TIBAX: 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.
TIBAX
Largest movements
- Receivables within one year +€38,878
up €38,878 (+42.7%), from €91,059 to €129,938
of which Other amounts receivable: +€30,690
- Tangible fixed assets -€17,204
down €17,204 (-7.9%), from €218,013 to €200,809
of which Furniture and vehicles: -€9,374
- Cash +€11,080
up €11,080 (+45.4%), from €24,389 to €35,469
mainly Net result for the year (+€51,955) and Depreciation (+€17,204)
- Reserves +€41,955
up €41,955 (+14.4%), from €291,074 to €333,029
of which Distributable reserves: +€41,955
- Debts after one year -€28,778
down €28,778 (-15.2%), from €189,732 to €160,955
- Tax, wage and social debts +€17,083
up €17,083 (+147%), from €11,652 to €28,735
- Advances received +€13,023
new in 2025: €13,023
- Trade debts -€6,815
down €6,815 (-14.1%), from €48,186 to €41,371
- Gross operating margin +€30,241
up €30,241 (+48.6%), from €62,185 to €92,426
- Depreciation +€9,374
up €9,374 (+120%), from €7,829 to €17,204
- Taxes +€4,395
up €4,395 (+61.1%), from €7,188 to €11,583
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 | €603,615 | €633,995 | +€30,380 | +5.0% |
| Fixed assets | 21/28 | €218,013 | €200,809 | -€17,204 | -7.9% |
| Tangible fixed assets | 22/27 | €218,013 | €200,809 | -€17,204 | -7.9% |
| Land and buildings | 22 | €171,140 | €163,311 | -€7,829 | -4.6% |
| Furniture and vehicles | 24 | €46,872 | €37,498 | -€9,374 | -20.0% |
| Current assets | 29/58 | €385,603 | €433,186 | +€47,583 | +12.3% |
| Stocks and contracts in progress | 3 | €270,155 | €267,780 | -€2,375 | -0.9% |
| Stocks | 30/36 | €270,155 | €267,780 | -€2,375 | -0.9% |
| Amounts receivable within one year | 40/41 | €91,059 | €129,938 | +€38,878 | +42.7% |
| Trade receivables | 40 | €4,446 | €12,635 | +€8,189 | +184% |
| Other amounts receivable | 41 | €86,613 | €117,303 | +€30,690 | +35.4% |
| Cash at bank and in hand | 54/58 | €24,389 | €35,469 | +€11,080 | +45.4% |
| Total equity and liabilities | 10/49 | €603,615 | €633,995 | +€30,380 | +5.0% |
| Equity | 10/15 | €309,666 | €351,621 | +€41,955 | +13.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €291,074 | €333,029 | +€41,955 | +14.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €289,215 | €331,170 | +€41,955 | +14.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €293,949 | €282,374 | -€11,575 | -3.9% |
| Amounts payable after more than one year | 17 | €189,732 | €160,955 | -€28,778 | -15.2% |
| Financial debts | 170/4 | €189,732 | €160,955 | -€28,778 | -15.2% |
| Amounts payable within one year | 42/48 | €104,217 | €121,419 | +€17,203 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €44,378 | €38,290 | -€6,089 | -13.7% |
| Trade debts | 44 | €48,186 | €41,371 | -€6,815 | -14.1% |
| Suppliers | 440/4 | €48,186 | €41,371 | -€6,815 | -14.1% |
| Advances received on contracts in progress | 46 | - | €13,023 | +€13,023 | |
| Taxes, remuneration and social security | 45 | €11,652 | €28,735 | +€17,083 | +147% |
| Taxes | 450/3 | €11,652 | €28,735 | +€17,083 | +147% |
| Non-recurring operating income | 76A | €3,573 | €0 | -€3,573 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,829 | €17,204 | +€9,374 | +120% |
| Other operating charges | 640/8 | €1,750 | €2,547 | +€797 | +45.5% |
| Gross operating margin | 9900 | €62,185 | €92,426 | +€30,241 | +48.6% |
| Operating profit (loss) | 9901 | €52,606 | €72,676 | +€20,070 | +38.2% |
| Financial income | 75/76B | €158 | €263 | +€104 | +66.0% |
| Recurring financial income | 75 | €158 | €263 | +€104 | +66.0% |
| Financial charges | 65/66B | €9,884 | €9,400 | -€484 | -4.9% |
| Recurring financial charges | 65 | €9,884 | €9,400 | -€484 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €42,880 | €63,538 | +€20,658 | +48.2% |
| Income taxes | 67/77 | €7,188 | €11,583 | +€4,395 | +61.1% |
| Profit (loss) for the period | 9904 | €35,692 | €51,955 | +€16,263 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,692 | €51,955 | +€16,263 | +45.6% |
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 13 October 2026 via checked.be.