THIBAUTDEWINTER: 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.
THIBAUTDEWINTER
Largest movements
- Cash +€204,873
up €204,873 (+81.1%), from €252,632 to €457,505
mainly Net result for the year (+€197,293) and Depreciation (+€28,537)
- Receivables within one year +€37,254
up €37,254 (+16.5%), from €225,626 to €262,879
of which Trade receivables: +€36,717
- Tangible fixed assets -€20,490
down €20,490 (-24.9%), from €82,271 to €61,781
of which Furniture and vehicles: -€16,948
- Reserves +€197,293
up €197,293 (+56.1%), from €351,688 to €548,981
of which Distributable reserves: +€199,153
- Tax, wage and social debts +€26,762
up €26,762 (+26.1%), from €102,585 to €129,347
of which Taxes: +€26,378
- Trade debts -€10,684
down €10,684 (-46.6%), from €22,917 to €12,233
- Staff costs +€26,066
up €26,066 (+30.2%), from €86,330 to €112,396
- Taxes -€8,342
down €8,342 (-11.9%), from €69,891 to €61,550
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 | €567,330 | €783,847 | +€216,516 | +38.2% |
| Fixed assets | 21/28 | €82,915 | €62,774 | -€20,140 | -24.3% |
| Intangible fixed assets | 21 | €158 | €58 | -€100 | -63.2% |
| Tangible fixed assets | 22/27 | €82,271 | €61,781 | -€20,490 | -24.9% |
| Plant, machinery and equipment | 23 | €25,012 | €21,470 | -€3,542 | -14.2% |
| Furniture and vehicles | 24 | €57,259 | €40,311 | -€16,948 | -29.6% |
| Financial fixed assets | 28 | €485 | €935 | +€450 | +92.8% |
| Current assets | 29/58 | €484,415 | €721,072 | +€236,657 | +48.9% |
| Amounts receivable within one year | 40/41 | €225,626 | €262,879 | +€37,254 | +16.5% |
| Trade receivables | 40 | €223,797 | €260,514 | +€36,717 | +16.4% |
| Other amounts receivable | 41 | €1,829 | €2,365 | +€537 | +29.3% |
| Cash at bank and in hand | 54/58 | €252,632 | €457,505 | +€204,873 | +81.1% |
| Deferred charges and accrued income | 490/1 | €6,158 | €688 | -€5,470 | -88.8% |
| Total equity and liabilities | 10/49 | €567,330 | €783,847 | +€216,516 | +38.2% |
| Equity | 10/15 | €370,288 | €567,581 | +€197,293 | +53.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €351,688 | €548,981 | +€197,293 | +56.1% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €349,828 | €548,981 | +€199,153 | +56.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €197,042 | €216,266 | +€19,224 | +9.8% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Other amounts payable | 178/9 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €168,266 | €188,233 | +€19,967 | +11.9% |
| Financial debts | 43 | €551 | €0 | -€551 | -100% |
| Credit institutions | 430/8 | €551 | €0 | -€551 | -100% |
| Trade debts | 44 | €22,917 | €12,233 | -€10,684 | -46.6% |
| Suppliers | 440/4 | €22,917 | €12,233 | -€10,684 | -46.6% |
| Taxes, remuneration and social security | 45 | €102,585 | €129,347 | +€26,762 | +26.1% |
| Taxes | 450/3 | €75,033 | €101,411 | +€26,378 | +35.2% |
| Remuneration and social security | 454/9 | €27,552 | €27,936 | +€384 | +1.4% |
| Other amounts payable | 47/48 | €42,214 | €46,654 | +€4,440 | +10.5% |
| Accrued charges and deferred income | 492/3 | €3,776 | €3,033 | -€743 | -19.7% |
| Non-recurring operating income | 76A | €23,941 | €0 | -€23,941 | -100% |
| Remuneration, social security and pensions | 62 | €86,330 | €112,396 | +€26,066 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,166 | €28,537 | +€2,371 | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,986 | +€1,986 | |
| Other operating charges | 640/8 | €2,537 | €3,284 | +€747 | +29.4% |
| Non-recurring operating charges | 66A | - | €109 | +€109 | |
| Gross operating margin | 9900 | €405,542 | €408,816 | +€3,274 | +0.8% |
| Operating profit (loss) | 9901 | €290,508 | €262,505 | -€28,003 | -9.6% |
| Financial income | 75/76B | €7 | €4 | -€3 | -42.4% |
| Recurring financial income | 75 | €7 | €4 | -€3 | -42.4% |
| Financial charges | 65/66B | €4,465 | €3,667 | -€798 | -17.9% |
| Recurring financial charges | 65 | €4,465 | €3,667 | -€798 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €286,050 | €258,842 | -€27,208 | -9.5% |
| Income taxes | 67/77 | €69,891 | €61,550 | -€8,342 | -11.9% |
| Profit (loss) for the period | 9904 | €216,159 | €197,293 | -€18,866 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €216,159 | €197,293 | -€18,866 | -8.7% |
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 13 October 2026 via checked.be.