Thierry Troch: 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 Troch
Largest movements
- Tangible fixed assets -€14,242
down €14,242 (-8.0%), from €177,554 to €163,311
of which Land and buildings: -€8,296
- Receivables within one year -€12,176
down €12,176 (-14.0%), from €87,161 to €74,985
of which Trade receivables: -€56,045
- Cash +€11,263
up €11,263 (+13.9%), from €80,885 to €92,148
mainly Depreciation (+€14,242) and Receivables within one year (+€12,176)
- Debts after one year -€14,288
down €14,288 (-13.5%), from €105,940 to €91,652
- Tax, wage and social debts -€4,477
down €4,477 (-36.8%), from €12,166 to €7,689
of which Taxes: -€4,838
- Gross operating margin -€24,819
down €24,819 (-54.8%), from €45,304 to €20,485
- Financial charges -€12,825
down €12,825 (-68.1%), from €18,840 to €6,014
- Other operating charges -€6,679
down €6,679 (-94.4%), from €7,077 to €398
- Taxes -€2,679
down €2,679, from €2,111 to -€568
- Financial income +€940
up €940 (+69.7%), from €1,349 to €2,289
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 | €383,980 | €366,103 | -€17,877 | -4.7% |
| Fixed assets | 21/28 | €177,554 | €163,311 | -€14,242 | -8.0% |
| Tangible fixed assets | 22/27 | €177,554 | €163,311 | -€14,242 | -8.0% |
| Land and buildings | 22 | €169,848 | €161,553 | -€8,296 | -4.9% |
| Plant, machinery and equipment | 23 | €1,902 | €1,247 | -€655 | -34.4% |
| Furniture and vehicles | 24 | €5,803 | €511 | -€5,291 | -91.2% |
| Current assets | 29/58 | €206,427 | €202,792 | -€3,635 | -1.8% |
| Stocks and contracts in progress | 3 | €30,984 | €29,021 | -€1,962 | -6.3% |
| Stocks | 30/36 | €30,984 | €29,021 | -€1,962 | -6.3% |
| Amounts receivable within one year | 40/41 | €87,161 | €74,985 | -€12,176 | -14.0% |
| Trade receivables | 40 | €77,550 | €21,505 | -€56,045 | -72.3% |
| Other amounts receivable | 41 | €9,611 | €53,480 | +€43,869 | +456% |
| Current investments | 50/53 | €2,056 | €1,769 | -€287 | -14.0% |
| Cash at bank and in hand | 54/58 | €80,885 | €92,148 | +€11,263 | +13.9% |
| Deferred charges and accrued income | 490/1 | €5,341 | €4,869 | -€472 | -8.8% |
| Total equity and liabilities | 10/49 | €383,980 | €366,103 | -€17,877 | -4.7% |
| Equity | 10/15 | €246,959 | €249,646 | +€2,687 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €228,359 | €231,046 | +€2,687 | +1.2% |
| 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 | €226,499 | €229,186 | +€2,687 | +1.2% |
| Amounts payable | 17/49 | €137,021 | €116,457 | -€20,564 | -15.0% |
| Amounts payable after more than one year | 17 | €105,940 | €91,652 | -€14,288 | -13.5% |
| Financial debts | 170/4 | €105,940 | €91,652 | -€14,288 | -13.5% |
| Amounts payable within one year | 42/48 | €31,081 | €24,805 | -€6,277 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €14,020 | €14,288 | +€268 | +1.9% |
| Trade debts | 44 | €4,896 | €2,828 | -€2,068 | -42.2% |
| Suppliers | 440/4 | €4,896 | €2,828 | -€2,068 | -42.2% |
| Taxes, remuneration and social security | 45 | €12,166 | €7,689 | -€4,477 | -36.8% |
| Taxes | 450/3 | €12,166 | €7,327 | -€4,838 | -39.8% |
| Remuneration and social security | 454/9 | - | €361 | +€361 | |
| Non-recurring operating income | 76A | €1,350 | - | -€1,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,884 | €14,242 | -€642 | -4.3% |
| Other operating charges | 640/8 | €7,077 | €398 | -€6,679 | -94.4% |
| Gross operating margin | 9900 | €45,304 | €20,485 | -€24,819 | -54.8% |
| Operating profit (loss) | 9901 | €23,343 | €5,845 | -€17,498 | -75.0% |
| Financial income | 75/76B | €1,349 | €2,289 | +€940 | +69.7% |
| Recurring financial income | 75 | €1,349 | €2,289 | +€940 | +69.7% |
| Financial charges | 65/66B | €18,840 | €6,014 | -€12,825 | -68.1% |
| Recurring financial charges | 65 | €18,840 | €6,014 | -€12,825 | -68.1% |
| Profit (loss) for the period before taxes | 9903 | €5,852 | €2,119 | -€3,732 | -63.8% |
| Income taxes | 67/77 | €2,111 | -€568 | -€2,679 | |
| Profit (loss) for the period | 9904 | €3,741 | €2,687 | -€1,054 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,741 | €2,687 | -€1,054 | -28.2% |
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 15 October 2026 via checked.be.