THOMAS SEYNAEVE: 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 SEYNAEVE
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+236%), from €683,266 to €2.3m
of which Land and buildings: +€1.6m
- Receivables within one year +€42,642
up €42,642 (+118%), from €36,000 to €78,642
- Other debts +€1.2m
up €1.2m (+35,892%), from €3,404 to €1.2m
- Debts after one year +€664,892
up €664,892, from €0 to €664,892
- Current portion of long-term debt -€381,003
down €381,003 (-91.6%), from €416,111 to €35,108
- Trade debts +€158,091
up €158,091 (+1,447%), from €10,928 to €169,019
- Gross operating margin -€78,109
down €78,109 (-46.1%), from €169,465 to €91,356
- Depreciation -€31,167
down €31,167 (-36.0%), from €86,689 to €55,521
- Taxes -€16,917
down €16,917 (-68.9%), from €24,567 to €7,651
- Financial income -€16,299
down €16,299 (-97.3%), from €16,744 to €445
of which Non-recurring financial income: -€16,743
- Financial charges +€7,294
up €7,294 (+53.7%), from €13,589 to €20,883
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 | €769,951 | €2,431,753 | +€1.7m | +216% |
| Fixed assets | 21/28 | €683,266 | €2,296,329 | +€1.6m | +236% |
| Tangible fixed assets | 22/27 | €683,266 | €2,296,329 | +€1.6m | +236% |
| Land and buildings | 22 | €648,457 | €2,271,767 | +€1.6m | +250% |
| Plant, machinery and equipment | 23 | €5,925 | €7,990 | +€2,065 | +34.9% |
| Furniture and vehicles | 24 | €16,740 | €8,158 | -€8,581 | -51.3% |
| Other tangible fixed assets | 26 | €12,144 | €8,414 | -€3,730 | -30.7% |
| Current assets | 29/58 | €86,685 | €135,424 | +€48,739 | +56.2% |
| Amounts receivable within one year | 40/41 | €36,000 | €78,642 | +€42,642 | +118% |
| Trade receivables | 40 | €36,000 | €78,642 | +€42,642 | +118% |
| Cash at bank and in hand | 54/58 | €48,316 | €50,597 | +€2,280 | +4.7% |
| Deferred charges and accrued income | 490/1 | €2,369 | €6,186 | +€3,817 | +161% |
| Total equity and liabilities | 10/49 | €769,951 | €2,431,753 | +€1.7m | +216% |
| Equity | 10/15 | €277,926 | €281,258 | +€3,333 | +1.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €259,376 | €262,708 | +€3,333 | +1.3% |
| Distributable reserves | 133 | €259,376 | €262,708 | +€3,333 | +1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €492,026 | €2,150,495 | +€1.7m | +337% |
| Amounts payable after more than one year | 17 | €0 | €664,892 | +€664,892 | |
| Financial debts | 170/4 | €0 | €664,892 | +€664,892 | |
| Amounts payable within one year | 42/48 | €492,026 | €1,485,604 | +€993,578 | +202% |
| Current portion of amounts payable after more than one year | 42 | €416,111 | €35,108 | -€381,003 | -91.6% |
| Financial debts | 43 | €830 | €0 | -€830 | -100% |
| Credit institutions | 430/8 | €830 | €0 | -€830 | -100% |
| Trade debts | 44 | €10,928 | €169,019 | +€158,091 | +1,447% |
| Suppliers | 440/4 | €10,928 | €169,019 | +€158,091 | +1,447% |
| Taxes, remuneration and social security | 45 | €60,753 | €56,414 | -€4,340 | -7.1% |
| Taxes | 450/3 | €57,709 | €49,856 | -€7,853 | -13.6% |
| Remuneration and social security | 454/9 | €3,045 | €6,558 | +€3,513 | +115% |
| Other amounts payable | 47/48 | €3,404 | €1,225,063 | +€1.2m | +35,892% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,689 | €55,521 | -€31,167 | -36.0% |
| Other operating charges | 640/8 | €3,282 | €4,414 | +€1,132 | +34.5% |
| Gross operating margin | 9900 | €169,465 | €91,356 | -€78,109 | -46.1% |
| Operating profit (loss) | 9901 | €79,495 | €31,421 | -€48,074 | -60.5% |
| Financial income | 75/76B | €16,744 | €445 | -€16,299 | -97.3% |
| Recurring financial income | 75 | €1 | €445 | +€444 | +59,236% |
| Non-recurring financial income | 76B | €16,743 | €0 | -€16,743 | -100% |
| Financial charges | 65/66B | €13,589 | €20,883 | +€7,294 | +53.7% |
| Recurring financial charges | 65 | €13,589 | €20,883 | +€7,294 | +53.7% |
| Profit (loss) for the period before taxes | 9903 | €82,650 | €10,983 | -€71,667 | -86.7% |
| Income taxes | 67/77 | €24,567 | €7,651 | -€16,917 | -68.9% |
| Profit (loss) for the period | 9904 | €58,083 | €3,333 | -€54,750 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €58,083 | €3,333 | -€54,750 | -94.3% |
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 18 October 2026 via checked.be.