TIBI: 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.
What changed
TIBI
NACE 38.330, Waste collection, recovery and disposal activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€54.8m
2024 · -€54.6m-€247,124
Equity
€26.8m
2024 · €29.2m-€2.4m
Cash
€2.4m
2024 · €1.6m+€831,199
Balance sheet total
€151.0m
2024 · €146.1m+€4.9m
Largest movements
Assets
- Receivables within one year +€8.5m
up €8.5m (+32.5%), from €26.0m to €34.5m
of which Trade receivables: +€8.1m
- Tangible fixed assets -€4.8m
down €4.8m (-5.5%), from €87.9m to €83.1m
of which Plant, machinery and equipment: -€5.8m
- Receivables after one year -€1.9m
down €1.9m (-13.9%), from €13.9m to €12.0m
- Current investments +€1.9m
up €1.9m (+14.3%), from €13.3m to €15.2m
Equity and liabilities
- Trade debts +€8.4m
up €8.4m (+247%), from €3.4m to €11.8m
- Debts after one year -€6.8m
down €6.8m (-9.8%), from €69.2m to €62.4m
- Provisions +€6.2m
up €6.2m (+25.8%), from €23.9m to €30.1m
- Investment grants -€2.4m
down €2.4m (-12.7%), from €18.5m to €16.1m
Income statement
- Turnover +€2.2m
up €2.2m (+9.6%), from €23.2m to €25.4m
- Provisions +€1.2m
up €1.2m (+24.4%), from €5.0m to €6.2m
- Staff costs +€774,691
up €774,691 (+1.7%), from €46.2m to €47.0m
- Other operating income +€659,999
up €659,999 (+4.3%), from €15.3m to €15.9m
- Services and other goods +€644,266
up €644,266 (+2.1%), from €30.1m to €30.8m
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.
Result 2024
-€54.6m
Turnover
+€2.2m
Other operating income
+€659,999
Goods and materials
-€341,873
Services and other goods
-€644,266
Staff costs
-€774,691
Depreciation
-€180,328
Write-downs
-€10,211
Provisions
-€1.2m
Other operating charges
+€21,427
Other operating items
-€29,619
Financial income
-€149,357
Financial charges
+€147,863
Taxes
+€31,239
Result 2025
-€54.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€38.8m
Investment
-€6.0m
Financing
+€45.6m
Cash 2024
€1.6m
From operations (derived)
-€38.8m
Net result for the year
-€54.8m
Depreciation
+€8.9m
Receivables after one year
+€1.9m
Smaller working-capital items
-€85,696
Receivables within one year
-€8.5m
Deferred charges and accrued income
-€411,644
Provisions
+€6.2m
Trade debts
+€8.4m
Other debts
-€441,897
Investment (derived)
-€6.0m
Investment in fixed assets (net)
-€4.1m
Current investments
-€1.9m
Financing
+€45.6m
Debts after one year
-€6.8m
Current portion of long-term debt
-€80,929
Contributions, distributions and other
+€52.5m
Cash 2025
€2.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,148,543 | €151,020,494 | +€4.9m | +3.3% |
| Fixed assets | 21/28 | €88,622,408 | €83,826,905 | -€4.8m | -5.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €87,902,780 | €83,108,627 | -€4.8m | -5.5% |
| Land and buildings | 22 | €21,682,910 | €20,792,994 | -€889,916 | -4.1% |
| Plant, machinery and equipment | 23 | €59,580,393 | €53,790,216 | -€5.8m | -9.7% |
| Furniture and vehicles | 24 | €6,632,350 | €8,525,417 | +€1.9m | +28.5% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Assets under construction and advance payments | 27 | €7,127 | - | -€7,127 | |
| Financial fixed assets | 28 | €719,628 | €718,278 | -€1,350 | -0.2% |
| Affiliated companies | 280/1 | €560,000 | €560,000 | = | 0.0% |
| Participating interests | 280 | €560,000 | €560,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €121,838 | €121,838 | = | 0.0% |
| Participating interests | 282 | €121,838 | €121,838 | = | 0.0% |
| Other financial fixed assets | 284/8 | €37,790 | €36,440 | -€1,350 | -3.6% |
| Shares | 284 | €8,526 | €8,526 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €29,264 | €27,914 | -€1,350 | -4.6% |
| Current assets | 29/58 | €57,526,135 | €67,193,589 | +€9.7m | +16.8% |
| Amounts receivable after more than one year | 29 | €13,906,143 | €11,968,305 | -€1.9m | -13.9% |
| Other amounts receivable | 291 | €13,906,143 | €11,968,305 | -€1.9m | -13.9% |
| Stocks and contracts in progress | 3 | €2,544,414 | €2,558,178 | +€13,764 | +0.5% |
| Stocks | 30/36 | €2,544,414 | €2,558,178 | +€13,764 | +0.5% |
| Raw materials and consumables | 30/31 | €2,396,167 | €2,503,065 | +€106,898 | +4.5% |
| Goods purchased for resale | 34 | €148,247 | €55,113 | -€93,134 | -62.8% |
| Amounts receivable within one year | 40/41 | €26,023,815 | €34,476,309 | +€8.5m | +32.5% |
| Trade receivables | 40 | €5,263,015 | €13,317,728 | +€8.1m | +153% |
| Other amounts receivable | 41 | €20,760,800 | €21,158,581 | +€397,781 | +1.9% |
| Current investments | 50/53 | €13,257,854 | €15,154,045 | +€1.9m | +14.3% |
| Other investments | 51/53 | €13,257,854 | €15,154,045 | +€1.9m | +14.3% |
