Thomas De Cauwer: what changed
Thomas De Cauwer
Largest movements
- Tangible fixed assets -€14,044
down €14,044 (-37.7%), from €37,229 to €23,185
of which Furniture and vehicles: -€12,732
- Receivables within one year -€12,364
down €12,364 (-70.9%), from €17,441 to €5,076
of which Other amounts receivable: -€11,383
- Cash -€7,178
down €7,178 (-60.0%), from €11,965 to €4,787
mainly Contributions, distributions and other (-€25,814) and Debts after one year (-€10,305)
- Deferred charges and accrued income -€804
down €804 (-41.9%), from €1,919 to €1,115
- Contributions -€15,000
down €15,000 (-80.9%), from €18,550 to €3,550
- Debts after one year -€10,305
down €10,305 (-49.1%), from €20,994 to €10,689
- Reserves -€9,610
down €9,610 (-77.9%), from €12,343 to €2,733
- Trade debts -€1,009
down €1,009 (-29.8%), from €3,385 to €2,376
- Other debts +€704
up €704 (+82.0%), from €859 to €1,563
- Gross operating margin -€3,368
down €3,368 (-16.8%), from €20,101 to €16,733
- Financial charges -€1,165
down €1,165 (-68.6%), from €1,698 to €532
- Other operating charges -€998
down €998 (-43.7%), from €2,283 to €1,285
- Financial income -€348
down €348 (-42.4%), from €822 to €473
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €70,036 | €35,499 | -€34,537 | -49.3% |
| Fixed assets | 21/28 | €37,229 | €23,185 | -€14,044 | -37.7% |
| Tangible fixed assets | 22/27 | €37,229 | €23,185 | -€14,044 | -37.7% |
| Plant, machinery and equipment | 23 | €2,785 | €1,473 | -€1,312 | -47.1% |
| Furniture and vehicles | 24 | €34,443 | €21,712 | -€12,732 | -37.0% |
| Current assets | 29/58 | €32,807 | €12,314 | -€20,493 | -62.5% |
| Stocks and contracts in progress | 3 | €1,483 | €1,336 | -€147 | -9.9% |
| Stocks | 30/36 | €1,483 | €1,336 | -€147 | -9.9% |
| Amounts receivable within one year | 40/41 | €17,441 | €5,076 | -€12,364 | -70.9% |
| Trade receivables | 40 | €5,258 | €4,277 | -€981 | -18.7% |
| Other amounts receivable | 41 | €12,182 | €799 | -€11,383 | -93.4% |
| Cash at bank and in hand | 54/58 | €11,965 | €4,787 | -€7,178 | -60.0% |
| Deferred charges and accrued income | 490/1 | €1,919 | €1,115 | -€804 | -41.9% |
| Total equity and liabilities | 10/49 | €70,036 | €35,499 | -€34,537 | -49.3% |
| Equity | 10/15 | €30,893 | €6,283 | -€24,610 | -79.7% |
| Contributions | 10/11 | €18,550 | €3,550 | -€15,000 | -80.9% |
| Reserves | 13 | €12,343 | €2,733 | -€9,610 | -77.9% |
| Distributable reserves | 133 | €12,343 | €2,733 | -€9,610 | -77.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,143 | €29,215 | -€9,927 | -25.4% |
| Amounts payable after more than one year | 17 | €20,994 | €10,689 | -€10,305 | -49.1% |
| Financial debts | 170/4 | €20,994 | €10,689 | -€10,305 | -49.1% |
| Amounts payable within one year | 42/48 | €18,149 | €18,206 | +€57 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €5,381 | €5,422 | +€41 | +0.8% |
| Financial debts | 43 | €5,934 | €6,165 | +€231 | +3.9% |
| Other loans | 439 | €5,934 | €6,165 | +€231 | +3.9% |
| Trade debts | 44 | €3,385 | €2,376 | -€1,009 | -29.8% |
| Suppliers | 440/4 | €3,385 | €2,376 | -€1,009 | -29.8% |
| Taxes, remuneration and social security | 45 | €2,590 | €2,680 | +€90 | +3.5% |
| Taxes | 450/3 | €587 | €680 | +€92 | +15.7% |
| Remuneration and social security | 454/9 | €2,002 | €2,000 | -€2 | -0.1% |
| Other amounts payable | 47/48 | €859 | €1,563 | +€704 | +82.0% |
| Accrued charges and deferred income | 492/3 | - | €320 | +€320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,978 | €14,044 | +€66 | +0.5% |
| Other operating charges | 640/8 | €2,283 | €1,285 | -€998 | -43.7% |
| Gross operating margin | 9900 | €20,101 | €16,733 | -€3,368 | -16.8% |
| Operating profit (loss) | 9901 | €3,841 | €1,404 | -€2,436 | -63.4% |
| Financial income | 75/76B | €822 | €473 | -€348 | -42.4% |
| Recurring financial income | 75 | €822 | €473 | -€348 | -42.4% |
| Financial charges | 65/66B | €1,698 | €532 | -€1,165 | -68.6% |
| Recurring financial charges | 65 | €1,698 | €532 | -€1,165 | -68.6% |
| Profit (loss) for the period before taxes | 9903 | €2,965 | €1,345 | -€1,619 | -54.6% |
| Income taxes | 67/77 | €130 | €141 | +€11 | +8.5% |
| Profit (loss) for the period | 9904 | €2,835 | €1,204 | -€1,630 | -57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,835 | €1,204 | -€1,630 | -57.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.