.4% |
| Financial charges | 65/66B | €2,722 | €2,307 | -€415 | -15.2% |
| Recurring financial charges | 65 | €2,722 | €2,307 | -€415 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €76,704 | €62,199 | -€14,505 | -18.9% |
| Income taxes | 67/77 | €24,858 | €20,554 | -€4,304 | -17.3% |
| Profit (loss) for the period | 9904 | €51,846 | €41,645 | -€10,201 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,846 | €41,645 | -€10,201 | -19.7% |
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 26 October 2026 via checked.be.