THIBOCON: 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.
THIBOCON
Largest movements
- Cash +€58,418
up €58,418 (+260.7%), from €22,409 to €80,827
mainly Net result for the year (+€37,462) and Debts after one year (+€32,365)
- Tangible fixed assets +€29,844
up €29,844 (+43.2%), from €69,091 to €98,935
of which Furniture and vehicles: +€29,444
- Receivables within one year -€14,234
down €14,234 (-7.4%), from €191,670 to €177,436
of which Trade receivables: -€18,991
- Reserves +€35,796
up €35,796 (+23.1%), from €154,897 to €190,693
of which Distributable reserves: +€35,796
- Debts after one year +€32,365
new in 2025: €32,365
- Current portion of long-term debt +€19,196
up €19,196 (+298.0%), from €6,441 to €25,637
- Tax, wage and social debts -€8,716
down €8,716 (-19.3%), from €45,265 to €36,549
of which Taxes: -€5,915
- Trade debts -€4,613
down €4,613 (-79.6%), from €5,798 to €1,185
- Financial income -€27,966
down €27,966 (-100.0%), from €27,968 to €2
- Financial charges +€22,833
up €22,833 (+4416.4%), from €517 to €23,350
of which Non-recurring financial charges: +€22,298
- Taxes -€17,694
down €17,694 (-51.4%), from €34,442 to €16,748
- Turnover -€11,760
down €11,760 (-5.7%), from €204,830 to €193,070
- Purchases and services -€7,413
down €7,413 (-6.5%), from €114,771 to €107,358
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 | €283,170 | €357,199 | +€74,029 | +26.1% |
| Fixed assets | 21/28 | €69,091 | €98,935 | +€29,844 | +43.2% |
| Tangible fixed assets | 22/27 | €69,091 | €98,935 | +€29,844 | +43.2% |
| Land and buildings | 22 | €5,588 | €4,652 | -€936 | -16.7% |
| Plant, machinery and equipment | 23 | €5,447 | €6,783 | +€1,336 | +24.5% |
| Furniture and vehicles | 24 | €58,056 | €87,500 | +€29,444 | +50.7% |
| Current assets | 29/58 | €214,079 | €258,263 | +€44,184 | +20.6% |
| Amounts receivable within one year | 40/41 | €191,670 | €177,436 | -€14,234 | -7.4% |
| Trade receivables | 40 | €19,189 | €198 | -€18,991 | -99.0% |
| Other amounts receivable | 41 | €172,481 | €177,238 | +€4,757 | +2.8% |
| Cash at bank and in hand | 54/58 | €22,409 | €80,827 | +€58,418 | +260.7% |
| Total equity and liabilities | 10/49 | €283,170 | €357,199 | +€74,029 | +26.1% |
| Equity | 10/15 | €225,666 | €261,462 | +€35,796 | +15.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,550 | +€18,550 | |
| Other | 1109/19 | - | €18,550 | +€18,550 | |
| Reserves | 13 | €154,897 | €190,693 | +€35,796 | +23.1% |
| 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 | €153,042 | €188,838 | +€35,796 | +23.4% |
| Profit (loss) carried forward | 14 | €52,219 | €52,219 | +€0 | 0.0% |
| Amounts payable | 17/49 | €57,504 | €95,736 | +€38,232 | +66.5% |
| Amounts payable after more than one year | 17 | - | €32,365 | +€32,365 | |
| Financial debts | 170/4 | - | €32,365 | +€32,365 | |
| Amounts payable within one year | 42/48 | €57,504 | €63,371 | +€5,867 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €6,441 | €25,637 | +€19,196 | +298.0% |
| Trade debts | 44 | €5,798 | €1,185 | -€4,613 | -79.6% |
| Suppliers | 440/4 | €5,798 | €1,185 | -€4,613 | -79.6% |
| Taxes, remuneration and social security | 45 | €45,265 | €36,549 | -€8,716 | -19.3% |
| Taxes | 450/3 | €42,377 | €36,462 | -€5,915 | -14.0% |
| Remuneration and social security | 454/9 | €2,888 | €87 | -€2,801 | -97.0% |
| Turnover | 70 | €204,830 | €193,070 | -€11,760 | -5.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €114,771 | €107,358 | -€7,413 | -6.5% |
| Remuneration, social security and pensions | 62 | €1,728 | - | -€1,728 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,569 | €9,649 | -€3,920 | -28.9% |
| Other operating charges | 640/8 | €1,483 | €4,160 | +€2,677 | +180.5% |
| Non-recurring operating charges | 66A | - | €35 | +€35 | |
| Gross operating margin | 9900 | €97,216 | €91,402 | -€5,814 | -6.0% |
| Operating profit (loss) | 9901 | €80,436 | €77,558 | -€2,878 | -3.6% |
| Financial income | 75/76B | €27,968 | €2 | -€27,966 | -100.0% |
| Recurring financial income | 75 | €27,968 | €2 | -€27,966 | -100.0% |
| Financial charges | 65/66B | €517 | €23,350 | +€22,833 | +4416.4% |
| Recurring financial charges | 65 | €517 | €1,052 | +€535 | +103.4% |
| Non-recurring financial charges | 66B | - | €22,298 | +€22,298 | |
| Profit (loss) for the period before taxes | 9903 | €107,887 | €54,210 | -€53,677 | -49.8% |
| Income taxes | 67/77 | €34,442 | €16,748 | -€17,694 | -51.4% |
| Profit (loss) for the period | 9904 | €73,445 | €37,462 | -€35,983 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,445 | €37,462 | -€35,983 | -49.0% |
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 9 October 2026 via checked.be.