TOM VANTROYEN: 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 VANTROYEN
Largest movements
- Cash -€148,257
down €148,257 (-15.2%), from €977,303 to €829,046
mainly Contributions, distributions and other (-€444,614) and Current investments (-€11,217)
- Reserves -€168,316
down €168,316 (-8.0%), from €2.1m to €1.9m
of which Distributable reserves: -€168,316
- Gross operating margin -€20,264
down €20,264 (-4.8%), from €425,955 to €405,691
- Financial income +€12,242
up €12,242 (+135%), from €9,081 to €21,323
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 | €2,138,718 | €1,968,081 | -€170,637 | -8.0% |
| Fixed assets | 21/28 | €28,417 | €8,789 | -€19,627 | -69.1% |
| Tangible fixed assets | 22/27 | €22,733 | €3,106 | -€19,627 | -86.3% |
| Plant, machinery and equipment | 23 | €1,274 | €835 | -€439 | -34.5% |
| Furniture and vehicles | 24 | €20,328 | €2,271 | -€18,057 | -88.8% |
| Other tangible fixed assets | 26 | €1,131 | - | -€1,131 | |
| Financial fixed assets | 28 | €5,683 | €5,683 | = | 0.0% |
| Current assets | 29/58 | €2,110,301 | €1,959,291 | -€151,010 | -7.2% |
| Amounts receivable within one year | 40/41 | €279,213 | €264,985 | -€14,228 | -5.1% |
| Trade receivables | 40 | €264,836 | €251,995 | -€12,840 | -4.8% |
| Other amounts receivable | 41 | €14,377 | €12,989 | -€1,388 | -9.7% |
| Current investments | 50/53 | €852,665 | €863,882 | +€11,217 | +1.3% |
| Cash at bank and in hand | 54/58 | €977,303 | €829,046 | -€148,257 | -15.2% |
| Deferred charges and accrued income | 490/1 | €1,121 | €1,379 | +€258 | +23.1% |
| Total equity and liabilities | 10/49 | €2,138,718 | €1,968,081 | -€170,637 | -8.0% |
| Equity | 10/15 | €2,129,467 | €1,961,151 | -€168,316 | -7.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,117,067 | €1,948,751 | -€168,316 | -8.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €2,115,212 | €1,946,896 | -€168,316 | -8.0% |
| Amounts payable | 17/49 | €9,251 | €6,930 | -€2,322 | -25.1% |
| Amounts payable within one year | 42/48 | €9,251 | €6,930 | -€2,322 | -25.1% |
| Trade debts | 44 | €2,581 | €2,856 | +€275 | +10.6% |
| Suppliers | 440/4 | €2,581 | €2,856 | +€275 | +10.6% |
| Taxes, remuneration and social security | 45 | €6,670 | €4,073 | -€2,597 | -38.9% |
| Taxes | 450/3 | €6,670 | €4,073 | -€2,597 | -38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,621 | €19,627 | +€6 | 0.0% |
| Other operating charges | 640/8 | €3,362 | €2,941 | -€421 | -12.5% |
| Gross operating margin | 9900 | €425,955 | €405,691 | -€20,264 | -4.8% |
| Operating profit (loss) | 9901 | €402,972 | €383,123 | -€19,850 | -4.9% |
| Financial income | 75/76B | €9,081 | €21,323 | +€12,242 | +135% |
| Recurring financial income | 75 | €9,081 | €21,323 | +€12,242 | +135% |
| Financial charges | 65/66B | €2,792 | €2,999 | +€207 | +7.4% |
| Recurring financial charges | 65 | €2,792 | €2,999 | +€207 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €409,261 | €401,447 | -€7,814 | -1.9% |
| Income taxes | 67/77 | €124,355 | €125,148 | +€793 | +0.6% |
| Profit (loss) for the period | 9904 | €284,906 | €276,299 | -€8,607 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €284,906 | €276,299 | -€8,607 | -3.0% |
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 16 October 2026 via checked.be.