THIERRY EVRARD: 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 EVRARD
Largest movements
- Receivables within one year -€321,695
down €321,695 (-93.7%), from €343,337 to €21,642
- Cash +€285,254
up €285,254 (+297%), from €96,132 to €381,386
mainly Receivables within one year (+€321,695) and Net result for the year (+€25,668)
- Current investments +€55,961
up €55,961 (+7.0%), from €794,834 to €850,795
- Reserves +€25,500
up €25,500 (+1.9%), from €1.3m to €1.4m
- Gross operating margin -€9,103
down €9,103 (-41.1%), from €22,151 to €13,047
- Financial income -€7,749
down €7,749 (-16.2%), from €47,826 to €40,076
- Taxes -€4,623
down €4,623 (-27.2%), from €16,980 to €12,357
- Depreciation -€1,185
down €1,185 (-16.4%), from €7,240 to €6,056
- Financial charges -€548
down €548 (-10.5%), from €5,228 to €4,680
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 | €1,352,069 | €1,367,283 | +€15,214 | +1.1% |
| Fixed assets | 21/28 | €117,766 | €113,460 | -€4,306 | -3.7% |
| Tangible fixed assets | 22/27 | €67,499 | €61,444 | -€6,056 | -9.0% |
| Plant, machinery and equipment | 23 | €51 | - | -€51 | |
| Furniture and vehicles | 24 | €1,343 | €627 | -€716 | -53.3% |
| Other tangible fixed assets | 26 | €66,105 | €60,816 | -€5,288 | -8.0% |
| Financial fixed assets | 28 | €50,266 | €52,016 | +€1,750 | +3.5% |
| Current assets | 29/58 | €1,234,303 | €1,253,823 | +€19,519 | +1.6% |
| Amounts receivable within one year | 40/41 | €343,337 | €21,642 | -€321,695 | -93.7% |
| Other amounts receivable | 41 | €343,337 | €21,642 | -€321,695 | -93.7% |
| Current investments | 50/53 | €794,834 | €850,795 | +€55,961 | +7.0% |
| Cash at bank and in hand | 54/58 | €96,132 | €381,386 | +€285,254 | +297% |
| Total equity and liabilities | 10/49 | €1,352,069 | €1,367,283 | +€15,214 | +1.1% |
| Equity | 10/15 | €1,339,065 | €1,364,733 | +€25,668 | +1.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Capital | 10 | €100 | €100 | = | 0.0% |
| Issued capital | 100 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €1,338,012 | €1,363,512 | +€25,500 | +1.9% |
| Distributable reserves | 133 | €1,338,012 | €1,363,512 | +€25,500 | +1.9% |
| Profit (loss) carried forward | 14 | €953 | €1,121 | +€168 | +17.6% |
| Amounts payable | 17/49 | €13,004 | €2,550 | -€10,454 | -80.4% |
| Amounts payable within one year | 42/48 | €5,407 | €2,550 | -€2,857 | -52.8% |
| Trade debts | 44 | €1,807 | - | -€1,807 | |
| Suppliers | 440/4 | €1,807 | - | -€1,807 | |
| Taxes, remuneration and social security | 45 | €3,600 | €2,550 | -€1,050 | -29.2% |
| Taxes | 450/3 | €3,600 | €2,550 | -€1,050 | -29.2% |
| Accrued charges and deferred income | 492/3 | €7,597 | - | -€7,597 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,240 | €6,056 | -€1,185 | -16.4% |
| Other operating charges | 640/8 | €4,485 | €4,363 | -€122 | -2.7% |
| Gross operating margin | 9900 | €22,151 | €13,047 | -€9,103 | -41.1% |
| Operating profit (loss) | 9901 | €10,425 | €2,629 | -€7,797 | -74.8% |
| Financial income | 75/76B | €47,826 | €40,076 | -€7,749 | -16.2% |
| Recurring financial income | 75 | €47,826 | €40,076 | -€7,749 | -16.2% |
| Financial charges | 65/66B | €5,228 | €4,680 | -€548 | -10.5% |
| Recurring financial charges | 65 | €5,228 | €4,680 | -€548 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €53,023 | €38,024 | -€14,999 | -28.3% |
| Income taxes | 67/77 | €16,980 | €12,357 | -€4,623 | -27.2% |
| Profit (loss) for the period | 9904 | €36,043 | €25,668 | -€10,376 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,043 | €25,668 | -€10,376 | -28.8% |
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 26 October 2026 via checked.be.