TOM WINDELEN: 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 WINDELEN
Largest movements
- Cash -€60,365
down €60,365 (-54.0%), from €111,772 to €51,406
mainly Contributions, distributions and other (-€231,500) and Other debts (-€19,054)
- Current investments -€17,180
down €17,180 (-60.3%), from €28,467 to €11,288
- Tangible fixed assets +€4,997
up €4,997 (+76.0%), from €6,576 to €11,572
of which Furniture and vehicles: +€6,077
- Receivables within one year +€2,465
up €2,465 (+61.4%), from €4,015 to €6,480
- Reserves -€41,000
down €41,000 (-87.5%), from €46,855 to €5,855
of which Distributable reserves: -€41,000
- Other debts -€19,054
down €19,054 (-53.6%), from €35,554 to €16,500
- Tax, wage and social debts -€10,018
down €10,018 (-32.2%), from €31,147 to €21,129
- Short-term financial debts +€3,285
up €3,285 (+24.3%), from €13,541 to €16,825
- Trade debts -€3,065
down €3,065 (-50.6%), from €6,059 to €2,995
- Gross operating margin +€24,488
up €24,488 (+10.6%), from €230,485 to €254,973
- Financial charges -€6,790
down €6,790 (-76.3%), from €8,895 to €2,105
- Taxes +€6,467
up €6,467 (+12.4%), from €52,123 to €58,589
- Financial income -€3,620
down €3,620 (-40.1%), from €9,030 to €5,410
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €151,745 | €82,251 | -€69,494 | -45.8% |
| Fixed assets | 21/28 | €6,576 | €11,572 | +€4,997 | +76.0% |
| Tangible fixed assets | 22/27 | €6,576 | €11,572 | +€4,997 | +76.0% |
| Plant, machinery and equipment | 23 | €1,227 | €146 | -€1,080 | -88.1% |
| Furniture and vehicles | 24 | €5,349 | €11,426 | +€6,077 | +114% |
| Current assets | 29/58 | €145,169 | €70,679 | -€74,490 | -51.3% |
| Amounts receivable within one year | 40/41 | €4,015 | €6,480 | +€2,465 | +61.4% |
| Other amounts receivable | 41 | €4,015 | €6,480 | +€2,465 | +61.4% |
| Current investments | 50/53 | €28,467 | €11,288 | -€17,180 | -60.3% |
| Cash at bank and in hand | 54/58 | €111,772 | €51,406 | -€60,365 | -54.0% |
| Deferred charges and accrued income | 490/1 | €915 | €1,504 | +€589 | +64.4% |
| Total equity and liabilities | 10/49 | €151,745 | €82,251 | -€69,494 | -45.8% |
| Equity | 10/15 | €65,405 | €24,802 | -€40,604 | -62.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €46,855 | €5,855 | -€41,000 | -87.5% |
| 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 | €45,000 | €4,000 | -€41,000 | -91.1% |
| Profit (loss) carried forward | 14 | €0 | €397 | +€396 | +141,514% |
| Amounts payable | 17/49 | €86,340 | €57,450 | -€28,890 | -33.5% |
| Amounts payable within one year | 42/48 | €86,301 | €57,450 | -€28,851 | -33.4% |
| Financial debts | 43 | €13,541 | €16,825 | +€3,285 | +24.3% |
| Other loans | 439 | €13,541 | €16,825 | +€3,285 | +24.3% |
| Trade debts | 44 | €6,059 | €2,995 | -€3,065 | -50.6% |
| Suppliers | 440/4 | €6,059 | €2,995 | -€3,065 | -50.6% |
| Taxes, remuneration and social security | 45 | €31,147 | €21,129 | -€10,018 | -32.2% |
| Taxes | 450/3 | €31,147 | €21,129 | -€10,018 | -32.2% |
| Other amounts payable | 47/48 | €35,554 | €16,500 | -€19,054 | -53.6% |
| Accrued charges and deferred income | 492/3 | €39 | €0 | -€39 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,376 | €7,005 | -€371 | -5.0% |
| Other operating charges | 640/8 | €1,645 | €1,788 | +€143 | +8.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €230,485 | €254,973 | +€24,488 | +10.6% |
| Operating profit (loss) | 9901 | €221,465 | €246,180 | +€24,716 | +11.2% |
| Financial income | 75/76B | €9,030 | €5,410 | -€3,620 | -40.1% |
| Recurring financial income | 75 | €9,030 | €5,410 | -€3,620 | -40.1% |
| Financial charges | 65/66B | €8,895 | €2,105 | -€6,790 | -76.3% |
| Recurring financial charges | 65 | €8,895 | €2,105 | -€6,790 | -76.3% |
| Profit (loss) for the period before taxes | 9903 | €221,600 | €249,486 | +€27,886 | +12.6% |
| Income taxes | 67/77 | €52,123 | €58,589 | +€6,467 | +12.4% |
| Profit (loss) for the period | 9904 | €169,478 | €190,896 | +€21,419 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €169,478 | €190,896 | +€21,419 | +12.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.