THIERRY GHERUS: 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 GHERUS
Largest movements
- Cash +€207,127
up €207,127 (+764%), from €27,126 to €234,253
mainly Current investments (+€158,130) and Net result for the year (+€50,348)
- Current investments -€158,130
down €158,130 (-100%), from €158,130 to €0
- Reserves +€23,378
up €23,378 (+20.7%), from €113,170 to €136,548
- Other debts +€16,326
up €16,326 (+60.9%), from €26,812 to €43,138
- Tax, wage and social debts +€8,386
up €8,386, from €0 to €8,386
- Gross operating margin +€50,678
up €50,678 (+176%), from €28,814 to €79,492
- Taxes +€13,048
up €13,048 (+101%), from €12,877 to €25,924
- Financial charges +€1,969
up €1,969 (+399%), from €493 to €2,462
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 | €193,492 | €241,554 | +€48,062 | +24.8% |
| Fixed assets | 21/28 | €6,097 | €6,000 | -€97 | -1.6% |
| Tangible fixed assets | 22/27 | €6,097 | €6,000 | -€97 | -1.6% |
| Furniture and vehicles | 24 | €6,097 | €6,000 | -€97 | -1.6% |
| Current assets | 29/58 | €187,395 | €235,554 | +€48,159 | +25.7% |
| Amounts receivable within one year | 40/41 | €656 | €0 | -€656 | -100% |
| Other amounts receivable | 41 | €656 | €0 | -€656 | -100% |
| Current investments | 50/53 | €158,130 | €0 | -€158,130 | -100% |
| Cash at bank and in hand | 54/58 | €27,126 | €234,253 | +€207,127 | +764% |
| Deferred charges and accrued income | 490/1 | €1,484 | €1,301 | -€183 | -12.3% |
| Total equity and liabilities | 10/49 | €193,492 | €241,554 | +€48,062 | +24.8% |
| Equity | 10/15 | €166,409 | €189,788 | +€23,378 | +14.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €113,170 | €136,548 | +€23,378 | +20.7% |
| Distributable reserves | 133 | €113,170 | €136,548 | +€23,378 | +20.7% |
| Profit (loss) carried forward | 14 | €40,839 | €40,839 | = | 0.0% |
| Amounts payable | 17/49 | €27,083 | €51,767 | +€24,684 | +91.1% |
| Amounts payable within one year | 42/48 | €27,083 | €51,767 | +€24,684 | +91.1% |
| Trade debts | 44 | €271 | €242 | -€28 | -10.5% |
| Suppliers | 440/4 | €271 | €242 | -€28 | -10.5% |
| Taxes, remuneration and social security | 45 | €0 | €8,386 | +€8,386 | |
| Taxes | 450/3 | €0 | €8,386 | +€8,386 | |
| Other amounts payable | 47/48 | €26,812 | €43,138 | +€16,326 | +60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €330 | €97 | -€233 | -70.7% |
| Other operating charges | 640/8 | €1,195 | €1,936 | +€741 | +62.0% |
| Gross operating margin | 9900 | €28,814 | €79,492 | +€50,678 | +176% |
| Operating profit (loss) | 9901 | €27,289 | €77,459 | +€50,170 | +184% |
| Financial income | 75/76B | €1,790 | €1,275 | -€515 | -28.8% |
| Recurring financial income | 75 | €1,790 | €1,275 | -€515 | -28.8% |
| Financial charges | 65/66B | €493 | €2,462 | +€1,969 | +399% |
| Recurring financial charges | 65 | €493 | €2,462 | +€1,969 | +399% |
| Profit (loss) for the period before taxes | 9903 | €28,587 | €76,273 | +€47,686 | +167% |
| Income taxes | 67/77 | €12,877 | €25,924 | +€13,048 | +101% |
| Profit (loss) for the period | 9904 | €15,710 | €50,348 | +€34,638 | +220% |
| Profit (loss) for the period to be appropriated | 9905 | €15,710 | €50,348 | +€34,638 | +220% |
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.