ThibeG: 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.
ThibeG
Largest movements
- Stocks and contracts +€118,037
up €118,037 (+23.0%), from €513,033 to €631,070
of which Contracts in progress: +€118,037
- Receivables within one year +€82,802
up €82,802 (+58.1%), from €142,420 to €225,221
of which Trade receivables: +€59,669
- Cash -€80,373
down €80,373 (-64.1%), from €125,374 to €45,001
mainly Stocks and contracts (-€118,037) and Receivables within one year (-€82,802)
- Tangible fixed assets -€38,067
down €38,067 (-3.1%), from €1.2m to €1.2m
of which Land and buildings: -€29,211
- Short-term financial debts +€200,000
new in 2025: €200,000
- Debts after one year -€51,146
down €51,146 (-4.6%), from €1.1m to €1.1m
- Trade debts -€37,913
down €37,913 (-15.2%), from €249,723 to €211,810
- Reserves -€24,000
down €24,000 (-4.8%), from €504,400 to €480,400
- Gross operating margin -€121,361
down €121,361 (-52.2%), from €232,671 to €111,311
- Taxes -€15,538
down €15,538 (-89.0%), from €17,449 to €1,912
- Other operating charges +€5,698
up €5,698 (+15.1%), from €37,744 to €43,442
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.
Cash bridge derived
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 | €2,110,491 | €2,192,894 | +€82,404 | +3.9% |
| Fixed assets | 21/28 | €1,328,261 | €1,290,194 | -€38,067 | -2.9% |
| Tangible fixed assets | 22/27 | €1,215,911 | €1,177,844 | -€38,067 | -3.1% |
| Land and buildings | 22 | €1,184,155 | €1,154,944 | -€29,211 | -2.5% |
| Plant, machinery and equipment | 23 | €8,700 | €5,521 | -€3,179 | -36.5% |
| Furniture and vehicles | 24 | €23,056 | €17,379 | -€5,677 | -24.6% |
| Financial fixed assets | 28 | €112,350 | €112,350 | = | 0.0% |
| Current assets | 29/58 | €782,230 | €902,701 | +€120,471 | +15.4% |
| Stocks and contracts in progress | 3 | €513,033 | €631,070 | +€118,037 | +23.0% |
| Stocks | 30/36 | €36,776 | €36,776 | = | 0.0% |
| Contracts in progress | 37 | €476,257 | €594,294 | +€118,037 | +24.8% |
| Amounts receivable within one year | 40/41 | €142,420 | €225,221 | +€82,802 | +58.1% |
| Trade receivables | 40 | €112,169 | €171,838 | +€59,669 | +53.2% |
| Other amounts receivable | 41 | €30,251 | €53,383 | +€23,133 | +76.5% |
| Cash at bank and in hand | 54/58 | €125,374 | €45,001 | -€80,373 | -64.1% |
| Deferred charges and accrued income | 490/1 | €1,403 | €1,408 | +€5 | +0.4% |
| Total equity and liabilities | 10/49 | €2,110,491 | €2,192,894 | +€82,404 | +3.9% |
| Equity | 10/15 | €518,945 | €495,434 | -€23,511 | -4.5% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €504,400 | €480,400 | -€24,000 | -4.8% |
| Distributable reserves | 133 | €504,400 | €480,400 | -€24,000 | -4.8% |
| Profit (loss) carried forward | 14 | €285 | €774 | +€489 | +171.9% |
| Amounts payable | 17/49 | €1,591,546 | €1,697,460 | +€105,914 | +6.7% |
| Amounts payable after more than one year | 17 | €1,112,092 | €1,060,946 | -€51,146 | -4.6% |
| Financial debts | 170/4 | €1,112,092 | €1,060,946 | -€51,146 | -4.6% |
| Amounts payable within one year | 42/48 | €477,117 | €633,930 | +€156,813 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €43,249 | €45,370 | +€2,121 | +4.9% |
| Financial debts | 43 | - | €200,000 | +€200,000 | |
| Credit institutions | 430/8 | - | €200,000 | +€200,000 | |
| Trade debts | 44 | €249,723 | €211,810 | -€37,913 | -15.2% |
| Suppliers | 440/4 | €249,723 | €211,810 | -€37,913 | -15.2% |
| Advances received on contracts in progress | 46 | €579 | €1,779 | +€1,200 | +207.4% |
| Taxes, remuneration and social security | 45 | €12,999 | €1,038 | -€11,961 | -92.0% |
| Taxes | 450/3 | €12,999 | €1,038 | -€11,961 | -92.0% |
| Other amounts payable | 47/48 | €170,568 | €173,934 | +€3,366 | +2.0% |
| Accrued charges and deferred income | 492/3 | €2,337 | €2,585 | +€248 | +10.6% |
| Non-recurring operating income | 76A | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,563 | €71,099 | +€536 | +0.8% |
| Other operating charges | 640/8 | €37,744 | €43,442 | +€5,698 | +15.1% |
| Gross operating margin | 9900 | €232,671 | €111,311 | -€121,361 | -52.2% |
| Operating profit (loss) | 9901 | €124,364 | -€3,231 | -€127,595 | |
| Financial income | 75/76B | €6,155 | €7,779 | +€1,624 | +26.4% |
| Recurring financial income | 75 | €6,155 | €7,779 | +€1,624 | +26.4% |
| Financial charges | 65/66B | €27,167 | €26,147 | -€1,020 | -3.8% |
| Recurring financial charges | 65 | €27,167 | €26,147 | -€1,020 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €103,352 | -€21,599 | -€124,951 | |
| Income taxes | 67/77 | €17,449 | €1,912 | -€15,538 | -89.0% |
| Profit (loss) for the period | 9904 | €85,903 | -€23,511 | -€109,414 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,903 | -€23,511 | -€109,414 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.