TOM CAUWE: 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 CAUWE
Largest movements
- Cash +€17,342
up €17,342 (+114.7%), from €15,118 to €32,460
mainly Net result for the year (+€16,307) and Tax, wage and social debts (+€11,702)
- Receivables within one year +€7,717
up €7,717 (+30.4%), from €25,344 to €33,061
of which Trade receivables: +€8,710
- Deferred charges and accrued income -€2,062
down €2,062 (-49.5%), from €4,165 to €2,103
- Tangible fixed assets -€1,882
down €1,882 (-27.2%), from €6,930 to €5,048
- Intangible fixed assets -€1,258
no longer reported in 2025 (was €1,258)
- Reserves +€16,307
up €16,307 (+75.8%), from €21,527 to €37,834
- Tax, wage and social debts +€11,702
up €11,702 (+147.2%), from €7,947 to €19,649
of which Taxes: +€14,448
- Trade debts -€6,540
down €6,540 (-78.8%), from €8,297 to €1,757
- Other debts -€2,302
down €2,302 (-21.8%), from €10,561 to €8,259
- Gross operating margin +€14,072
up €14,072 (+102.4%), from €13,743 to €27,816
- Taxes +€2,876
up €2,876 (+118.8%), from €2,420 to €5,296
- Depreciation +€802
up €802 (+74.2%), from €1,081 to €1,882
- Financial charges -€576
down €576 (-15.1%), from €3,814 to €3,237
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 | €52,816 | €72,671 | +€19,856 | +37.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €8,188 | €5,048 | -€3,141 | -38.4% |
| Intangible fixed assets | 21 | €1,258 | - | -€1,258 | |
| Tangible fixed assets | 22/27 | €6,930 | €5,048 | -€1,882 | -27.2% |
| Furniture and vehicles | 24 | €6,930 | €5,048 | -€1,882 | -27.2% |
| Current assets | 29/58 | €44,627 | €67,624 | +€22,996 | +51.5% |
| Amounts receivable within one year | 40/41 | €25,344 | €33,061 | +€7,717 | +30.4% |
| Trade receivables | 40 | €24,264 | €32,973 | +€8,710 | +35.9% |
| Other amounts receivable | 41 | €1,081 | €88 | -€993 | -91.9% |
| Cash at bank and in hand | 54/58 | €15,118 | €32,460 | +€17,342 | +114.7% |
| Deferred charges and accrued income | 490/1 | €4,165 | €2,103 | -€2,062 | -49.5% |
| Total equity and liabilities | 10/49 | €52,816 | €72,671 | +€19,856 | +37.6% |
| Equity | 10/15 | €25,527 | €41,834 | +€16,307 | +63.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €21,527 | €37,834 | +€16,307 | +75.8% |
| Distributable reserves | 133 | €21,527 | €37,834 | +€16,307 | +75.8% |
| Amounts payable | 17/49 | €27,289 | €30,837 | +€3,549 | +13.0% |
| Amounts payable within one year | 42/48 | €26,805 | €29,665 | +€2,860 | +10.7% |
| Trade debts | 44 | €8,297 | €1,757 | -€6,540 | -78.8% |
| Suppliers | 440/4 | €8,297 | €1,757 | -€6,540 | -78.8% |
| Taxes, remuneration and social security | 45 | €7,947 | €19,649 | +€11,702 | +147.2% |
| Taxes | 450/3 | €5,200 | €19,649 | +€14,448 | +277.8% |
| Remuneration and social security | 454/9 | €2,747 | - | -€2,747 | |
| Other amounts payable | 47/48 | €10,561 | €8,259 | -€2,302 | -21.8% |
| Accrued charges and deferred income | 492/3 | €484 | €1,173 | +€689 | +142.4% |
| Non-recurring operating income | 76A | - | €2,342 | +€2,342 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,081 | €1,882 | +€802 | +74.2% |
| Other operating charges | 640/8 | €1,337 | €1,094 | -€243 | -18.2% |
| Gross operating margin | 9900 | €13,743 | €27,816 | +€14,072 | +102.4% |
| Operating profit (loss) | 9901 | €11,326 | €24,839 | +€13,514 | +119.3% |
| Financial income | 75/76B | €73 | €1 | -€72 | -99.1% |
| Recurring financial income | 75 | €73 | €1 | -€72 | -99.1% |
| Financial charges | 65/66B | €3,814 | €3,237 | -€576 | -15.1% |
| Recurring financial charges | 65 | €3,814 | €3,237 | -€576 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €7,585 | €21,603 | +€14,018 | +184.8% |
| Income taxes | 67/77 | €2,420 | €5,296 | +€2,876 | +118.8% |
| Profit (loss) for the period | 9904 | €5,165 | €16,307 | +€11,142 | +215.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,165 | €16,307 | +€11,142 | +215.7% |
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 12 October 2026 via checked.be.