THOMAS DE WAELE: 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 WAELE
Largest movements
- Tangible fixed assets -€9,749
down €9,749 (-46.6%), from €20,925 to €11,176
of which Leasing and similar rights: -€6,540
- Cash +€1,764
up €1,764 (+106%), from €1,667 to €3,431
mainly Net result for the year (+€11,785) and Depreciation (+€11,649)
- Profit (loss) carried forward +€11,785
up €11,785, from -€7,279 to €4,506
- Trade debts -€10,290
down €10,290 (-94.3%), from €10,914 to €624
- Other debts -€3,935
down €3,935 (-16.9%), from €23,281 to €19,346
- Debts after one year -€2,992
down €2,992 (-28.4%), from €10,531 to €7,539
- Current portion of long-term debt -€2,730
down €2,730 (-47.7%), from €5,723 to €2,993
- Gross operating margin +€10,521
up €10,521 (+74.5%), from €14,115 to €24,636
- Depreciation -€7,239
down €7,239 (-38.3%), from €18,888 to €11,649
- Financial charges +€536
up €536 (+126%), from €424 to €960
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 | €49,370 | €41,208 | -€8,162 | -16.5% |
| Fixed assets | 21/28 | €20,925 | €11,176 | -€9,749 | -46.6% |
| Tangible fixed assets | 22/27 | €20,925 | €11,176 | -€9,749 | -46.6% |
| Plant, machinery and equipment | 23 | €4,502 | €935 | -€3,567 | -79.2% |
| Furniture and vehicles | 24 | €4,508 | €4,866 | +€358 | +7.9% |
| Leasing and similar rights | 25 | €11,915 | €5,375 | -€6,540 | -54.9% |
| Current assets | 29/58 | €28,445 | €30,032 | +€1,587 | +5.6% |
| Amounts receivable within one year | 40/41 | €26,778 | €26,601 | -€177 | -0.7% |
| Trade receivables | 40 | €11,254 | €11,254 | = | 0.0% |
| Other amounts receivable | 41 | €15,524 | €15,347 | -€177 | -1.1% |
| Cash at bank and in hand | 54/58 | €1,667 | €3,431 | +€1,764 | +106% |
| Total equity and liabilities | 10/49 | €49,370 | €41,208 | -€8,162 | -16.5% |
| Equity | 10/15 | -€1,079 | €10,706 | +€11,785 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,279 | €4,506 | +€11,785 | |
| Amounts payable | 17/49 | €50,449 | €30,502 | -€19,947 | -39.5% |
| Amounts payable after more than one year | 17 | €10,531 | €7,539 | -€2,992 | -28.4% |
| Financial debts | 170/4 | €10,531 | €7,539 | -€2,992 | -28.4% |
| Amounts payable within one year | 42/48 | €39,918 | €22,963 | -€16,955 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €5,723 | €2,993 | -€2,730 | -47.7% |
| Trade debts | 44 | €10,914 | €624 | -€10,290 | -94.3% |
| Suppliers | 440/4 | €10,914 | €624 | -€10,290 | -94.3% |
| Other amounts payable | 47/48 | €23,281 | €19,346 | -€3,935 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,888 | €11,649 | -€7,239 | -38.3% |
| Other operating charges | 640/8 | €424 | €242 | -€182 | -42.9% |
| Gross operating margin | 9900 | €14,115 | €24,636 | +€10,521 | +74.5% |
| Operating profit (loss) | 9901 | -€5,197 | €12,745 | +€17,942 | |
| Financial charges | 65/66B | €424 | €960 | +€536 | +126% |
| Recurring financial charges | 65 | €424 | €960 | +€536 | +126% |
| Profit (loss) for the period before taxes | 9903 | -€5,621 | €11,785 | +€17,406 | |
| Profit (loss) for the period | 9904 | -€5,621 | €11,785 | +€17,406 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,621 | €11,785 | +€17,406 |
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.