| Cash at bank and in hand | 54/58 | €1,561,451 | €2,392,650 | +€831,199 | +53.2% |
| Deferred charges and accrued income | 490/1 | €232,458 | €644,101 | +€411,644 | +177% |
| Total equity and liabilities | 10/49 | €146,148,543 | €151,020,494 | +€4.9m | +3.3% |
| Equity | 10/15 | €29,197,127 | €26,846,788 | -€2.4m | -8.0% |
| Contributions | 10/11 | €6,533,432 | €6,533,556 | +€124 | 0.0% |
| Revaluation surpluses | 12 | €2,432,070 | €2,432,070 | = | 0.0% |
| Reserves | 13 | €1,766,413 | €1,766,413 | = | 0.0% |
| Non-distributable reserves | 130/1 | €214,189 | €214,189 | = | 0.0% |
| Reserves not available under the articles | 1311 | €214,189 | €214,189 | = | 0.0% |
| Distributable reserves | 133 | €1,552,224 | €1,552,224 | = | 0.0% |
| Investment grants | 15 | €18,465,211 | €16,114,748 | -€2.4m | -12.7% |
| Provisions and deferred taxes | 16 | €23,894,985 | €30,056,270 | +€6.2m | +25.8% |
| Provisions for liabilities and charges | 160/5 | €23,894,985 | €30,056,270 | +€6.2m | +25.8% |
| Major repairs and maintenance | 162 | €5,879,978 | €5,617,151 | -€262,827 | -4.5% |
| Other liabilities and charges | 164/5 | €18,015,007 | €24,439,118 | +€6.4m | +35.7% |
| Amounts payable | 17/49 | €93,056,431 | €94,117,437 | +€1.1m | +1.1% |
| Amounts payable after more than one year | 17 | €69,218,020 | €62,443,034 | -€6.8m | -9.8% |
| Financial debts | 170/4 | €69,218,020 | €62,443,034 | -€6.8m | -9.8% |
| Credit institutions | 173 | €69,218,020 | €62,443,034 | -€6.8m | -9.8% |
| Amounts payable within one year | 42/48 | €18,085,652 | €26,006,622 | +€7.9m | +43.8% |
| Current portion of amounts payable after more than one year | 42 | €6,933,791 | €6,852,862 | -€80,929 | -1.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,417,958 | €11,848,708 | +€8.4m | +247% |
| Suppliers | 440/4 | €3,417,958 | €11,848,708 | +€8.4m | +247% |
| Taxes, remuneration and social security | 45 | €6,159,627 | €6,172,673 | +€13,046 | +0.2% |
| Taxes | 450/3 | €600,816 | €902,343 | +€301,527 | +50.2% |
| Remuneration and social security | 454/9 | €5,558,811 | €5,270,329 | -€288,482 | -5.2% |
| Other amounts payable | 47/48 | €1,574,276 | €1,132,379 | -€441,897 | -28.1% |
| Accrued charges and deferred income | 492/3 | €5,752,759 | €5,667,781 | -€84,978 | -1.5% |
| Operating income | 70/76A | €38,444,528 | €41,410,425 | +€3.0m | +7.7% |
| Turnover | 70 | €23,172,620 | €25,404,483 | +€2.2m | +9.6% |
| Other operating income | 74 | €15,259,222 | €15,919,220 | +€659,999 | +4.3% |
| Non-recurring operating income | 76A | €12,687 | €86,722 | +€74,035 | +584% |
| Operating charges | 60/66A | €94,485,331 | €97,728,098 | +€3.2m | +3.4% |
| Goods for resale, raw materials and consumables | 60 | €2,142,866 | €2,484,739 | +€341,873 | +16.0% |
| Purchases | 600/8 | €2,316,923 | €2,498,504 | +€181,580 | +7.8% |
| Change in stocks: decrease (increase) | 609 | -€174,057 | -€13,764 | +€160,293 | +92.1% |
| Services and other goods | 61 | €30,107,894 | €30,752,160 | +€644,266 | +2.1% |
| Remuneration, social security and pensions | 62 | €46,243,626 | €47,018,316 | +€774,691 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,693,788 | €8,874,116 | +€180,328 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€34,903 | -€24,692 | +€10,211 | +29.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,952,114 | €6,161,285 | +€1.2m | +24.4% |
| Other operating charges | 640/8 | €2,163,046 | €2,141,619 | -€21,427 | -1.0% |
| Non-recurring operating charges | 66A | €216,900 | €320,555 | +€103,654 | +47.8% |
| Operating profit (loss) | 9901 | -€56,040,803 | -€56,317,673 | -€276,870 | -0.5% |
| Financial income | 75/76B | €2,533,594 | €2,384,237 | -€149,357 | -5.9% |
| Recurring financial income | 75 | €2,533,594 | €2,384,237 | -€149,357 | -5.9% |
| Other financial income | 752/9 | €2,533,594 | €2,384,237 | -€149,357 | -5.9% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €946,318 | €798,455 | -€147,863 | -15.6% |
| Recurring financial charges | 65 | €946,318 | €798,455 | -€147,863 | -15.6% |
| Debt charges | 650 | €935,268 | €796,227 | -€139,041 | -14.9% |
| Other financial charges | 652/9 | €11,050 | €2,228 | -€8,822 | -79.8% |
| Profit (loss) for the period before taxes | 9903 | -€54,453,527 | -€54,731,890 | -€278,363 | -0.5% |
| Income taxes | 67/77 | €139,200 | €107,961 | -€31,239 | -22.4% |
| Taxes | 670/3 | €139,200 | €107,961 | -€31,239 | -22.4% |
| Profit (loss) for the period | 9904 | -€54,592,727 | -€54,839,851 | -€247,124 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,592,727 | -€54,839,851 | -€247,124 | -0.5% |
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 14 October 2026 via checked.be.