Thomas BEUDIN: 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.
Thomas BEUDIN
Largest movements
- Receivables within one year +€14,459
up €14,459 (+15.9%), from €91,033 to €105,492
- Cash -€2,384
down €2,384 (-28.0%), from €8,525 to €6,141
mainly Receivables within one year (-€14,459) and Current portion of long-term debt (-€10)
- Profit (loss) carried forward +€11,722
up €11,722 (+15.3%), from €76,531 to €88,253
- Gross operating margin -€6,819
down €6,819 (-26.0%), from €26,228 to €19,409
- Taxes +€2,537
up €2,537 (+103.0%), from €2,463 to €5,000
- Other operating charges +€375
up €375 (+36.8%), from €1,019 to €1,395
- Financial charges -€336
down €336 (-38.3%), from €878 to €542
- Financial income +€274
up €274 (+16.4%), from €1,672 to €1,946
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 | €163,729 | €175,441 | +€11,712 | +7.2% |
| Fixed assets | 21/28 | €372 | €8 | -€364 | -97.9% |
| Tangible fixed assets | 22/27 | €372 | €8 | -€364 | -97.9% |
| Furniture and vehicles | 24 | €372 | €8 | -€364 | -97.9% |
| Current assets | 29/58 | €163,358 | €175,433 | +€12,075 | +7.4% |
| Amounts receivable within one year | 40/41 | €91,033 | €105,492 | +€14,459 | +15.9% |
| Other amounts receivable | 41 | €91,033 | €105,492 | +€14,459 | +15.9% |
| Current investments | 50/53 | €63,800 | €63,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,525 | €6,141 | -€2,384 | -28.0% |
| Total equity and liabilities | 10/49 | €163,729 | €175,441 | +€11,712 | +7.2% |
| Equity | 10/15 | €160,791 | €172,513 | +€11,722 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €65,660 | €65,660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €65,660 | €65,660 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | €63,800 | €63,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,531 | €88,253 | +€11,722 | +15.3% |
| Amounts payable | 17/49 | €2,938 | €2,928 | -€10 | -0.3% |
| Amounts payable within one year | 42/48 | €2,938 | €2,928 | -€10 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €1,719 | €1,709 | -€10 | -0.6% |
| Trade debts | 44 | €1,218 | €1,218 | = | 0.0% |
| Suppliers | 440/4 | €1,218 | €1,218 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €2,332 | €2,332 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €364 | €364 | = | 0.0% |
| Other operating charges | 640/8 | €1,019 | €1,395 | +€375 | +36.8% |
| Gross operating margin | 9900 | €26,228 | €19,409 | -€6,819 | -26.0% |
| Operating profit (loss) | 9901 | €22,512 | €15,318 | -€7,194 | -32.0% |
| Financial income | 75/76B | €1,672 | €1,946 | +€274 | +16.4% |
| Recurring financial income | 75 | €1,672 | €1,946 | +€274 | +16.4% |
| Financial charges | 65/66B | €878 | €542 | -€336 | -38.3% |
| Recurring financial charges | 65 | €878 | €542 | -€336 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €23,306 | €16,722 | -€6,584 | -28.2% |
| Income taxes | 67/77 | €2,463 | €5,000 | +€2,537 | +103.0% |
| Profit (loss) for the period | 9904 | €20,843 | €11,722 | -€9,121 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,843 | €11,722 | -€9,121 | -43.8% |
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 6 October 2026 via checked.be.