Tom Geens: 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 Geens
Largest movements
- Intangible fixed assets +€428,227
new in 2025: €428,227
- Tangible fixed assets +€316,244
up €316,244 (+93.5%), from €338,355 to €654,598
of which Land and buildings: +€316,774
- Cash -€137,994
down €137,994 (-28.0%), from €492,180 to €354,187
mainly Investment in fixed assets (net) (-€810,965) and Contributions, distributions and other (-€37,763)
- Receivables within one year +€32,871
up €32,871 (+100%), from €32,855 to €65,726
of which Trade receivables: +€31,666
- Debts after one year +€536,857
up €536,857 (+141%), from €380,173 to €917,030
- Reserves +€64,345
up €64,345 (+16.3%), from €394,605 to €458,950
- Current portion of long-term debt +€36,101
up €36,101 (+193%), from €18,688 to €54,789
- Tax, wage and social debts +€23,953
up €23,953 (+121%), from €19,873 to €43,826
of which Taxes: +€13,284
- Gross operating margin +€223,319
up €223,319 (+69.3%), from €322,132 to €545,451
- Staff costs +€136,993
up €136,993 (+76.1%), from €179,941 to €316,934
- Depreciation +€46,703
up €46,703 (+236%), from €19,792 to €66,495
- Taxes +€13,726
up €13,726 (+42.5%), from €32,286 to €46,011
- Other operating charges -€9,985
down €9,985 (-78.2%), from €12,762 to €2,777
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 | €866,578 | €1,510,753 | +€644,175 | +74.3% |
| Fixed assets | 21/28 | €340,625 | €1,085,095 | +€744,470 | +219% |
| Intangible fixed assets | 21 | - | €428,227 | +€428,227 | |
| Tangible fixed assets | 22/27 | €338,355 | €654,598 | +€316,244 | +93.5% |
| Land and buildings | 22 | €322,825 | €639,599 | +€316,774 | +98.1% |
| Plant, machinery and equipment | 23 | €6,326 | €5,383 | -€943 | -14.9% |
| Furniture and vehicles | 24 | €9,203 | €9,616 | +€413 | +4.5% |
| Financial fixed assets | 28 | €2,270 | €2,270 | = | 0.0% |
| Current assets | 29/58 | €525,953 | €425,658 | -€100,295 | -19.1% |
| Amounts receivable within one year | 40/41 | €32,855 | €65,726 | +€32,871 | +100% |
| Trade receivables | 40 | €32,390 | €64,056 | +€31,666 | +97.8% |
| Other amounts receivable | 41 | €464 | €1,670 | +€1,205 | +260% |
| Current investments | 50/53 | - | €2,500 | +€2,500 | |
| Cash at bank and in hand | 54/58 | €492,180 | €354,187 | -€137,994 | -28.0% |
| Deferred charges and accrued income | 490/1 | €918 | €3,245 | +€2,327 | +253% |
| Total equity and liabilities | 10/49 | €866,578 | €1,510,753 | +€644,175 | +74.3% |
| Equity | 10/15 | €418,877 | €477,550 | +€58,673 | +14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €394,605 | €458,950 | +€64,345 | +16.3% |
| Distributable reserves | 133 | €394,605 | €458,950 | +€64,345 | +16.3% |
| Profit (loss) carried forward | 14 | €5,672 | - | -€5,672 | |
| Amounts payable | 17/49 | €447,701 | €1,033,203 | +€585,502 | +131% |
| Amounts payable after more than one year | 17 | €380,173 | €917,030 | +€536,857 | +141% |
| Financial debts | 170/4 | €380,173 | €917,030 | +€536,857 | +141% |
| Amounts payable within one year | 42/48 | €67,528 | €116,173 | +€48,644 | +72.0% |
| Current portion of amounts payable after more than one year | 42 | €18,688 | €54,789 | +€36,101 | +193% |
| Trade debts | 44 | €26,306 | €17,558 | -€8,748 | -33.3% |
| Suppliers | 440/4 | €26,306 | €17,558 | -€8,748 | -33.3% |
| Taxes, remuneration and social security | 45 | €19,873 | €43,826 | +€23,953 | +121% |
| Taxes | 450/3 | - | €13,284 | +€13,284 | |
| Remuneration and social security | 454/9 | €19,873 | €30,541 | +€10,669 | +53.7% |
| Other amounts payable | 47/48 | €2,661 | - | -€2,661 | |
| Non-recurring operating income | 76A | €78,671 | - | -€78,671 | |
| Remuneration, social security and pensions | 62 | €179,941 | €316,934 | +€136,993 | +76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,792 | €66,495 | +€46,703 | +236% |
| Other operating charges | 640/8 | €12,762 | €2,777 | -€9,985 | -78.2% |
| Gross operating margin | 9900 | €322,132 | €545,451 | +€223,319 | +69.3% |
| Operating profit (loss) | 9901 | €109,637 | €159,245 | +€49,608 | +45.2% |
| Financial income | 75/76B | €1,590 | €2,393 | +€804 | +50.5% |
| Recurring financial income | 75 | €1,590 | €2,393 | +€804 | +50.5% |
| Financial charges | 65/66B | €9,857 | €19,190 | +€9,333 | +94.7% |
| Recurring financial charges | 65 | €9,857 | €19,190 | +€9,333 | +94.7% |
| Profit (loss) for the period before taxes | 9903 | €101,369 | €142,448 | +€41,079 | +40.5% |
| Income taxes | 67/77 | €32,286 | €46,011 | +€13,726 | +42.5% |
| Profit (loss) for the period | 9904 | €69,084 | €96,437 | +€27,353 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,084 | €96,437 | +€27,353 | +39.6% |
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 26 October 2026 via checked.be.