THIBOPE: what changed
Two fiscal 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.
THIBOPE
Largest movements
- Tangible fixed assets -€6,939
down €6,939 (-8.0%), from €86,910 to €79,971
of which Land and buildings: -€5,440
- Other debts -€5,396
down €5,396 (-13.9%), from €38,792 to €33,396
- Current portion of long-term debt -€2,911
no longer reported in 2025 (was €2,911)
- Other operating charges +€2,057
new in 2025: €2,057
- Depreciation -€1,472
down €1,472 (-17.5%), from €8,411 to €6,939
- Gross operating margin +€1,310
up €1,310 (+14.3%), from €9,156 to €10,466
- Financial charges -€190
down €190 (-71.6%), from €266 to €76
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 | €86,913 | €80,000 | -€6,913 | -8.0% |
| Fixed assets | 21/28 | €86,910 | €79,971 | -€6,939 | -8.0% |
| Tangible fixed assets | 22/27 | €86,910 | €79,971 | -€6,939 | -8.0% |
| Land and buildings | 22 | €85,411 | €79,971 | -€5,440 | -6.4% |
| Furniture and vehicles | 24 | €1,499 | - | -€1,499 | |
| Current assets | 29/58 | €3 | €30 | +€26 | +754.4% |
| Cash at bank and in hand | 54/58 | €3 | €30 | +€26 | +754.4% |
| Total equity and liabilities | 10/49 | €86,913 | €80,000 | -€6,913 | -8.0% |
| Equity | 10/15 | €44,482 | €45,217 | +€736 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,022 | €24,757 | +€736 | +3.1% |
| Amounts payable | 17/49 | €42,432 | €34,783 | -€7,649 | -18.0% |
| Amounts payable within one year | 42/48 | €42,432 | €34,783 | -€7,649 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €2,911 | - | -€2,911 | |
| Taxes, remuneration and social security | 45 | €729 | €1,387 | +€658 | +90.3% |
| Taxes | 450/3 | €729 | €1,387 | +€658 | +90.3% |
| Other amounts payable | 47/48 | €38,792 | €33,396 | -€5,396 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,411 | €6,939 | -€1,472 | -17.5% |
| Other operating charges | 640/8 | - | €2,057 | +€2,057 | |
| Gross operating margin | 9900 | €9,156 | €10,466 | +€1,310 | +14.3% |
| Operating profit (loss) | 9901 | €745 | €1,469 | +€725 | +97.3% |
| Financial charges | 65/66B | €266 | €76 | -€190 | -71.6% |
| Recurring financial charges | 65 | €266 | €76 | -€190 | -71.6% |
| Profit (loss) for the period before taxes | 9903 | €479 | €1,394 | +€915 | +191.1% |
| Income taxes | 67/77 | €729 | €658 | -€71 | -9.7% |
| Profit (loss) for the period | 9904 | -€250 | €736 | +€986 | |
| Profit (loss) for the period to be appropriated | 9905 | -€250 | €736 | +€986 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.