Tars De Blieck: 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.
Tars De Blieck
Largest movements
- Tangible fixed assets +€78,850
up €78,850 (+141%), from €56,098 to €134,948
of which Land and buildings: +€81,493
- Stocks and contracts +€14,000
new in 2025: €14,000
- Receivables within one year +€11,514
up €11,514 (+13.7%), from €84,261 to €95,775
of which Trade receivables: +€6,266
- Cash +€11,103
up €11,103 (+42.8%), from €25,951 to €37,054
mainly Debts after one year (+€64,426) and Net result for the year (+€21,685)
- Current investments +€7,500
new in 2025: €7,500
- Debts after one year +€64,426
up €64,426 (+261%), from €24,667 to €89,093
- Reserves +€20,852
up €20,852 (+45.9%), from €45,414 to €66,266
- Advances received +€18,984
new in 2025: €18,984
- Other debts +€7,671
up €7,671 (+61.0%), from €12,580 to €20,251
- Current portion of long-term debt +€5,836
up €5,836 (+77.0%), from €7,581 to €13,417
- Gross operating margin +€38,934
up €38,934 (+117%), from €33,326 to €72,260
- Staff costs +€17,664
new in 2025: €17,664
- Depreciation +€3,215
up €3,215 (+20.4%), from €15,794 to €19,009
- Financial charges +€2,975
up €2,975 (+129%), from €2,308 to €5,282
- Other operating charges +€2,812
up €2,812 (+182%), from €1,544 to €4,356
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 | €167,325 | €291,423 | +€124,098 | +74.2% |
| Fixed assets | 21/28 | €56,098 | €134,948 | +€78,850 | +141% |
| Tangible fixed assets | 22/27 | €56,098 | €134,948 | +€78,850 | +141% |
| Land and buildings | 22 | - | €81,493 | +€81,493 | |
| Plant, machinery and equipment | 23 | €14,189 | €22,846 | +€8,657 | +61.0% |
| Furniture and vehicles | 24 | €41,909 | €30,609 | -€11,300 | -27.0% |
| Current assets | 29/58 | €111,227 | €156,475 | +€45,248 | +40.7% |
| Stocks and contracts in progress | 3 | - | €14,000 | +€14,000 | |
| Stocks | 30/36 | - | €14,000 | +€14,000 | |
| Amounts receivable within one year | 40/41 | €84,261 | €95,775 | +€11,514 | +13.7% |
| Trade receivables | 40 | €77,306 | €83,572 | +€6,266 | +8.1% |
| Other amounts receivable | 41 | €6,955 | €12,203 | +€5,247 | +75.4% |
| Current investments | 50/53 | - | €7,500 | +€7,500 | |
| Cash at bank and in hand | 54/58 | €25,951 | €37,054 | +€11,103 | +42.8% |
| Deferred charges and accrued income | 490/1 | €1,015 | €2,146 | +€1,132 | +112% |
| Total equity and liabilities | 10/49 | €167,325 | €291,423 | +€124,098 | +74.2% |
| Equity | 10/15 | €50,414 | €71,266 | +€20,852 | +41.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €45,414 | €66,266 | +€20,852 | +45.9% |
| Distributable reserves | 133 | €45,414 | €66,266 | +€20,852 | +45.9% |
| Amounts payable | 17/49 | €116,911 | €220,157 | +€103,246 | +88.3% |
| Amounts payable after more than one year | 17 | €24,667 | €89,093 | +€64,426 | +261% |
| Financial debts | 170/4 | €24,667 | €89,093 | +€64,426 | +261% |
| Amounts payable within one year | 42/48 | €92,244 | €129,687 | +€37,443 | +40.6% |
| Current portion of amounts payable after more than one year | 42 | €7,581 | €13,417 | +€5,836 | +77.0% |
| Trade debts | 44 | €72,083 | €73,710 | +€1,627 | +2.3% |
| Suppliers | 440/4 | €72,083 | €73,710 | +€1,627 | +2.3% |
| Advances received on contracts in progress | 46 | - | €18,984 | +€18,984 | |
| Taxes, remuneration and social security | 45 | - | €3,324 | +€3,324 | |
| Remuneration and social security | 454/9 | - | €3,324 | +€3,324 | |
| Other amounts payable | 47/48 | €12,580 | €20,251 | +€7,671 | +61.0% |
| Accrued charges and deferred income | 492/3 | - | €1,377 | +€1,377 | |
| Remuneration, social security and pensions | 62 | - | €17,664 | +€17,664 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,794 | €19,009 | +€3,215 | +20.4% |
| Other operating charges | 640/8 | €1,544 | €4,356 | +€2,812 | +182% |
| Gross operating margin | 9900 | €33,326 | €72,260 | +€38,934 | +117% |
| Operating profit (loss) | 9901 | €15,988 | €31,231 | +€15,243 | +95.3% |
| Financial income | 75/76B | €94 | - | -€94 | |
| Recurring financial income | 75 | €94 | - | -€94 | |
| Financial charges | 65/66B | €2,308 | €5,282 | +€2,975 | +129% |
| Recurring financial charges | 65 | €2,308 | €5,282 | +€2,975 | +129% |
| Profit (loss) for the period before taxes | 9903 | €13,774 | €25,949 | +€12,175 | +88.4% |
| Income taxes | 67/77 | €2,991 | €4,264 | +€1,274 | +42.6% |
| Profit (loss) for the period | 9904 | €10,784 | €21,685 | +€10,902 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €10,784 | €21,685 | +€10,902 | +101% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.