Tom Van Hulle: 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 Hulle
Largest movements
- Tangible fixed assets +€40,636
up €40,636 (+152%), from €26,723 to €67,359
of which Furniture and vehicles: +€42,652
- Receivables within one year +€28,849
up €28,849 (+70.1%), from €41,151 to €70,000
- Cash -€17,086
down €17,086 (-31.7%), from €53,832 to €36,745
mainly Investment in fixed assets (net) (-€46,569) and Receivables within one year (-€28,849)
- Deferred charges and accrued income +€2,498
new in 2025: €2,498
- Reserves +€78,893
up €78,893 (+136%), from €57,951 to €136,845
- Other debts -€27,000
down €27,000 (-100%), from €27,000 to €0
- Tax, wage and social debts +€2,989
up €2,989 (+9.8%), from €30,513 to €33,502
- Gross operating margin +€56,263
up €56,263 (+85.1%), from €66,120 to €122,383
- Taxes +€11,860
up €11,860 (+71.9%), from €16,501 to €28,361
- Depreciation -€2,674
down €2,674 (-31.1%), from €8,607 to €5,933
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 | €121,705 | €176,602 | +€54,897 | +45.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €26,723 | €67,359 | +€40,636 | +152% |
| Tangible fixed assets | 22/27 | €26,723 | €67,359 | +€40,636 | +152% |
| Land and buildings | 22 | €3,681 | €3,233 | -€448 | -12.2% |
| Plant, machinery and equipment | 23 | €15,073 | €13,506 | -€1,567 | -10.4% |
| Furniture and vehicles | 24 | €7,968 | €50,620 | +€42,652 | +535% |
| Current assets | 29/58 | €94,983 | €109,243 | +€14,260 | +15.0% |
| Amounts receivable within one year | 40/41 | €41,151 | €70,000 | +€28,849 | +70.1% |
| Trade receivables | 40 | €41,151 | €70,000 | +€28,849 | +70.1% |
| Cash at bank and in hand | 54/58 | €53,832 | €36,745 | -€17,086 | -31.7% |
| Deferred charges and accrued income | 490/1 | - | €2,498 | +€2,498 | |
| Total equity and liabilities | 10/49 | €121,705 | €176,602 | +€54,897 | +45.1% |
| Equity | 10/15 | €62,751 | €141,645 | +€78,893 | +126% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €57,951 | €136,845 | +€78,893 | +136% |
| Distributable reserves | 133 | €57,951 | €136,845 | +€78,893 | +136% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €58,954 | €34,957 | -€23,997 | -40.7% |
| Amounts payable within one year | 42/48 | €58,954 | €34,957 | -€23,997 | -40.7% |
| Trade debts | 44 | €1,441 | €1,455 | +€15 | +1.0% |
| Suppliers | 440/4 | €1,441 | €1,455 | +€15 | +1.0% |
| Taxes, remuneration and social security | 45 | €30,513 | €33,502 | +€2,989 | +9.8% |
| Taxes | 450/3 | €30,513 | €33,502 | +€2,989 | +9.8% |
| Other amounts payable | 47/48 | €27,000 | €0 | -€27,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,607 | €5,933 | -€2,674 | -31.1% |
| Other operating charges | 640/8 | €718 | €1,187 | +€470 | +65.4% |
| Non-recurring operating charges | 66A | - | €7,968 | +€7,968 | |
| Gross operating margin | 9900 | €66,120 | €122,383 | +€56,263 | +85.1% |
| Operating profit (loss) | 9901 | €56,795 | €107,294 | +€50,499 | +88.9% |
| Financial charges | 65/66B | €70 | €40 | -€29 | -41.9% |
| Recurring financial charges | 65 | €70 | €40 | -€29 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €56,726 | €107,254 | +€50,528 | +89.1% |
| Income taxes | 67/77 | €16,501 | €28,361 | +€11,860 | +71.9% |
| Profit (loss) for the period | 9904 | €40,225 | €78,893 | +€38,669 | +96.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,225 | €78,893 | +€38,669 | +96.1% |
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 24 October 2026 via checked.be.