THILBERT: what changed
Two fiscal 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.
THILBERT
Largest movements
- Receivables within one year -€217,156
down €217,156 (-61.9%), from €350,611 to €133,455
of which Trade receivables: -€214,544
- Stocks and contracts -€181,195
down €181,195 (-65.3%), from €277,281 to €96,086
- Cash +€133,198
up €133,198 (+31.8%), from €418,709 to €551,907
mainly Net result for the year (+€441,281) and Receivables within one year (+€217,156)
- Tangible fixed assets +€30,454
up €30,454 (+9.8%), from €311,194 to €341,648
of which Plant, machinery and equipment: +€40,831
- Trade debts -€772,615
down €772,615 (-93.1%), from €830,222 to €57,607
- Profit (loss) carried forward +€441,281
up €441,281 (+241.9%), from €182,458 to €623,739
- Tax, wage and social debts +€148,573
new in 2025: €148,573
- Debts after one year -€53,759
down €53,759 (-16.5%), from €326,476 to €272,717
- Gross operating margin +€629,232
up €629,232, from -€336 to €628,896
- Taxes +€158,573
new in 2025: €158,573
- Depreciation +€8,978
up €8,978 (+127.0%), from €7,068 to €16,046
- Financial charges +€6,484
up €6,484 (+156.7%), from €4,139 to €10,623
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.
Cash bridge derived
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 | €1,359,616 | €1,123,096 | -€236,520 | -17.4% |
| Fixed assets | 21/28 | €311,194 | €341,648 | +€30,454 | +9.8% |
| Tangible fixed assets | 22/27 | €311,194 | €341,648 | +€30,454 | +9.8% |
| Land and buildings | 22 | €311,194 | €300,817 | -€10,377 | -3.3% |
| Plant, machinery and equipment | 23 | - | €40,831 | +€40,831 | |
| Current assets | 29/58 | €1,048,422 | €781,448 | -€266,974 | -25.5% |
| Stocks and contracts in progress | 3 | €277,281 | €96,086 | -€181,195 | -65.3% |
| Stocks | 30/36 | €277,281 | €96,086 | -€181,195 | -65.3% |
| Amounts receivable within one year | 40/41 | €350,611 | €133,455 | -€217,156 | -61.9% |
| Trade receivables | 40 | €332,036 | €117,492 | -€214,544 | -64.6% |
| Other amounts receivable | 41 | €18,575 | €15,963 | -€2,612 | -14.1% |
| Cash at bank and in hand | 54/58 | €418,709 | €551,907 | +€133,198 | +31.8% |
| Deferred charges and accrued income | 490/1 | €1,821 | - | -€1,821 | |
| Total equity and liabilities | 10/49 | €1,359,616 | €1,123,096 | -€236,520 | -17.4% |
| Equity | 10/15 | €202,918 | €644,199 | +€441,281 | +217.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €182,458 | €623,739 | +€441,281 | +241.9% |
| Amounts payable | 17/49 | €1,156,698 | €478,897 | -€677,801 | -58.6% |
| Amounts payable after more than one year | 17 | €326,476 | €272,717 | -€53,759 | -16.5% |
| Other amounts payable | 178/9 | €326,476 | €272,717 | -€53,759 | -16.5% |
| Amounts payable within one year | 42/48 | €830,222 | €206,180 | -€624,042 | -75.2% |
| Trade debts | 44 | €830,222 | €57,607 | -€772,615 | -93.1% |
| Suppliers | 440/4 | €830,222 | €57,607 | -€772,615 | -93.1% |
| Taxes, remuneration and social security | 45 | - | €148,573 | +€148,573 | |
| Taxes | 450/3 | - | €148,573 | +€148,573 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,068 | €16,046 | +€8,978 | +127.0% |
| Other operating charges | 640/8 | €2,051 | €2,373 | +€322 | +15.7% |
| Non-recurring operating charges | 66A | €1,750 | - | -€1,750 | |
| Gross operating margin | 9900 | -€336 | €628,896 | +€629,232 | |
| Operating profit (loss) | 9901 | -€11,205 | €610,477 | +€621,682 | |
| Financial income | 75/76B | €74 | - | -€74 | |
| Recurring financial income | 75 | €74 | - | -€74 | |
| Financial charges | 65/66B | €4,139 | €10,623 | +€6,484 | +156.7% |
| Recurring financial charges | 65 | €4,139 | €10,623 | +€6,484 | +156.7% |
| Profit (loss) for the period before taxes | 9903 | -€15,270 | €599,854 | +€615,124 | |
| Income taxes | 67/77 | - | €158,573 | +€158,573 | |
| Profit (loss) for the period | 9904 | -€15,270 | €441,281 | +€456,551 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,270 | €441,281 | +€456,551 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.