THIERRY DECLERCQ: 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 DECLERCQ
Largest movements
- Cash -€37,858
down €37,858 (-91.7%), from €41,289 to €3,431
mainly Other debts (-€40,523) and Stocks and contracts (-€8,638)
- Tangible fixed assets -€17,993
down €17,993 (-42.4%), from €42,400 to €24,407
of which Furniture and vehicles: -€18,626
- Stocks and contracts +€8,638
up €8,638 (+110.1%), from €7,848 to €16,486
- Current investments +€7,322
up €7,322 (+3.3%), from €223,476 to €230,798
- Deferred charges and accrued income +€4,572
up €4,572 (+399.4%), from €1,145 to €5,717
- Other debts -€40,523
down €40,523 (-76.1%), from €53,239 to €12,717
- Reserves +€14,176
up €14,176 (+5.9%), from €239,248 to €253,424
of which Distributable reserves: +€14,176
- Debts after one year -€7,536
down €7,536 (-43.3%), from €17,415 to €9,879
- Financial charges -€3,639
down €3,639 (-34.4%), from €10,583 to €6,944
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 | €339,607 | €301,151 | -€38,456 | -11.3% |
| Fixed assets | 21/28 | €42,400 | €24,407 | -€17,993 | -42.4% |
| Tangible fixed assets | 22/27 | €42,400 | €24,407 | -€17,993 | -42.4% |
| Plant, machinery and equipment | 23 | €5,621 | €6,254 | +€633 | +11.3% |
| Furniture and vehicles | 24 | €36,778 | €18,152 | -€18,626 | -50.6% |
| Current assets | 29/58 | €297,208 | €276,745 | -€20,463 | -6.9% |
| Stocks and contracts in progress | 3 | €7,848 | €16,486 | +€8,638 | +110.1% |
| Stocks | 30/36 | €7,848 | €16,486 | +€8,638 | +110.1% |
| Amounts receivable within one year | 40/41 | €23,449 | €20,311 | -€3,138 | -13.4% |
| Trade receivables | 40 | €20,464 | €17,027 | -€3,437 | -16.8% |
| Other amounts receivable | 41 | €2,985 | €3,285 | +€299 | +10.0% |
| Current investments | 50/53 | €223,476 | €230,798 | +€7,322 | +3.3% |
| Cash at bank and in hand | 54/58 | €41,289 | €3,431 | -€37,858 | -91.7% |
| Deferred charges and accrued income | 490/1 | €1,145 | €5,717 | +€4,572 | +399.4% |
| Total equity and liabilities | 10/49 | €339,607 | €301,151 | -€38,456 | -11.3% |
| Equity | 10/15 | €245,445 | €259,622 | +€14,176 | +5.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €239,248 | €253,424 | +€14,176 | +5.9% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €201,748 | €215,924 | +€14,176 | +7.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €94,162 | €41,530 | -€52,632 | -55.9% |
| Amounts payable after more than one year | 17 | €17,415 | €9,879 | -€7,536 | -43.3% |
| Financial debts | 170/4 | €17,415 | €9,879 | -€7,536 | -43.3% |
| Amounts payable within one year | 42/48 | €71,102 | €29,383 | -€41,719 | -58.7% |
| Current portion of amounts payable after more than one year | 42 | €10,828 | €10,036 | -€792 | -7.3% |
| Trade debts | 44 | €5,284 | €6,630 | +€1,346 | +25.5% |
| Suppliers | 440/4 | €5,284 | €6,630 | +€1,346 | +25.5% |
| Taxes, remuneration and social security | 45 | €1,750 | €0 | -€1,750 | -100.0% |
| Taxes | 450/3 | €257 | €0 | -€257 | -100.0% |
| Remuneration and social security | 454/9 | €1,493 | €0 | -€1,493 | -100.0% |
| Other amounts payable | 47/48 | €53,239 | €12,717 | -€40,523 | -76.1% |
| Accrued charges and deferred income | 492/3 | €5,645 | €2,268 | -€3,377 | -59.8% |
| Non-recurring operating income | 76A | €661 | €0 | -€661 | -100.0% |
| Remuneration, social security and pensions | 62 | €69,747 | €68,580 | -€1,167 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,707 | €23,246 | +€539 | +2.4% |
| Other operating charges | 640/8 | €2,570 | €3,441 | +€871 | +33.9% |
| Gross operating margin | 9900 | €120,351 | €121,269 | +€918 | +0.8% |
| Operating profit (loss) | 9901 | €25,327 | €26,003 | +€676 | +2.7% |
| Financial income | 75/76B | €2,804 | €2,700 | -€104 | -3.7% |
| Recurring financial income | 75 | €2,804 | €2,700 | -€104 | -3.7% |
| Financial charges | 65/66B | €10,583 | €6,944 | -€3,639 | -34.4% |
| Recurring financial charges | 65 | €10,583 | €6,944 | -€3,639 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €17,547 | €21,758 | +€4,211 | +24.0% |
| Income taxes | 67/77 | €6,895 | €7,582 | +€688 | +10.0% |
| Profit (loss) for the period | 9904 | €10,653 | €14,176 | +€3,523 | +33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,653 | €14,176 | +€3,523 | +33.1% |
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 7 October 2026 via checked.be.