MAJOR TOM: 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.
MAJOR TOM
Largest movements
- Receivables within one year -€77,084
down €77,084 (-70.4%), from €109,445 to €32,360
of which Trade receivables: -€50,000
- Cash +€33,596
up €33,596 (+44.2%), from €75,956 to €109,552
mainly Receivables within one year (+€77,084) and Contributions, distributions and other (+€12,400)
- Tangible fixed assets +€13,527
up €13,527 (+165.1%), from €8,193 to €21,721
of which Other tangible fixed assets: +€12,282
- Other debts -€23,683
down €23,683 (-89.8%), from €26,382 to €2,699
- Contributions +€12,400
up €12,400 (+200.0%), from €6,200 to €18,600
- Current portion of long-term debt -€10,188
no longer reported in 2025 (was €10,188)
- Tax, wage and social debts -€7,294
down €7,294 (-15.9%), from €45,860 to €38,566
of which Remuneration and social security: -€6,000
- Gross operating margin -€67,451
down €67,451 (-86.8%), from €77,733 to €10,282
- Taxes -€12,690
down €12,690 (-77.7%), from €16,323 to €3,634
- Other operating charges -€9,830
down €9,830 (-85.8%), from €11,456 to €1,626
- Depreciation +€1,529
up €1,529 (+103.9%), from €1,471 to €3,000
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 | €196,621 | €167,835 | -€28,785 | -14.6% |
| Fixed assets | 21/28 | €8,193 | €21,721 | +€13,527 | +165.1% |
| Tangible fixed assets | 22/27 | €8,193 | €21,721 | +€13,527 | +165.1% |
| Plant, machinery and equipment | 23 | €1,136 | €2,216 | +€1,080 | +95.1% |
| Furniture and vehicles | 24 | €3,341 | €3,506 | +€165 | +4.9% |
| Other tangible fixed assets | 26 | €3,717 | €15,999 | +€12,282 | +330.4% |
| Current assets | 29/58 | €188,427 | €146,115 | -€42,313 | -22.5% |
| Amounts receivable within one year | 40/41 | €109,445 | €32,360 | -€77,084 | -70.4% |
| Trade receivables | 40 | €63,915 | €13,915 | -€50,000 | -78.2% |
| Other amounts receivable | 41 | €45,530 | €18,445 | -€27,084 | -59.5% |
| Cash at bank and in hand | 54/58 | €75,956 | €109,552 | +€33,596 | +44.2% |
| Deferred charges and accrued income | 490/1 | €3,026 | €4,202 | +€1,176 | +38.9% |
| Total equity and liabilities | 10/49 | €196,621 | €167,835 | -€28,785 | -14.6% |
| Equity | 10/15 | €108,791 | €122,810 | +€14,019 | +12.9% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200.0% |
| Reserves | 13 | €78,291 | €79,910 | +€1,619 | +2.1% |
| Distributable reserves | 133 | €78,291 | €79,910 | +€1,619 | +2.1% |
| Profit (loss) carried forward | 14 | €24,300 | €24,300 | = | 0.0% |
| Amounts payable | 17/49 | €87,829 | €45,025 | -€42,805 | -48.7% |
| Amounts payable within one year | 42/48 | €87,751 | €44,958 | -€42,793 | -48.8% |
| Current portion of amounts payable after more than one year | 42 | €10,188 | - | -€10,188 | |
| Trade debts | 44 | €5,321 | €3,693 | -€1,628 | -30.6% |
| Suppliers | 440/4 | €5,321 | €3,693 | -€1,628 | -30.6% |
| Taxes, remuneration and social security | 45 | €45,860 | €38,566 | -€7,294 | -15.9% |
| Taxes | 450/3 | €39,860 | €38,566 | -€1,294 | -3.2% |
| Remuneration and social security | 454/9 | €6,000 | - | -€6,000 | |
| Other amounts payable | 47/48 | €26,382 | €2,699 | -€23,683 | -89.8% |
| Accrued charges and deferred income | 492/3 | €79 | €67 | -€12 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,471 | €3,000 | +€1,529 | +103.9% |
| Other operating charges | 640/8 | €11,456 | €1,626 | -€9,830 | -85.8% |
| Gross operating margin | 9900 | €77,733 | €10,282 | -€67,451 | -86.8% |
| Operating profit (loss) | 9901 | €64,807 | €5,656 | -€59,150 | -91.3% |
| Financial income | 75/76B | €13 | €2 | -€11 | -87.0% |
| Recurring financial income | 75 | €13 | €2 | -€11 | -87.0% |
| Financial charges | 65/66B | €666 | €405 | -€261 | -39.2% |
| Recurring financial charges | 65 | €666 | €405 | -€261 | -39.2% |
| Profit (loss) for the period before taxes | 9903 | €64,153 | €5,253 | -€58,900 | -91.8% |
| Income taxes | 67/77 | €16,323 | €3,634 | -€12,690 | -77.7% |
| Profit (loss) for the period | 9904 | €47,830 | €1,619 | -€46,210 | -96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,830 | €1,619 | -€46,210 | -96.6% |
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 7 October 2026 via checked.be.