Thierry Champagne: 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 Champagne
Largest movements
- Cash +€43,733
up €43,733 (+620%), from €7,053 to €50,786
mainly Other debts (+€46,927) and Depreciation (+€27,167)
- Tangible fixed assets -€27,167
down €27,167 (-32.3%), from €84,044 to €56,876
- Receivables within one year -€3,388
down €3,388 (-4.5%), from €74,996 to €71,609
- Other debts +€46,927
new in 2025: €46,927
- Reserves -€35,634
down €35,634 (-100%), from €35,634 to €0
- Debts after one year -€26,500
down €26,500 (-43.1%), from €61,507 to €35,007
- Tax, wage and social debts +€22,034
up €22,034 (+66.0%), from €33,394 to €55,428
of which Taxes: +€18,753
- Trade debts +€5,111
up €5,111 (+85.7%), from €5,967 to €11,079
- Write-downs +€11,008
up €11,008, from €0 to €11,008
- Gross operating margin -€7,164
down €7,164 (-8.9%), from €80,885 to €73,721
- Taxes -€6,237
down €6,237 (-42.6%), from €14,653 to €8,416
- Other operating charges +€3,319
up €3,319 (+463%), from €716 to €4,035
- Financial charges -€2,028
down €2,028 (-35.0%), from €5,793 to €3,765
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 | €166,711 | €179,941 | +€13,230 | +7.9% |
| Fixed assets | 21/28 | €84,044 | €56,876 | -€27,167 | -32.3% |
| Tangible fixed assets | 22/27 | €84,044 | €56,876 | -€27,167 | -32.3% |
| Furniture and vehicles | 24 | €84,044 | €56,876 | -€27,167 | -32.3% |
| Current assets | 29/58 | €82,667 | €123,064 | +€40,397 | +48.9% |
| Amounts receivable within one year | 40/41 | €74,996 | €71,609 | -€3,388 | -4.5% |
| Other amounts receivable | 41 | €74,996 | €71,609 | -€3,388 | -4.5% |
| Cash at bank and in hand | 54/58 | €7,053 | €50,786 | +€43,733 | +620% |
| Deferred charges and accrued income | 490/1 | €617 | €669 | +€52 | +8.4% |
| Total equity and liabilities | 10/49 | €166,711 | €179,941 | +€13,230 | +7.9% |
| Equity | 10/15 | €40,634 | €5,000 | -€35,634 | -87.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €35,634 | €0 | -€35,634 | -100% |
| Distributable reserves | 133 | €35,634 | €0 | -€35,634 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €126,077 | €174,941 | +€48,863 | +38.8% |
| Amounts payable after more than one year | 17 | €61,507 | €35,007 | -€26,500 | -43.1% |
| Financial debts | 170/4 | €61,507 | €35,007 | -€26,500 | -43.1% |
| Amounts payable within one year | 42/48 | €64,570 | €139,934 | +€75,363 | +117% |
| Current portion of amounts payable after more than one year | 42 | €25,209 | €26,500 | +€1,291 | +5.1% |
| Trade debts | 44 | €5,967 | €11,079 | +€5,111 | +85.7% |
| Suppliers | 440/4 | €5,967 | €11,079 | +€5,111 | +85.7% |
| Taxes, remuneration and social security | 45 | €33,394 | €55,428 | +€22,034 | +66.0% |
| Taxes | 450/3 | €33,394 | €52,147 | +€18,753 | +56.2% |
| Remuneration and social security | 454/9 | €0 | €3,282 | +€3,282 | |
| Other amounts payable | 47/48 | - | €46,927 | +€46,927 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,057 | €27,167 | -€890 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €11,008 | +€11,008 | |
| Other operating charges | 640/8 | €716 | €4,035 | +€3,319 | +463% |
| Gross operating margin | 9900 | €80,885 | €73,721 | -€7,164 | -8.9% |
| Operating profit (loss) | 9901 | €52,111 | €31,510 | -€20,600 | -39.5% |
| Financial income | 75/76B | €227 | €245 | +€17 | +7.7% |
| Recurring financial income | 75 | €227 | €245 | +€17 | +7.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €5,793 | €3,765 | -€2,028 | -35.0% |
| Recurring financial charges | 65 | €5,793 | €3,765 | -€2,028 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €46,545 | €27,990 | -€18,555 | -39.9% |
| Income taxes | 67/77 | €14,653 | €8,416 | -€6,237 | -42.6% |
| Profit (loss) for the period | 9904 | €31,892 | €19,574 | -€12,318 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,892 | €19,574 | -€12,318 | -38.6% |
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 22 October 2026 via checked.be.