Thomas Cardoen: 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 Cardoen
Largest movements
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Receivables after one year +€142,000
up €142,000 (+23.4%), from €606,000 to €748,000
- Cash +€55,732
up €55,732 (+77.3%), from €72,060 to €127,792
mainly Net result for the year (+€409,169) and Other debts (+€394,066)
- Tangible fixed assets -€33,248
down €33,248 (-20.0%), from €165,983 to €132,735
of which Furniture and vehicles: -€28,486
- Reserves -€446,450
down €446,450 (-92.5%), from €482,572 to €36,122
of which Distributable reserves: -€446,450
- Other debts +€394,066
up €394,066 (+291,706%), from €135 to €394,201
- Current portion of long-term debt +€56,600
up €56,600 (+14.0%), from €403,433 to €460,033
- Accrued charges and deferred income +€21,563
up €21,563 (+89.2%), from €24,171 to €45,735
- Debts after one year -€19,600
down €19,600 (-33.3%), from €58,800 to €39,200
- Gross operating margin +€54,283
up €54,283 (+10.0%), from €541,044 to €595,327
- Financial income -€34,326
down €34,326 (-55.9%), from €61,390 to €27,065
- Financial charges +€23,210
up €23,210 (+97.7%), from €23,747 to €46,957
- Taxes +€11,133
up €11,133 (+9.2%), from €120,451 to €131,584
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 | €1,017,346 | €1,033,756 | +€16,409 | +1.6% |
| Fixed assets | 21/28 | €165,983 | €132,735 | -€33,248 | -20.0% |
| Tangible fixed assets | 22/27 | €165,983 | €132,735 | -€33,248 | -20.0% |
| Land and buildings | 22 | €52,135 | €47,373 | -€4,762 | -9.1% |
| Furniture and vehicles | 24 | €113,848 | €85,362 | -€28,486 | -25.0% |
| Current assets | 29/58 | €851,363 | €901,021 | +€49,657 | +5.8% |
| Amounts receivable after more than one year | 29 | €606,000 | €748,000 | +€142,000 | +23.4% |
| Other amounts receivable | 291 | €606,000 | €748,000 | +€142,000 | +23.4% |
| Amounts receivable within one year | 40/41 | €179 | €5,258 | +€5,079 | +2,845% |
| Trade receivables | 40 | €0 | €5,258 | +€5,258 | |
| Other amounts receivable | 41 | €179 | €0 | -€179 | -100% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €72,060 | €127,792 | +€55,732 | +77.3% |
| Deferred charges and accrued income | 490/1 | €23,124 | €19,971 | -€3,154 | -13.6% |
| Total equity and liabilities | 10/49 | €1,017,346 | €1,033,756 | +€16,409 | +1.6% |
| Equity | 10/15 | €512,572 | €66,122 | -€446,450 | -87.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €482,572 | €36,122 | -€446,450 | -92.5% |
| Tax-exempt reserves | 132 | €1,953 | €1,953 | = | 0.0% |
| Distributable reserves | 133 | €480,619 | €34,169 | -€446,450 | -92.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €504,774 | €967,633 | +€462,859 | +91.7% |
| Amounts payable after more than one year | 17 | €58,800 | €39,200 | -€19,600 | -33.3% |
| Financial debts | 170/4 | €58,800 | €39,200 | -€19,600 | -33.3% |
| Amounts payable within one year | 42/48 | €421,803 | €882,699 | +€460,896 | +109% |
| Current portion of amounts payable after more than one year | 42 | €403,433 | €460,033 | +€56,600 | +14.0% |
| Trade debts | 44 | €7,974 | €5,427 | -€2,548 | -31.9% |
| Suppliers | 440/4 | €7,974 | €5,427 | -€2,548 | -31.9% |
| Taxes, remuneration and social security | 45 | €10,260 | €23,038 | +€12,778 | +125% |
| Taxes | 450/3 | €8,500 | €21,278 | +€12,778 | +150% |
| Remuneration and social security | 454/9 | €1,760 | €1,760 | = | 0.0% |
| Other amounts payable | 47/48 | €135 | €394,201 | +€394,066 | +291,706% |
| Accrued charges and deferred income | 492/3 | €24,171 | €45,735 | +€21,563 | +89.2% |
| Non-recurring operating income | 76A | €15,610 | €0 | -€15,610 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,668 | €33,248 | +€2,580 | +8.4% |
| Other operating charges | 640/8 | €877 | €1,433 | +€556 | +63.4% |
| Gross operating margin | 9900 | €541,044 | €595,327 | +€54,283 | +10.0% |
| Operating profit (loss) | 9901 | €509,499 | €560,646 | +€51,147 | +10.0% |
| Financial income | 75/76B | €61,390 | €27,065 | -€34,326 | -55.9% |
| Recurring financial income | 75 | €61,390 | €27,065 | -€34,326 | -55.9% |
| Financial charges | 65/66B | €23,747 | €46,957 | +€23,210 | +97.7% |
| Recurring financial charges | 65 | €23,747 | €46,957 | +€23,210 | +97.7% |
| Profit (loss) for the period before taxes | 9903 | €547,143 | €540,753 | -€6,389 | -1.2% |
| Income taxes | 67/77 | €120,451 | €131,584 | +€11,133 | +9.2% |
| Profit (loss) for the period | 9904 | €426,692 | €409,169 | -€17,523 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €426,692 | €409,169 | -€17,523 | -4.1% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.