TOMAS BAERT: what changed
Two fiscal 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.
TOMAS BAERT
Largest movements
- Financial fixed assets +€100,000
new in 2025: €100,000
- Receivables within one year -€84,142
down €84,142 (-71.1%), from €118,263 to €34,121
of which Other amounts receivable: -€50,262
- Cash -€70,138
down €70,138 (-43.7%), from €160,466 to €90,327
mainly Investment in fixed assets (net) (-€144,465) and Tax, wage and social debts (-€39,680)
- Tangible fixed assets +€32,230
up €32,230 (+432.1%), from €7,460 to €39,690
- Tax, wage and social debts -€39,680
down €39,680 (-61.6%), from €64,428 to €24,748
of which Taxes: -€39,680
- Reserves +€28,330
up €28,330 (+12.2%), from €232,660 to €260,990
of which Distributable reserves: +€28,330
- Trade debts -€6,426
down €6,426 (-84.3%), from €7,626 to €1,201
- Gross operating margin +€10,681
up €10,681 (+15.9%), from €67,169 to €77,850
- Depreciation +€8,311
up €8,311 (+211.8%), from €3,924 to €12,235
- Financial income +€3,509
new in 2025: €3,509
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.
Cash bridge derived
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 | €337,408 | €317,723 | -€19,685 | -5.8% |
| Fixed assets | 21/28 | €7,460 | €139,690 | +€132,230 | +1772.6% |
| Tangible fixed assets | 22/27 | €7,460 | €39,690 | +€32,230 | +432.1% |
| Furniture and vehicles | 24 | €7,460 | €39,690 | +€32,230 | +432.1% |
| Financial fixed assets | 28 | - | €100,000 | +€100,000 | |
| Current assets | 29/58 | €329,948 | €178,033 | -€151,915 | -46.0% |
| Amounts receivable within one year | 40/41 | €118,263 | €34,121 | -€84,142 | -71.1% |
| Trade receivables | 40 | €49,126 | €15,246 | -€33,880 | -69.0% |
| Other amounts receivable | 41 | €69,137 | €18,875 | -€50,262 | -72.7% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €160,466 | €90,327 | -€70,138 | -43.7% |
| Deferred charges and accrued income | 490/1 | €1,219 | €3,585 | +€2,366 | +194.0% |
| Total equity and liabilities | 10/49 | €337,408 | €317,723 | -€19,685 | -5.8% |
| Equity | 10/15 | €258,743 | €287,074 | +€28,330 | +10.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €232,660 | €260,990 | +€28,330 | +12.2% |
| 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 | €230,800 | €259,130 | +€28,330 | +12.3% |
| Profit (loss) carried forward | 14 | €13,684 | €13,684 | = | 0.0% |
| Amounts payable | 17/49 | €78,664 | €30,650 | -€48,015 | -61.0% |
| Amounts payable within one year | 42/48 | €78,664 | €30,650 | -€48,015 | -61.0% |
| Trade debts | 44 | €7,626 | €1,201 | -€6,426 | -84.3% |
| Suppliers | 440/4 | €7,626 | €1,201 | -€6,426 | -84.3% |
| Taxes, remuneration and social security | 45 | €64,428 | €24,748 | -€39,680 | -61.6% |
| Taxes | 450/3 | €64,428 | €24,748 | -€39,680 | -61.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,610 | €4,701 | -€1,909 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,924 | €12,235 | +€8,311 | +211.8% |
| Other operating charges | 640/8 | €530 | €896 | +€366 | +69.0% |
| Gross operating margin | 9900 | €67,169 | €77,850 | +€10,681 | +15.9% |
| Operating profit (loss) | 9901 | €62,715 | €64,720 | +€2,005 | +3.2% |
| Financial income | 75/76B | - | €3,509 | +€3,509 | |
| Recurring financial income | 75 | - | €3,509 | +€3,509 | |
| Financial charges | 65/66B | €397 | €264 | -€133 | -33.5% |
| Recurring financial charges | 65 | €397 | €264 | -€133 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €62,318 | €67,964 | +€5,647 | +9.1% |
| Income taxes | 67/77 | €19,022 | €19,634 | +€612 | +3.2% |
| Profit (loss) for the period | 9904 | €43,295 | €48,330 | +€5,035 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,295 | €48,330 | +€5,035 | +11.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.