Thierry TILQUIN: 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 TILQUIN
Largest movements
- Cash -€163,188
down €163,188 (-87.5%), from €186,471 to €23,283
mainly Contributions, distributions and other (-€169,681) and Receivables within one year (-€70,524)
- Tangible fixed assets -€86,880
down €86,880 (-15.7%), from €554,876 to €467,996
of which Land and buildings: -€81,106
- Receivables within one year +€70,524
up €70,524 (+8.3%), from €848,741 to €919,265
of which Trade receivables: +€124,400
- Reserves -€111,791
down €111,791 (-12.3%), from €905,326 to €793,535
- Tax, wage and social debts -€45,475
down €45,475 (-44.7%), from €101,746 to €56,271
- Debts after one year -€41,019
down €41,019 (-49.4%), from €83,030 to €42,011
- Gross operating margin +€30,654
up €30,654 (+26.1%), from €117,536 to €148,190
- Financial income -€17,402
down €17,402 (-29.7%), from €58,565 to €41,163
- Taxes +€5,100
up €5,100 (+27.3%), from €18,694 to €23,794
- Depreciation -€3,928
down €3,928 (-4.3%), from €90,808 to €86,880
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 | €1,650,088 | €1,470,544 | -€179,544 | -10.9% |
| Fixed assets | 21/28 | €614,876 | €527,996 | -€86,880 | -14.1% |
| Tangible fixed assets | 22/27 | €554,876 | €467,996 | -€86,880 | -15.7% |
| Land and buildings | 22 | €283,536 | €202,430 | -€81,106 | -28.6% |
| Furniture and vehicles | 24 | €271,340 | €265,566 | -€5,774 | -2.1% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €1,035,212 | €942,548 | -€92,664 | -9.0% |
| Amounts receivable within one year | 40/41 | €848,741 | €919,265 | +€70,524 | +8.3% |
| Trade receivables | 40 | €26,717 | €151,117 | +€124,400 | +466% |
| Other amounts receivable | 41 | €822,024 | €768,148 | -€53,876 | -6.6% |
| Cash at bank and in hand | 54/58 | €186,471 | €23,283 | -€163,188 | -87.5% |
| Total equity and liabilities | 10/49 | €1,650,088 | €1,470,544 | -€179,544 | -10.9% |
| Equity | 10/15 | €1,417,689 | €1,305,898 | -€111,791 | -7.9% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €905,326 | €793,535 | -€111,791 | -12.3% |
| Distributable reserves | 133 | €905,326 | €793,535 | -€111,791 | -12.3% |
| Profit (loss) carried forward | 14 | €457,363 | €457,363 | = | 0.0% |
| Amounts payable | 17/49 | €232,399 | €164,646 | -€67,753 | -29.2% |
| Amounts payable after more than one year | 17 | €83,030 | €42,011 | -€41,019 | -49.4% |
| Financial debts | 170/4 | €83,030 | €42,011 | -€41,019 | -49.4% |
| Amounts payable within one year | 42/48 | €142,369 | €111,635 | -€30,734 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €40,052 | €41,020 | +€968 | +2.4% |
| Trade debts | 44 | €571 | €14,344 | +€13,773 | +2,412% |
| Suppliers | 440/4 | €571 | €14,344 | +€13,773 | +2,412% |
| Taxes, remuneration and social security | 45 | €101,746 | €56,271 | -€45,475 | -44.7% |
| Taxes | 450/3 | €101,746 | €56,271 | -€45,475 | -44.7% |
| Accrued charges and deferred income | 492/3 | €7,000 | €11,000 | +€4,000 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,808 | €86,880 | -€3,928 | -4.3% |
| Other operating charges | 640/8 | €15,864 | €16,597 | +€733 | +4.6% |
| Gross operating margin | 9900 | €117,536 | €148,190 | +€30,654 | +26.1% |
| Operating profit (loss) | 9901 | €10,864 | €44,713 | +€33,849 | +312% |
| Financial income | 75/76B | €58,565 | €41,163 | -€17,402 | -29.7% |
| Recurring financial income | 75 | €58,565 | €41,163 | -€17,402 | -29.7% |
| Financial charges | 65/66B | €5,653 | €4,192 | -€1,461 | -25.8% |
| Recurring financial charges | 65 | €5,653 | €4,192 | -€1,461 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €63,776 | €81,684 | +€17,908 | +28.1% |
| Income taxes | 67/77 | €18,694 | €23,794 | +€5,100 | +27.3% |
| Profit (loss) for the period | 9904 | €45,082 | €57,890 | +€12,808 | +28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,082 | €57,890 | +€12,808 | +28.4% |
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 15 October 2026 via checked.be.