Tom Van Wesemael: 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 Wesemael
Largest movements
- Receivables after one year +€1.2m
new in 2025: €1.2m
- Financial fixed assets -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Current investments +€510,175
up €510,175 (+57.1%), from €893,021 to €1.4m
- Cash -€279,983
down €279,983 (-56.9%), from €491,815 to €211,833
mainly Receivables after one year (-€1.2m) and Current investments (-€510,175)
- Tangible fixed assets -€56,121
down €56,121 (-4.6%), from €1.2m to €1.2m
of which Land and buildings: -€62,200
- Reserves +€216,244
up €216,244 (+9.1%), from €2.4m to €2.6m
- Other debts +€81,765
up €81,765 (+32.5%), from €251,274 to €333,039
- Debts after one year -€62,279
down €62,279 (-10.8%), from €579,195 to €516,916
- Short-term financial debts +€48,874
up €48,874 (+6.0%), from €807,919 to €856,793
of which Other loans: +€51,467
- Financial income -€150,699
down €150,699 (-57.1%), from €263,924 to €113,226
- Gross operating margin +€115,402
up €115,402 (+15.7%), from €736,050 to €851,452
- Taxes +€32,201
up €32,201 (+14.7%), from €219,262 to €251,463
- Depreciation +€9,418
up €9,418 (+13.2%), from €71,175 to €80,593
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 | €4,190,116 | €4,486,032 | +€295,915 | +7.1% |
| Fixed assets | 21/28 | €2,307,980 | €1,163,860 | -€1.1m | -49.6% |
| Tangible fixed assets | 22/27 | €1,219,980 | €1,163,860 | -€56,121 | -4.6% |
| Land and buildings | 22 | €1,134,739 | €1,072,539 | -€62,200 | -5.5% |
| Plant, machinery and equipment | 23 | €958 | €639 | -€319 | -33.3% |
| Furniture and vehicles | 24 | €11,046 | €28,445 | +€17,399 | +158% |
| Other tangible fixed assets | 26 | €73,237 | €62,237 | -€11,000 | -15.0% |
| Financial fixed assets | 28 | €1,088,000 | €0 | -€1.1m | -100% |
| Current assets | 29/58 | €1,882,136 | €3,322,172 | +€1.4m | +76.5% |
| Amounts receivable after more than one year | 29 | - | €1,156,000 | +€1.2m | |
| Other amounts receivable | 291 | - | €1,156,000 | +€1.2m | |
| Amounts receivable within one year | 40/41 | €481,869 | €532,424 | +€50,554 | +10.5% |
| Trade receivables | 40 | €467,200 | €530,875 | +€63,675 | +13.6% |
| Other amounts receivable | 41 | €14,669 | €1,549 | -€13,121 | -89.4% |
| Current investments | 50/53 | €893,021 | €1,403,196 | +€510,175 | +57.1% |
| Cash at bank and in hand | 54/58 | €491,815 | €211,833 | -€279,983 | -56.9% |
| Deferred charges and accrued income | 490/1 | €15,431 | €18,720 | +€3,289 | +21.3% |
| Total equity and liabilities | 10/49 | €4,190,116 | €4,486,032 | +€295,915 | +7.1% |
| Equity | 10/15 | €2,395,275 | €2,611,519 | +€216,244 | +9.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,364,153 | €2,580,397 | +€216,244 | +9.1% |
| Distributable reserves | 133 | €2,364,153 | €2,580,397 | +€216,244 | +9.1% |
| Profit (loss) carried forward | 14 | €1,123 | €1,123 | = | 0.0% |
| Amounts payable | 17/49 | €1,794,841 | €1,874,512 | +€79,671 | +4.4% |
| Amounts payable after more than one year | 17 | €579,195 | €516,916 | -€62,279 | -10.8% |
| Financial debts | 170/4 | €579,195 | €516,916 | -€62,279 | -10.8% |
| Amounts payable within one year | 42/48 | €1,173,171 | €1,316,500 | +€143,329 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €59,837 | €62,279 | +€2,443 | +4.1% |
| Financial debts | 43 | €807,919 | €856,793 | +€48,874 | +6.0% |
| Credit institutions | 430/8 | €63,119 | €60,527 | -€2,592 | -4.1% |
| Other loans | 439 | €744,800 | €796,267 | +€51,467 | +6.9% |
| Trade debts | 44 | €6,087 | €9,861 | +€3,774 | +62.0% |
| Suppliers | 440/4 | €6,087 | €9,861 | +€3,774 | +62.0% |
| Taxes, remuneration and social security | 45 | €48,054 | €54,528 | +€6,474 | +13.5% |
| Taxes | 450/3 | €48,054 | €52,278 | +€4,224 | +8.8% |
| Remuneration and social security | 454/9 | - | €2,250 | +€2,250 | |
| Other amounts payable | 47/48 | €251,274 | €333,039 | +€81,765 | +32.5% |
| Accrued charges and deferred income | 492/3 | €42,476 | €41,096 | -€1,379 | -3.2% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,175 | €80,593 | +€9,418 | +13.2% |
| Other operating charges | 640/8 | €9,903 | €15,574 | +€5,672 | +57.3% |
| Gross operating margin | 9900 | €736,050 | €851,452 | +€115,402 | +15.7% |
| Operating profit (loss) | 9901 | €654,972 | €755,285 | +€100,313 | +15.3% |
| Financial income | 75/76B | €263,924 | €113,226 | -€150,699 | -57.1% |
| Recurring financial income | 75 | €263,924 | €113,226 | -€150,699 | -57.1% |
| Financial charges | 65/66B | €68,747 | €65,219 | -€3,528 | -5.1% |
| Recurring financial charges | 65 | €68,747 | €65,219 | -€3,528 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €850,149 | €803,292 | -€46,858 | -5.5% |
| Income taxes | 67/77 | €219,262 | €251,463 | +€32,201 | +14.7% |
| Profit (loss) for the period | 9904 | €630,888 | €551,829 | -€79,059 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €630,888 | €551,829 | -€79,059 | -12.5% |
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 29 October 2026 via checked.be.