THOMAS BOULVIN: 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.
THOMAS BOULVIN
Largest movements
- Cash -€18,845
down €18,845 (-35.5%), from €53,077 to €34,232
mainly Investment in fixed assets (net) (-€9,582) and Receivables within one year (-€6,514)
- Receivables within one year +€6,514
up €6,514 (+53.1%), from €12,274 to €18,788
of which Other amounts receivable: +€3,512
- Tangible fixed assets +€5,818
up €5,818 (+466%), from €1,250 to €7,068
of which Furniture and vehicles: +€5,818
- Deferred charges and accrued income +€4,207
up €4,207 (+17,691%), from €24 to €4,231
- Tax, wage and social debts -€5,936
down €5,936 (-82.6%), from €7,186 to €1,250
of which Taxes: -€3,436
- Profit (loss) carried forward +€3,797
up €3,797 (+7.4%), from €51,656 to €55,453
- Gross operating margin -€16,776
down €16,776 (-63.5%), from €26,440 to €9,663
- Taxes -€3,774
down €3,774 (-76.5%), from €4,931 to €1,158
- Depreciation +€2,605
up €2,605 (+225%), from €1,160 to €3,764
- Other operating charges -€488
down €488 (-38.2%), from €1,280 to €791
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 | €66,624 | €64,319 | -€2,306 | -3.5% |
| Fixed assets | 21/28 | €1,250 | €7,068 | +€5,818 | +466% |
| Tangible fixed assets | 22/27 | €1,250 | €7,068 | +€5,818 | +466% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €1,250 | €7,068 | +€5,818 | +466% |
| Current assets | 29/58 | €65,375 | €57,251 | -€8,124 | -12.4% |
| Amounts receivable within one year | 40/41 | €12,274 | €18,788 | +€6,514 | +53.1% |
| Trade receivables | 40 | €4,700 | €7,702 | +€3,002 | +63.9% |
| Other amounts receivable | 41 | €7,574 | €11,086 | +€3,512 | +46.4% |
| Cash at bank and in hand | 54/58 | €53,077 | €34,232 | -€18,845 | -35.5% |
| Deferred charges and accrued income | 490/1 | €24 | €4,231 | +€4,207 | +17,691% |
| Total equity and liabilities | 10/49 | €66,624 | €64,319 | -€2,306 | -3.5% |
| Equity | 10/15 | €56,656 | €60,453 | +€3,797 | +6.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,656 | €55,453 | +€3,797 | +7.4% |
| Amounts payable | 17/49 | €9,969 | €3,866 | -€6,103 | -61.2% |
| Amounts payable within one year | 42/48 | €9,969 | €3,866 | -€6,103 | -61.2% |
| Trade debts | 44 | €414 | €124 | -€291 | -70.1% |
| Suppliers | 440/4 | €414 | €124 | -€291 | -70.1% |
| Taxes, remuneration and social security | 45 | €7,186 | €1,250 | -€5,936 | -82.6% |
| Taxes | 450/3 | €4,686 | €1,250 | -€3,436 | -73.3% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €2,368 | €2,492 | +€124 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,160 | €3,764 | +€2,605 | +225% |
| Other operating charges | 640/8 | €1,280 | €791 | -€488 | -38.2% |
| Gross operating margin | 9900 | €26,440 | €9,663 | -€16,776 | -63.5% |
| Operating profit (loss) | 9901 | €24,000 | €5,108 | -€18,893 | -78.7% |
| Financial charges | 65/66B | €184 | €153 | -€31 | -16.8% |
| Recurring financial charges | 65 | €184 | €153 | -€31 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €23,816 | €4,955 | -€18,862 | -79.2% |
| Income taxes | 67/77 | €4,931 | €1,158 | -€3,774 | -76.5% |
| Profit (loss) for the period | 9904 | €18,885 | €3,797 | -€15,088 | -79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,885 | €3,797 | -€15,088 | -79.9% |
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 25 October 2026 via checked.be.