TOM SWERTS: 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 SWERTS
Largest movements
- Receivables within one year +€71,017
up €71,017 (+78.2%), from €90,823 to €161,840
of which Other amounts receivable: +€57,372
- Cash -€36,143
down €36,143 (-22.7%), from €159,569 to €123,426
mainly Contributions, distributions and other (-€175,312) and Receivables within one year (-€71,017)
- Tangible fixed assets +€15,642
up €15,642 (+157%), from €9,981 to €25,623
of which Furniture and vehicles: +€16,783
- Other debts +€175,312
new in 2025: €175,312
- Reserves -€124,908
down €124,908 (-41.6%), from €300,340 to €175,432
of which Distributable reserves: -€124,908
- Gross operating margin +€49,052
up €49,052 (+152%), from €32,308 to €81,360
- Taxes +€12,666
up €12,666 (+127%), from €9,937 to €22,603
- Depreciation +€3,142
up €3,142 (+67.3%), from €4,666 to €7,808
- Other operating charges +€911
up €911 (+74.0%), from €1,232 to €2,143
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 | €328,518 | €379,035 | +€50,517 | +15.4% |
| Fixed assets | 21/28 | €78,126 | €93,769 | +€15,642 | +20.0% |
| Tangible fixed assets | 22/27 | €9,981 | €25,623 | +€15,642 | +157% |
| Plant, machinery and equipment | 23 | - | €2,083 | +€2,083 | |
| Furniture and vehicles | 24 | €933 | €17,716 | +€16,783 | +1,798% |
| Other tangible fixed assets | 26 | €9,048 | €5,825 | -€3,223 | -35.6% |
| Financial fixed assets | 28 | €68,145 | €68,145 | = | 0.0% |
| Current assets | 29/58 | €250,392 | €285,266 | +€34,874 | +13.9% |
| Amounts receivable within one year | 40/41 | €90,823 | €161,840 | +€71,017 | +78.2% |
| Trade receivables | 40 | €10,802 | €24,447 | +€13,645 | +126% |
| Other amounts receivable | 41 | €80,021 | €137,393 | +€57,372 | +71.7% |
| Cash at bank and in hand | 54/58 | €159,569 | €123,426 | -€36,143 | -22.7% |
| Total equity and liabilities | 10/49 | €328,518 | €379,035 | +€50,517 | +15.4% |
| Equity | 10/15 | €318,940 | €194,032 | -€124,908 | -39.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €300,340 | €175,432 | -€124,908 | -41.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €288,480 | €163,572 | -€124,908 | -43.3% |
| Amounts payable | 17/49 | €9,578 | €185,003 | +€175,425 | +1,831% |
| Amounts payable within one year | 42/48 | €9,578 | €185,003 | +€175,425 | +1,831% |
| Financial debts | 43 | €1,713 | €1,712 | -€1 | -0.1% |
| Credit institutions | 430/8 | €1,713 | €1,712 | -€1 | -0.1% |
| Trade debts | 44 | €3,291 | €1,544 | -€1,746 | -53.1% |
| Suppliers | 440/4 | €3,291 | €1,544 | -€1,746 | -53.1% |
| Taxes, remuneration and social security | 45 | €4,575 | €6,435 | +€1,861 | +40.7% |
| Taxes | 450/3 | €4,575 | €6,435 | +€1,861 | +40.7% |
| Other amounts payable | 47/48 | - | €175,312 | +€175,312 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,666 | €7,808 | +€3,142 | +67.3% |
| Other operating charges | 640/8 | €1,232 | €2,143 | +€911 | +74.0% |
| Gross operating margin | 9900 | €32,308 | €81,360 | +€49,052 | +152% |
| Operating profit (loss) | 9901 | €26,411 | €71,409 | +€44,999 | +170% |
| Financial income | 75/76B | €1,586 | €2,227 | +€641 | +40.4% |
| Recurring financial income | 75 | €1,586 | €2,227 | +€641 | +40.4% |
| Financial charges | 65/66B | €814 | €630 | -€184 | -22.6% |
| Recurring financial charges | 65 | €814 | €630 | -€184 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €27,183 | €73,007 | +€45,824 | +169% |
| Income taxes | 67/77 | €9,937 | €22,603 | +€12,666 | +127% |
| Profit (loss) for the period | 9904 | €17,246 | €50,403 | +€33,158 | +192% |
| Profit (loss) for the period to be appropriated | 9905 | €17,246 | €50,403 | +€33,158 | +192% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.