THOMAS DESMET: 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 DESMET
Largest movements
- Tangible fixed assets -€9,953
down €9,953 (-21.2%), from €46,987 to €37,034
of which Plant, machinery and equipment: -€8,304
- Receivables within one year +€3,325
up €3,325 (+28.9%), from €11,489 to €14,814
of which Trade receivables: +€1,776
- Cash +€2,815
up €2,815 (+13.8%), from €20,343 to €23,159
mainly Net result for the year (+€12,249) and Depreciation (+€11,724)
- Deferred charges and accrued income -€2,101
down €2,101 (-90.6%), from €2,319 to €218
- Debts after one year -€14,449
down €14,449 (-78.6%), from €18,389 to €3,940
- Profit (loss) carried forward +€12,249
up €12,249 (+71.6%), from -€17,106 to -€4,857
- Current portion of long-term debt -€6,527
down €6,527 (-54.0%), from €12,090 to €5,563
- Tax, wage and social debts +€2,597
up €2,597 (+22.9%), from €11,346 to €13,943
of which Remuneration and social security: +€2,315
- Gross operating margin +€24,279
up €24,279 (+29.3%), from €82,723 to €107,002
- Staff costs +€4,005
up €4,005 (+6.0%), from €67,220 to €71,224
- Depreciation -€1,927
down €1,927 (-14.1%), from €13,651 to €11,724
- Financial charges +€1,803
up €1,803 (+23.7%), from €7,599 to €9,402
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 | €83,216 | €77,647 | -€5,569 | -6.7% |
| Fixed assets | 21/28 | €47,154 | €37,207 | -€9,948 | -21.1% |
| Tangible fixed assets | 22/27 | €46,987 | €37,034 | -€9,953 | -21.2% |
| Plant, machinery and equipment | 23 | €33,591 | €25,287 | -€8,304 | -24.7% |
| Furniture and vehicles | 24 | €13,396 | €11,747 | -€1,649 | -12.3% |
| Financial fixed assets | 28 | €167 | €172 | +€5 | +3.0% |
| Current assets | 29/58 | €36,062 | €40,441 | +€4,379 | +12.1% |
| Stocks and contracts in progress | 3 | €1,910 | €2,250 | +€340 | +17.8% |
| Stocks | 30/36 | €1,910 | €2,250 | +€340 | +17.8% |
| Amounts receivable within one year | 40/41 | €11,489 | €14,814 | +€3,325 | +28.9% |
| Trade receivables | 40 | €1,692 | €3,468 | +€1,776 | +105% |
| Other amounts receivable | 41 | €9,797 | €11,346 | +€1,549 | +15.8% |
| Cash at bank and in hand | 54/58 | €20,343 | €23,159 | +€2,815 | +13.8% |
| Deferred charges and accrued income | 490/1 | €2,319 | €218 | -€2,101 | -90.6% |
| Total equity and liabilities | 10/49 | €83,216 | €77,647 | -€5,569 | -6.7% |
| Equity | 10/15 | €16,354 | €28,603 | +€12,249 | +74.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,860 | €14,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,000 | €13,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,106 | -€4,857 | +€12,249 | +71.6% |
| Amounts payable | 17/49 | €66,862 | €49,044 | -€17,818 | -26.6% |
| Amounts payable after more than one year | 17 | €18,389 | €3,940 | -€14,449 | -78.6% |
| Financial debts | 170/4 | €18,389 | €3,940 | -€14,449 | -78.6% |
| Amounts payable within one year | 42/48 | €48,473 | €45,104 | -€3,369 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €12,090 | €5,563 | -€6,527 | -54.0% |
| Trade debts | 44 | €25,037 | €25,599 | +€562 | +2.2% |
| Suppliers | 440/4 | €25,037 | €25,599 | +€562 | +2.2% |
| Taxes, remuneration and social security | 45 | €11,346 | €13,943 | +€2,597 | +22.9% |
| Taxes | 450/3 | €985 | €1,267 | +€282 | +28.6% |
| Remuneration and social security | 454/9 | €10,361 | €12,676 | +€2,315 | +22.3% |
| Remuneration, social security and pensions | 62 | €67,220 | €71,224 | +€4,005 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,651 | €11,724 | -€1,927 | -14.1% |
| Other operating charges | 640/8 | €2,047 | €1,867 | -€180 | -8.8% |
| Gross operating margin | 9900 | €82,723 | €107,002 | +€24,279 | +29.3% |
| Operating profit (loss) | 9901 | -€194 | €22,187 | +€22,381 | |
| Financial income | 75/76B | €21 | €2 | -€19 | -89.9% |
| Recurring financial income | 75 | €21 | €2 | -€19 | -89.9% |
| Financial charges | 65/66B | €7,599 | €9,402 | +€1,803 | +23.7% |
| Recurring financial charges | 65 | €7,599 | €9,402 | +€1,803 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,772 | €12,787 | +€20,559 | |
| Income taxes | 67/77 | €441 | €538 | +€97 | +22.0% |
| Profit (loss) for the period | 9904 | -€8,214 | €12,249 | +€20,463 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,214 | €12,249 | +€20,463 |
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 17 October 2026 via checked.be.