TOM VOET: 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 VOET
Largest movements
- Tangible fixed assets +€86,602
up €86,602 (+477%), from €18,142 to €104,744
of which Land and buildings: +€104,744
- Receivables within one year -€21,142
down €21,142 (-7.4%), from €286,347 to €265,205
of which Trade receivables: -€57,048
- Financial fixed assets -€14,675
down €14,675 (-100%), from €14,675 to €0
- Cash +€9,691
up €9,691 (+4.7%), from €205,764 to €215,455
mainly Debts after one year (+€71,580) and Net result for the year (+€68,323)
- Deferred charges and accrued income -€8,279
down €8,279 (-52.9%), from €15,657 to €7,378
- Debts after one year +€71,580
up €71,580 (+634%), from €11,286 to €82,866
- Reserves +€68,323
up €68,323 (+32.6%), from €209,458 to €277,781
of which Distributable reserves: +€68,323
- Advances received -€62,763
down €62,763 (-36.2%), from €173,265 to €110,502
- Current portion of long-term debt -€20,694
down €20,694 (-62.8%), from €32,938 to €12,244
- Gross operating margin -€38,141
down €38,141 (-12.1%), from €314,734 to €276,593
- Taxes -€10,793
down €10,793 (-25.6%), from €42,083 to €31,290
- Staff costs -€10,335
down €10,335 (-6.7%), from €154,987 to €144,652
- Depreciation +€7,346
up €7,346 (+47.5%), from €15,461 to €22,807
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 | €541,153 | €592,783 | +€51,629 | +9.5% |
| Fixed assets | 21/28 | €33,385 | €104,744 | +€71,360 | +214% |
| Intangible fixed assets | 21 | €568 | €0 | -€568 | -100% |
| Tangible fixed assets | 22/27 | €18,142 | €104,744 | +€86,602 | +477% |
| Land and buildings | 22 | - | €104,744 | +€104,744 | |
| Plant, machinery and equipment | 23 | €4,127 | €0 | -€4,127 | -100% |
| Furniture and vehicles | 24 | €10,519 | €0 | -€10,519 | -100% |
| Other tangible fixed assets | 26 | €3,496 | €0 | -€3,496 | -100% |
| Financial fixed assets | 28 | €14,675 | €0 | -€14,675 | -100% |
| Current assets | 29/58 | €507,769 | €488,039 | -€19,730 | -3.9% |
| Amounts receivable within one year | 40/41 | €286,347 | €265,205 | -€21,142 | -7.4% |
| Trade receivables | 40 | €142,466 | €85,418 | -€57,048 | -40.0% |
| Other amounts receivable | 41 | €143,881 | €179,788 | +€35,906 | +25.0% |
| Cash at bank and in hand | 54/58 | €205,764 | €215,455 | +€9,691 | +4.7% |
| Deferred charges and accrued income | 490/1 | €15,657 | €7,378 | -€8,279 | -52.9% |
| Total equity and liabilities | 10/49 | €541,153 | €592,783 | +€51,629 | +9.5% |
| Equity | 10/15 | €228,058 | €296,381 | +€68,323 | +30.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €209,458 | €277,781 | +€68,323 | +32.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €207,598 | €275,921 | +€68,323 | +32.9% |
| Amounts payable | 17/49 | €313,095 | €296,402 | -€16,693 | -5.3% |
| Amounts payable after more than one year | 17 | €11,286 | €82,866 | +€71,580 | +634% |
| Financial debts | 170/4 | €11,286 | €82,866 | +€71,580 | +634% |
| Amounts payable within one year | 42/48 | €301,809 | €212,815 | -€88,994 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €32,938 | €12,244 | -€20,694 | -62.8% |
| Financial debts | 43 | €5,087 | €0 | -€5,087 | -100% |
| Credit institutions | 430/8 | €5,087 | €0 | -€5,087 | -100% |
| Trade debts | 44 | €37,351 | €40,543 | +€3,193 | +8.5% |
| Suppliers | 440/4 | €37,351 | €40,543 | +€3,193 | +8.5% |
| Advances received on contracts in progress | 46 | €173,265 | €110,502 | -€62,763 | -36.2% |
| Taxes, remuneration and social security | 45 | €53,169 | €47,823 | -€5,346 | -10.1% |
| Taxes | 450/3 | €29,993 | €47,823 | +€17,829 | +59.4% |
| Remuneration and social security | 454/9 | €23,176 | €0 | -€23,176 | -100% |
| Other amounts payable | 47/48 | - | €1,703 | +€1,703 | |
| Accrued charges and deferred income | 492/3 | - | €721 | +€721 | |
| Non-recurring operating income | 76A | - | €220,373 | +€220,373 | |
| Remuneration, social security and pensions | 62 | €154,987 | €144,652 | -€10,335 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,461 | €22,807 | +€7,346 | +47.5% |
| Other operating charges | 640/8 | €2,044 | €4,367 | +€2,323 | +114% |
| Gross operating margin | 9900 | €314,734 | €276,593 | -€38,141 | -12.1% |
| Operating profit (loss) | 9901 | €142,242 | €104,767 | -€37,475 | -26.3% |
| Financial income | 75/76B | €1,449 | €2,973 | +€1,525 | +105% |
| Recurring financial income | 75 | €55 | €190 | +€135 | +245% |
| Non-recurring financial income | 76B | €1,394 | €2,784 | +€1,390 | +99.7% |
| Financial charges | 65/66B | €7,942 | €8,127 | +€185 | +2.3% |
| Recurring financial charges | 65 | €7,520 | €8,127 | +€607 | +8.1% |
| Non-recurring financial charges | 66B | €422 | €0 | -€422 | -100% |
| Profit (loss) for the period before taxes | 9903 | €135,748 | €99,613 | -€36,136 | -26.6% |
| Income taxes | 67/77 | €42,083 | €31,290 | -€10,793 | -25.6% |
| Profit (loss) for the period | 9904 | €93,665 | €68,323 | -€25,343 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €93,665 | €68,323 | -€25,343 | -27.1% |
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 27 October 2026 via checked.be.