TOMAS LEWIS: 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.
TOMAS LEWIS
Largest movements
- Tangible fixed assets +€3.3m
up €3.3m (+103%), from €3.2m to €6.5m
- Reserves +€3.5m
up €3.5m (+9.1%), from €38.3m to €41.8m
- Financial income +€3.5m
up €3.5m (+452%), from €764,975 to €4.2m
- Financial charges +€212,198
up €212,198 (+750%), from €28,279 to €240,478
- Taxes +€132,081
up €132,081 (+73.2%), from €180,394 to €312,475
- Depreciation +€64,665
up €64,665 (+37.3%), from €173,264 to €237,929
- Gross operating margin -€57,873
down €57,873 (-31.7%), from €182,354 to €124,481
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 | €38,639,538 | €42,543,049 | +€3.9m | +10.1% |
| Fixed assets | 21/28 | €17,078,166 | €20,682,263 | +€3.6m | +21.1% |
| Tangible fixed assets | 22/27 | €3,181,726 | €6,453,770 | +€3.3m | +103% |
| Land and buildings | 22 | €3,181,726 | €6,453,770 | +€3.3m | +103% |
| Financial fixed assets | 28 | €13,896,439 | €14,228,493 | +€332,054 | +2.4% |
| Current assets | 29/58 | €21,561,372 | €21,860,786 | +€299,414 | +1.4% |
| Amounts receivable within one year | 40/41 | €138,692 | €128,438 | -€10,254 | -7.4% |
| Trade receivables | 40 | €11,501 | €568 | -€10,933 | -95.1% |
| Other amounts receivable | 41 | €127,191 | €127,871 | +€680 | +0.5% |
| Current investments | 50/53 | €20,753,786 | €20,968,812 | +€215,026 | +1.0% |
| Cash at bank and in hand | 54/58 | €333,824 | €404,598 | +€70,774 | +21.2% |
| Deferred charges and accrued income | 490/1 | €335,070 | €358,937 | +€23,868 | +7.1% |
| Total equity and liabilities | 10/49 | €38,639,538 | €42,543,049 | +€3.9m | +10.1% |
| Equity | 10/15 | €38,314,857 | €41,805,874 | +€3.5m | +9.1% |
| Contributions | 10/11 | €25,987 | €25,987 | = | 0.0% |
| Reserves | 13 | €38,288,870 | €41,779,887 | +€3.5m | +9.1% |
| Distributable reserves | 133 | €38,288,870 | €41,779,887 | +€3.5m | +9.1% |
| Amounts payable | 17/49 | €324,681 | €737,174 | +€412,494 | +127% |
| Amounts payable within one year | 42/48 | €281,894 | €700,646 | +€418,751 | +149% |
| Trade debts | 44 | €1,350 | €2,958 | +€1,608 | +119% |
| Suppliers | 440/4 | €1,350 | €2,958 | +€1,608 | +119% |
| Taxes, remuneration and social security | 45 | €64,936 | €167,542 | +€102,605 | +158% |
| Taxes | 450/3 | €64,936 | €167,542 | +€102,605 | +158% |
| Other amounts payable | 47/48 | €215,608 | €530,145 | +€314,537 | +146% |
| Accrued charges and deferred income | 492/3 | €42,786 | €36,529 | -€6,257 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,264 | €237,929 | +€64,665 | +37.3% |
| Other operating charges | 640/8 | €50,178 | €47,450 | -€2,728 | -5.4% |
| Gross operating margin | 9900 | €182,354 | €124,481 | -€57,873 | -31.7% |
| Operating profit (loss) | 9901 | -€41,089 | -€160,898 | -€119,809 | -292% |
| Financial income | 75/76B | €764,975 | €4,221,368 | +€3.5m | +452% |
| Recurring financial income | 75 | €764,975 | €4,221,368 | +€3.5m | +452% |
| Financial charges | 65/66B | €28,279 | €240,478 | +€212,198 | +750% |
| Recurring financial charges | 65 | €28,279 | €240,478 | +€212,198 | +750% |
| Profit (loss) for the period before taxes | 9903 | €695,607 | €3,819,992 | +€3.1m | +449% |
| Income taxes | 67/77 | €180,394 | €312,475 | +€132,081 | +73.2% |
| Profit (loss) for the period | 9904 | €515,213 | €3,507,517 | +€3.0m | +581% |
| Profit (loss) for the period to be appropriated | 9905 | €515,213 | €3,507,517 | +€3.0m | +581% |
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.