Thiriet James: 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.
Thiriet James
Largest movements
- Cash +€29,320
new in 2025: €29,320
mainly Advances received (+€19,525) and Net result for the year (+€18,405)
- Current investments -€4,204
no longer reported in 2025 (was €4,204)
- Advances received +€19,525
up €19,525 (+1,155%), from €1,690 to €21,215
- Profit (loss) carried forward +€18,405
up €18,405, from -€519 to €17,885
- Debts after one year -€14,356
down €14,356 (-6.1%), from €236,921 to €222,565
- Other debts -€5,208
down €5,208 (-5.4%), from €96,003 to €90,795
- Gross operating margin +€26,849
up €26,849 (+133%), from €20,117 to €46,966
- Taxes +€4,465
up €4,465 (+593%), from €752 to €5,217
- Depreciation +€3,388
up €3,388 (+35.1%), from €9,647 to €13,035
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 | €387,363 | €413,842 | +€26,478 | +6.8% |
| Formation expenses | 20 | €2,314 | €1,739 | -€574 | -24.8% |
| Fixed assets | 21/28 | €359,577 | €362,759 | +€3,183 | +0.9% |
| Tangible fixed assets | 22/27 | €359,577 | €362,759 | +€3,183 | +0.9% |
| Land and buildings | 22 | €349,275 | €340,337 | -€8,938 | -2.6% |
| Plant, machinery and equipment | 23 | €9,105 | €10,659 | +€1,554 | +17.1% |
| Furniture and vehicles | 24 | €1,197 | €11,764 | +€10,566 | +883% |
| Current assets | 29/58 | €25,473 | €49,343 | +€23,870 | +93.7% |
| Stocks and contracts in progress | 3 | €2,221 | €1,542 | -€679 | -30.6% |
| Stocks | 30/36 | €2,221 | €1,542 | -€679 | -30.6% |
| Amounts receivable within one year | 40/41 | €16,618 | €17,651 | +€1,033 | +6.2% |
| Trade receivables | 40 | €13,903 | €11,568 | -€2,336 | -16.8% |
| Other amounts receivable | 41 | €2,715 | €6,084 | +€3,369 | +124% |
| Current investments | 50/53 | €4,204 | - | -€4,204 | |
| Cash at bank and in hand | 54/58 | - | €29,320 | +€29,320 | |
| Deferred charges and accrued income | 490/1 | €2,430 | €830 | -€1,601 | -65.9% |
| Total equity and liabilities | 10/49 | €387,363 | €413,842 | +€26,478 | +6.8% |
| Equity | 10/15 | €19,481 | €37,885 | +€18,405 | +94.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€519 | €17,885 | +€18,405 | |
| Amounts payable | 17/49 | €367,882 | €375,956 | +€8,074 | +2.2% |
| Amounts payable after more than one year | 17 | €236,921 | €222,565 | -€14,356 | -6.1% |
| Financial debts | 170/4 | €236,921 | €222,565 | -€14,356 | -6.1% |
| Amounts payable within one year | 42/48 | €130,962 | €153,391 | +€22,429 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €13,836 | €14,356 | +€519 | +3.8% |
| Trade debts | 44 | €15,530 | €19,218 | +€3,688 | +23.7% |
| Suppliers | 440/4 | €15,530 | €19,218 | +€3,688 | +23.7% |
| Advances received on contracts in progress | 46 | €1,690 | €21,215 | +€19,525 | +1,155% |
| Taxes, remuneration and social security | 45 | €3,902 | €7,808 | +€3,905 | +100% |
| Taxes | 450/3 | €2,327 | €7,808 | +€5,480 | +235% |
| Remuneration and social security | 454/9 | €1,575 | - | -€1,575 | |
| Other amounts payable | 47/48 | €96,003 | €90,795 | -€5,208 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,647 | €13,035 | +€3,388 | +35.1% |
| Other operating charges | 640/8 | €863 | €1,083 | +€220 | +25.5% |
| Gross operating margin | 9900 | €20,117 | €46,966 | +€26,849 | +133% |
| Operating profit (loss) | 9901 | €9,607 | €32,848 | +€23,241 | +242% |
| Financial income | 75/76B | €367 | €49 | -€318 | -86.7% |
| Recurring financial income | 75 | €367 | €49 | -€318 | -86.7% |
| Financial charges | 65/66B | €9,741 | €9,276 | -€466 | -4.8% |
| Recurring financial charges | 65 | €9,741 | €9,276 | -€466 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €233 | €23,622 | +€23,388 | +10,029% |
| Income taxes | 67/77 | €752 | €5,217 | +€4,465 | +593% |
| Profit (loss) for the period | 9904 | -€519 | €18,405 | +€18,924 | |
| Profit (loss) for the period to be appropriated | 9905 | -€519 | €18,405 | +€18,924 |
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 19 October 2026 via checked.be.