THIBROTEC: 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.
THIBROTEC
Largest movements
- Receivables within one year +€18,199
up €18,199 (+84.9%), from €21,430 to €39,630
of which Trade receivables: +€22,164
- Cash +€12,203
up €12,203 (+51.1%), from €23,867 to €36,071
mainly Net result for the year (+€23,738) and Depreciation (+€9,743)
- Tangible fixed assets +€2,969
up €2,969 (+12.6%), from €23,472 to €26,441
of which Furniture and vehicles: +€6,051
- Reserves +€23,735
up €23,735 (+31.0%), from €76,489 to €100,224
- Tax, wage and social debts +€8,381
up €8,381 (+77.5%), from €10,817 to €19,199
of which Taxes: +€6,552
- Gross operating margin +€29,163
up €29,163 (+66.7%), from €43,745 to €72,908
- Depreciation +€5,032
up €5,032 (+106.8%), from €4,711 to €9,743
- Taxes +€3,492
up €3,492 (+47.4%), from €7,369 to €10,860
- Staff costs +€1,343
up €1,343 (+5.3%), from €25,523 to €26,866
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 | €121,781 | €154,455 | +€32,674 | +26.8% |
| Fixed assets | 21/28 | €68,472 | €71,441 | +€2,969 | +4.3% |
| Tangible fixed assets | 22/27 | €23,472 | €26,441 | +€2,969 | +12.6% |
| Land and buildings | 22 | €732 | €154 | -€579 | -79.0% |
| Plant, machinery and equipment | 23 | €1,599 | €268 | -€1,331 | -83.2% |
| Furniture and vehicles | 24 | €13,343 | €19,394 | +€6,051 | +45.3% |
| Other tangible fixed assets | 26 | €7,798 | €6,626 | -€1,173 | -15.0% |
| Financial fixed assets | 28 | €45,000 | €45,000 | = | 0.0% |
| Current assets | 29/58 | €53,309 | €83,013 | +€29,705 | +55.7% |
| Stocks and contracts in progress | 3 | €6,848 | €6,848 | = | 0.0% |
| Stocks | 30/36 | €6,848 | €6,848 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €21,430 | €39,630 | +€18,199 | +84.9% |
| Trade receivables | 40 | €17,044 | €39,208 | +€22,164 | +130.0% |
| Other amounts receivable | 41 | €4,386 | €421 | -€3,965 | -90.4% |
| Cash at bank and in hand | 54/58 | €23,867 | €36,071 | +€12,203 | +51.1% |
| Deferred charges and accrued income | 490/1 | €1,163 | €465 | -€698 | -60.0% |
| Total equity and liabilities | 10/49 | €121,781 | €154,455 | +€32,674 | +26.8% |
| Equity | 10/15 | €106,559 | €130,297 | +€23,738 | +22.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €76,489 | €100,224 | +€23,735 | +31.0% |
| Distributable reserves | 133 | €76,489 | €100,224 | +€23,735 | +31.0% |
| Profit (loss) carried forward | 14 | €71 | €73 | +€3 | +3.8% |
| Amounts payable | 17/49 | €15,222 | €24,158 | +€8,936 | +58.7% |
| Amounts payable within one year | 42/48 | €15,222 | €24,158 | +€8,936 | +58.7% |
| Current portion of amounts payable after more than one year | 42 | €698 | - | -€698 | |
| Trade debts | 44 | €3,707 | €3,701 | -€6 | -0.2% |
| Suppliers | 440/4 | €3,707 | €3,701 | -€6 | -0.2% |
| Taxes, remuneration and social security | 45 | €10,817 | €19,199 | +€8,381 | +77.5% |
| Taxes | 450/3 | €5,292 | €11,845 | +€6,552 | +123.8% |
| Remuneration and social security | 454/9 | €5,525 | €7,354 | +€1,829 | +33.1% |
| Other amounts payable | 47/48 | - | €1,258 | +€1,258 | |
| Remuneration, social security and pensions | 62 | €25,523 | €26,866 | +€1,343 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,711 | €9,743 | +€5,032 | +106.8% |
| Other operating charges | 640/8 | €1,626 | €1,431 | -€195 | -12.0% |
| Gross operating margin | 9900 | €43,745 | €72,908 | +€29,163 | +66.7% |
| Operating profit (loss) | 9901 | €11,885 | €34,867 | +€22,982 | +193.4% |
| Financial income | 75/76B | - | €187 | +€187 | |
| Recurring financial income | 75 | - | €187 | +€187 | |
| Financial charges | 65/66B | €572 | €456 | -€116 | -20.3% |
| Recurring financial charges | 65 | €572 | €456 | -€116 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €11,314 | €34,598 | +€23,284 | +205.8% |
| Income taxes | 67/77 | €7,369 | €10,860 | +€3,492 | +47.4% |
| Profit (loss) for the period | 9904 | €3,945 | €23,738 | +€19,793 | +501.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,945 | €23,738 | +€19,793 | +501.7% |
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 10 October 2026 via checked.be.