THIERRY SCHU: 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 SCHU
Largest movements
- Stocks and contracts +€100,756
up €100,756 (+29.1%), from €346,551 to €447,306
- Receivables within one year -€67,748
down €67,748 (-77.4%), from €87,556 to €19,807
of which Trade receivables: -€45,645
- Tangible fixed assets -€54,818
down €54,818 (-9.2%), from €594,886 to €540,068
of which Land and buildings: -€44,675
- Cash +€45,378
up €45,378 (+200%), from €22,716 to €68,093
mainly Receivables within one year (+€67,748) and Depreciation (+€55,413)
- Reserves +€49,268
up €49,268 (+8.5%), from €583,003 to €632,271
- Other debts +€40,479
up €40,479 (+12.7%), from €318,465 to €358,944
- Accrued charges and deferred income -€40,000
no longer reported in 2025 (was €40,000)
- Tax, wage and social debts -€35,617
down €35,617 (-87.8%), from €40,565 to €4,947
- Trade debts +€11,158
up €11,158 (+63.9%), from €17,451 to €28,609
- Purchases and services +€1.1m
up €1.1m (+336%), from €315,906 to €1.4m
- Gross operating margin -€150,133
down €150,133 (-44.9%), from €334,337 to €184,204
- Taxes -€48,046
down €48,046 (-67.0%), from €71,755 to €23,709
- Other operating charges +€17,692
up €17,692 (+85.4%), from €20,721 to €38,413
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 | €1,054,337 | €1,079,625 | +€25,288 | +2.4% |
| Fixed assets | 21/28 | €594,886 | €540,068 | -€54,818 | -9.2% |
| Tangible fixed assets | 22/27 | €594,886 | €540,068 | -€54,818 | -9.2% |
| Land and buildings | 22 | €568,181 | €523,506 | -€44,675 | -7.9% |
| Plant, machinery and equipment | 23 | €432 | €683 | +€251 | +58.0% |
| Furniture and vehicles | 24 | €26,272 | €15,879 | -€10,394 | -39.6% |
| Current assets | 29/58 | €459,451 | €539,556 | +€80,105 | +17.4% |
| Stocks and contracts in progress | 3 | €346,551 | €447,306 | +€100,756 | +29.1% |
| Stocks | 30/36 | €346,551 | €447,306 | +€100,756 | +29.1% |
| Amounts receivable within one year | 40/41 | €87,556 | €19,807 | -€67,748 | -77.4% |
| Trade receivables | 40 | €45,645 | - | -€45,645 | |
| Other amounts receivable | 41 | €41,910 | €19,807 | -€22,103 | -52.7% |
| Cash at bank and in hand | 54/58 | €22,716 | €68,093 | +€45,378 | +200% |
| Deferred charges and accrued income | 490/1 | €2,629 | €4,349 | +€1,720 | +65.4% |
| Total equity and liabilities | 10/49 | €1,054,337 | €1,079,625 | +€25,288 | +2.4% |
| Equity | 10/15 | €637,857 | €687,125 | +€49,268 | +7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €583,003 | €632,271 | +€49,268 | +8.5% |
| Distributable reserves | 133 | €583,003 | €632,271 | +€49,268 | +8.5% |
| Profit (loss) carried forward | 14 | €36,254 | €36,254 | = | 0.0% |
| Amounts payable | 17/49 | €416,480 | €392,500 | -€23,980 | -5.8% |
| Amounts payable within one year | 42/48 | €376,480 | €392,500 | +€16,020 | +4.3% |
| Trade debts | 44 | €17,451 | €28,609 | +€11,158 | +63.9% |
| Suppliers | 440/4 | €17,451 | €28,609 | +€11,158 | +63.9% |
| Taxes, remuneration and social security | 45 | €40,565 | €4,947 | -€35,617 | -87.8% |
| Taxes | 450/3 | €40,565 | €4,947 | -€35,617 | -87.8% |
| Other amounts payable | 47/48 | €318,465 | €358,944 | +€40,479 | +12.7% |
| Accrued charges and deferred income | 492/3 | €40,000 | - | -€40,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €315,906 | €1,377,326 | +€1.1m | +336% |
| Remuneration, social security and pensions | 62 | - | €246 | +€246 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,404 | €55,413 | -€1,991 | -3.5% |
| Other operating charges | 640/8 | €20,721 | €38,413 | +€17,692 | +85.4% |
| Gross operating margin | 9900 | €334,337 | €184,204 | -€150,133 | -44.9% |
| Operating profit (loss) | 9901 | €256,212 | €90,132 | -€166,080 | -64.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €19,212 | €17,155 | -€2,057 | -10.7% |
| Recurring financial charges | 65 | €19,212 | €17,155 | -€2,057 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €237,000 | €72,977 | -€164,023 | -69.2% |
| Income taxes | 67/77 | €71,755 | €23,709 | -€48,046 | -67.0% |
| Profit (loss) for the period | 9904 | €165,245 | €49,268 | -€115,977 | -70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €165,245 | €49,268 | -€115,977 | -70.2% |
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 28 October 2026 via checked.be.