Thomas De Coster: 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 De Coster
Largest movements
- Tangible fixed assets +€132,409
up €132,409 (+46.0%), from €287,911 to €420,320
of which Land and buildings: +€149,975
- Cash +€17,784
up €17,784 (+52.4%), from €33,971 to €51,756
mainly Debts after one year (+€151,305) and Depreciation (+€28,579)
- Receivables within one year +€6,912
up €6,912 (+16.1%), from €43,033 to €49,945
of which Trade receivables: +€8,781
- Debts after one year +€151,305
up €151,305 (+77.0%), from €196,533 to €347,838
of which Other amounts payable: +€162,053
- Other debts -€30,000
down €30,000 (-100%), from €30,000 to €0
- Advances received +€24,793
new in 2025: €24,793
- Reserves +€22,563
up €22,563 (+21.1%), from €106,698 to €129,261
of which Distributable reserves: +€22,563
- Trade debts -€9,550
down €9,550 (-81.0%), from €11,794 to €2,244
- Gross operating margin -€22,500
down €22,500 (-26.6%), from €84,631 to €62,131
- Depreciation +€4,524
up €4,524 (+18.8%), from €24,055 to €28,579
- Taxes -€4,444
down €4,444 (-38.9%), from €11,413 to €6,970
- Financial charges -€4,393
down €4,393 (-67.6%), from €6,502 to €2,109
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 | €377,956 | €536,296 | +€158,340 | +41.9% |
| Fixed assets | 21/28 | €287,911 | €420,320 | +€132,409 | +46.0% |
| Tangible fixed assets | 22/27 | €287,911 | €420,320 | +€132,409 | +46.0% |
| Land and buildings | 22 | €202,941 | €352,916 | +€149,975 | +73.9% |
| Plant, machinery and equipment | 23 | €8,097 | €5,157 | -€2,940 | -36.3% |
| Furniture and vehicles | 24 | €76,872 | €62,246 | -€14,626 | -19.0% |
| Current assets | 29/58 | €90,045 | €115,976 | +€25,931 | +28.8% |
| Stocks and contracts in progress | 3 | €10,858 | €11,178 | +€320 | +2.9% |
| Stocks | 30/36 | €4,788 | €2,353 | -€2,435 | -50.9% |
| Contracts in progress | 37 | €6,070 | €8,825 | +€2,755 | +45.4% |
| Amounts receivable within one year | 40/41 | €43,033 | €49,945 | +€6,912 | +16.1% |
| Trade receivables | 40 | €33,134 | €41,914 | +€8,781 | +26.5% |
| Other amounts receivable | 41 | €9,899 | €8,030 | -€1,869 | -18.9% |
| Cash at bank and in hand | 54/58 | €33,971 | €51,756 | +€17,784 | +52.4% |
| Deferred charges and accrued income | 490/1 | €2,184 | €3,098 | +€915 | +41.9% |
| Total equity and liabilities | 10/49 | €377,956 | €536,296 | +€158,340 | +41.9% |
| Equity | 10/15 | €125,298 | €147,861 | +€22,563 | +18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,698 | €129,261 | +€22,563 | +21.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €106,698 | €129,261 | +€22,563 | +21.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €252,658 | €388,435 | +€135,777 | +53.7% |
| Amounts payable after more than one year | 17 | €196,533 | €347,838 | +€151,305 | +77.0% |
| Financial debts | 170/4 | €108,125 | €97,377 | -€10,748 | -9.9% |
| Other amounts payable | 178/9 | €88,408 | €250,461 | +€162,053 | +183% |
| Amounts payable within one year | 42/48 | €55,981 | €40,596 | -€15,385 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €10,606 | €10,748 | +€142 | +1.3% |
| Trade debts | 44 | €11,794 | €2,244 | -€9,550 | -81.0% |
| Suppliers | 440/4 | €11,794 | €2,244 | -€9,550 | -81.0% |
| Advances received on contracts in progress | 46 | - | €24,793 | +€24,793 | |
| Taxes, remuneration and social security | 45 | €3,581 | €2,811 | -€771 | -21.5% |
| Taxes | 450/3 | €3,581 | €2,811 | -€771 | -21.5% |
| Other amounts payable | 47/48 | €30,000 | €0 | -€30,000 | -100% |
| Accrued charges and deferred income | 492/3 | €143 | €0 | -€143 | -100% |
| Non-recurring operating income | 76A | €1,022 | €0 | -€1,022 | -100% |
| Remuneration, social security and pensions | 62 | €289 | €0 | -€289 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,055 | €28,579 | +€4,524 | +18.8% |
| Other operating charges | 640/8 | €2,228 | €2,006 | -€222 | -10.0% |
| Non-recurring operating charges | 66A | - | €2,252 | +€2,252 | |
| Gross operating margin | 9900 | €84,631 | €62,131 | -€22,500 | -26.6% |
| Operating profit (loss) | 9901 | €58,058 | €29,294 | -€28,764 | -49.5% |
| Financial income | 75/76B | €1,650 | €2,348 | +€698 | +42.3% |
| Recurring financial income | 75 | €1,650 | €2,348 | +€698 | +42.3% |
| Financial charges | 65/66B | €6,502 | €2,109 | -€4,393 | -67.6% |
| Recurring financial charges | 65 | €6,502 | €2,109 | -€4,393 | -67.6% |
| Profit (loss) for the period before taxes | 9903 | €53,206 | €29,532 | -€23,674 | -44.5% |
| Income taxes | 67/77 | €11,413 | €6,970 | -€4,444 | -38.9% |
| Profit (loss) for the period | 9904 | €41,793 | €22,563 | -€19,230 | -46.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,793 | €22,563 | -€19,230 | -46.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.