THYLBERT: 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.
THYLBERT
Largest movements
- Cash -€50,017
down €50,017 (-41.8%), from €119,651 to €69,634
mainly Investment in fixed assets (net) (-€69,169) and Receivables within one year (-€40,366)
- Receivables within one year +€40,366
up €40,366 (+93.1%), from €43,359 to €83,726
of which Trade receivables: +€31,514
- Tangible fixed assets +€30,157
up €30,157 (+28.8%), from €104,804 to €134,962
of which Plant, machinery and equipment: +€24,920
- Deferred charges and accrued income +€14,154
up €14,154 (+407.1%), from €3,476 to €17,630
- Stocks and contracts -€12,583
down €12,583 (-15.5%), from €81,236 to €68,653
- Debts after one year -€14,330
down €14,330 (-64.2%), from €22,336 to €8,006
- Trade debts +€14,178
up €14,178 (+408.7%), from €3,469 to €17,647
- Tax, wage and social debts +€12,241
up €12,241 (+217.0%), from €5,641 to €17,881
of which Remuneration and social security: +€10,637
- Reserves +€7,018
up €7,018 (+2.9%), from €245,279 to €252,297
of which Distributable reserves: +€7,018
- Staff costs +€60,857
up €60,857 (+221.3%), from €27,503 to €88,360
- Gross operating margin +€18,395
up €18,395 (+14.8%), from €124,018 to €142,413
- Taxes -€14,623
down €14,623 (-84.5%), from €17,298 to €2,675
- Depreciation +€2,066
up €2,066 (+5.6%), from €36,946 to €39,012
- Other operating charges -€1,816
down €1,816 (-26.2%), from €6,939 to €5,123
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 | €353,713 | €375,791 | +€22,078 | +6.2% |
| Fixed assets | 21/28 | €105,990 | €136,148 | +€30,157 | +28.5% |
| Tangible fixed assets | 22/27 | €104,804 | €134,962 | +€30,157 | +28.8% |
| Land and buildings | 22 | €86,644 | €94,013 | +€7,369 | +8.5% |
| Plant, machinery and equipment | 23 | €16,029 | €40,948 | +€24,920 | +155.5% |
| Furniture and vehicles | 24 | €2,131 | €0 | -€2,131 | -100.0% |
| Financial fixed assets | 28 | €1,186 | €1,186 | = | 0.0% |
| Current assets | 29/58 | €247,723 | €239,643 | -€8,079 | -3.3% |
| Stocks and contracts in progress | 3 | €81,236 | €68,653 | -€12,583 | -15.5% |
| Stocks | 30/36 | €81,236 | €68,653 | -€12,583 | -15.5% |
| Amounts receivable within one year | 40/41 | €43,359 | €83,726 | +€40,366 | +93.1% |
| Trade receivables | 40 | €23,017 | €54,531 | +€31,514 | +136.9% |
| Other amounts receivable | 41 | €20,342 | €29,194 | +€8,852 | +43.5% |
| Cash at bank and in hand | 54/58 | €119,651 | €69,634 | -€50,017 | -41.8% |
| Deferred charges and accrued income | 490/1 | €3,476 | €17,630 | +€14,154 | +407.1% |
| Total equity and liabilities | 10/49 | €353,713 | €375,791 | +€22,078 | +6.2% |
| Equity | 10/15 | €308,279 | €315,297 | +€7,018 | +2.3% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €245,279 | €252,297 | +€7,018 | +2.9% |
| Tax-exempt reserves | 132 | €5,105 | €5,105 | = | 0.0% |
| Distributable reserves | 133 | €240,174 | €247,192 | +€7,018 | +2.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €45,434 | €60,494 | +€15,060 | +33.1% |
| Amounts payable after more than one year | 17 | €22,336 | €8,006 | -€14,330 | -64.2% |
| Financial debts | 170/4 | €22,336 | €8,006 | -€14,330 | -64.2% |
| Amounts payable within one year | 42/48 | €23,098 | €52,488 | +€29,390 | +127.2% |
| Current portion of amounts payable after more than one year | 42 | €13,724 | €13,724 | = | 0.0% |
| Financial debts | 43 | €264 | €0 | -€264 | -100.0% |
| Credit institutions | 430/8 | €264 | €0 | -€264 | -100.0% |
| Trade debts | 44 | €3,469 | €17,647 | +€14,178 | +408.7% |
| Suppliers | 440/4 | €3,469 | €17,647 | +€14,178 | +408.7% |
| Taxes, remuneration and social security | 45 | €5,641 | €17,881 | +€12,241 | +217.0% |
| Taxes | 450/3 | €284 | €1,887 | +€1,604 | +565.6% |
| Remuneration and social security | 454/9 | €5,357 | €15,994 | +€10,637 | +198.6% |
| Other amounts payable | 47/48 | €0 | €3,236 | +€3,236 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €27,503 | €88,360 | +€60,857 | +221.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,946 | €39,012 | +€2,066 | +5.6% |
| Other operating charges | 640/8 | €6,939 | €5,123 | -€1,816 | -26.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €124,018 | €142,413 | +€18,395 | +14.8% |
| Operating profit (loss) | 9901 | €52,631 | €9,919 | -€42,712 | -81.2% |
| Financial income | 75/76B | €477 | €1,484 | +€1,007 | +211.0% |
| Recurring financial income | 75 | €477 | €1,484 | +€1,007 | +211.0% |
| Financial charges | 65/66B | €2,077 | €1,710 | -€367 | -17.7% |
| Recurring financial charges | 65 | €2,077 | €1,710 | -€367 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €51,031 | €9,693 | -€41,338 | -81.0% |
| Income taxes | 67/77 | €17,298 | €2,675 | -€14,623 | -84.5% |
| Profit (loss) for the period | 9904 | €33,733 | €7,018 | -€26,715 | -79.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,733 | €7,018 | -€26,715 | -79.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.