Thierry GIOT: 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 GIOT
Largest movements
- Tangible fixed assets -€8,762
down €8,762 (-35.9%), from €24,400 to €15,638
- Cash +€8,627
up €8,627 (+4.2%), from €206,049 to €214,676
mainly Depreciation (+€8,762) and Net result for the year (+€5,389)
- Profit (loss) carried forward +€5,389
up €5,389 (+3.9%), from €138,180 to €143,569
- Tax, wage and social debts +€4,637
up €4,637 (+32.9%), from €14,086 to €18,723
of which Taxes: +€2,649
- Accrued charges and deferred income -€3,979
down €3,979 (-6.9%), from €57,883 to €53,904
- Current portion of long-term debt -€3,104
no longer reported in 2025 (was €3,104)
- Turnover +€13,086
up €13,086 (+25.5%), from €51,281 to €64,367
- Purchases and services +€11,833
up €11,833 (+37.3%), from €31,762 to €43,595
- Gross operating margin -€11,769
down €11,769 (-36.2%), from €32,541 to €20,772
- Taxes -€11,547
down €11,547 (-75.4%), from €15,312 to €3,765
- Other operating charges +€773
up €773 (+52.5%), from €1,473 to €2,246
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 | €273,837 | €276,388 | +€2,551 | +0.9% |
| Fixed assets | 21/28 | €67,788 | €59,026 | -€8,762 | -12.9% |
| Tangible fixed assets | 22/27 | €24,400 | €15,638 | -€8,762 | -35.9% |
| Furniture and vehicles | 24 | €24,400 | €15,638 | -€8,762 | -35.9% |
| Financial fixed assets | 28 | €43,388 | €43,388 | = | 0.0% |
| Current assets | 29/58 | €206,049 | €217,362 | +€11,313 | +5.5% |
| Amounts receivable within one year | 40/41 | - | €2,686 | +€2,686 | |
| Trade receivables | 40 | - | €2,365 | +€2,365 | |
| Other amounts receivable | 41 | - | €321 | +€321 | |
| Cash at bank and in hand | 54/58 | €206,049 | €214,676 | +€8,627 | +4.2% |
| Total equity and liabilities | 10/49 | €273,837 | €276,388 | +€2,551 | +0.9% |
| Equity | 10/15 | €146,380 | €151,769 | +€5,389 | +3.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,180 | €143,569 | +€5,389 | +3.9% |
| Amounts payable | 17/49 | €127,457 | €124,619 | -€2,838 | -2.2% |
| Amounts payable within one year | 42/48 | €69,574 | €70,715 | +€1,141 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €3,104 | - | -€3,104 | |
| Trade debts | 44 | €392 | - | -€392 | |
| Suppliers | 440/4 | €392 | - | -€392 | |
| Taxes, remuneration and social security | 45 | €14,086 | €18,723 | +€4,637 | +32.9% |
| Taxes | 450/3 | €14,086 | €16,735 | +€2,649 | +18.8% |
| Remuneration and social security | 454/9 | - | €1,988 | +€1,988 | |
| Other amounts payable | 47/48 | €51,992 | €51,992 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €57,883 | €53,904 | -€3,979 | -6.9% |
| Turnover | 70 | €51,281 | €64,367 | +€13,086 | +25.5% |
| Non-recurring operating income | 76A | €13,022 | - | -€13,022 | |
| Goods, raw materials, services and sundry goods | 60/61 | €31,762 | €43,595 | +€11,833 | +37.3% |
| Remuneration, social security and pensions | 62 | €66 | - | -€66 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,862 | €8,762 | -€100 | -1.1% |
| Other operating charges | 640/8 | €1,473 | €2,246 | +€773 | +52.5% |
| Gross operating margin | 9900 | €32,541 | €20,772 | -€11,769 | -36.2% |
| Operating profit (loss) | 9901 | €22,140 | €9,764 | -€12,376 | -55.9% |
| Financial charges | 65/66B | €202 | €610 | +€408 | +202% |
| Recurring financial charges | 65 | €202 | €610 | +€408 | +202% |
| Non-recurring financial charges | 66B | - | €610 | +€610 | |
| Profit (loss) for the period before taxes | 9903 | €21,938 | €9,154 | -€12,784 | -58.3% |
| Income taxes | 67/77 | €15,312 | €3,765 | -€11,547 | -75.4% |
| Profit (loss) for the period | 9904 | €6,626 | €5,389 | -€1,237 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,626 | €5,389 | -€1,237 | -18.7% |
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.