Thierry BACH: 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.
Thierry BACH
Largest movements
- Tangible fixed assets -€15,235
down €15,235 (-14.5%), from €104,999 to €89,764
of which Leasing and similar rights: -€17,686
- Stocks and contracts +€9,745
up €9,745 (+150%), from €6,485 to €16,230
- Receivables within one year +€9,388
up €9,388 (+11.7%), from €80,202 to €89,590
of which Trade receivables: +€8,193
- Receivables after one year +€7,859
up €7,859 (+24.7%), from €31,774 to €39,633
- Cash -€3,787
down €3,787 (-14.4%), from €26,215 to €22,427
mainly Investment in fixed assets (net) (-€23,073) and Tax, wage and social debts (-€15,271)
- Trade debts +€32,772
up €32,772 (+157%), from €20,869 to €53,641
- Tax, wage and social debts -€15,271
down €15,271 (-41.1%), from €37,185 to €21,915
of which Taxes: -€15,140
- Profit (loss) carried forward -€10,975
down €10,975 (-13.2%), from €83,280 to €72,305
- Current portion of long-term debt -€7,133
down €7,133 (-19.2%), from €37,236 to €30,103
- Debts after one year +€7,036
up €7,036 (+9.3%), from €75,324 to €82,360
- Gross operating margin -€115,286
down €115,286 (-54.6%), from €211,049 to €95,763
- Staff costs -€21,902
down €21,902 (-27.5%), from €79,570 to €57,668
- Taxes -€6,355
down €6,355, from €6,298 to -€57
- Depreciation +€3,681
up €3,681 (+9.9%), from €37,067 to €40,748
- Financial charges -€2,880
down €2,880 (-30.7%), from €9,389 to €6,509
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.
Derived cash bridge
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 | €259,718 | €264,769 | +€5,051 | +1.9% |
| Fixed assets | 21/28 | €113,959 | €96,283 | -€17,675 | -15.5% |
| Intangible fixed assets | 21 | €8,585 | €6,145 | -€2,440 | -28.4% |
| Tangible fixed assets | 22/27 | €104,999 | €89,764 | -€15,235 | -14.5% |
| Land and buildings | 22 | - | €7,862 | +€7,862 | |
| Plant, machinery and equipment | 23 | €22,430 | €13,598 | -€8,832 | -39.4% |
| Furniture and vehicles | 24 | €706 | €10,116 | +€9,410 | +1,333% |
| Leasing and similar rights | 25 | €49,936 | €32,250 | -€17,686 | -35.4% |
| Other tangible fixed assets | 26 | €31,926 | €25,938 | -€5,989 | -18.8% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €145,759 | €168,486 | +€22,726 | +15.6% |
| Amounts receivable after more than one year | 29 | €31,774 | €39,633 | +€7,859 | +24.7% |
| Other amounts receivable | 291 | €31,774 | €39,633 | +€7,859 | +24.7% |
| Stocks and contracts in progress | 3 | €6,485 | €16,230 | +€9,745 | +150% |
| Stocks | 30/36 | €6,485 | €16,230 | +€9,745 | +150% |
| Amounts receivable within one year | 40/41 | €80,202 | €89,590 | +€9,388 | +11.7% |
| Trade receivables | 40 | €80,072 | €88,265 | +€8,193 | +10.2% |
| Other amounts receivable | 41 | €131 | €1,325 | +€1,194 | +914% |
| Cash at bank and in hand | 54/58 | €26,215 | €22,427 | -€3,787 | -14.4% |
| Deferred charges and accrued income | 490/1 | €1,083 | €605 | -€478 | -44.1% |
| Total equity and liabilities | 10/49 | €259,718 | €264,769 | +€5,051 | +1.9% |
| Equity | 10/15 | €85,480 | €74,505 | -€10,975 | -12.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €200 | €200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €200 | €200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,280 | €72,305 | -€10,975 | -13.2% |
| Amounts payable | 17/49 | €174,238 | €190,264 | +€16,026 | +9.2% |
| Amounts payable after more than one year | 17 | €75,324 | €82,360 | +€7,036 | +9.3% |
| Financial debts | 170/4 | €75,324 | €82,360 | +€7,036 | +9.3% |
| Amounts payable within one year | 42/48 | €97,372 | €107,904 | +€10,532 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €37,236 | €30,103 | -€7,133 | -19.2% |
| Financial debts | 43 | €2,081 | €2,245 | +€164 | +7.9% |
| Other loans | 439 | €2,081 | €2,245 | +€164 | +7.9% |
| Trade debts | 44 | €20,869 | €53,641 | +€32,772 | +157% |
| Suppliers | 440/4 | €20,869 | €53,641 | +€32,772 | +157% |
| Taxes, remuneration and social security | 45 | €37,185 | €21,915 | -€15,271 | -41.1% |
| Taxes | 450/3 | €33,151 | €18,010 | -€15,140 | -45.7% |
| Remuneration and social security | 454/9 | €4,035 | €3,905 | -€130 | -3.2% |
| Accrued charges and deferred income | 492/3 | €1,542 | - | -€1,542 | |
| Remuneration, social security and pensions | 62 | €79,570 | €57,668 | -€21,902 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,067 | €40,748 | +€3,681 | +9.9% |
| Other operating charges | 640/8 | €2,495 | €2,697 | +€202 | +8.1% |
| Gross operating margin | 9900 | €211,049 | €95,763 | -€115,286 | -54.6% |
| Operating profit (loss) | 9901 | €91,917 | -€5,350 | -€97,267 | |
| Financial income | 75/76B | €1,690 | €827 | -€863 | -51.0% |
| Recurring financial income | 75 | €1,690 | €827 | -€863 | -51.0% |
| Financial charges | 65/66B | €9,389 | €6,509 | -€2,880 | -30.7% |
| Recurring financial charges | 65 | €9,389 | €6,509 | -€2,880 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €84,218 | -€11,031 | -€95,250 | |
| Income taxes | 67/77 | €6,298 | -€57 | -€6,355 | |
| Profit (loss) for the period | 9904 | €77,920 | -€10,975 | -€88,895 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,920 | -€10,975 | -€88,895 |
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 16 October 2026 via checked.be.