THIERRY DE COSTER: 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 DE COSTER
Largest movements
- Current investments +€340,234
new in 2025: €340,234
- Cash -€235,178
down €235,178 (-65.5%), from €359,310 to €124,132
mainly Current investments (-€340,234) and Contributions, distributions and other (-€127,157)
- Tangible fixed assets -€90,081
down €90,081 (-14.6%), from €617,282 to €527,201
of which Other tangible fixed assets: -€46,462
- Other debts +€83,573
up €83,573 (+185.3%), from €45,108 to €128,681
- Debts after one year -€50,985
down €50,985 (-16.5%), from €309,057 to €258,072
- Trade debts -€34,977
down €34,977 (-26.7%), from €131,125 to €96,148
- Tax, wage and social debts +€20,316
up €20,316 (+25.6%), from €79,378 to €99,694
of which Taxes: +€26,588
- Gross operating margin +€30,760
up €30,760 (+5.5%), from €558,471 to €589,231
- Staff costs +€26,197
up €26,197 (+9.4%), from €279,131 to €305,328
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 | €1,005,519 | €1,021,964 | +€16,445 | +1.6% |
| Fixed assets | 21/28 | €617,297 | €527,216 | -€90,081 | -14.6% |
| Tangible fixed assets | 22/27 | €617,282 | €527,201 | -€90,081 | -14.6% |
| Plant, machinery and equipment | 23 | €79,884 | €57,084 | -€22,800 | -28.5% |
| Furniture and vehicles | 24 | €40,724 | €19,905 | -€20,819 | -51.1% |
| Other tangible fixed assets | 26 | €496,675 | €450,212 | -€46,462 | -9.4% |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €388,222 | €494,749 | +€106,526 | +27.4% |
| Stocks and contracts in progress | 3 | €10,267 | €9,950 | -€317 | -3.1% |
| Stocks | 30/36 | €10,267 | €9,950 | -€317 | -3.1% |
| Amounts receivable within one year | 40/41 | €7,087 | €7,235 | +€148 | +2.1% |
| Trade receivables | 40 | €5,453 | €7,223 | +€1,771 | +32.5% |
| Other amounts receivable | 41 | €1,635 | €12 | -€1,623 | -99.3% |
| Current investments | 50/53 | - | €340,234 | +€340,234 | |
| Cash at bank and in hand | 54/58 | €359,310 | €124,132 | -€235,178 | -65.5% |
| Deferred charges and accrued income | 490/1 | €11,558 | €13,198 | +€1,640 | +14.2% |
| Total equity and liabilities | 10/49 | €1,005,519 | €1,021,964 | +€16,445 | +1.6% |
| Equity | 10/15 | €385,812 | €383,804 | -€2,008 | -0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €367,212 | €365,204 | -€2,008 | -0.5% |
| Distributable reserves | 133 | €367,212 | €365,204 | -€2,008 | -0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €619,707 | €638,160 | +€18,453 | +3.0% |
| Amounts payable after more than one year | 17 | €309,057 | €258,072 | -€50,985 | -16.5% |
| Financial debts | 170/4 | €309,057 | €258,072 | -€50,985 | -16.5% |
| Amounts payable within one year | 42/48 | €306,168 | €375,607 | +€69,438 | +22.7% |
| Current portion of amounts payable after more than one year | 42 | €50,488 | €50,985 | +€497 | +1.0% |
| Financial debts | 43 | €69 | €99 | +€30 | +43.5% |
| Credit institutions | 430/8 | €69 | €99 | +€30 | +43.5% |
| Trade debts | 44 | €131,125 | €96,148 | -€34,977 | -26.7% |
| Suppliers | 440/4 | €131,125 | €96,148 | -€34,977 | -26.7% |
| Taxes, remuneration and social security | 45 | €79,378 | €99,694 | +€20,316 | +25.6% |
| Taxes | 450/3 | €20,982 | €47,570 | +€26,588 | +126.7% |
| Remuneration and social security | 454/9 | €58,396 | €52,124 | -€6,272 | -10.7% |
| Other amounts payable | 47/48 | €45,108 | €128,681 | +€83,573 | +185.3% |
| Accrued charges and deferred income | 492/3 | €4,482 | €4,482 | = | 0.0% |
| Non-recurring operating income | 76A | €1,500 | €0 | -€1,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €279,131 | €305,328 | +€26,197 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,730 | €94,166 | +€2,437 | +2.7% |
| Other operating charges | 640/8 | €2,701 | €2,545 | -€156 | -5.8% |
| Gross operating margin | 9900 | €558,471 | €589,231 | +€30,760 | +5.5% |
| Operating profit (loss) | 9901 | €184,908 | €187,191 | +€2,283 | +1.2% |
| Financial income | 75/76B | €265 | €544 | +€279 | +105.1% |
| Recurring financial income | 75 | €265 | €544 | +€279 | +105.1% |
| Financial charges | 65/66B | €7,363 | €6,968 | -€395 | -5.4% |
| Recurring financial charges | 65 | €7,363 | €6,968 | -€395 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €177,811 | €180,767 | +€2,956 | +1.7% |
| Income taxes | 67/77 | €53,621 | €55,619 | +€1,998 | +3.7% |
| Profit (loss) for the period | 9904 | €124,190 | €125,148 | +€959 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €124,190 | €125,148 | +€959 | +0.8% |
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 9 October 2026 via checked.be.