Tom Meuleman: 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 Meuleman
Largest movements
- Cash -€237,448
down €237,448 (-58.3%), from €407,387 to €169,940
mainly Contributions, distributions and other (-€636,087) and Receivables within one year (-€104,333)
- Receivables within one year +€104,333
up €104,333 (+49.5%), from €210,872 to €315,204
- Other debts -€98,896
down €98,896 (-23.0%), from €430,139 to €331,243
- Tax, wage and social debts -€35,119
down €35,119 (-19.7%), from €178,678 to €143,559
- Gross operating margin +€170,258
up €170,258 (+25.2%), from €675,097 to €845,355
- Taxes +€38,862
up €38,862 (+22.9%), from €169,625 to €208,487
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 | €821,204 | €688,164 | -€133,040 | -16.2% |
| Fixed assets | 21/28 | €7,399 | €5,342 | -€2,058 | -27.8% |
| Tangible fixed assets | 22/27 | €7,399 | €5,342 | -€2,058 | -27.8% |
| Furniture and vehicles | 24 | €7,399 | €5,342 | -€2,058 | -27.8% |
| Current assets | 29/58 | €813,805 | €682,822 | -€130,982 | -16.1% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €210,872 | €315,204 | +€104,333 | +49.5% |
| Trade receivables | 40 | €210,872 | €315,204 | +€104,333 | +49.5% |
| Cash at bank and in hand | 54/58 | €407,387 | €169,940 | -€237,448 | -58.3% |
| Deferred charges and accrued income | 490/1 | €5,546 | €7,679 | +€2,133 | +38.5% |
| Total equity and liabilities | 10/49 | €821,204 | €688,164 | -€133,040 | -16.2% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €802,654 | €669,614 | -€133,040 | -16.6% |
| Amounts payable after more than one year | 17 | €190,000 | €190,000 | = | 0.0% |
| Financial debts | 170/4 | €190,000 | €190,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €611,154 | €478,114 | -€133,040 | -21.8% |
| Trade debts | 44 | €2,337 | €3,312 | +€975 | +41.7% |
| Suppliers | 440/4 | €2,337 | €3,312 | +€975 | +41.7% |
| Taxes, remuneration and social security | 45 | €178,678 | €143,559 | -€35,119 | -19.7% |
| Taxes | 450/3 | €178,678 | €143,559 | -€35,119 | -19.7% |
| Other amounts payable | 47/48 | €430,139 | €331,243 | -€98,896 | -23.0% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,685 | €2,058 | +€373 | +22.1% |
| Other operating charges | 640/8 | €1,703 | €1,753 | +€50 | +2.9% |
| Non-recurring operating charges | 66A | €294 | €0 | -€294 | -100% |
| Gross operating margin | 9900 | €675,097 | €845,355 | +€170,258 | +25.2% |
| Operating profit (loss) | 9901 | €671,414 | €841,545 | +€170,130 | +25.3% |
| Financial income | 75/76B | €6,995 | €6,965 | -€30 | -0.4% |
| Recurring financial income | 75 | €6,995 | €6,965 | -€30 | -0.4% |
| Financial charges | 65/66B | €3,273 | €3,936 | +€663 | +20.3% |
| Recurring financial charges | 65 | €3,273 | €3,936 | +€663 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €675,137 | €844,574 | +€169,437 | +25.1% |
| Income taxes | 67/77 | €169,625 | €208,487 | +€38,862 | +22.9% |
| Profit (loss) for the period | 9904 | €505,511 | €636,087 | +€130,575 | +25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €505,511 | €636,087 | +€130,575 | +25.8% |
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 27 October 2026 via checked.be.