VAN THIELEN XAVIER: 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.
VAN THIELEN XAVIER
Largest movements
- Receivables within one year +€134,228
up €134,228 (+36.2%), from €370,727 to €504,955
of which Other amounts receivable: +€74,783
- Trade debts +€68,272
up €68,272 (+301%), from €22,685 to €90,956
- Reserves +€65,000
up €65,000 (+37.2%), from €174,620 to €239,620
- Tax, wage and social debts +€22,153
up €22,153 (+150%), from €14,752 to €36,905
- Current portion of long-term debt -€18,287
no longer reported in 2025 (was €18,287)
- Gross operating margin +€17,475
up €17,475 (+20.1%), from €86,772 to €104,247
- Taxes +€7,957
up €7,957 (+35.0%), from €22,750 to €30,706
- Depreciation -€4,017
down €4,017 (-65.6%), from €6,127 to €2,110
- Other operating charges +€1,781
up €1,781 (+331%), from €537 to €2,318
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 | €380,170 | €513,347 | +€133,177 | +35.0% |
| Fixed assets | 21/28 | €4,836 | €4,751 | -€85 | -1.8% |
| Tangible fixed assets | 22/27 | €4,786 | €4,701 | -€85 | -1.8% |
| Plant, machinery and equipment | 23 | €4,602 | €2,697 | -€1,905 | -41.4% |
| Furniture and vehicles | 24 | €185 | €2,005 | +€1,820 | +986% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €375,333 | €508,595 | +€133,262 | +35.5% |
| Stocks and contracts in progress | 3 | €4,020 | €3,640 | -€380 | -9.5% |
| Stocks | 30/36 | €4,020 | €3,640 | -€380 | -9.5% |
| Amounts receivable within one year | 40/41 | €370,727 | €504,955 | +€134,228 | +36.2% |
| Trade receivables | 40 | €14,811 | €74,256 | +€59,445 | +401% |
| Other amounts receivable | 41 | €355,916 | €430,700 | +€74,783 | +21.0% |
| Cash at bank and in hand | 54/58 | €321 | - | -€321 | |
| Deferred charges and accrued income | 490/1 | €265 | - | -€265 | |
| Total equity and liabilities | 10/49 | €380,170 | €513,347 | +€133,177 | +35.0% |
| Equity | 10/15 | €310,848 | €375,262 | +€64,414 | +20.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €174,620 | €239,620 | +€65,000 | +37.2% |
| Distributable reserves | 133 | €174,620 | €239,620 | +€65,000 | +37.2% |
| Profit (loss) carried forward | 14 | €130,028 | €129,442 | -€586 | -0.5% |
| Amounts payable | 17/49 | €69,322 | €138,084 | +€68,763 | +99.2% |
| Amounts payable within one year | 42/48 | €69,322 | €138,084 | +€68,763 | +99.2% |
| Current portion of amounts payable after more than one year | 42 | €18,287 | - | -€18,287 | |
| Financial debts | 43 | €13,009 | €9,628 | -€3,382 | -26.0% |
| Credit institutions | 430/8 | €13,009 | €9,628 | -€3,382 | -26.0% |
| Trade debts | 44 | €22,685 | €90,956 | +€68,272 | +301% |
| Suppliers | 440/4 | €22,685 | €90,956 | +€68,272 | +301% |
| Taxes, remuneration and social security | 45 | €14,752 | €36,905 | +€22,153 | +150% |
| Taxes | 450/3 | €14,752 | €36,905 | +€22,153 | +150% |
| Other amounts payable | 47/48 | €588 | €595 | +€7 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,127 | €2,110 | -€4,017 | -65.6% |
| Other operating charges | 640/8 | €537 | €2,318 | +€1,781 | +331% |
| Gross operating margin | 9900 | €86,772 | €104,247 | +€17,475 | +20.1% |
| Operating profit (loss) | 9901 | €80,108 | €99,819 | +€19,711 | +24.6% |
| Financial income | 75/76B | €0 | €30 | +€30 | +59,900% |
| Recurring financial income | 75 | €0 | €30 | +€30 | +59,900% |
| Financial charges | 65/66B | €3,983 | €3,878 | -€105 | -2.6% |
| Recurring financial charges | 65 | €3,983 | €3,878 | -€105 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €76,125 | €95,971 | +€19,846 | +26.1% |
| Income taxes | 67/77 | €22,750 | €30,706 | +€7,957 | +35.0% |
| Profit (loss) for the period | 9904 | €53,375 | €65,264 | +€11,889 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,375 | €65,264 | +€11,889 | +22.3% |
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 25 October 2026 via checked.be.