Thierry COLSON: 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 COLSON
Largest movements
- Cash +€136,328
up €136,328 (+290%), from €46,960 to €183,288
mainly Current investments (+€100,000) and Other debts (+€70,479)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets +€7,562
up €7,562 (+21.5%), from €35,160 to €42,722
of which Plant, machinery and equipment: +€11,065
- Other debts +€70,479
up €70,479 (+48.2%), from €146,233 to €216,711
- Profit (loss) carried forward -€34,037
down €34,037 (-69.3%), from €49,137 to €15,100
- Tax, wage and social debts +€3,659
up €3,659 (+29.5%), from €12,412 to €16,071
of which Taxes: +€2,286
- Staff costs +€5,846
new in 2025: €5,846
- Gross operating margin +€2,440
up €2,440 (+3.1%), from €78,721 to €81,161
- Financial income +€1,011
up €1,011 (+87.3%), from €1,159 to €2,170
- Other operating charges +€838
up €838 (+172%), from €488 to €1,326
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 | €210,765 | €253,344 | +€42,579 | +20.2% |
| Fixed assets | 21/28 | €35,160 | €42,722 | +€7,562 | +21.5% |
| Tangible fixed assets | 22/27 | €35,160 | €42,722 | +€7,562 | +21.5% |
| Plant, machinery and equipment | 23 | €5,301 | €16,366 | +€11,065 | +209% |
| Furniture and vehicles | 24 | €7,172 | €7,735 | +€563 | +7.9% |
| Other tangible fixed assets | 26 | €22,687 | €18,621 | -€4,066 | -17.9% |
| Current assets | 29/58 | €175,605 | €210,622 | +€35,017 | +19.9% |
| Amounts receivable within one year | 40/41 | €26,269 | €27,335 | +€1,065 | +4.1% |
| Trade receivables | 40 | €14,594 | €23,976 | +€9,382 | +64.3% |
| Other amounts receivable | 41 | €11,676 | €3,359 | -€8,317 | -71.2% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €46,960 | €183,288 | +€136,328 | +290% |
| Deferred charges and accrued income | 490/1 | €2,376 | - | -€2,376 | |
| Total equity and liabilities | 10/49 | €210,765 | €253,344 | +€42,579 | +20.2% |
| Equity | 10/15 | €51,137 | €17,100 | -€34,037 | -66.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,137 | €15,100 | -€34,037 | -69.3% |
| Amounts payable | 17/49 | €159,628 | €236,244 | +€76,616 | +48.0% |
| Amounts payable within one year | 42/48 | €159,628 | €236,244 | +€76,616 | +48.0% |
| Trade debts | 44 | €983 | €3,462 | +€2,479 | +252% |
| Suppliers | 440/4 | €983 | €3,462 | +€2,479 | +252% |
| Taxes, remuneration and social security | 45 | €12,412 | €16,071 | +€3,659 | +29.5% |
| Taxes | 450/3 | €12,412 | €14,698 | +€2,286 | +18.4% |
| Remuneration and social security | 454/9 | - | €1,372 | +€1,372 | |
| Other amounts payable | 47/48 | €146,233 | €216,711 | +€70,479 | +48.2% |
| Remuneration, social security and pensions | 62 | - | €5,846 | +€5,846 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,876 | €11,452 | +€576 | +5.3% |
| Other operating charges | 640/8 | €488 | €1,326 | +€838 | +172% |
| Gross operating margin | 9900 | €78,721 | €81,161 | +€2,440 | +3.1% |
| Operating profit (loss) | 9901 | €67,356 | €62,537 | -€4,819 | -7.2% |
| Financial income | 75/76B | €1,159 | €2,170 | +€1,011 | +87.3% |
| Recurring financial income | 75 | €1,159 | €2,170 | +€1,011 | +87.3% |
| Financial charges | 65/66B | €7,665 | €7,103 | -€562 | -7.3% |
| Recurring financial charges | 65 | €7,665 | €7,103 | -€562 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €60,850 | €57,604 | -€3,246 | -5.3% |
| Income taxes | 67/77 | €12,324 | €11,641 | -€683 | -5.5% |
| Profit (loss) for the period | 9904 | €48,526 | €45,963 | -€2,563 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,526 | €45,963 | -€2,563 | -5.3% |
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 18 October 2026 via checked.be.