TOM DECLERCQ: what changed
Two fiscal 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 DECLERCQ
Largest movements
- Receivables within one year +€927,748
up €927,748 (+90.7%), from €1.0m to €2.0m
of which Other amounts receivable: +€980,304
- Cash +€429,131
up €429,131 (+20.8%), from €2.1m to €2.5m
mainly Net result for the year (+€1.2m) and Other debts (+€132,810)
- Current investments +€102,078
up €102,078 (+3.7%), from €2.8m to €2.9m
- Reserves +€1.2m
up €1.2m (+23.6%), from €5.2m to €6.4m
of which Distributable reserves: +€694,537
- Other debts +€132,810
up €132,810 (+38.9%), from €341,701 to €474,511
- Gross operating margin +€956,199
up €956,199 (+153.9%), from €621,403 to €1.6m
- Taxes +€259,877
up €259,877 (+153.9%), from €168,808 to €428,685
- Financial income +€130,375
up €130,375 (+115.1%), from €113,245 to €243,620
- Depreciation -€40,385
down €40,385 (-31.1%), from €130,034 to €89,649
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 | €7,611,378 | €9,009,016 | +€1.4m | +18.4% |
| Fixed assets | 21/28 | €1,736,866 | €1,678,985 | -€57,881 | -3.3% |
| Tangible fixed assets | 22/27 | €1,736,761 | €1,678,880 | -€57,881 | -3.3% |
| Land and buildings | 22 | €1,485,513 | €1,472,536 | -€12,977 | -0.9% |
| Furniture and vehicles | 24 | €94,370 | €95,134 | +€764 | +0.8% |
| Other tangible fixed assets | 26 | €156,878 | €111,210 | -€45,668 | -29.1% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €5,874,512 | €7,330,031 | +€1.5m | +24.8% |
| Amounts receivable within one year | 40/41 | €1,022,966 | €1,950,714 | +€927,748 | +90.7% |
| Trade receivables | 40 | €78,341 | €25,785 | -€52,556 | -67.1% |
| Other amounts receivable | 41 | €944,625 | €1,924,929 | +€980,304 | +103.8% |
| Current investments | 50/53 | €2,758,739 | €2,860,816 | +€102,078 | +3.7% |
| Cash at bank and in hand | 54/58 | €2,064,630 | €2,493,761 | +€429,131 | +20.8% |
| Deferred charges and accrued income | 490/1 | €28,177 | €24,740 | -€3,437 | -12.2% |
| Total equity and liabilities | 10/49 | €7,611,378 | €9,009,016 | +€1.4m | +18.4% |
| Equity | 10/15 | €5,195,721 | €6,416,508 | +€1.2m | +23.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €5,165,721 | €6,386,508 | +€1.2m | +23.6% |
| Tax-exempt reserves | 132 | - | €526,250 | +€526,250 | |
| Distributable reserves | 133 | €5,165,721 | €5,860,258 | +€694,537 | +13.4% |
| Provisions and deferred taxes | 16 | €353,559 | €353,559 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €353,559 | €353,559 | = | 0.0% |
| Pensions and similar obligations | 160 | €353,559 | €353,559 | = | 0.0% |
| Amounts payable | 17/49 | €2,062,098 | €2,238,949 | +€176,851 | +8.6% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,000,000 | = | 0.0% |
| Financial debts | 170/4 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,005,789 | €1,180,459 | +€174,670 | +17.4% |
| Financial debts | 43 | €577,500 | €602,250 | +€24,750 | +4.3% |
| Other loans | 439 | €577,500 | €602,250 | +€24,750 | +4.3% |
| Trade debts | 44 | €68,320 | €29,918 | -€38,401 | -56.2% |
| Suppliers | 440/4 | €68,320 | €29,918 | -€38,401 | -56.2% |
| Advances received on contracts in progress | 46 | €4,850 | €506 | -€4,345 | -89.6% |
| Taxes, remuneration and social security | 45 | €13,418 | €73,274 | +€59,856 | +446.1% |
| Taxes | 450/3 | €9,142 | €63,944 | +€54,802 | +599.4% |
| Remuneration and social security | 454/9 | €4,276 | €9,330 | +€5,054 | +118.2% |
| Other amounts payable | 47/48 | €341,701 | €474,511 | +€132,810 | +38.9% |
| Accrued charges and deferred income | 492/3 | €56,309 | €58,491 | +€2,182 | +3.9% |
| Non-recurring operating income | 76A | - | €2,196 | +€2,196 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,034 | €89,649 | -€40,385 | -31.1% |
| Other operating charges | 640/8 | €7,086 | €11,672 | +€4,587 | +64.7% |
| Gross operating margin | 9900 | €621,403 | €1,577,603 | +€956,199 | +153.9% |
| Operating profit (loss) | 9901 | €484,284 | €1,476,281 | +€991,998 | +204.8% |
| Financial income | 75/76B | €113,245 | €243,620 | +€130,375 | +115.1% |
| Recurring financial income | 75 | €113,245 | €243,620 | +€130,375 | +115.1% |
| Financial charges | 65/66B | €64,957 | €70,430 | +€5,472 | +8.4% |
| Recurring financial charges | 65 | €64,957 | €70,430 | +€5,472 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €532,572 | €1,649,471 | +€1.1m | +209.7% |
| Income taxes | 67/77 | €168,808 | €428,685 | +€259,877 | +153.9% |
| Profit (loss) for the period | 9904 | €363,764 | €1,220,787 | +€857,023 | +235.6% |
| Transfer from tax-exempt reserves | 789 | €178,000 | €0 | -€178,000 | -100.0% |
| Transfer to tax-exempt reserves | 689 | - | €526,250 | +€526,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €541,764 | €694,537 | +€152,773 | +28.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.