Tibo Velghe: 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.
Tibo Velghe
Largest movements
- Cash +€6,828
up €6,828 (+55.9%), from €12,220 to €19,048
mainly Net result for the year (+€5,045) and Receivables within one year (+€3,544)
- Receivables within one year -€3,544
down €3,544 (-23.5%), from €15,099 to €11,556
of which Other amounts receivable: -€3,286
- Tangible fixed assets +€2,311
up €2,311 (+39.5%), from €5,844 to €8,155
of which Plant, machinery and equipment: +€2,813
- Deferred charges and accrued income +€574
up €574 (+66.9%), from €858 to €1,432
- Reserves +€5,000
up €5,000 (+20.8%), from €24,000 to €29,000
- Accrued charges and deferred income +€998
new in 2025: €998
- Gross operating margin -€27,592
down €27,592 (-68.4%), from €40,328 to €12,735
- Depreciation -€2,397
down €2,397 (-58.9%), from €4,067 to €1,670
- Financial charges -€715
down €715 (-30.9%), from €2,309 to €1,594
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 | €34,021 | €40,190 | +€6,169 | +18.1% |
| Fixed assets | 21/28 | €5,844 | €8,155 | +€2,311 | +39.5% |
| Tangible fixed assets | 22/27 | €5,844 | €8,155 | +€2,311 | +39.5% |
| Plant, machinery and equipment | 23 | - | €2,813 | +€2,813 | |
| Furniture and vehicles | 24 | €5,844 | €5,342 | -€502 | -8.6% |
| Current assets | 29/58 | €28,177 | €32,036 | +€3,858 | +13.7% |
| Amounts receivable within one year | 40/41 | €15,099 | €11,556 | -€3,544 | -23.5% |
| Trade receivables | 40 | €9,633 | €9,376 | -€258 | -2.7% |
| Other amounts receivable | 41 | €5,466 | €2,180 | -€3,286 | -60.1% |
| Cash at bank and in hand | 54/58 | €12,220 | €19,048 | +€6,828 | +55.9% |
| Deferred charges and accrued income | 490/1 | €858 | €1,432 | +€574 | +66.9% |
| Total equity and liabilities | 10/49 | €34,021 | €40,190 | +€6,169 | +18.1% |
| Equity | 10/15 | €32,120 | €37,165 | +€5,045 | +15.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €24,000 | €29,000 | +€5,000 | +20.8% |
| Distributable reserves | 133 | €24,000 | €29,000 | +€5,000 | +20.8% |
| Profit (loss) carried forward | 14 | €5,620 | €5,665 | +€45 | +0.8% |
| Amounts payable | 17/49 | €1,900 | €3,025 | +€1,125 | +59.2% |
| Amounts payable within one year | 42/48 | €1,900 | €2,027 | +€126 | +6.6% |
| Trade debts | 44 | €1,900 | €2,027 | +€126 | +6.6% |
| Suppliers | 440/4 | €1,900 | €2,027 | +€126 | +6.6% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,067 | €1,670 | -€2,397 | -58.9% |
| Other operating charges | 640/8 | €2,231 | €2,037 | -€194 | -8.7% |
| Gross operating margin | 9900 | €40,328 | €12,735 | -€27,592 | -68.4% |
| Operating profit (loss) | 9901 | €34,030 | €9,028 | -€25,002 | -73.5% |
| Financial income | 75/76B | €27 | €0 | -€27 | -100% |
| Recurring financial income | 75 | €27 | €0 | -€27 | -100% |
| Financial charges | 65/66B | €2,309 | €1,594 | -€715 | -30.9% |
| Recurring financial charges | 65 | €2,309 | €1,594 | -€715 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €31,748 | €7,434 | -€24,315 | -76.6% |
| Income taxes | 67/77 | €2,128 | €2,389 | +€261 | +12.3% |
| Profit (loss) for the period | 9904 | €29,620 | €5,045 | -€24,576 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,620 | €5,045 | -€24,576 | -83.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.