Tom Depovere: 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 Depovere
Largest movements
- Cash -€107,693
down €107,693 (-44.2%), from €243,669 to €135,977
mainly Contributions, distributions and other (-€753,435) and Receivables within one year (-€20,306)
- Current investments -€85,000
down €85,000 (-25.4%), from €335,000 to €250,000
- Receivables within one year +€20,306
up €20,306 (+211%), from €9,633 to €29,939
of which Trade receivables: +€17,899
- Tangible fixed assets -€19,869
down €19,869 (-37.5%), from €53,019 to €33,150
of which Furniture and vehicles: -€15,515
- Reserves -€530,682
down €530,682 (-100%), from €530,682 to €0
- Other debts +€329,543
up €329,543 (+3,764%), from €8,756 to €338,299
- Gross operating margin +€62,705
up €62,705 (+20.9%), from €299,782 to €362,487
- Write-downs +€19,313
new in 2025: €19,313
- Taxes +€10,024
up €10,024 (+17.1%), from €58,711 to €68,735
- Staff costs +€7,183
up €7,183 (+28.1%), from €25,586 to €32,769
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 | €647,590 | €452,409 | -€195,181 | -30.1% |
| Fixed assets | 21/28 | €53,019 | €33,150 | -€19,869 | -37.5% |
| Tangible fixed assets | 22/27 | €53,019 | €33,150 | -€19,869 | -37.5% |
| Plant, machinery and equipment | 23 | €18,079 | €13,725 | -€4,354 | -24.1% |
| Furniture and vehicles | 24 | €34,939 | €19,425 | -€15,515 | -44.4% |
| Current assets | 29/58 | €594,571 | €419,259 | -€175,312 | -29.5% |
| Amounts receivable within one year | 40/41 | €9,633 | €29,939 | +€20,306 | +211% |
| Trade receivables | 40 | €9,559 | €27,458 | +€17,899 | +187% |
| Other amounts receivable | 41 | €74 | €2,480 | +€2,406 | +3,259% |
| Current investments | 50/53 | €335,000 | €250,000 | -€85,000 | -25.4% |
| Cash at bank and in hand | 54/58 | €243,669 | €135,977 | -€107,693 | -44.2% |
| Deferred charges and accrued income | 490/1 | €6,269 | €3,344 | -€2,925 | -46.7% |
| Total equity and liabilities | 10/49 | €647,590 | €452,409 | -€195,181 | -30.1% |
| Equity | 10/15 | €550,682 | €20,000 | -€530,682 | -96.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €530,682 | €0 | -€530,682 | -100% |
| Distributable reserves | 133 | €530,682 | €0 | -€530,682 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €96,908 | €432,409 | +€335,501 | +346% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €21,908 | €357,409 | +€335,501 | +1,531% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,675 | €4,243 | +€2,568 | +153% |
| Suppliers | 440/4 | €1,675 | €4,243 | +€2,568 | +153% |
| Taxes, remuneration and social security | 45 | €11,477 | €14,867 | +€3,391 | +29.5% |
| Taxes | 450/3 | €7,112 | €11,038 | +€3,925 | +55.2% |
| Remuneration and social security | 454/9 | €4,364 | €3,830 | -€535 | -12.3% |
| Other amounts payable | 47/48 | €8,756 | €338,299 | +€329,543 | +3,764% |
| Remuneration, social security and pensions | 62 | €25,586 | €32,769 | +€7,183 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,053 | €19,869 | -€1,184 | -5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,313 | +€19,313 | |
| Other operating charges | 640/8 | €715 | €686 | -€28 | -3.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €299,782 | €362,487 | +€62,705 | +20.9% |
| Operating profit (loss) | 9901 | €252,429 | €289,850 | +€37,422 | +14.8% |
| Financial income | 75/76B | €352 | €3,505 | +€3,153 | +897% |
| Recurring financial income | 75 | €352 | €3,505 | +€3,153 | +897% |
| Financial charges | 65/66B | €958 | €1,867 | +€910 | +95.0% |
| Recurring financial charges | 65 | €958 | €1,867 | +€910 | +95.0% |
| Profit (loss) for the period before taxes | 9903 | €251,823 | €291,488 | +€39,665 | +15.8% |
| Income taxes | 67/77 | €58,711 | €68,735 | +€10,024 | +17.1% |
| Profit (loss) for the period | 9904 | €193,112 | €222,753 | +€29,641 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €193,112 | €222,753 | +€29,641 | +15.3% |
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 17 October 2026 via checked.be.