TOM DAELMAN: 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 DAELMAN
Largest movements
- Tangible fixed assets -€6,720
down €6,720 (-20.3%), from €33,030 to €26,310
of which Furniture and vehicles: -€9,663
- Cash -€3,661
down €3,661 (-11.2%), from €32,786 to €29,126
mainly Trade debts (-€22,051) and Investment in fixed assets (net) (-€12,013)
- Stocks and contracts +€2,149
up €2,149 (+4.9%), from €43,963 to €46,113
of which Contracts in progress: +€8,809
- Reserves +€23,268
up €23,268 (+50.5%), from €46,100 to €69,369
- Trade debts -€22,051
down €22,051 (-53.5%), from €41,243 to €19,191
- Advances received -€10,000
no longer reported in 2025 (was €10,000)
- Other debts +€8,404
up €8,404 (+111%), from €7,582 to €15,985
- Tax, wage and social debts -€5,831
down €5,831 (-47.5%), from €12,269 to €6,438
of which Remuneration and social security: -€5,353
- Gross operating margin -€36,366
down €36,366 (-36.6%), from €99,398 to €63,032
- Depreciation -€6,213
down €6,213 (-24.9%), from €24,946 to €18,733
- Financial income +€2,614
up €2,614 (+374%), from €699 to €3,313
- Staff costs -€2,051
down €2,051 (-49.2%), from €4,169 to €2,118
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 | €179,315 | €171,253 | -€8,062 | -4.5% |
| Fixed assets | 21/28 | €33,030 | €26,310 | -€6,720 | -20.3% |
| Tangible fixed assets | 22/27 | €33,030 | €26,310 | -€6,720 | -20.3% |
| Plant, machinery and equipment | 23 | €8,820 | €14,695 | +€5,875 | +66.6% |
| Furniture and vehicles | 24 | €18,964 | €9,301 | -€9,663 | -51.0% |
| Leasing and similar rights | 25 | €2,662 | - | -€2,662 | |
| Other tangible fixed assets | 26 | €2,584 | €2,314 | -€270 | -10.4% |
| Current assets | 29/58 | €146,285 | €144,943 | -€1,342 | -0.9% |
| Stocks and contracts in progress | 3 | €43,963 | €46,113 | +€2,149 | +4.9% |
| Stocks | 30/36 | €12,300 | €5,640 | -€6,660 | -54.1% |
| Contracts in progress | 37 | €31,663 | €40,473 | +€8,809 | +27.8% |
| Amounts receivable within one year | 40/41 | €66,800 | €67,590 | +€790 | +1.2% |
| Trade receivables | 40 | €60,142 | €52,091 | -€8,051 | -13.4% |
| Other amounts receivable | 41 | €6,658 | €15,500 | +€8,841 | +133% |
| Cash at bank and in hand | 54/58 | €32,786 | €29,126 | -€3,661 | -11.2% |
| Deferred charges and accrued income | 490/1 | €2,736 | €2,114 | -€621 | -22.7% |
| Total equity and liabilities | 10/49 | €179,315 | €171,253 | -€8,062 | -4.5% |
| Equity | 10/15 | €61,100 | €84,369 | +€23,268 | +38.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €46,100 | €69,369 | +€23,268 | +50.5% |
| Distributable reserves | 133 | €46,100 | €69,369 | +€23,268 | +50.5% |
| Amounts payable | 17/49 | €118,215 | €86,884 | -€31,331 | -26.5% |
| Amounts payable after more than one year | 17 | €43,000 | €43,000 | = | 0.0% |
| Financial debts | 170/4 | €43,000 | €43,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €72,987 | €41,614 | -€31,373 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €1,894 | - | -€1,894 | |
| Trade debts | 44 | €41,243 | €19,191 | -€22,051 | -53.5% |
| Suppliers | 440/4 | €41,243 | €19,191 | -€22,051 | -53.5% |
| Advances received on contracts in progress | 46 | €10,000 | - | -€10,000 | |
| Taxes, remuneration and social security | 45 | €12,269 | €6,438 | -€5,831 | -47.5% |
| Taxes | 450/3 | €6,916 | €6,438 | -€478 | -6.9% |
| Remuneration and social security | 454/9 | €5,353 | - | -€5,353 | |
| Other amounts payable | 47/48 | €7,582 | €15,985 | +€8,404 | +111% |
| Accrued charges and deferred income | 492/3 | €2,227 | €2,270 | +€42 | +1.9% |
| Remuneration, social security and pensions | 62 | €4,169 | €2,118 | -€2,051 | -49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,946 | €18,733 | -€6,213 | -24.9% |
| Other operating charges | 640/8 | €1,312 | €1,424 | +€112 | +8.6% |
| Non-recurring operating charges | 66A | €372 | - | -€372 | |
| Gross operating margin | 9900 | €99,398 | €63,032 | -€36,366 | -36.6% |
| Operating profit (loss) | 9901 | €68,598 | €40,756 | -€27,842 | -40.6% |
| Financial income | 75/76B | €699 | €3,313 | +€2,614 | +374% |
| Recurring financial income | 75 | €699 | €3,313 | +€2,614 | +374% |
| Financial charges | 65/66B | €5,033 | €4,363 | -€670 | -13.3% |
| Recurring financial charges | 65 | €5,033 | €4,363 | -€670 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €64,264 | €39,706 | -€24,558 | -38.2% |
| Income taxes | 67/77 | €6,769 | €6,438 | -€331 | -4.9% |
| Profit (loss) for the period | 9904 | €57,495 | €33,268 | -€24,227 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,495 | €33,268 | -€24,227 | -42.1% |
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 15 October 2026 via checked.be.