THIERRY TITEUX: 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 TITEUX
Largest movements
- Cash -€2,118
down €2,118 (-24.7%), from €8,573 to €6,455
mainly Net result for the year (-€2,561) and Receivables within one year (-€693)
- Receivables within one year +€693
up €693 (+1.6%), from €43,373 to €44,066
- Profit (loss) carried forward -€2,561
down €2,561 (-13.5%), from €19,016 to €16,455
- Trade debts +€1,137
new in 2025: €1,137
- Gross operating margin +€2,376
up €2,376 (+35.4%), from -€6,704 to -€4,329
- Financial income -€205
down €205 (-8.0%), from €2,575 to €2,370
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 | €52,076 | €50,651 | -€1,425 | -2.7% |
| Fixed assets | 21/28 | €130 | €130 | = | 0.0% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €51,946 | €50,521 | -€1,425 | -2.7% |
| Amounts receivable within one year | 40/41 | €43,373 | €44,066 | +€693 | +1.6% |
| Other amounts receivable | 41 | €43,373 | €44,066 | +€693 | +1.6% |
| Cash at bank and in hand | 54/58 | €8,573 | €6,455 | -€2,118 | -24.7% |
| Total equity and liabilities | 10/49 | €52,076 | €50,651 | -€1,425 | -2.7% |
| Equity | 10/15 | €52,076 | €49,515 | -€2,561 | -4.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €26,860 | €26,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,016 | €16,455 | -€2,561 | -13.5% |
| Amounts payable | 17/49 | - | €1,137 | +€1,137 | |
| Amounts payable within one year | 42/48 | - | €1,137 | +€1,137 | |
| Trade debts | 44 | - | €1,137 | +€1,137 | |
| Suppliers | 440/4 | - | €1,137 | +€1,137 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€6,704 | -€4,329 | +€2,376 | +35.4% |
| Operating profit (loss) | 9901 | -€7,092 | -€4,728 | +€2,363 | +33.3% |
| Financial income | 75/76B | €2,575 | €2,370 | -€205 | -8.0% |
| Recurring financial income | 75 | €2,575 | €2,370 | -€205 | -8.0% |
| Financial charges | 65/66B | €140 | €203 | +€63 | +44.6% |
| Recurring financial charges | 65 | €140 | €203 | +€63 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,657 | -€2,561 | +€2,096 | +45.0% |
| Profit (loss) for the period | 9904 | -€4,657 | -€2,561 | +€2,096 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,657 | -€2,561 | +€2,096 | +45.0% |
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 19 October 2026 via checked.be.