THIERY FREDERIC: 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.
THIERY FREDERIC
Largest movements
- Receivables within one year -€61,745
down €61,745 (-77.5%), from €79,709 to €17,964
of which Trade receivables: -€60,620
- Cash +€26,365
up €26,365 (+735%), from €3,589 to €29,955
mainly Receivables within one year (+€61,745) and Depreciation (+€14,065)
- Tangible fixed assets -€15,493
down €15,493 (-22.5%), from €68,839 to €53,346
- Stocks and contracts -€2,846
no longer reported in 2025 (was €2,846)
- Financial fixed assets -€1,624
no longer reported in 2025 (was €1,624)
- Trade debts -€28,439
down €28,439 (-85.9%), from €33,097 to €4,658
- Profit (loss) carried forward -€8,907
down €8,907 (-24.3%), from €36,723 to €27,817
- Short-term financial debts -€8,512
no longer reported in 2025 (was €8,512)
- Debts after one year -€6,630
down €6,630 (-39.5%), from €16,770 to €10,140
of which Financial debts: -€4,506
- Current portion of long-term debt -€3,344
down €3,344 (-33.5%), from €9,973 to €6,629
- Staff costs -€18,719
down €18,719 (-55.2%), from €33,889 to €15,170
- Gross operating margin +€3,236
up €3,236 (+13.4%), from €24,205 to €27,441
- Depreciation -€832
down €832 (-5.6%), from €14,897 to €14,065
- Other operating charges +€296
up €296 (+19.3%), from €1,532 to €1,828
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 | €162,233 | €105,565 | -€56,668 | -34.9% |
| Fixed assets | 21/28 | €70,463 | €53,346 | -€17,117 | -24.3% |
| Tangible fixed assets | 22/27 | €68,839 | €53,346 | -€15,493 | -22.5% |
| Land and buildings | 22 | €27,252 | €27,252 | = | 0.0% |
| Plant, machinery and equipment | 23 | €19,754 | €13,812 | -€5,941 | -30.1% |
| Furniture and vehicles | 24 | €1,886 | €162 | -€1,724 | -91.4% |
| Leasing and similar rights | 25 | €5,114 | €1,418 | -€3,697 | -72.3% |
| Other tangible fixed assets | 26 | €14,832 | €10,702 | -€4,131 | -27.8% |
| Financial fixed assets | 28 | €1,624 | - | -€1,624 | |
| Current assets | 29/58 | €91,770 | €52,219 | -€39,552 | -43.1% |
| Amounts receivable after more than one year | 29 | €4,300 | €4,300 | = | 0.0% |
| Trade receivables | 290 | €4,300 | €4,300 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,846 | - | -€2,846 | |
| Stocks | 30/36 | €2,846 | - | -€2,846 | |
| Amounts receivable within one year | 40/41 | €79,709 | €17,964 | -€61,745 | -77.5% |
| Trade receivables | 40 | €77,983 | €17,363 | -€60,620 | -77.7% |
| Other amounts receivable | 41 | €1,726 | €601 | -€1,125 | -65.2% |
| Cash at bank and in hand | 54/58 | €3,589 | €29,955 | +€26,365 | +735% |
| Deferred charges and accrued income | 490/1 | €1,326 | - | -€1,326 | |
| Total equity and liabilities | 10/49 | €162,233 | €105,565 | -€56,668 | -34.9% |
| Equity | 10/15 | €79,937 | €71,031 | -€8,907 | -11.1% |
| Contributions | 10/11 | €17,963 | €17,963 | = | 0.0% |
| Reserves | 13 | €25,251 | €25,251 | = | 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 | €23,391 | €23,391 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,723 | €27,817 | -€8,907 | -24.3% |
| Amounts payable | 17/49 | €82,296 | €34,534 | -€47,762 | -58.0% |
| Amounts payable after more than one year | 17 | €16,770 | €10,140 | -€6,630 | -39.5% |
| Financial debts | 170/4 | €10,779 | €6,273 | -€4,506 | -41.8% |
| Advances received on contracts in progress | 176 | €5,991 | €3,868 | -€2,123 | -35.4% |
| Amounts payable within one year | 42/48 | €65,526 | €24,394 | -€41,132 | -62.8% |
| Current portion of amounts payable after more than one year | 42 | €9,973 | €6,629 | -€3,344 | -33.5% |
| Financial debts | 43 | €8,512 | - | -€8,512 | |
| Credit institutions | 430/8 | €8,512 | - | -€8,512 | |
| Trade debts | 44 | €33,097 | €4,658 | -€28,439 | -85.9% |
| Suppliers | 440/4 | €33,097 | €4,658 | -€28,439 | -85.9% |
| Taxes, remuneration and social security | 45 | €10,790 | €11,437 | +€648 | +6.0% |
| Taxes | 450/3 | €6,009 | €7,547 | +€1,538 | +25.6% |
| Remuneration and social security | 454/9 | €4,780 | €3,890 | -€890 | -18.6% |
| Other amounts payable | 47/48 | €3,154 | €1,668 | -€1,486 | -47.1% |
| Remuneration, social security and pensions | 62 | €33,889 | €15,170 | -€18,719 | -55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,897 | €14,065 | -€832 | -5.6% |
| Other operating charges | 640/8 | €1,532 | €1,828 | +€296 | +19.3% |
| Non-recurring operating charges | 66A | - | €3,613 | +€3,613 | |
| Gross operating margin | 9900 | €24,205 | €27,441 | +€3,236 | +13.4% |
| Operating profit (loss) | 9901 | -€26,114 | -€7,236 | +€18,878 | +72.3% |
| Financial income | 75/76B | €30 | €30 | -€1 | -2.1% |
| Recurring financial income | 75 | €30 | €30 | -€1 | -2.1% |
| Financial charges | 65/66B | €1,591 | €1,472 | -€118 | -7.4% |
| Recurring financial charges | 65 | €1,591 | €1,472 | -€118 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,674 | -€8,678 | +€18,996 | +68.6% |
| Income taxes | 67/77 | €453 | €229 | -€224 | -49.6% |
| Profit (loss) for the period | 9904 | -€28,127 | -€8,907 | +€19,220 | +68.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,127 | -€8,907 | +€19,220 | +68.3% |
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 24 October 2026 via checked.be.