THIBROX: 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.
THIBROX
Largest movements
- Cash +€405,424
up €405,424 (+430.0%), from €94,287 to €499,711
mainly Current investments (+€250,000) and Net result for the year (+€149,029)
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Tangible fixed assets -€8,129
down €8,129 (-37.4%), from €21,748 to €13,619
of which Furniture and vehicles: -€8,943
- Receivables within one year +€7,618
up €7,618 (+67.3%), from €11,316 to €18,934
of which Trade receivables: +€9,075
- Reserves +€149,029
up €149,029 (+40.6%), from €366,866 to €515,895
- Tax, wage and social debts +€9,709
up €9,709 (+255.3%), from €3,803 to €13,511
- Gross operating margin +€73,199
up €73,199 (+59.4%), from €123,295 to €196,494
- Taxes +€22,294
up €22,294 (+93.3%), from €23,884 to €46,179
- Financial income +€5,601
up €5,601 (+148.8%), from €3,764 to €9,366
- Financial charges -€4,973
down €4,973 (-96.9%), from €5,135 to €162
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 | €377,350 | €532,263 | +€154,913 | +41.1% |
| Fixed assets | 21/28 | €21,748 | €13,619 | -€8,129 | -37.4% |
| Tangible fixed assets | 22/27 | €21,748 | €13,619 | -€8,129 | -37.4% |
| Plant, machinery and equipment | 23 | €847 | €1,662 | +€814 | +96.1% |
| Furniture and vehicles | 24 | €20,900 | €11,957 | -€8,943 | -42.8% |
| Current assets | 29/58 | €355,603 | €518,645 | +€163,042 | +45.8% |
| Amounts receivable within one year | 40/41 | €11,316 | €18,934 | +€7,618 | +67.3% |
| Trade receivables | 40 | €1,096 | €10,171 | +€9,075 | +827.9% |
| Other amounts receivable | 41 | €10,220 | €8,763 | -€1,457 | -14.3% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €94,287 | €499,711 | +€405,424 | +430.0% |
| Total equity and liabilities | 10/49 | €377,350 | €532,263 | +€154,913 | +41.1% |
| Equity | 10/15 | €368,866 | €517,895 | +€149,029 | +40.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €366,866 | €515,895 | +€149,029 | +40.6% |
| Distributable reserves | 133 | €366,866 | €515,895 | +€149,029 | +40.6% |
| Amounts payable | 17/49 | €8,484 | €14,369 | +€5,884 | +69.4% |
| Amounts payable within one year | 42/48 | €8,484 | €14,369 | +€5,884 | +69.4% |
| Trade debts | 44 | €1,957 | €858 | -€1,099 | -56.2% |
| Suppliers | 440/4 | €1,957 | €858 | -€1,099 | -56.2% |
| Taxes, remuneration and social security | 45 | €3,803 | €13,511 | +€9,709 | +255.3% |
| Taxes | 450/3 | €3,803 | €13,511 | +€9,709 | +255.3% |
| Other amounts payable | 47/48 | €2,725 | - | -€2,725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,530 | €9,442 | -€87 | -0.9% |
| Other operating charges | 640/8 | €513 | €1,048 | +€535 | +104.3% |
| Gross operating margin | 9900 | €123,295 | €196,494 | +€73,199 | +59.4% |
| Operating profit (loss) | 9901 | €113,253 | €186,003 | +€72,751 | +64.2% |
| Financial income | 75/76B | €3,764 | €9,366 | +€5,601 | +148.8% |
| Recurring financial income | 75 | €3,764 | €9,366 | +€5,601 | +148.8% |
| Financial charges | 65/66B | €5,135 | €162 | -€4,973 | -96.9% |
| Recurring financial charges | 65 | €5,135 | €162 | -€4,973 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €111,882 | €195,207 | +€83,325 | +74.5% |
| Income taxes | 67/77 | €23,884 | €46,179 | +€22,294 | +93.3% |
| Profit (loss) for the period | 9904 | €87,998 | €149,029 | +€61,031 | +69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €87,998 | €149,029 | +€61,031 | +69.4% |
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 3 October 2026 via checked.be.