Thierry CASTRO: 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 CASTRO
Largest movements
- Stocks and contracts +€106,139
up €106,139 (+27.3%), from €389,147 to €495,286
- Cash +€67,073
up €67,073 (+69.8%), from €96,032 to €163,105
mainly Other debts (+€169,431) and Net result for the year (+€124,625)
- Tangible fixed assets -€28,419
down €28,419 (-24.1%), from €117,909 to €89,490
of which Furniture and vehicles: -€22,637
- Other debts +€169,431
up €169,431 (+202%), from €83,701 to €253,132
- Reserves -€72,966
down €72,966 (-20.4%), from €358,291 to €285,325
of which Distributable reserves: -€72,966
- Tax, wage and social debts +€45,686
up €45,686 (+105%), from €43,613 to €89,300
of which Taxes: +€45,404
- Debts after one year -€10,201
down €10,201 (-45.5%), from €22,423 to €12,222
- Gross operating margin +€72,314
up €72,314 (+34.7%), from €208,397 to €280,712
- Taxes +€22,951
up €22,951 (+68.1%), from €33,720 to €56,671
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 | €617,595 | €756,653 | +€139,057 | +22.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €118,209 | €89,790 | -€28,419 | -24.0% |
| Tangible fixed assets | 22/27 | €117,909 | €89,490 | -€28,419 | -24.1% |
| Plant, machinery and equipment | 23 | €28,643 | €22,860 | -€5,782 | -20.2% |
| Furniture and vehicles | 24 | €89,266 | €66,629 | -€22,637 | -25.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €499,386 | €666,863 | +€167,476 | +33.5% |
| Stocks and contracts in progress | 3 | €389,147 | €495,286 | +€106,139 | +27.3% |
| Stocks | 30/36 | €389,147 | €495,286 | +€106,139 | +27.3% |
| Amounts receivable within one year | 40/41 | €14,208 | €8,472 | -€5,735 | -40.4% |
| Trade receivables | 40 | €14,208 | €8,472 | -€5,735 | -40.4% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €96,032 | €163,105 | +€67,073 | +69.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €617,595 | €756,653 | +€139,057 | +22.5% |
| Equity | 10/15 | €385,363 | €312,397 | -€72,966 | -18.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €358,291 | €285,325 | -€72,966 | -20.4% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €358,291 | €285,325 | -€72,966 | -20.4% |
| Profit (loss) carried forward | 14 | €8,472 | €8,472 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €232,233 | €444,256 | +€212,023 | +91.3% |
| Amounts payable after more than one year | 17 | €22,423 | €12,222 | -€10,201 | -45.5% |
| Financial debts | 170/4 | €22,423 | €12,222 | -€10,201 | -45.5% |
| Amounts payable within one year | 42/48 | €209,810 | €432,034 | +€222,224 | +106% |
| Current portion of amounts payable after more than one year | 42 | €14,068 | €14,292 | +€223 | +1.6% |
| Trade debts | 44 | €68,427 | €75,311 | +€6,884 | +10.1% |
| Suppliers | 440/4 | €68,427 | €75,311 | +€6,884 | +10.1% |
| Taxes, remuneration and social security | 45 | €43,613 | €89,300 | +€45,686 | +105% |
| Taxes | 450/3 | €35,140 | €80,543 | +€45,404 | +129% |
| Remuneration and social security | 454/9 | €8,473 | €8,756 | +€283 | +3.3% |
| Other amounts payable | 47/48 | €83,701 | €253,132 | +€169,431 | +202% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €57,958 | €59,231 | +€1,273 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,983 | €34,839 | -€144 | -0.4% |
| Other operating charges | 640/8 | €3,444 | €3,703 | +€259 | +7.5% |
| Gross operating margin | 9900 | €208,397 | €280,712 | +€72,314 | +34.7% |
| Operating profit (loss) | 9901 | €112,012 | €182,938 | +€70,926 | +63.3% |
| Financial income | 75/76B | €1,121 | €743 | -€377 | -33.7% |
| Recurring financial income | 75 | €1,121 | €743 | -€377 | -33.7% |
| Financial charges | 65/66B | €2,425 | €2,386 | -€40 | -1.6% |
| Recurring financial charges | 65 | €2,425 | €2,386 | -€40 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €110,708 | €181,296 | +€70,588 | +63.8% |
| Transfer from deferred taxes | 780 | €662 | - | -€662 | |
| Income taxes | 67/77 | €33,720 | €56,671 | +€22,951 | +68.1% |
| Profit (loss) for the period | 9904 | €77,650 | €124,625 | +€46,975 | +60.5% |
| Transfer from tax-exempt reserves | 789 | €2,585 | - | -€2,585 | |
| Profit (loss) for the period to be appropriated | 9905 | €80,235 | €124,625 | +€44,390 | +55.3% |
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 13 October 2026 via checked.be.