TOM BAERVOETS: 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.
TOM BAERVOETS
Largest movements
- Cash +€331,674
up €331,674 (+198.5%), from €167,085 to €498,759
mainly Other debts (+€442,048) and Net result for the year (+€255,229)
- Receivables within one year -€26,549
down €26,549 (-17.3%), from €153,245 to €126,696
of which Trade receivables: -€19,584
- Intangible fixed assets -€21,500
down €21,500 (-50.0%), from €43,000 to €21,500
- Tangible fixed assets -€10,774
down €10,774 (-27.1%), from €39,749 to €28,975
of which Furniture and vehicles: -€10,662
- Other debts +€442,048
new in 2025: €442,048
- Profit (loss) carried forward -€264,827
down €264,827 (-89.5%), from €295,947 to €31,121
- Tax, wage and social debts +€59,789
up €59,789 (+208.6%), from €28,656 to €88,444
of which Taxes: +€62,779
- Trade debts +€23,630
up €23,630 (+377.6%), from €6,258 to €29,888
- Debts after one year +€8,082
up €8,082 (+12.8%), from €62,994 to €71,076
- Staff costs -€9,112
down €9,112 (-5.2%), from €175,342 to €166,231
- Gross operating margin +€6,528
up €6,528 (+1.2%), from €526,120 to €532,648
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 | €414,315 | €683,037 | +€268,722 | +64.9% |
| Fixed assets | 21/28 | €82,749 | €50,475 | -€32,274 | -39.0% |
| Intangible fixed assets | 21 | €43,000 | €21,500 | -€21,500 | -50.0% |
| Tangible fixed assets | 22/27 | €39,749 | €28,975 | -€10,774 | -27.1% |
| Plant, machinery and equipment | 23 | €233 | €121 | -€112 | -48.0% |
| Furniture and vehicles | 24 | €39,515 | €28,853 | -€10,662 | -27.0% |
| Current assets | 29/58 | €331,566 | €632,562 | +€300,996 | +90.8% |
| Stocks and contracts in progress | 3 | €5,260 | €5,260 | = | 0.0% |
| Stocks | 30/36 | €5,260 | €5,260 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €153,245 | €126,696 | -€26,549 | -17.3% |
| Trade receivables | 40 | €38,590 | €19,006 | -€19,584 | -50.7% |
| Other amounts receivable | 41 | €114,654 | €107,690 | -€6,965 | -6.1% |
| Cash at bank and in hand | 54/58 | €167,085 | €498,759 | +€331,674 | +198.5% |
| Deferred charges and accrued income | 490/1 | €5,977 | €1,847 | -€4,130 | -69.1% |
| Total equity and liabilities | 10/49 | €414,315 | €683,037 | +€268,722 | +64.9% |
| Equity | 10/15 | €316,407 | €51,581 | -€264,827 | -83.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €295,947 | €31,121 | -€264,827 | -89.5% |
| Amounts payable | 17/49 | €97,908 | €631,457 | +€533,549 | +545.0% |
| Amounts payable after more than one year | 17 | €62,994 | €71,076 | +€8,082 | +12.8% |
| Financial debts | 170/4 | €62,994 | €71,076 | +€8,082 | +12.8% |
| Amounts payable within one year | 42/48 | €34,913 | €560,380 | +€525,467 | +1505.1% |
| Trade debts | 44 | €6,258 | €29,888 | +€23,630 | +377.6% |
| Suppliers | 440/4 | €6,258 | €29,888 | +€23,630 | +377.6% |
| Taxes, remuneration and social security | 45 | €28,656 | €88,444 | +€59,789 | +208.6% |
| Taxes | 450/3 | €21,117 | €83,896 | +€62,779 | +297.3% |
| Remuneration and social security | 454/9 | €7,539 | €4,549 | -€2,990 | -39.7% |
| Other amounts payable | 47/48 | - | €442,048 | +€442,048 | |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €175,342 | €166,231 | -€9,112 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,304 | €32,274 | +€2,970 | +10.1% |
| Other operating charges | 640/8 | €2,276 | €2,378 | +€102 | +4.5% |
| Gross operating margin | 9900 | €526,120 | €532,648 | +€6,528 | +1.2% |
| Operating profit (loss) | 9901 | €319,198 | €331,765 | +€12,568 | +3.9% |
| Financial income | 75/76B | €1,047 | €3,267 | +€2,219 | +211.9% |
| Recurring financial income | 75 | €1,047 | €3,267 | +€2,219 | +211.9% |
| Financial charges | 65/66B | €158 | €147 | -€11 | -7.2% |
| Recurring financial charges | 65 | €158 | €147 | -€11 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €320,087 | €334,885 | +€14,798 | +4.6% |
| Income taxes | 67/77 | €75,656 | €79,656 | +€4,000 | +5.3% |
| Profit (loss) for the period | 9904 | €244,431 | €255,229 | +€10,799 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €244,431 | €255,229 | +€10,799 | +4.4% |
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 11 October 2026 via checked.be.