CABINET TSEMO: what changed
CABINET TSEMO
Largest movements
- Receivables within one year -€87,497
down €87,497 (-39.8%), from €219,767 to €132,270
- Cash -€37,969
down €37,969 (-71.0%), from €53,472 to €15,502
mainly Contributions, distributions and other (-€308,892) and Tax, wage and social debts (-€23,961)
- Tangible fixed assets -€19,860
down €19,860 (-10.4%), from €190,832 to €170,972
of which Furniture and vehicles: -€14,567
- Reserves -€207,998
no longer reported in 2025 (was €207,998)
- Other debts +€100,894
new in 2025: €100,894
- Tax, wage and social debts -€23,961
down €23,961 (-51.9%), from €46,198 to €22,237
of which Taxes: -€24,299
- Debts after one year -€10,994
down €10,994 (-5.5%), from €201,422 to €190,428
- Gross operating margin +€12,533
up €12,533 (+7.9%), from €158,015 to €170,548
- Staff costs +€8,004
up €8,004 (+52.1%), from €15,369 to €23,374
- Other operating charges +€7,836
up €7,836 (+449%), from €1,747 to €9,583
- Taxes +€7,763
up €7,763 (+25.8%), from €30,071 to €37,834
- Depreciation -€5,839
down €5,839 (-41.0%), from €14,241 to €8,402
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €469,613 | €327,601 | -€142,012 | -30.2% |
| Fixed assets | 21/28 | €190,832 | €170,972 | -€19,860 | -10.4% |
| Tangible fixed assets | 22/27 | €190,832 | €170,972 | -€19,860 | -10.4% |
| Land and buildings | 22 | €173,317 | €167,343 | -€5,974 | -3.4% |
| Plant, machinery and equipment | 23 | - | €681 | +€681 | |
| Furniture and vehicles | 24 | €17,515 | €2,949 | -€14,567 | -83.2% |
| Current assets | 29/58 | €278,781 | €156,629 | -€122,152 | -43.8% |
| Amounts receivable within one year | 40/41 | €219,767 | €132,270 | -€87,497 | -39.8% |
| Other amounts receivable | 41 | €219,767 | €132,270 | -€87,497 | -39.8% |
| Cash at bank and in hand | 54/58 | €53,472 | €15,502 | -€37,969 | -71.0% |
| Deferred charges and accrued income | 490/1 | €5,542 | €8,857 | +€3,315 | +59.8% |
| Total equity and liabilities | 10/49 | €469,613 | €327,601 | -€142,012 | -30.2% |
| Equity | 10/15 | €210,998 | €3,000 | -€207,998 | -98.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €207,998 | - | -€207,998 | |
| Distributable reserves | 133 | €207,998 | - | -€207,998 | |
| Amounts payable | 17/49 | €258,615 | €324,601 | +€65,986 | +25.5% |
| Amounts payable after more than one year | 17 | €201,422 | €190,428 | -€10,994 | -5.5% |
| Financial debts | 170/4 | €201,422 | €190,428 | -€10,994 | -5.5% |
| Amounts payable within one year | 42/48 | €57,193 | €134,173 | +€76,980 | +135% |
| Current portion of amounts payable after more than one year | 42 | €10,826 | €10,994 | +€168 | +1.6% |
| Trade debts | 44 | €168 | €48 | -€121 | -71.6% |
| Suppliers | 440/4 | €168 | €48 | -€121 | -71.6% |
| Taxes, remuneration and social security | 45 | €46,198 | €22,237 | -€23,961 | -51.9% |
| Taxes | 450/3 | €44,811 | €20,512 | -€24,299 | -54.2% |
| Remuneration and social security | 454/9 | €1,387 | €1,725 | +€338 | +24.3% |
| Other amounts payable | 47/48 | - | €100,894 | +€100,894 | |
| Non-recurring operating income | 76A | - | €6,344 | +€6,344 | |
| Remuneration, social security and pensions | 62 | €15,369 | €23,374 | +€8,004 | +52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,241 | €8,402 | -€5,839 | -41.0% |
| Other operating charges | 640/8 | €1,747 | €9,583 | +€7,836 | +449% |
| Gross operating margin | 9900 | €158,015 | €170,548 | +€12,533 | +7.9% |
| Operating profit (loss) | 9901 | €126,658 | €129,190 | +€2,533 | +2.0% |
| Financial income | 75/76B | €11,316 | €14,586 | +€3,270 | +28.9% |
| Recurring financial income | 75 | €11,316 | €14,586 | +€3,270 | +28.9% |
| Financial charges | 65/66B | €5,716 | €5,049 | -€667 | -11.7% |
| Recurring financial charges | 65 | €5,716 | €5,049 | -€667 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €132,258 | €138,728 | +€6,470 | +4.9% |
| Income taxes | 67/77 | €30,071 | €37,834 | +€7,763 | +25.8% |
| Profit (loss) for the period | 9904 | €102,187 | €100,894 | -€1,293 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €102,187 | €100,894 | -€1,293 | -1.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.