Thierry Konings: what changed
Thierry Konings
Largest movements
- Receivables within one year +€153,111
up €153,111 (+381%), from €40,159 to €193,270
of which Other amounts receivable: +€145,881
- Cash -€15,572
down €15,572 (-71.0%), from €21,923 to €6,351
mainly Receivables within one year (-€153,111) and Debts after one year (-€7,388)
- Tangible fixed assets -€11,324
down €11,324 (-21.7%), from €52,276 to €40,952
of which Plant, machinery and equipment: -€9,771
- Other debts +€112,924
up €112,924 (+744%), from €15,169 to €128,093
- Trade debts +€10,488
up €10,488 (+355%), from €2,950 to €13,438
- Debts after one year -€7,388
down €7,388 (-79.9%), from €9,253 to €1,864
- Tax, wage and social debts +€6,704
up €6,704 (+337%), from €1,989 to €8,694
- Reserves +€3,300
up €3,300 (+4.5%), from €72,700 to €76,000
- Gross operating margin -€31,456
down €31,456 (-65.8%), from €47,834 to €16,378
- Taxes -€6,071
down €6,071 (-86.9%), from €6,989 to €918
- Depreciation -€2,508
down €2,508 (-19.7%), from €12,723 to €10,216
- Financial charges -€1,174
down €1,174 (-63.6%), from €1,845 to €671
- Financial income -€984
down €984 (-98.2%), from €1,002 to €18
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €114,359 | €240,573 | +€126,214 | +110% |
| Fixed assets | 21/28 | €52,276 | €40,952 | -€11,324 | -21.7% |
| Tangible fixed assets | 22/27 | €52,276 | €40,952 | -€11,324 | -21.7% |
| Plant, machinery and equipment | 23 | €50,723 | €40,952 | -€9,771 | -19.3% |
| Furniture and vehicles | 24 | €1,553 | - | -€1,553 | |
| Current assets | 29/58 | €62,083 | €199,621 | +€137,538 | +222% |
| Amounts receivable within one year | 40/41 | €40,159 | €193,270 | +€153,111 | +381% |
| Trade receivables | 40 | €34,041 | €41,270 | +€7,229 | +21.2% |
| Other amounts receivable | 41 | €6,119 | €152,000 | +€145,881 | +2,384% |
| Cash at bank and in hand | 54/58 | €21,923 | €6,351 | -€15,572 | -71.0% |
| Total equity and liabilities | 10/49 | €114,359 | €240,573 | +€126,214 | +110% |
| Equity | 10/15 | €77,718 | €81,096 | +€3,378 | +4.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €72,700 | €76,000 | +€3,300 | +4.5% |
| Distributable reserves | 133 | €72,700 | €76,000 | +€3,300 | +4.5% |
| Profit (loss) carried forward | 14 | €18 | €96 | +€78 | +424% |
| Amounts payable | 17/49 | €36,640 | €159,477 | +€122,836 | +335% |
| Amounts payable after more than one year | 17 | €9,253 | €1,864 | -€7,388 | -79.9% |
| Financial debts | 170/4 | €9,253 | €1,864 | -€7,388 | -79.9% |
| Amounts payable within one year | 42/48 | €27,388 | €157,613 | +€130,225 | +475% |
| Current portion of amounts payable after more than one year | 42 | €7,279 | €7,388 | +€109 | +1.5% |
| Trade debts | 44 | €2,950 | €13,438 | +€10,488 | +355% |
| Suppliers | 440/4 | €2,950 | €13,438 | +€10,488 | +355% |
| Taxes, remuneration and social security | 45 | €1,989 | €8,694 | +€6,704 | +337% |
| Taxes | 450/3 | €1,989 | €8,694 | +€6,704 | +337% |
| Other amounts payable | 47/48 | €15,169 | €128,093 | +€112,924 | +744% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,723 | €10,216 | -€2,508 | -19.7% |
| Other operating charges | 640/8 | €846 | €1,213 | +€367 | +43.3% |
| Gross operating margin | 9900 | €47,834 | €16,378 | -€31,456 | -65.8% |
| Operating profit (loss) | 9901 | €34,264 | €4,949 | -€29,315 | -85.6% |
| Financial income | 75/76B | €1,002 | €18 | -€984 | -98.2% |
| Recurring financial income | 75 | €1,002 | €18 | -€984 | -98.2% |
| Financial charges | 65/66B | €1,845 | €671 | -€1,174 | -63.6% |
| Recurring financial charges | 65 | €1,845 | €671 | -€1,174 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | €33,421 | €4,296 | -€29,125 | -87.1% |
| Income taxes | 67/77 | €6,989 | €918 | -€6,071 | -86.9% |
| Profit (loss) for the period | 9904 | €26,431 | €3,378 | -€23,054 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,431 | €3,378 | -€23,054 | -87.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.