Thierry Bailly: 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.
Thierry Bailly
Largest movements
- Cash +€88,981
up €88,981 (+29.4%), from €302,511 to €391,492
mainly Other debts (+€135,781) and Net result for the year (+€84,110)
- Tangible fixed assets -€8,236
down €8,236 (-31.5%), from €26,157 to €17,921
of which Furniture and vehicles: -€8,016
- Receivables within one year +€4,423
up €4,423 (+206.0%), from €2,148 to €6,571
of which Other amounts receivable: +€4,308
- Other debts +€135,781
new in 2025: €135,781
- Reserves -€51,671
down €51,671 (-17.4%), from €297,733 to €246,061
of which Distributable reserves: -€51,671
- Gross operating margin +€9,695
up €9,695 (+6.0%), from €161,206 to €170,901
- Staff costs +€2,750
up €2,750 (+6.0%), from €45,600 to €48,350
- Taxes +€1,816
up €1,816 (+5.8%), from €31,160 to €32,976
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 | €331,932 | €417,116 | +€85,185 | +25.7% |
| Fixed assets | 21/28 | €26,157 | €17,921 | -€8,236 | -31.5% |
| Tangible fixed assets | 22/27 | €26,157 | €17,921 | -€8,236 | -31.5% |
| Plant, machinery and equipment | 23 | €1,732 | €1,512 | -€220 | -12.7% |
| Furniture and vehicles | 24 | €24,426 | €16,410 | -€8,016 | -32.8% |
| Current assets | 29/58 | €305,774 | €399,195 | +€93,421 | +30.6% |
| Amounts receivable within one year | 40/41 | €2,148 | €6,571 | +€4,423 | +206.0% |
| Trade receivables | 40 | - | €115 | +€115 | |
| Other amounts receivable | 41 | €2,148 | €6,456 | +€4,308 | +200.6% |
| Cash at bank and in hand | 54/58 | €302,511 | €391,492 | +€88,981 | +29.4% |
| Deferred charges and accrued income | 490/1 | €1,116 | €1,132 | +€16 | +1.4% |
| Total equity and liabilities | 10/49 | €331,932 | €417,116 | +€85,185 | +25.7% |
| Equity | 10/15 | €310,993 | €259,321 | -€51,671 | -16.6% |
| Contributions | 10/11 | €13,260 | €13,260 | = | 0.0% |
| Reserves | 13 | €297,733 | €246,061 | -€51,671 | -17.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €295,873 | €244,201 | -€51,671 | -17.5% |
| Amounts payable | 17/49 | €20,939 | €157,795 | +€136,856 | +653.6% |
| Amounts payable within one year | 42/48 | €20,939 | €157,795 | +€136,856 | +653.6% |
| Trade debts | 44 | €891 | €1,050 | +€158 | +17.8% |
| Suppliers | 440/4 | €891 | €1,050 | +€158 | +17.8% |
| Taxes, remuneration and social security | 45 | €20,048 | €20,965 | +€917 | +4.6% |
| Taxes | 450/3 | €20,048 | €20,284 | +€236 | +1.2% |
| Remuneration and social security | 454/9 | - | €681 | +€681 | |
| Other amounts payable | 47/48 | - | €135,781 | +€135,781 | |
| Remuneration, social security and pensions | 62 | €45,600 | €48,350 | +€2,750 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,098 | €8,236 | +€137 | +1.7% |
| Other operating charges | 640/8 | €567 | €580 | +€13 | +2.3% |
| Gross operating margin | 9900 | €161,206 | €170,901 | +€9,695 | +6.0% |
| Operating profit (loss) | 9901 | €106,940 | €113,735 | +€6,795 | +6.4% |
| Financial income | 75/76B | €4,359 | €3,439 | -€920 | -21.1% |
| Recurring financial income | 75 | €4,359 | €3,439 | -€920 | -21.1% |
| Financial charges | 65/66B | €54 | €89 | +€34 | +63.4% |
| Recurring financial charges | 65 | €54 | €89 | +€34 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | €111,245 | €117,085 | +€5,840 | +5.2% |
| Income taxes | 67/77 | €31,160 | €32,976 | +€1,816 | +5.8% |
| Profit (loss) for the period | 9904 | €80,085 | €84,110 | +€4,024 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,085 | €84,110 | +€4,024 | +5.0% |
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.