TOM BUELENS: 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 BUELENS
Largest movements
- Stocks and contracts +€42,593
new in 2025: €42,593
of which Contracts in progress: +€22,863
- Tangible fixed assets -€4,901
down €4,901 (-10.4%), from €47,340 to €42,438
of which Furniture and vehicles: -€4,187
- Cash +€2,964
up €2,964 (+13.7%), from €21,616 to €24,580
mainly Net result for the year (+€37,285) and Trade debts (+€11,778)
- Receivables within one year +€2,191
up €2,191 (+200.8%), from €1,091 to €3,282
of which Other amounts receivable: +€1,229
- Reserves +€37,285
up €37,285 (+360.1%), from €10,353 to €47,638
- Other debts -€17,055
down €17,055 (-30.2%), from €56,463 to €39,408
- Trade debts +€11,778
up €11,778 (+1880.1%), from €626 to €12,404
- Tax, wage and social debts +€6,420
new in 2025: €6,420
- Current portion of long-term debt +€5,011
new in 2025: €5,011
- Gross operating margin +€47,679
up €47,679 (+312.6%), from €15,252 to €62,931
- Taxes +€9,826
up €9,826 (+378.9%), from €2,594 to €12,420
- Depreciation +€8,834
up €8,834 (+388.6%), from €2,273 to €11,107
- Staff costs +€683
up €683 (+3108.0%), from €22 to €704
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 | €72,442 | €115,881 | +€43,438 | +60.0% |
| Fixed assets | 21/28 | €49,736 | €44,334 | -€5,401 | -10.9% |
| Intangible fixed assets | 21 | €2,396 | €1,896 | -€500 | -20.9% |
| Tangible fixed assets | 22/27 | €47,340 | €42,438 | -€4,901 | -10.4% |
| Plant, machinery and equipment | 23 | €12,151 | €11,436 | -€714 | -5.9% |
| Furniture and vehicles | 24 | €35,189 | €31,002 | -€4,187 | -11.9% |
| Current assets | 29/58 | €22,707 | €71,547 | +€48,840 | +215.1% |
| Stocks and contracts in progress | 3 | - | €42,593 | +€42,593 | |
| Stocks | 30/36 | - | €19,730 | +€19,730 | |
| Contracts in progress | 37 | - | €22,863 | +€22,863 | |
| Amounts receivable within one year | 40/41 | €1,091 | €3,282 | +€2,191 | +200.8% |
| Trade receivables | 40 | - | €962 | +€962 | |
| Other amounts receivable | 41 | €1,091 | €2,320 | +€1,229 | +112.6% |
| Cash at bank and in hand | 54/58 | €21,616 | €24,580 | +€2,964 | +13.7% |
| Deferred charges and accrued income | 490/1 | - | €1,092 | +€1,092 | |
| Total equity and liabilities | 10/49 | €72,442 | €115,881 | +€43,438 | +60.0% |
| Equity | 10/15 | €15,353 | €52,638 | +€37,285 | +242.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €10,353 | €47,638 | +€37,285 | +360.1% |
| Distributable reserves | 133 | €10,353 | €47,638 | +€37,285 | +360.1% |
| Amounts payable | 17/49 | €57,090 | €63,243 | +€6,153 | +10.8% |
| Amounts payable within one year | 42/48 | €57,090 | €63,243 | +€6,153 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | - | €5,011 | +€5,011 | |
| Trade debts | 44 | €626 | €12,404 | +€11,778 | +1880.1% |
| Suppliers | 440/4 | €626 | €12,404 | +€11,778 | +1880.1% |
| Taxes, remuneration and social security | 45 | - | €6,420 | +€6,420 | |
| Taxes | 450/3 | - | €6,420 | +€6,420 | |
| Other amounts payable | 47/48 | €56,463 | €39,408 | -€17,055 | -30.2% |
| Remuneration, social security and pensions | 62 | €22 | €704 | +€683 | +3108.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,273 | €11,107 | +€8,834 | +388.6% |
| Other operating charges | 640/8 | - | €536 | +€536 | |
| Non-recurring operating charges | 66A | - | €760 | +€760 | |
| Gross operating margin | 9900 | €15,252 | €62,931 | +€47,679 | +312.6% |
| Operating profit (loss) | 9901 | €12,956 | €49,822 | +€36,866 | +284.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €10 | €118 | +€108 | +1064.4% |
| Recurring financial charges | 65 | €10 | €118 | +€108 | +1064.4% |
| Profit (loss) for the period before taxes | 9903 | €12,946 | €49,705 | +€36,759 | +283.9% |
| Income taxes | 67/77 | €2,594 | €12,420 | +€9,826 | +378.9% |
| Profit (loss) for the period | 9904 | €10,353 | €37,285 | +€26,932 | +260.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,353 | €37,285 | +€26,932 | +260.1% |
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.