TOM VAN HOREBEEK: 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 VAN HOREBEEK
Largest movements
- Tangible fixed assets -€513,751
down €513,751 (-28.9%), from €1.8m to €1.3m
of which Land and buildings: -€533,839
- Cash +€119,955
up €119,955 (+153%), from €78,599 to €198,554
mainly Investment in fixed assets (net) (+€399,878) and Depreciation (+€136,993)
- Intangible fixed assets -€23,120
down €23,120 (-81.3%), from €28,430 to €5,310
- Current portion of long-term debt -€433,963
down €433,963 (-75.2%), from €576,983 to €143,020
- Debts after one year -€99,491
down €99,491 (-15.5%), from €641,404 to €541,913
- Profit (loss) carried forward +€63,874
up €63,874, from -€63,874 to €0
- Reserves +€29,143
up €29,143 (+10.6%), from €275,912 to €305,055
of which Distributable reserves: +€47,665
- Advances received +€24,641
up €24,641, from €0 to €24,641
- Gross operating margin +€123,142
up €123,142 (+47.5%), from €259,223 to €382,365
- Other operating charges +€30,301
up €30,301 (+255%), from €11,899 to €42,200
- Staff costs -€27,908
down €27,908 (-40.5%), from €68,985 to €41,077
- Taxes +€27,871
up €27,871 (+5,187%), from €537 to €28,408
- Depreciation +€13,769
up €13,769 (+11.2%), from €123,224 to €136,993
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 | €1,902,120 | €1,503,123 | -€398,998 | -21.0% |
| Fixed assets | 21/28 | €1,806,457 | €1,269,586 | -€536,871 | -29.7% |
| Intangible fixed assets | 21 | €28,430 | €5,310 | -€23,120 | -81.3% |
| Tangible fixed assets | 22/27 | €1,774,627 | €1,260,876 | -€513,751 | -28.9% |
| Land and buildings | 22 | €1,719,288 | €1,185,449 | -€533,839 | -31.0% |
| Plant, machinery and equipment | 23 | €55,339 | €75,427 | +€20,088 | +36.3% |
| Financial fixed assets | 28 | €3,400 | €3,400 | = | 0.0% |
| Current assets | 29/58 | €95,664 | €233,537 | +€137,873 | +144% |
| Amounts receivable within one year | 40/41 | €17,065 | €34,983 | +€17,918 | +105% |
| Trade receivables | 40 | €17,065 | €34,983 | +€17,918 | +105% |
| Cash at bank and in hand | 54/58 | €78,599 | €198,554 | +€119,955 | +153% |
| Total equity and liabilities | 10/49 | €1,902,120 | €1,503,123 | -€398,998 | -21.0% |
| Equity | 10/15 | €530,638 | €623,655 | +€93,017 | +17.5% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €275,912 | €305,055 | +€29,143 | +10.6% |
| Tax-exempt reserves | 132 | €275,912 | €257,390 | -€18,522 | -6.7% |
| Distributable reserves | 133 | - | €47,665 | +€47,665 | |
| Profit (loss) carried forward | 14 | -€63,874 | €0 | +€63,874 | |
| Provisions and deferred taxes | 16 | €90,312 | €84,138 | -€6,174 | -6.8% |
| Deferred taxes | 168 | €90,312 | €84,138 | -€6,174 | -6.8% |
| Amounts payable | 17/49 | €1,281,170 | €795,329 | -€485,841 | -37.9% |
| Amounts payable after more than one year | 17 | €641,404 | €541,913 | -€99,491 | -15.5% |
| Financial debts | 170/4 | €641,404 | €541,913 | -€99,491 | -15.5% |
| Amounts payable within one year | 42/48 | €633,389 | €252,548 | -€380,841 | -60.1% |
| Current portion of amounts payable after more than one year | 42 | €576,983 | €143,020 | -€433,963 | -75.2% |
| Trade debts | 44 | €29,446 | €35,767 | +€6,322 | +21.5% |
| Suppliers | 440/4 | €29,446 | €35,767 | +€6,322 | +21.5% |
| Advances received on contracts in progress | 46 | €0 | €24,641 | +€24,641 | |
| Taxes, remuneration and social security | 45 | €19,357 | €31,826 | +€12,469 | +64.4% |
| Taxes | 450/3 | €10,887 | €23,341 | +€12,454 | +114% |
| Remuneration and social security | 454/9 | €8,470 | €8,485 | +€15 | +0.2% |
| Other amounts payable | 47/48 | €7,604 | €17,295 | +€9,691 | +127% |
| Accrued charges and deferred income | 492/3 | €6,377 | €868 | -€5,509 | -86.4% |
| Remuneration, social security and pensions | 62 | €68,985 | €41,077 | -€27,908 | -40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,224 | €136,993 | +€13,769 | +11.2% |
| Other operating charges | 640/8 | €11,899 | €42,200 | +€30,301 | +255% |
| Gross operating margin | 9900 | €259,223 | €382,365 | +€123,142 | +47.5% |
| Operating profit (loss) | 9901 | €55,115 | €162,095 | +€106,980 | +194% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €36,769 | €46,845 | +€10,076 | +27.4% |
| Recurring financial charges | 65 | €36,769 | €46,845 | +€10,076 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | €18,346 | €115,251 | +€96,905 | +528% |
| Transfer from deferred taxes | 780 | €5,487 | €6,174 | +€687 | +12.5% |
| Income taxes | 67/77 | €537 | €28,408 | +€27,871 | +5,187% |
| Profit (loss) for the period | 9904 | €23,296 | €93,017 | +€69,721 | +299% |
| Transfer from tax-exempt reserves | 789 | €11,484 | €18,522 | +€7,037 | +61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,780 | €111,538 | +€76,758 | +221% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.