DOKTER LOIC SERMEUS: 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.
DOKTER LOIC SERMEUS
Largest movements
- Cash +€95,000
up €95,000 (+63.9%), from €148,564 to €243,564
mainly Net result for the year (+€90,883) and Depreciation (+€10,921)
- Tangible fixed assets -€10,921
down €10,921 (-35.2%), from €30,981 to €20,060
- Reserves +€90,883
up €90,883 (+75.4%), from €120,475 to €211,359
- Tax, wage and social debts -€12,198
down €12,198 (-30.6%), from €39,855 to €27,657
of which Taxes: -€11,747
- Gross operating margin -€37,867
down €37,867 (-21.9%), from €173,082 to €135,215
- Taxes -€10,507
down €10,507 (-30.1%), from €34,955 to €24,447
- Depreciation -€6,324
down €6,324 (-36.7%), from €17,244 to €10,921
- Financial charges +€5,451
up €5,451 (+8,364%), from €65 to €5,516
- Staff costs +€3,206
new in 2026: €3,206
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 | €207,376 | €289,751 | +€82,375 | +39.7% |
| Fixed assets | 21/28 | €30,981 | €20,060 | -€10,921 | -35.2% |
| Tangible fixed assets | 22/27 | €30,981 | €20,060 | -€10,921 | -35.2% |
| Furniture and vehicles | 24 | €30,981 | €20,060 | -€10,921 | -35.2% |
| Current assets | 29/58 | €176,395 | €269,691 | +€93,296 | +52.9% |
| Cash at bank and in hand | 54/58 | €148,564 | €243,564 | +€95,000 | +63.9% |
| Deferred charges and accrued income | 490/1 | €27,831 | €26,126 | -€1,705 | -6.1% |
| Total equity and liabilities | 10/49 | €207,376 | €289,751 | +€82,375 | +39.7% |
| Equity | 10/15 | €125,475 | €216,359 | +€90,883 | +72.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €120,475 | €211,359 | +€90,883 | +75.4% |
| Distributable reserves | 133 | €120,475 | €211,359 | +€90,883 | +75.4% |
| Amounts payable | 17/49 | €81,900 | €73,392 | -€8,508 | -10.4% |
| Amounts payable within one year | 42/48 | €81,900 | €73,392 | -€8,508 | -10.4% |
| Trade debts | 44 | €192 | €1,084 | +€892 | +465% |
| Suppliers | 440/4 | €192 | €1,084 | +€892 | +465% |
| Taxes, remuneration and social security | 45 | €39,855 | €27,657 | -€12,198 | -30.6% |
| Taxes | 450/3 | €37,455 | €25,708 | -€11,747 | -31.4% |
| Remuneration and social security | 454/9 | €2,400 | €1,949 | -€451 | -18.8% |
| Other amounts payable | 47/48 | €41,854 | €44,651 | +€2,797 | +6.7% |
| Remuneration, social security and pensions | 62 | - | €3,206 | +€3,206 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,244 | €10,921 | -€6,324 | -36.7% |
| Other operating charges | 640/8 | €343 | €243 | -€99 | -29.0% |
| Gross operating margin | 9900 | €173,082 | €135,215 | -€37,867 | -21.9% |
| Operating profit (loss) | 9901 | €155,495 | €120,845 | -€34,650 | -22.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | +4,767% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +4,767% |
| Financial charges | 65/66B | €65 | €5,516 | +€5,451 | +8,364% |
| Recurring financial charges | 65 | €65 | €5,516 | +€5,451 | +8,364% |
| Profit (loss) for the period before taxes | 9903 | €155,430 | €115,331 | -€40,099 | -25.8% |
| Income taxes | 67/77 | €34,955 | €24,447 | -€10,507 | -30.1% |
| Profit (loss) for the period | 9904 | €120,475 | €90,883 | -€29,592 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €120,475 | €90,883 | -€29,592 | -24.6% |
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 22 October 2026 via checked.be.