Tom MESSIAEN: 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 MESSIAEN
Largest movements
- Current investments +€666,012
up €666,012 (+182%), from €366,321 to €1.0m
- Cash -€608,452
down €608,452 (-86.0%), from €707,731 to €99,279
- Tangible fixed assets +€73,014
up €73,014 (+84.0%), from €86,906 to €159,920
of which Furniture and vehicles: +€52,403
- Receivables within one year +€24,092
up €24,092 (+6.3%), from €382,342 to €406,433
of which Trade receivables: +€27,710
- Reserves +€184,093
up €184,093 (+12.6%), from €1.5m to €1.6m
- Tax, wage and social debts -€32,164
down €32,164 (-37.6%), from €85,528 to €53,364
- Financial income +€32,762
up €32,762 (+748%), from €4,382 to €37,144
- Gross operating margin +€25,522
up €25,522 (+5.7%), from €446,862 to €472,383
- Write-downs +€25,000
no longer reported in 2025 (was -€25,000)
- Depreciation +€16,649
up €16,649 (+81.1%), from €20,517 to €37,166
- Taxes +€8,626
up €8,626 (+6.4%), from €133,950 to €142,576
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,642,265 | €1,792,437 | +€150,172 | +9.1% |
| Fixed assets | 21/28 | €171,506 | €244,520 | +€73,014 | +42.6% |
| Tangible fixed assets | 22/27 | €86,906 | €159,920 | +€73,014 | +84.0% |
| Plant, machinery and equipment | 23 | €1,109 | €79 | -€1,031 | -92.9% |
| Furniture and vehicles | 24 | €6,066 | €58,469 | +€52,403 | +864% |
| Other tangible fixed assets | 26 | €79,731 | €101,373 | +€21,642 | +27.1% |
| Financial fixed assets | 28 | €84,600 | €84,600 | = | 0.0% |
| Current assets | 29/58 | €1,470,759 | €1,547,916 | +€77,158 | +5.2% |
| Amounts receivable after more than one year | 29 | €6,500 | €6,500 | = | 0.0% |
| Trade receivables | 290 | €6,500 | €6,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €382,342 | €406,433 | +€24,092 | +6.3% |
| Trade receivables | 40 | €378,724 | €406,433 | +€27,710 | +7.3% |
| Other amounts receivable | 41 | €3,618 | - | -€3,618 | |
| Current investments | 50/53 | €366,321 | €1,032,333 | +€666,012 | +182% |
| Cash at bank and in hand | 54/58 | €707,731 | €99,279 | -€608,452 | -86.0% |
| Deferred charges and accrued income | 490/1 | €7,865 | €3,371 | -€4,494 | -57.1% |
| Total equity and liabilities | 10/49 | €1,642,265 | €1,792,437 | +€150,172 | +9.1% |
| Equity | 10/15 | €1,478,906 | €1,659,332 | +€180,427 | +12.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,462,839 | €1,646,932 | +€184,093 | +12.6% |
| Distributable reserves | 133 | €1,462,839 | €1,646,932 | +€184,093 | +12.6% |
| Profit (loss) carried forward | 14 | €3,666 | - | -€3,666 | |
| Amounts payable | 17/49 | €163,359 | €133,104 | -€30,255 | -18.5% |
| Amounts payable within one year | 42/48 | €152,055 | €116,694 | -€35,361 | -23.3% |
| Trade debts | 44 | €10,952 | €14,687 | +€3,736 | +34.1% |
| Suppliers | 440/4 | €10,952 | €14,687 | +€3,736 | +34.1% |
| Taxes, remuneration and social security | 45 | €85,528 | €53,364 | -€32,164 | -37.6% |
| Taxes | 450/3 | €85,528 | €53,364 | -€32,164 | -37.6% |
| Other amounts payable | 47/48 | €55,575 | €48,643 | -€6,932 | -12.5% |
| Accrued charges and deferred income | 492/3 | €11,305 | €16,410 | +€5,106 | +45.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,517 | €37,166 | +€16,649 | +81.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,000 | - | +€25,000 | |
| Other operating charges | 640/8 | €1,291 | €1,445 | +€154 | +11.9% |
| Non-recurring operating charges | 66A | €22,071 | - | -€22,071 | |
| Gross operating margin | 9900 | €446,862 | €472,383 | +€25,522 | +5.7% |
| Operating profit (loss) | 9901 | €427,982 | €433,773 | +€5,790 | +1.4% |
| Financial income | 75/76B | €4,382 | €37,144 | +€32,762 | +748% |
| Recurring financial income | 75 | €4,382 | €37,144 | +€32,762 | +748% |
| Financial charges | 65/66B | €1,481 | €10,039 | +€8,557 | +578% |
| Recurring financial charges | 65 | €1,481 | €10,039 | +€8,557 | +578% |
| Profit (loss) for the period before taxes | 9903 | €430,883 | €460,877 | +€29,994 | +7.0% |
| Income taxes | 67/77 | €133,950 | €142,576 | +€8,626 | +6.4% |
| Profit (loss) for the period | 9904 | €296,933 | €318,301 | +€21,368 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €296,933 | €318,301 | +€21,368 | +7.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.