Thierry De Baets: 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 De Baets
Largest movements
- Cash -€20,121
down €20,121 (-66.8%), from €30,102 to €9,981
mainly Contributions, distributions and other (-€25,000) and Receivables within one year (-€8,329)
- Receivables within one year +€8,329
up €8,329 (+83.3%), from €9,996 to €18,324
of which Trade receivables: +€6,050
- Tangible fixed assets +€1,392
up €1,392 (+53.5%), from €2,601 to €3,993
of which Furniture and vehicles: +€1,932
- Deferred charges and accrued income +€686
new in 2025: €686
- Reserves -€8,862
down €8,862 (-32.4%), from €27,371 to €18,508
- Tax, wage and social debts -€4,632
down €4,632 (-51.2%), from €9,051 to €4,419
- Trade debts +€3,780
up €3,780 (+115.3%), from €3,278 to €7,058
- Gross operating margin -€4,846
down €4,846 (-18.5%), from €26,137 to €21,290
- Taxes -€2,444
down €2,444 (-34.7%), from €7,049 to €4,604
- Depreciation +€443
up €443 (+446.9%), from €99 to €542
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 | €42,699 | €32,985 | -€9,714 | -22.8% |
| Fixed assets | 21/28 | €2,601 | €3,993 | +€1,392 | +53.5% |
| Tangible fixed assets | 22/27 | €2,601 | €3,993 | +€1,392 | +53.5% |
| Plant, machinery and equipment | 23 | €2,601 | €2,061 | -€540 | -20.8% |
| Furniture and vehicles | 24 | - | €1,932 | +€1,932 | |
| Current assets | 29/58 | €40,098 | €28,992 | -€11,106 | -27.7% |
| Amounts receivable within one year | 40/41 | €9,996 | €18,324 | +€8,329 | +83.3% |
| Trade receivables | 40 | €0 | €6,050 | +€6,050 | |
| Other amounts receivable | 41 | €9,996 | €12,274 | +€2,279 | +22.8% |
| Cash at bank and in hand | 54/58 | €30,102 | €9,981 | -€20,121 | -66.8% |
| Deferred charges and accrued income | 490/1 | - | €686 | +€686 | |
| Total equity and liabilities | 10/49 | €42,699 | €32,985 | -€9,714 | -22.8% |
| Equity | 10/15 | €30,371 | €21,508 | -€8,862 | -29.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €27,371 | €18,508 | -€8,862 | -32.4% |
| Distributable reserves | 133 | €27,371 | €18,508 | -€8,862 | -32.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,328 | €11,477 | -€852 | -6.9% |
| Amounts payable within one year | 42/48 | €12,328 | €11,477 | -€852 | -6.9% |
| Trade debts | 44 | €3,278 | €7,058 | +€3,780 | +115.3% |
| Suppliers | 440/4 | €3,278 | €7,058 | +€3,780 | +115.3% |
| Taxes, remuneration and social security | 45 | €9,051 | €4,419 | -€4,632 | -51.2% |
| Taxes | 450/3 | €9,051 | €4,419 | -€4,632 | -51.2% |
| Non-recurring operating income | 76A | - | €1,083 | +€1,083 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99 | €542 | +€443 | +446.9% |
| Other operating charges | 640/8 | €390 | €315 | -€75 | -19.3% |
| Gross operating margin | 9900 | €26,137 | €21,290 | -€4,846 | -18.5% |
| Operating profit (loss) | 9901 | €25,647 | €20,433 | -€5,214 | -20.3% |
| Financial income | 75/76B | €552 | €501 | -€51 | -9.2% |
| Recurring financial income | 75 | €552 | €501 | -€51 | -9.2% |
| Financial charges | 65/66B | €135 | €192 | +€58 | +42.9% |
| Recurring financial charges | 65 | €135 | €192 | +€58 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €26,065 | €20,742 | -€5,322 | -20.4% |
| Income taxes | 67/77 | €7,049 | €4,604 | -€2,444 | -34.7% |
| Profit (loss) for the period | 9904 | €19,016 | €16,138 | -€2,878 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,016 | €16,138 | -€2,878 | -15.1% |
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 4 October 2026 via checked.be.