THIBAUT WILLEMS: 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 WILLEMS
Largest movements
- Financial fixed assets +€67,500
up €67,500 (+24.3%), from €278,300 to €345,800
- Tangible fixed assets +€54,385
up €54,385 (+5.6%), from €964,145 to €1.0m
of which Furniture and vehicles: +€32,272
- Current investments +€50,324
new in 2025: €50,324
- Cash -€42,027
down €42,027 (-32.3%), from €130,123 to €88,096
mainly Debts after one year (-€326,855) and Investment in fixed assets (net) (-€158,825)
- Receivables after one year -€15,858
down €15,858 (-56.5%), from €28,068 to €12,211
- Debts after one year -€326,855
down €326,855 (-32.9%), from €992,929 to €666,073
- Short-term financial debts +€322,290
up €322,290 (+6,315%), from €5,103 to €327,394
- Reserves +€92,181
up €92,181 (+31.5%), from €293,034 to €385,215
- Tax, wage and social debts +€41,348
up €41,348 (+407%), from €10,147 to €51,494
- Other debts -€39,433
down €39,433 (-99.5%), from €39,612 to €179
- Gross operating margin +€49,964
up €49,964 (+27.6%), from €180,781 to €230,745
- Financial income +€15,718
up €15,718 (+252%), from €6,239 to €21,957
- Taxes +€14,927
up €14,927 (+34.9%), from €42,746 to €57,673
- Depreciation +€10,086
up €10,086 (+37.6%), from €26,854 to €36,940
- Financial charges +€5,457
up €5,457 (+24.2%), from €22,576 to €28,033
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 | €1,427,809 | €1,530,201 | +€102,393 | +7.2% |
| Fixed assets | 21/28 | €1,242,445 | €1,364,330 | +€121,885 | +9.8% |
| Tangible fixed assets | 22/27 | €964,145 | €1,018,530 | +€54,385 | +5.6% |
| Land and buildings | 22 | €949,756 | €962,528 | +€12,772 | +1.3% |
| Plant, machinery and equipment | 23 | - | €9,341 | +€9,341 | |
| Furniture and vehicles | 24 | €12,564 | €44,836 | +€32,272 | +257% |
| Other tangible fixed assets | 26 | €1,825 | €1,825 | = | 0.0% |
| Financial fixed assets | 28 | €278,300 | €345,800 | +€67,500 | +24.3% |
| Current assets | 29/58 | €185,364 | €165,871 | -€19,493 | -10.5% |
| Amounts receivable after more than one year | 29 | €28,068 | €12,211 | -€15,858 | -56.5% |
| Trade receivables | 290 | €28,068 | €12,211 | -€15,858 | -56.5% |
| Amounts receivable within one year | 40/41 | €7,974 | €3,925 | -€4,049 | -50.8% |
| Trade receivables | 40 | €7,759 | €3,910 | -€3,850 | -49.6% |
| Other amounts receivable | 41 | €214 | €15 | -€200 | -93.1% |
| Current investments | 50/53 | - | €50,324 | +€50,324 | |
| Cash at bank and in hand | 54/58 | €130,123 | €88,096 | -€42,027 | -32.3% |
| Deferred charges and accrued income | 490/1 | €19,198 | €11,316 | -€7,883 | -41.1% |
| Total equity and liabilities | 10/49 | €1,427,809 | €1,530,201 | +€102,393 | +7.2% |
| Equity | 10/15 | €313,034 | €405,215 | +€92,181 | +29.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €293,034 | €385,215 | +€92,181 | +31.5% |
| Distributable reserves | 133 | €293,034 | €385,215 | +€92,181 | +31.5% |
| Amounts payable | 17/49 | €1,114,775 | €1,124,987 | +€10,212 | +0.9% |
| Amounts payable after more than one year | 17 | €992,929 | €666,073 | -€326,855 | -32.9% |
| Financial debts | 170/4 | €992,929 | €666,073 | -€326,855 | -32.9% |
| Amounts payable within one year | 42/48 | €116,860 | €449,531 | +€332,672 | +285% |
| Current portion of amounts payable after more than one year | 42 | €57,373 | €58,327 | +€954 | +1.7% |
| Financial debts | 43 | €5,103 | €327,394 | +€322,290 | +6,315% |
| Credit institutions | 430/8 | €5,103 | €327,394 | +€322,290 | +6,315% |
| Trade debts | 44 | €4,624 | €12,137 | +€7,513 | +162% |
| Suppliers | 440/4 | €4,624 | €12,137 | +€7,513 | +162% |
| Taxes, remuneration and social security | 45 | €10,147 | €51,494 | +€41,348 | +407% |
| Taxes | 450/3 | €10,147 | €51,494 | +€41,348 | +407% |
| Other amounts payable | 47/48 | €39,612 | €179 | -€39,433 | -99.5% |
| Accrued charges and deferred income | 492/3 | €4,987 | €9,382 | +€4,395 | +88.1% |
| Non-recurring operating income | 76A | €2,129 | - | -€2,129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,854 | €36,940 | +€10,086 | +37.6% |
| Other operating charges | 640/8 | €1,500 | €2,032 | +€531 | +35.4% |
| Non-recurring operating charges | 66A | - | €665 | +€665 | |
| Gross operating margin | 9900 | €180,781 | €230,745 | +€49,964 | +27.6% |
| Operating profit (loss) | 9901 | €152,427 | €191,108 | +€38,681 | +25.4% |
| Financial income | 75/76B | €6,239 | €21,957 | +€15,718 | +252% |
| Recurring financial income | 75 | €6,239 | €21,957 | +€15,718 | +252% |
| Financial charges | 65/66B | €22,576 | €28,033 | +€5,457 | +24.2% |
| Recurring financial charges | 65 | €22,576 | €28,033 | +€5,457 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €136,090 | €185,031 | +€48,941 | +36.0% |
| Income taxes | 67/77 | €42,746 | €57,673 | +€14,927 | +34.9% |
| Profit (loss) for the period | 9904 | €93,344 | €127,358 | +€34,014 | +36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €93,344 | €127,358 | +€34,014 | +36.4% |
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 24 October 2026 via checked.be.