THILOUBEL: what changed
THILOUBEL
Largest movements
- Current investments +€94,506
up €94,506 (+50.4%), from €187,342 to €281,848
- Deferred charges and accrued income +€18,569
up €18,569 (+58.6%), from €31,703 to €50,272
- Tangible fixed assets -€16,623
down €16,623 (-48.6%), from €34,212 to €17,589
- Cash -€7,426
down €7,426 (-20.9%), from €35,583 to €28,157
mainly Current investments (-€94,506) and Contributions, distributions and other (-€39,800)
- Reserves +€88,200
up €88,200 (+24.2%), from €364,110 to €452,310
- Tax, wage and social debts +€19,053
up €19,053 (+78.4%), from €24,292 to €43,345
of which Taxes: +€17,062
- Debts after one year -€11,317
no longer reported in 2025 (was €11,317)
- Financial income +€64,722
up €64,722 (+97.7%), from €66,264 to €130,986
- Financial charges +€43,942
up €43,942 (+1,892%), from €2,322 to €46,265
- Gross operating margin +€28,513
up €28,513 (+23.1%), from €123,236 to €151,749
- Taxes +€13,377
up €13,377 (+68.7%), from €19,459 to €32,836
- Staff costs +€2,501
up €2,501 (+4.5%), from €55,751 to €58,252
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €467,309 | €559,648 | +€92,340 | +19.8% |
| Fixed assets | 21/28 | €195,649 | €179,026 | -€16,623 | -8.5% |
| Tangible fixed assets | 22/27 | €34,212 | €17,589 | -€16,623 | -48.6% |
| Furniture and vehicles | 24 | €34,212 | €17,589 | -€16,623 | -48.6% |
| Financial fixed assets | 28 | €161,438 | €161,438 | = | 0.0% |
| Current assets | 29/58 | €271,659 | €380,622 | +€108,963 | +40.1% |
| Amounts receivable within one year | 40/41 | €17,031 | €20,345 | +€3,315 | +19.5% |
| Trade receivables | 40 | €17,031 | €20,231 | +€3,200 | +18.8% |
| Other amounts receivable | 41 | - | €114 | +€114 | |
| Current investments | 50/53 | €187,342 | €281,848 | +€94,506 | +50.4% |
| Cash at bank and in hand | 54/58 | €35,583 | €28,157 | -€7,426 | -20.9% |
| Deferred charges and accrued income | 490/1 | €31,703 | €50,272 | +€18,569 | +58.6% |
| Total equity and liabilities | 10/49 | €467,309 | €559,648 | +€92,340 | +19.8% |
| Equity | 10/15 | €372,139 | €460,385 | +€88,246 | +23.7% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €364,110 | €452,310 | +€88,200 | +24.2% |
| Distributable reserves | 133 | €364,110 | €452,310 | +€88,200 | +24.2% |
| Profit (loss) carried forward | 14 | €29 | €75 | +€46 | +160% |
| Amounts payable | 17/49 | €95,170 | €99,264 | +€4,094 | +4.3% |
| Amounts payable after more than one year | 17 | €11,317 | - | -€11,317 | |
| Financial debts | 170/4 | €11,317 | - | -€11,317 | |
| Amounts payable within one year | 42/48 | €82,334 | €97,863 | +€15,529 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €12,181 | €11,317 | -€864 | -7.1% |
| Trade debts | 44 | €411 | €419 | +€8 | +2.0% |
| Suppliers | 440/4 | €411 | €419 | +€8 | +2.0% |
| Taxes, remuneration and social security | 45 | €24,292 | €43,345 | +€19,053 | +78.4% |
| Taxes | 450/3 | €13,787 | €30,849 | +€17,062 | +124% |
| Remuneration and social security | 454/9 | €10,504 | €12,496 | +€1,992 | +19.0% |
| Other amounts payable | 47/48 | €45,451 | €42,783 | -€2,668 | -5.9% |
| Accrued charges and deferred income | 492/3 | €1,519 | €1,401 | -€118 | -7.8% |
| Remuneration, social security and pensions | 62 | €55,751 | €58,252 | +€2,501 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,070 | €16,623 | -€1,447 | -8.0% |
| Other operating charges | 640/8 | €1,497 | €713 | -€784 | -52.4% |
| Gross operating margin | 9900 | €123,236 | €151,749 | +€28,513 | +23.1% |
| Operating profit (loss) | 9901 | €47,917 | €76,160 | +€28,243 | +58.9% |
| Financial income | 75/76B | €66,264 | €130,986 | +€64,722 | +97.7% |
| Recurring financial income | 75 | €66,264 | €130,986 | +€64,722 | +97.7% |
| Financial charges | 65/66B | €2,322 | €46,265 | +€43,942 | +1,892% |
| Recurring financial charges | 65 | €2,322 | €46,265 | +€43,942 | +1,892% |
| Profit (loss) for the period before taxes | 9903 | €111,860 | €160,882 | +€49,022 | +43.8% |
| Income taxes | 67/77 | €19,459 | €32,836 | +€13,377 | +68.7% |
| Profit (loss) for the period | 9904 | €92,400 | €128,046 | +€35,646 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €92,400 | €128,046 | +€35,646 | +38.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.