Tom Geuens: what changed
Tom Geuens
Largest movements
- Stocks and contracts -€17,000
no longer reported in 2025 (was €17,000)
- Receivables within one year +€16,716
up €16,716 (+71.5%), from €23,387 to €40,103
of which Other amounts receivable: +€15,871
- Tangible fixed assets -€12,161
down €12,161 (-21.1%), from €57,578 to €45,417
of which Furniture and vehicles: -€8,523
- Cash -€3,587
down €3,587 (-17.9%), from €20,040 to €16,453
mainly Trade debts (-€33,013) and Receivables within one year (-€16,716)
- Deferred charges and accrued income -€3,129
no longer reported in 2025 (was €3,129)
- Trade debts -€33,013
down €33,013 (-88.3%), from €37,389 to €4,376
- Reserves +€11,930
up €11,930 (+54.2%), from €21,993 to €33,923
- Tax, wage and social debts +€8,676
up €8,676 (+147%), from €5,897 to €14,572
- Debts after one year -€8,341
down €8,341 (-19.0%), from €43,953 to €35,611
- Accrued charges and deferred income +€1,814
up €1,814 (+234%), from €775 to €2,589
- Other operating charges +€5,982
up €5,982 (+47.6%), from €12,558 to €18,539
- Depreciation +€4,413
up €4,413 (+39.0%), from €11,320 to €15,733
- Taxes -€1,061
down €1,061 (-18.3%), from €5,787 to €4,726
- Gross operating margin -€541
down €541 (-1.0%), from €52,951 to €52,410
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,133 | €101,972 | -€19,161 | -15.8% |
| Fixed assets | 21/28 | €57,578 | €45,417 | -€12,161 | -21.1% |
| Tangible fixed assets | 22/27 | €57,578 | €45,417 | -€12,161 | -21.1% |
| Land and buildings | 22 | €321 | €63 | -€258 | -80.3% |
| Plant, machinery and equipment | 23 | €17,982 | €14,601 | -€3,381 | -18.8% |
| Furniture and vehicles | 24 | €39,275 | €30,752 | -€8,523 | -21.7% |
| Current assets | 29/58 | €63,555 | €56,556 | -€7,000 | -11.0% |
| Stocks and contracts in progress | 3 | €17,000 | - | -€17,000 | |
| Contracts in progress | 37 | €17,000 | - | -€17,000 | |
| Amounts receivable within one year | 40/41 | €23,387 | €40,103 | +€16,716 | +71.5% |
| Trade receivables | 40 | €10,016 | €10,860 | +€845 | +8.4% |
| Other amounts receivable | 41 | €13,372 | €29,243 | +€15,871 | +119% |
| Cash at bank and in hand | 54/58 | €20,040 | €16,453 | -€3,587 | -17.9% |
| Deferred charges and accrued income | 490/1 | €3,129 | - | -€3,129 | |
| Total equity and liabilities | 10/49 | €121,133 | €101,972 | -€19,161 | -15.8% |
| Equity | 10/15 | €24,993 | €36,923 | +€11,930 | +47.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €21,993 | €33,923 | +€11,930 | +54.2% |
| Distributable reserves | 133 | €21,993 | €33,923 | +€11,930 | +54.2% |
| Amounts payable | 17/49 | €96,141 | €65,049 | -€31,092 | -32.3% |
| Amounts payable after more than one year | 17 | €43,953 | €35,611 | -€8,341 | -19.0% |
| Financial debts | 170/4 | €43,953 | €35,611 | -€8,341 | -19.0% |
| Amounts payable within one year | 42/48 | €51,413 | €26,848 | -€24,565 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €8,128 | €7,900 | -€228 | -2.8% |
| Trade debts | 44 | €37,389 | €4,376 | -€33,013 | -88.3% |
| Suppliers | 440/4 | €37,389 | €4,376 | -€33,013 | -88.3% |
| Taxes, remuneration and social security | 45 | €5,897 | €14,572 | +€8,676 | +147% |
| Taxes | 450/3 | €5,897 | €14,572 | +€8,676 | +147% |
| Accrued charges and deferred income | 492/3 | €775 | €2,589 | +€1,814 | +234% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,320 | €15,733 | +€4,413 | +39.0% |
| Other operating charges | 640/8 | €12,558 | €18,539 | +€5,982 | +47.6% |
| Gross operating margin | 9900 | €52,951 | €52,410 | -€541 | -1.0% |
| Operating profit (loss) | 9901 | €29,074 | €18,138 | -€10,936 | -37.6% |
| Financial income | 75/76B | €226 | €1 | -€226 | -99.6% |
| Recurring financial income | 75 | €226 | €1 | -€226 | -99.6% |
| Financial charges | 65/66B | €1,520 | €1,483 | -€38 | -2.5% |
| Recurring financial charges | 65 | €1,520 | €1,483 | -€38 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €27,780 | €16,656 | -€11,123 | -40.0% |
| Income taxes | 67/77 | €5,787 | €4,726 | -€1,061 | -18.3% |
| Profit (loss) for the period | 9904 | €21,993 | €11,930 | -€10,062 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,993 | €11,930 | -€10,062 | -45.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.