ALAIN SCHUERMANS: 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.
ALAIN SCHUERMANS
Largest movements
- Cash -€46,415
down €46,415 (-92.9%), from €49,967 to €3,552
mainly Receivables within one year (-€42,143) and Contributions, distributions and other (-€40,000)
- Receivables within one year +€42,143
up €42,143 (+144%), from €29,292 to €71,435
of which Other amounts receivable: +€39,269
- Other debts +€40,000
up €40,000, from €0 to €40,000
- Debts after one year -€33,116
down €33,116 (-100%), from €33,116 to €0
- Trade debts -€17,275
down €17,275 (-97.4%), from €17,731 to €455
- Financial charges -€46,349
down €46,349 (-77.2%), from €60,037 to €13,689
- Gross operating margin +€33,432
up €33,432 (+124%), from €26,994 to €60,426
- Other operating charges -€2,523
down €2,523 (-43.2%), from €5,837 to €3,314
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 | €1,407,528 | €1,403,262 | -€4,267 | -0.3% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Land and buildings | 22 | €0 | - | = | |
| Current assets | 29/58 | €1,407,528 | €1,403,262 | -€4,267 | -0.3% |
| Stocks and contracts in progress | 3 | €1,327,966 | €1,327,966 | = | 0.0% |
| Stocks | 30/36 | €1,327,966 | €1,327,966 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €29,292 | €71,435 | +€42,143 | +144% |
| Trade receivables | 40 | - | €2,874 | +€2,874 | |
| Other amounts receivable | 41 | €29,292 | €68,561 | +€39,269 | +134% |
| Cash at bank and in hand | 54/58 | €49,967 | €3,552 | -€46,415 | -92.9% |
| Deferred charges and accrued income | 490/1 | €304 | €309 | +€5 | +1.8% |
| Total equity and liabilities | 10/49 | €1,407,528 | €1,403,262 | -€4,267 | -0.3% |
| Equity | 10/15 | €301,473 | €306,171 | +€4,698 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €282,873 | €287,571 | +€4,698 | +1.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €282,873 | €287,571 | +€4,698 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,106,056 | €1,097,091 | -€8,965 | -0.8% |
| Amounts payable after more than one year | 17 | €33,116 | €0 | -€33,116 | -100% |
| Financial debts | 170/4 | €33,116 | €0 | -€33,116 | -100% |
| Amounts payable within one year | 42/48 | €1,072,940 | €1,097,091 | +€24,151 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €31,689 | €33,116 | +€1,426 | +4.5% |
| Financial debts | 43 | €1,023,520 | €1,023,520 | = | 0.0% |
| Credit institutions | 430/8 | €1,023,520 | €1,023,520 | = | 0.0% |
| Trade debts | 44 | €17,731 | €455 | -€17,275 | -97.4% |
| Suppliers | 440/4 | €17,731 | €455 | -€17,275 | -97.4% |
| Other amounts payable | 47/48 | €0 | €40,000 | +€40,000 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,837 | €3,314 | -€2,523 | -43.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €26,994 | €60,426 | +€33,432 | +124% |
| Operating profit (loss) | 9901 | €21,157 | €57,112 | +€35,955 | +170% |
| Financial income | 75/76B | €1,092 | €1,275 | +€182 | +16.7% |
| Recurring financial income | 75 | €1,092 | €1,275 | +€182 | +16.7% |
| Financial charges | 65/66B | €60,037 | €13,689 | -€46,349 | -77.2% |
| Recurring financial charges | 65 | €60,037 | €13,689 | -€46,349 | -77.2% |
| Profit (loss) for the period before taxes | 9903 | -€37,788 | €44,698 | +€82,486 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€37,788 | €44,698 | +€82,486 | |
| Transfer from tax-exempt reserves | 789 | €21,901 | €0 | -€21,901 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,887 | €44,698 | +€60,585 |
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 26 October 2026 via checked.be.