Xavier THIRY: 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.
Xavier THIRY
Largest movements
- Receivables within one year -€261,538
down €261,538 (-52.1%), from €502,029 to €240,491
of which Trade receivables: -€280,775
- Tangible fixed assets +€123,713
up €123,713 (+25.9%), from €477,007 to €600,720
of which Furniture and vehicles: +€110,218
- Cash +€117,166
up €117,166 (+18.9%), from €618,537 to €735,702
mainly Receivables within one year (+€261,538) and Debts after one year (+€214,634)
- Reserves -€215,435
down €215,435 (-30.9%), from €697,720 to €482,285
of which Distributable reserves: -€211,515
- Debts after one year +€214,634
up €214,634 (+1752.1%), from €12,250 to €226,884
- Other debts -€23,729
down €23,729 (-5.7%), from €419,492 to €395,763
- Turnover +€81,624
up €81,624 (+6.2%), from €1.3m to €1.4m
- Purchases and services +€77,876
up €77,876 (+10.1%), from €772,200 to €850,076
- Staff costs +€43,017
up €43,017 (+41.4%), from €103,967 to €146,984
- Depreciation +€40,210
up €40,210 (+23.9%), from €168,425 to €208,635
- Taxes -€28,454
down €28,454 (-38.5%), from €73,887 to €45,433
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 | €1,613,759 | €1,592,092 | -€21,667 | -1.3% |
| Fixed assets | 21/28 | €477,007 | €600,720 | +€123,713 | +25.9% |
| Tangible fixed assets | 22/27 | €477,007 | €600,720 | +€123,713 | +25.9% |
| Land and buildings | 22 | €76,194 | €68,508 | -€7,686 | -10.1% |
| Plant, machinery and equipment | 23 | €293,165 | €314,346 | +€21,181 | +7.2% |
| Furniture and vehicles | 24 | €107,648 | €217,866 | +€110,218 | +102.4% |
| Current assets | 29/58 | €1,136,752 | €991,372 | -€145,380 | -12.8% |
| Amounts receivable within one year | 40/41 | €502,029 | €240,491 | -€261,538 | -52.1% |
| Trade receivables | 40 | €470,868 | €190,093 | -€280,775 | -59.6% |
| Other amounts receivable | 41 | €31,161 | €50,399 | +€19,237 | +61.7% |
| Cash at bank and in hand | 54/58 | €618,537 | €735,702 | +€117,166 | +18.9% |
| Deferred charges and accrued income | 490/1 | €16,186 | €15,178 | -€1,008 | -6.2% |
| Total equity and liabilities | 10/49 | €1,613,759 | €1,592,092 | -€21,667 | -1.3% |
| Equity | 10/15 | €1,016,949 | €801,514 | -€215,435 | -21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €697,720 | €482,285 | -€215,435 | -30.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,840 | €3,920 | -€3,920 | -50.0% |
| Distributable reserves | 133 | €688,020 | €476,505 | -€211,515 | -30.7% |
| Profit (loss) carried forward | 14 | €300,629 | €300,629 | = | 0.0% |
| Amounts payable | 17/49 | €596,810 | €790,578 | +€193,768 | +32.5% |
| Amounts payable after more than one year | 17 | €12,250 | €226,884 | +€214,634 | +1752.1% |
| Financial debts | 170/4 | €12,250 | €226,884 | +€214,634 | +1752.1% |
| Amounts payable within one year | 42/48 | €584,560 | €563,694 | -€20,866 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €64,950 | €65,610 | +€660 | +1.0% |
| Financial debts | 43 | - | €12,250 | +€12,250 | |
| Credit institutions | 430/8 | - | €12,250 | +€12,250 | |
| Trade debts | 44 | €49,895 | €51,576 | +€1,681 | +3.4% |
| Suppliers | 440/4 | €49,895 | €51,576 | +€1,681 | +3.4% |
| Taxes, remuneration and social security | 45 | €50,223 | €38,495 | -€11,728 | -23.4% |
| Taxes | 450/3 | €47,145 | €38,495 | -€8,650 | -18.3% |
| Remuneration and social security | 454/9 | €3,078 | - | -€3,078 | |
| Other amounts payable | 47/48 | €419,492 | €395,763 | -€23,729 | -5.7% |
| Turnover | 70 | €1,306,003 | €1,387,626 | +€81,624 | +6.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €772,200 | €850,076 | +€77,876 | +10.1% |
| Remuneration, social security and pensions | 62 | €103,967 | €146,984 | +€43,017 | +41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,425 | €208,635 | +€40,210 | +23.9% |
| Other operating charges | 640/8 | €14,107 | €2,992 | -€11,115 | -78.8% |
| Gross operating margin | 9900 | €533,802 | €537,550 | +€3,748 | +0.7% |
| Operating profit (loss) | 9901 | €247,304 | €178,940 | -€68,364 | -27.6% |
| Financial income | 75/76B | €1,369 | €7 | -€1,362 | -99.5% |
| Recurring financial income | 75 | €1,369 | €7 | -€1,362 | -99.5% |
| Financial charges | 65/66B | €1,071 | €7,398 | +€6,327 | +590.9% |
| Recurring financial charges | 65 | €1,071 | €7,398 | +€6,327 | +590.9% |
| Profit (loss) for the period before taxes | 9903 | €247,602 | €171,550 | -€76,053 | -30.7% |
| Income taxes | 67/77 | €73,887 | €45,433 | -€28,454 | -38.5% |
| Profit (loss) for the period | 9904 | €173,715 | €126,116 | -€47,599 | -27.4% |
| Transfer from tax-exempt reserves | 789 | €3,920 | €3,920 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €177,635 | €130,036 | -€47,599 | -26.8% |
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 8 October 2026 via checked.be.