FREDERIC TOMBAL: 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.
FREDERIC TOMBAL
Largest movements
- Tangible fixed assets +€301,353
up €301,353 (+85.7%), from €351,657 to €653,010
of which Other tangible fixed assets: +€314,044
- Cash -€170,683
down €170,683 (-92.5%), from €184,441 to €13,758
mainly Investment in fixed assets (net) (-€335,616) and Trade debts (-€7,288)
- Reserves +€55,304
up €55,304 (+24.0%), from €230,828 to €286,132
- Debts after one year +€50,797
up €50,797 (+75.2%), from €67,565 to €118,362
- Tax, wage and social debts +€22,395
new in 2025: €22,395
- Trade debts -€7,288
down €7,288 (-95.6%), from €7,625 to €337
- Gross operating margin +€10,942
up €10,942 (+9.7%), from €112,986 to €123,928
- Taxes +€3,534
up €3,534 (+16.2%), from €21,795 to €25,329
- Depreciation +€2,795
up €2,795 (+8.9%), from €31,468 to €34,263
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 | €543,474 | €674,206 | +€130,732 | +24.1% |
| Fixed assets | 21/28 | €351,657 | €653,010 | +€301,353 | +85.7% |
| Tangible fixed assets | 22/27 | €351,657 | €653,010 | +€301,353 | +85.7% |
| Furniture and vehicles | 24 | €47,461 | €34,770 | -€12,691 | -26.7% |
| Other tangible fixed assets | 26 | €304,196 | €618,240 | +€314,044 | +103.2% |
| Current assets | 29/58 | €191,817 | €21,196 | -€170,621 | -88.9% |
| Amounts receivable within one year | 40/41 | €2,581 | €2,322 | -€259 | -10.0% |
| Trade receivables | 40 | €634 | €2,192 | +€1,558 | +245.7% |
| Other amounts receivable | 41 | €1,947 | €130 | -€1,817 | -93.3% |
| Cash at bank and in hand | 54/58 | €184,441 | €13,758 | -€170,683 | -92.5% |
| Deferred charges and accrued income | 490/1 | €4,795 | €5,116 | +€321 | +6.7% |
| Total equity and liabilities | 10/49 | €543,474 | €674,206 | +€130,732 | +24.1% |
| Equity | 10/15 | €422,934 | €478,238 | +€55,304 | +13.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €230,828 | €286,132 | +€55,304 | +24.0% |
| Distributable reserves | 133 | €230,828 | €286,132 | +€55,304 | +24.0% |
| Profit (loss) carried forward | 14 | €179,706 | €179,706 | = | 0.0% |
| Amounts payable | 17/49 | €120,540 | €195,968 | +€75,428 | +62.6% |
| Amounts payable after more than one year | 17 | €67,565 | €118,362 | +€50,797 | +75.2% |
| Financial debts | 170/4 | €67,565 | €118,362 | +€50,797 | +75.2% |
| Amounts payable within one year | 42/48 | €52,975 | €77,606 | +€24,631 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €40,612 | €46,395 | +€5,783 | +14.2% |
| Trade debts | 44 | €7,625 | €337 | -€7,288 | -95.6% |
| Suppliers | 440/4 | €7,625 | €337 | -€7,288 | -95.6% |
| Taxes, remuneration and social security | 45 | - | €22,395 | +€22,395 | |
| Taxes | 450/3 | - | €22,395 | +€22,395 | |
| Other amounts payable | 47/48 | €4,738 | €8,479 | +€3,741 | +79.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,468 | €34,263 | +€2,795 | +8.9% |
| Other operating charges | 640/8 | €1,401 | €1,446 | +€45 | +3.2% |
| Gross operating margin | 9900 | €112,986 | €123,928 | +€10,942 | +9.7% |
| Operating profit (loss) | 9901 | €80,117 | €88,219 | +€8,102 | +10.1% |
| Financial income | 75/76B | €1,553 | €1,446 | -€107 | -6.9% |
| Recurring financial income | 75 | €1,553 | €1,446 | -€107 | -6.9% |
| Financial charges | 65/66B | €4,617 | €5,645 | +€1,028 | +22.3% |
| Recurring financial charges | 65 | €4,617 | €5,645 | +€1,028 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €77,053 | €84,020 | +€6,967 | +9.0% |
| Income taxes | 67/77 | €21,795 | €25,329 | +€3,534 | +16.2% |
| Profit (loss) for the period | 9904 | €55,258 | €58,691 | +€3,433 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,258 | €58,691 | +€3,433 | +6.2% |
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 10 October 2026 via checked.be.