Thierry Valkenborg: 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 Valkenborg
Largest movements
- Cash +€22,232
up €22,232 (+16.1%), from €138,476 to €160,707
mainly Net result for the year (+€58,447) and Tax, wage and social debts (+€5,436)
- Receivables within one year +€18,761
up €18,761 (+122%), from €15,366 to €34,128
of which Trade receivables: +€15,227
- Tangible fixed assets +€8,937
up €8,937 (+82.9%), from €10,785 to €19,723
of which Plant, machinery and equipment: +€5,337
- Reserves +€58,447
up €58,447 (+60.4%), from €96,699 to €155,146
- Trade debts -€14,326
down €14,326 (-67.3%), from €21,291 to €6,965
- Tax, wage and social debts +€5,436
up €5,436 (+29.1%), from €18,702 to €24,138
of which Taxes: +€6,686
- Gross operating margin +€20,031
up €20,031 (+30.9%), from €64,875 to €84,906
- Taxes +€8,050
up €8,050 (+67.6%), from €11,916 to €19,967
- Depreciation -€2,098
down €2,098 (-39.4%), from €5,327 to €3,229
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 | €165,582 | €215,361 | +€49,779 | +30.1% |
| Fixed assets | 21/28 | €11,589 | €20,526 | +€8,937 | +77.1% |
| Tangible fixed assets | 22/27 | €10,785 | €19,723 | +€8,937 | +82.9% |
| Plant, machinery and equipment | 23 | €1,652 | €6,989 | +€5,337 | +323% |
| Furniture and vehicles | 24 | €9,133 | €12,734 | +€3,600 | +39.4% |
| Financial fixed assets | 28 | €804 | €804 | = | 0.0% |
| Current assets | 29/58 | €153,993 | €194,835 | +€40,842 | +26.5% |
| Amounts receivable within one year | 40/41 | €15,366 | €34,128 | +€18,761 | +122% |
| Trade receivables | 40 | €15,363 | €30,591 | +€15,227 | +99.1% |
| Other amounts receivable | 41 | €3 | €3,537 | +€3,534 | +120,197% |
| Cash at bank and in hand | 54/58 | €138,476 | €160,707 | +€22,232 | +16.1% |
| Deferred charges and accrued income | 490/1 | €151 | - | -€151 | |
| Total equity and liabilities | 10/49 | €165,582 | €215,361 | +€49,779 | +30.1% |
| Equity | 10/15 | €98,699 | €157,146 | +€58,447 | +59.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €96,699 | €155,146 | +€58,447 | +60.4% |
| Distributable reserves | 133 | €96,699 | €155,146 | +€58,447 | +60.4% |
| Amounts payable | 17/49 | €66,883 | €58,214 | -€8,669 | -13.0% |
| Amounts payable after more than one year | 17 | €25,612 | €25,612 | = | 0.0% |
| Other amounts payable | 178/9 | €25,612 | €25,612 | = | 0.0% |
| Amounts payable within one year | 42/48 | €41,149 | €31,103 | -€10,046 | -24.4% |
| Trade debts | 44 | €21,291 | €6,965 | -€14,326 | -67.3% |
| Suppliers | 440/4 | €21,291 | €6,965 | -€14,326 | -67.3% |
| Taxes, remuneration and social security | 45 | €18,702 | €24,138 | +€5,436 | +29.1% |
| Taxes | 450/3 | €17,452 | €24,138 | +€6,686 | +38.3% |
| Remuneration and social security | 454/9 | €1,250 | - | -€1,250 | |
| Other amounts payable | 47/48 | €1,156 | - | -€1,156 | |
| Accrued charges and deferred income | 492/3 | €122 | €1,500 | +€1,378 | +1,127% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,327 | €3,229 | -€2,098 | -39.4% |
| Other operating charges | 640/8 | €446 | €642 | +€196 | +43.9% |
| Non-recurring operating charges | 66A | - | €2,454 | +€2,454 | |
| Gross operating margin | 9900 | €64,875 | €84,906 | +€20,031 | +30.9% |
| Operating profit (loss) | 9901 | €59,101 | €78,581 | +€19,479 | +33.0% |
| Financial income | 75/76B | €12 | €181 | +€169 | +1,390% |
| Recurring financial income | 75 | €12 | €181 | +€169 | +1,390% |
| Financial charges | 65/66B | €412 | €348 | -€64 | -15.6% |
| Recurring financial charges | 65 | €412 | €348 | -€64 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €58,702 | €78,414 | +€19,712 | +33.6% |
| Income taxes | 67/77 | €11,916 | €19,967 | +€8,050 | +67.6% |
| Profit (loss) for the period | 9904 | €46,785 | €58,447 | +€11,662 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,785 | €58,447 | +€11,662 | +24.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.