THOMAS VLEUGELS: 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 VLEUGELS
Largest movements
- Receivables within one year +€84,419
up €84,419 (+47.6%), from €177,192 to €261,611
of which Trade receivables: +€82,949
- Cash -€17,208
down €17,208 (-32.3%), from €53,324 to €36,116
mainly Contributions, distributions and other (-€280,000) and Receivables within one year (-€84,419)
- Tangible fixed assets -€9,572
down €9,572 (-8.2%), from €116,291 to €106,719
of which Land and buildings: -€8,252
- Other debts +€275,778
up €275,778 (+3,032%), from €9,094 to €284,873
- Reserves -€194,257
down €194,257 (-81.0%), from €239,961 to €45,704
- Debts after one year -€15,913
down €15,913 (-25.2%), from €63,220 to €47,307
- Trade debts -€6,612
down €6,612 (-79.1%), from €8,357 to €1,745
- Gross operating margin +€106,910
up €106,910 (+584%), from €18,315 to €125,225
- Taxes +€23,121
up €23,121 (+768%), from €3,011 to €26,133
- Other operating charges -€1,288
down €1,288 (-45.1%), from €2,858 to €1,570
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 | €349,658 | €407,348 | +€57,690 | +16.5% |
| Fixed assets | 21/28 | €116,291 | €106,719 | -€9,572 | -8.2% |
| Tangible fixed assets | 22/27 | €116,291 | €106,719 | -€9,572 | -8.2% |
| Land and buildings | 22 | €112,293 | €104,042 | -€8,252 | -7.3% |
| Furniture and vehicles | 24 | €3,998 | €2,677 | -€1,321 | -33.0% |
| Current assets | 29/58 | €233,367 | €300,629 | +€67,263 | +28.8% |
| Amounts receivable within one year | 40/41 | €177,192 | €261,611 | +€84,419 | +47.6% |
| Trade receivables | 40 | €174,795 | €257,744 | +€82,949 | +47.5% |
| Other amounts receivable | 41 | €2,397 | €3,867 | +€1,470 | +61.3% |
| Cash at bank and in hand | 54/58 | €53,324 | €36,116 | -€17,208 | -32.3% |
| Deferred charges and accrued income | 490/1 | €2,851 | €2,902 | +€51 | +1.8% |
| Total equity and liabilities | 10/49 | €349,658 | €407,348 | +€57,690 | +16.5% |
| Equity | 10/15 | €240,461 | €46,204 | -€194,257 | -80.8% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €239,961 | €45,704 | -€194,257 | -81.0% |
| Distributable reserves | 133 | €239,961 | €45,704 | -€194,257 | -81.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €109,196 | €361,144 | +€251,947 | +231% |
| Amounts payable after more than one year | 17 | €63,220 | €47,307 | -€15,913 | -25.2% |
| Financial debts | 170/4 | €63,220 | €47,307 | -€15,913 | -25.2% |
| Amounts payable within one year | 42/48 | €45,976 | €313,837 | +€267,860 | +583% |
| Current portion of amounts payable after more than one year | 42 | €16,930 | €15,913 | -€1,017 | -6.0% |
| Financial debts | 43 | €635 | €943 | +€308 | +48.5% |
| Credit institutions | 430/8 | €635 | €943 | +€308 | +48.5% |
| Trade debts | 44 | €8,357 | €1,745 | -€6,612 | -79.1% |
| Suppliers | 440/4 | €8,357 | €1,745 | -€6,612 | -79.1% |
| Taxes, remuneration and social security | 45 | €10,959 | €10,362 | -€597 | -5.4% |
| Taxes | 450/3 | €7,786 | €7,164 | -€622 | -8.0% |
| Remuneration and social security | 454/9 | €3,173 | €3,198 | +€26 | +0.8% |
| Other amounts payable | 47/48 | €9,094 | €284,873 | +€275,778 | +3,032% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,172 | €9,572 | -€600 | -5.9% |
| Other operating charges | 640/8 | €2,858 | €1,570 | -€1,288 | -45.1% |
| Gross operating margin | 9900 | €18,315 | €125,225 | +€106,910 | +584% |
| Operating profit (loss) | 9901 | €5,284 | €114,083 | +€108,798 | +2,059% |
| Financial income | 75/76B | €5 | €16 | +€11 | +206% |
| Recurring financial income | 75 | €5 | €16 | +€11 | +206% |
| Financial charges | 65/66B | €2,445 | €2,224 | -€222 | -9.1% |
| Recurring financial charges | 65 | €2,445 | €2,224 | -€222 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €2,845 | €111,876 | +€109,031 | +3,833% |
| Income taxes | 67/77 | €3,011 | €26,133 | +€23,121 | +768% |
| Profit (loss) for the period | 9904 | -€167 | €85,743 | +€85,910 | |
| Profit (loss) for the period to be appropriated | 9905 | -€167 | €85,743 | +€85,910 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.