Thomas Geuens: what changed
Two fiscal 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 Geuens
Largest movements
- Cash +€34,357
up €34,357 (+73.8%), from €46,550 to €80,907
mainly Net result for the year (+€29,483) and Other debts (+€16,927)
- Tangible fixed assets +€17,836
up €17,836 (+215.9%), from €8,260 to €26,096
of which Furniture and vehicles: +€20,127
- Receivables within one year -€6,291
down €6,291 (-15.5%), from €40,505 to €34,214
of which Trade receivables: -€9,661
- Reserves +€29,483
up €29,483 (+57.0%), from €51,749 to €81,232
- Other debts +€16,927
new in 2025: €16,927
- Tax, wage and social debts +€14,021
up €14,021 (+57.1%), from €24,574 to €38,595
- Accrued charges and deferred income -€13,503
no longer reported in 2025 (was €13,503)
- Gross operating margin -€29,829
down €29,829 (-38.0%), from €78,537 to €48,708
- Taxes -€12,800
down €12,800 (-57.7%), from €22,200 to €9,400
- Depreciation +€4,756
up €4,756 (+131.3%), from €3,623 to €8,379
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.
Cash bridge derived
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 | €95,315 | €141,929 | +€46,614 | +48.9% |
| Fixed assets | 21/28 | €8,260 | €26,096 | +€17,836 | +215.9% |
| Tangible fixed assets | 22/27 | €8,260 | €26,096 | +€17,836 | +215.9% |
| Plant, machinery and equipment | 23 | €8,260 | €5,969 | -€2,291 | -27.7% |
| Furniture and vehicles | 24 | - | €20,127 | +€20,127 | |
| Current assets | 29/58 | €87,055 | €115,833 | +€28,778 | +33.1% |
| Amounts receivable within one year | 40/41 | €40,505 | €34,214 | -€6,291 | -15.5% |
| Trade receivables | 40 | €40,505 | €30,844 | -€9,661 | -23.9% |
| Other amounts receivable | 41 | - | €3,370 | +€3,370 | |
| Cash at bank and in hand | 54/58 | €46,550 | €80,907 | +€34,357 | +73.8% |
| Deferred charges and accrued income | 490/1 | - | €712 | +€712 | |
| Total equity and liabilities | 10/49 | €95,315 | €141,929 | +€46,614 | +48.9% |
| Equity | 10/15 | €56,749 | €86,232 | +€29,483 | +52.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €51,749 | €81,232 | +€29,483 | +57.0% |
| Distributable reserves | 133 | €51,749 | €81,232 | +€29,483 | +57.0% |
| Amounts payable | 17/49 | €38,566 | €55,697 | +€17,131 | +44.4% |
| Amounts payable within one year | 42/48 | €25,063 | €55,697 | +€30,634 | +122.2% |
| Trade debts | 44 | €489 | €175 | -€314 | -64.2% |
| Suppliers | 440/4 | €489 | €175 | -€314 | -64.2% |
| Taxes, remuneration and social security | 45 | €24,574 | €38,595 | +€14,021 | +57.1% |
| Taxes | 450/3 | €24,574 | €38,595 | +€14,021 | +57.1% |
| Other amounts payable | 47/48 | - | €16,927 | +€16,927 | |
| Accrued charges and deferred income | 492/3 | €13,503 | - | -€13,503 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,623 | €8,379 | +€4,756 | +131.3% |
| Other operating charges | 640/8 | €895 | €1,391 | +€496 | +55.4% |
| Gross operating margin | 9900 | €78,537 | €48,708 | -€29,829 | -38.0% |
| Operating profit (loss) | 9901 | €74,019 | €38,938 | -€35,081 | -47.4% |
| Financial charges | 65/66B | €70 | €55 | -€15 | -21.4% |
| Recurring financial charges | 65 | €70 | €55 | -€15 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €73,949 | €38,883 | -€35,066 | -47.4% |
| Income taxes | 67/77 | €22,200 | €9,400 | -€12,800 | -57.7% |
| Profit (loss) for the period | 9904 | €51,749 | €29,483 | -€22,266 | -43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,749 | €29,483 | -€22,266 | -43.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.