Thomas Piedboeuf: 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.
Thomas Piedboeuf
Largest movements
- Intangible fixed assets -€35,612
down €35,612 (-12.2%), from €291,249 to €255,637
- Cash +€34,283
up €34,283 (+44.0%), from €77,993 to €112,275
mainly Depreciation (+€86,385) and Net result for the year (+€78,738)
- Receivables within one year +€11,214
up €11,214 (+109%), from €10,256 to €21,470
of which Trade receivables: +€11,261
- Profit (loss) carried forward +€74,054
up €74,054 (+59,433%), from €125 to €74,179
- Other debts -€44,360
down €44,360 (-68.8%), from €64,476 to €20,115
- Debts after one year -€21,616
down €21,616 (-2.9%), from €758,100 to €736,485
of which Financial debts: -€21,616
- Gross operating margin +€111,745
up €111,745 (+53.1%), from €210,506 to €322,251
- Staff costs +€17,992
up €17,992 (+23.7%), from €75,853 to €93,845
- Taxes +€17,927
up €17,927 (+290%), from €6,189 to €24,116
- Depreciation +€16,485
up €16,485 (+23.6%), from €69,900 to €86,385
- Other operating charges +€4,962
up €4,962 (+56.1%), from €8,850 to €13,813
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 | €955,226 | €963,240 | +€8,014 | +0.8% |
| Fixed assets | 21/28 | €864,770 | €827,093 | -€37,677 | -4.4% |
| Intangible fixed assets | 21 | €291,249 | €255,637 | -€35,612 | -12.2% |
| Tangible fixed assets | 22/27 | €573,520 | €571,455 | -€2,065 | -0.4% |
| Land and buildings | 22 | €279,021 | €271,725 | -€7,297 | -2.6% |
| Plant, machinery and equipment | 23 | €265,258 | €267,603 | +€2,345 | +0.9% |
| Furniture and vehicles | 24 | €27,278 | €19,401 | -€7,876 | -28.9% |
| Other tangible fixed assets | 26 | €1,964 | €12,727 | +€10,763 | +548% |
| Current assets | 29/58 | €90,457 | €136,147 | +€45,691 | +50.5% |
| Amounts receivable within one year | 40/41 | €10,256 | €21,470 | +€11,214 | +109% |
| Trade receivables | 40 | €145 | €11,406 | +€11,261 | +7,785% |
| Other amounts receivable | 41 | €10,111 | €10,064 | -€47 | -0.5% |
| Cash at bank and in hand | 54/58 | €77,993 | €112,275 | +€34,283 | +44.0% |
| Deferred charges and accrued income | 490/1 | €2,209 | €2,402 | +€194 | +8.8% |
| Total equity and liabilities | 10/49 | €955,226 | €963,240 | +€8,014 | +0.8% |
| Equity | 10/15 | €69,325 | €143,379 | +€74,054 | +107% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €59,200 | €59,200 | = | 0.0% |
| Distributable reserves | 133 | €59,200 | €59,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125 | €74,179 | +€74,054 | +59,433% |
| Amounts payable | 17/49 | €885,902 | €819,861 | -€66,040 | -7.5% |
| Amounts payable after more than one year | 17 | €758,100 | €736,485 | -€21,616 | -2.9% |
| Financial debts | 170/4 | €708,100 | €686,485 | -€21,616 | -3.1% |
| Trade debts | 175 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €127,801 | €83,377 | -€44,425 | -34.8% |
| Current portion of amounts payable after more than one year | 42 | €45,101 | €43,456 | -€1,645 | -3.6% |
| Trade debts | 44 | €17,085 | €11,333 | -€5,752 | -33.7% |
| Suppliers | 440/4 | €17,085 | €11,333 | -€5,752 | -33.7% |
| Taxes, remuneration and social security | 45 | €1,140 | €8,472 | +€7,332 | +643% |
| Taxes | 450/3 | €1,140 | €6,368 | +€5,228 | +459% |
| Remuneration and social security | 454/9 | €0 | €2,104 | +€2,104 | |
| Other amounts payable | 47/48 | €64,476 | €20,115 | -€44,360 | -68.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €75,853 | €93,845 | +€17,992 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,900 | €86,385 | +€16,485 | +23.6% |
| Other operating charges | 640/8 | €8,850 | €13,813 | +€4,962 | +56.1% |
| Gross operating margin | 9900 | €210,506 | €322,251 | +€111,745 | +53.1% |
| Operating profit (loss) | 9901 | €55,903 | €128,209 | +€72,306 | +129% |
| Financial income | 75/76B | €241 | €957 | +€715 | +297% |
| Recurring financial income | 75 | €241 | €957 | +€715 | +297% |
| Financial charges | 65/66B | €25,955 | €26,312 | +€357 | +1.4% |
| Recurring financial charges | 65 | €25,955 | €26,312 | +€357 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €30,189 | €102,854 | +€72,665 | +241% |
| Income taxes | 67/77 | €6,189 | €24,116 | +€17,927 | +290% |
| Profit (loss) for the period | 9904 | €24,000 | €78,738 | +€54,738 | +228% |
| Profit (loss) for the period to be appropriated | 9905 | €24,000 | €78,738 | +€54,738 | +228% |
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 17 October 2026 via checked.be.