Tom Boydens: 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 Boydens
Largest movements
- Tangible fixed assets +€40,951
up €40,951 (+623%), from €6,576 to €47,526
of which Leasing and similar rights: +€39,240
- Cash +€14,024
up €14,024 (+64.5%), from €21,738 to €35,761
mainly Debts after one year (+€28,185) and Depreciation (+€15,381)
- Receivables within one year +€1,498
up €1,498 (+15.3%), from €9,765 to €11,264
of which Other amounts receivable: +€2,259
- Debts after one year +€28,185
new in 2025: €28,185
- Profit (loss) carried forward +€18,666
new in 2025: €18,666
- Current portion of long-term debt +€11,386
new in 2025: €11,386
- Other debts +€7,790
up €7,790 (+981%), from €794 to €8,584
- Reserves -€6,657
down €6,657 (-31.1%), from €21,416 to €14,759
- Depreciation +€12,768
up €12,768 (+489%), from €2,612 to €15,381
- Gross operating margin +€6,590
up €6,590 (+23.0%), from €28,682 to €35,273
- Other operating charges +€2,377
up €2,377 (+1,374%), from €173 to €2,550
- Taxes -€1,684
down €1,684 (-34.8%), from €4,832 to €3,148
- Financial charges +€705
up €705 (+46.0%), from €1,531 to €2,236
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 | €38,146 | €95,422 | +€57,276 | +150% |
| Fixed assets | 21/28 | €6,576 | €47,526 | +€40,951 | +623% |
| Tangible fixed assets | 22/27 | €6,576 | €47,526 | +€40,951 | +623% |
| Plant, machinery and equipment | 23 | €6,576 | €4,893 | -€1,683 | -25.6% |
| Furniture and vehicles | 24 | - | €3,394 | +€3,394 | |
| Leasing and similar rights | 25 | - | €39,240 | +€39,240 | |
| Current assets | 29/58 | €31,570 | €47,895 | +€16,325 | +51.7% |
| Amounts receivable within one year | 40/41 | €9,765 | €11,264 | +€1,498 | +15.3% |
| Trade receivables | 40 | €9,765 | €9,005 | -€760 | -7.8% |
| Other amounts receivable | 41 | - | €2,259 | +€2,259 | |
| Cash at bank and in hand | 54/58 | €21,738 | €35,761 | +€14,024 | +64.5% |
| Deferred charges and accrued income | 490/1 | €67 | €870 | +€803 | +1,198% |
| Total equity and liabilities | 10/49 | €38,146 | €95,422 | +€57,276 | +150% |
| Equity | 10/15 | €31,416 | €43,425 | +€12,009 | +38.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €21,416 | €14,759 | -€6,657 | -31.1% |
| Distributable reserves | 133 | €21,416 | €14,759 | -€6,657 | -31.1% |
| Profit (loss) carried forward | 14 | - | €18,666 | +€18,666 | |
| Amounts payable | 17/49 | €6,730 | €51,997 | +€45,267 | +673% |
| Amounts payable after more than one year | 17 | - | €28,185 | +€28,185 | |
| Financial debts | 170/4 | - | €28,185 | +€28,185 | |
| Amounts payable within one year | 42/48 | €5,535 | €23,812 | +€18,277 | +330% |
| Current portion of amounts payable after more than one year | 42 | - | €11,386 | +€11,386 | |
| Trade debts | 44 | €893 | €693 | -€199 | -22.3% |
| Suppliers | 440/4 | €893 | €693 | -€199 | -22.3% |
| Taxes, remuneration and social security | 45 | €3,848 | €3,148 | -€700 | -18.2% |
| Taxes | 450/3 | €3,848 | €3,148 | -€700 | -18.2% |
| Other amounts payable | 47/48 | €794 | €8,584 | +€7,790 | +981% |
| Accrued charges and deferred income | 492/3 | €1,195 | €0 | -€1,195 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,612 | €15,381 | +€12,768 | +489% |
| Other operating charges | 640/8 | €173 | €2,550 | +€2,377 | +1,374% |
| Non-recurring operating charges | 66A | €893 | €0 | -€893 | -100% |
| Gross operating margin | 9900 | €28,682 | €35,273 | +€6,590 | +23.0% |
| Operating profit (loss) | 9901 | €25,004 | €17,342 | -€7,662 | -30.6% |
| Financial income | 75/76B | €24 | €51 | +€26 | +109% |
| Recurring financial income | 75 | €24 | €51 | +€26 | +109% |
| Financial charges | 65/66B | €1,531 | €2,236 | +€705 | +46.0% |
| Recurring financial charges | 65 | €1,531 | €2,236 | +€705 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €23,497 | €15,157 | -€8,341 | -35.5% |
| Income taxes | 67/77 | €4,832 | €3,148 | -€1,684 | -34.8% |
| Profit (loss) for the period | 9904 | €18,666 | €12,009 | -€6,657 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,666 | €12,009 | -€6,657 | -35.7% |
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 15 October 2026 via checked.be.