T-BOUW: 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.
T-BOUW
Largest movements
- Cash +€68,313
up €68,313 (+529%), from €12,903 to €81,216
mainly Net result for the year (+€73,452) and Receivables within one year (+€58,099)
- Receivables within one year -€58,099
down €58,099 (-52.3%), from €110,992 to €52,893
of which Trade receivables: -€56,064
- Tangible fixed assets -€26,934
down €26,934 (-8.7%), from €308,147 to €281,213
of which Leasing and similar rights: -€20,914
- Deferred charges and accrued income -€4,938
down €4,938 (-53.2%), from €9,273 to €4,335
- Profit (loss) carried forward +€73,452
up €73,452 (+172%), from €42,653 to €116,105
- Trade debts -€55,801
down €55,801 (-58.8%), from €94,839 to €39,038
- Debts after one year -€30,316
down €30,316 (-11.7%), from €258,050 to €227,734
of which Financial debts: -€22,395
- Current portion of long-term debt -€12,936
down €12,936 (-29.9%), from €43,252 to €30,316
- Short-term financial debts +€9,992
up €9,992 (+297%), from €3,360 to €13,353
- Gross operating margin +€118,247
up €118,247 (+38.8%), from €304,896 to €423,143
- Staff costs +€61,040
up €61,040 (+30.0%), from €203,422 to €264,462
- Depreciation -€20,692
down €20,692 (-27.4%), from €75,442 to €54,750
- Taxes +€16,022
up €16,022 (+353%), from €4,533 to €20,555
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 | €486,316 | €467,907 | -€18,409 | -3.8% |
| Fixed assets | 21/28 | €308,147 | €281,213 | -€26,934 | -8.7% |
| Tangible fixed assets | 22/27 | €308,147 | €281,213 | -€26,934 | -8.7% |
| Land and buildings | 22 | €217,261 | €207,294 | -€9,967 | -4.6% |
| Plant, machinery and equipment | 23 | €37,564 | €32,822 | -€4,742 | -12.6% |
| Furniture and vehicles | 24 | €1,610 | €10,299 | +€8,688 | +540% |
| Leasing and similar rights | 25 | €51,712 | €30,799 | -€20,914 | -40.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €178,169 | €186,694 | +€8,525 | +4.8% |
| Stocks and contracts in progress | 3 | €45,000 | €48,250 | +€3,250 | +7.2% |
| Stocks | 30/36 | €20,000 | €17,000 | -€3,000 | -15.0% |
| Contracts in progress | 37 | €25,000 | €31,250 | +€6,250 | +25.0% |
| Amounts receivable within one year | 40/41 | €110,992 | €52,893 | -€58,099 | -52.3% |
| Trade receivables | 40 | €86,064 | €30,000 | -€56,064 | -65.1% |
| Other amounts receivable | 41 | €24,928 | €22,893 | -€2,036 | -8.2% |
| Cash at bank and in hand | 54/58 | €12,903 | €81,216 | +€68,313 | +529% |
| Deferred charges and accrued income | 490/1 | €9,273 | €4,335 | -€4,938 | -53.2% |
| Total equity and liabilities | 10/49 | €486,316 | €467,907 | -€18,409 | -3.8% |
| Equity | 10/15 | €72,653 | €146,105 | +€73,452 | +101% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,653 | €116,105 | +€73,452 | +172% |
| Amounts payable | 17/49 | €413,662 | €321,802 | -€91,860 | -22.2% |
| Amounts payable after more than one year | 17 | €258,050 | €227,734 | -€30,316 | -11.7% |
| Financial debts | 170/4 | €88,430 | €66,036 | -€22,395 | -25.3% |
| Other amounts payable | 178/9 | €169,620 | €161,698 | -€7,922 | -4.7% |
| Amounts payable within one year | 42/48 | €155,511 | €94,069 | -€61,442 | -39.5% |
| Current portion of amounts payable after more than one year | 42 | €43,252 | €30,316 | -€12,936 | -29.9% |
| Financial debts | 43 | €3,360 | €13,353 | +€9,992 | +297% |
| Credit institutions | 430/8 | €3,360 | €13,353 | +€9,992 | +297% |
| Trade debts | 44 | €94,839 | €39,038 | -€55,801 | -58.8% |
| Suppliers | 440/4 | €94,839 | €39,038 | -€55,801 | -58.8% |
| Taxes, remuneration and social security | 45 | €11,781 | €8,624 | -€3,157 | -26.8% |
| Taxes | 450/3 | €1,305 | €919 | -€386 | -29.6% |
| Remuneration and social security | 454/9 | €10,476 | €7,705 | -€2,771 | -26.5% |
| Other amounts payable | 47/48 | €2,277 | €2,737 | +€460 | +20.2% |
| Accrued charges and deferred income | 492/3 | €102 | €0 | -€102 | -100% |
| Remuneration, social security and pensions | 62 | €203,422 | €264,462 | +€61,040 | +30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,442 | €54,750 | -€20,692 | -27.4% |
| Other operating charges | 640/8 | €5,919 | €4,651 | -€1,268 | -21.4% |
| Gross operating margin | 9900 | €304,896 | €423,143 | +€118,247 | +38.8% |
| Operating profit (loss) | 9901 | €20,113 | €99,280 | +€79,167 | +394% |
| Financial income | 75/76B | €2,398 | €1,388 | -€1,010 | -42.1% |
| Recurring financial income | 75 | €2,398 | €1,388 | -€1,010 | -42.1% |
| Financial charges | 65/66B | €7,521 | €6,661 | -€860 | -11.4% |
| Recurring financial charges | 65 | €7,521 | €6,661 | -€860 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €14,990 | €94,007 | +€79,017 | +527% |
| Income taxes | 67/77 | €4,533 | €20,555 | +€16,022 | +353% |
| Profit (loss) for the period | 9904 | €10,457 | €73,452 | +€62,995 | +602% |
| Profit (loss) for the period to be appropriated | 9905 | €10,457 | €73,452 | +€62,995 | +602% |
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 23 October 2026 via checked.be.