SERGE DE GHELDERE: 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.
SERGE DE GHELDERE
Largest movements
- Receivables within one year -€118,683
down €118,683 (-80.0%), from €148,399 to €29,716
of which Trade receivables: -€112,199
- Cash -€23,523
down €23,523 (-34.9%), from €67,314 to €43,791
mainly Accrued charges and deferred income (-€85,917) and Tax, wage and social debts (-€36,203)
- Tangible fixed assets -€11,568
down €11,568 (-23.5%), from €49,222 to €37,655
of which Furniture and vehicles: -€13,209
- Deferred charges and accrued income +€8,952
up €8,952 (+2,624%), from €341 to €9,293
- Accrued charges and deferred income -€85,917
down €85,917 (-100%), from €85,917 to €0
- Tax, wage and social debts -€36,203
down €36,203 (-86.9%), from €41,671 to €5,467
of which Taxes: -€34,203
- Contributions -€18,549
down €18,549 (-100.0%), from €18,550 to €1
- Other debts -€9,135
down €9,135 (-66.8%), from €13,676 to €4,541
- Reserves +€3,372
up €3,372 (+3.4%), from €99,923 to €103,295
- Gross operating margin -€27,464
down €27,464 (-47.4%), from €57,887 to €30,423
- Taxes -€8,000
down €8,000 (-74.9%), from €10,679 to €2,679
- Depreciation +€2,382
up €2,382 (+12.1%), from €19,712 to €22,094
- Financial charges -€2,058
down €2,058 (-86.6%), from €2,376 to €318
- Write-downs +€586
up €586, from -€586 to €0
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 | €265,276 | €120,454 | -€144,822 | -54.6% |
| Fixed assets | 21/28 | €49,222 | €37,655 | -€11,568 | -23.5% |
| Tangible fixed assets | 22/27 | €49,222 | €37,655 | -€11,568 | -23.5% |
| Plant, machinery and equipment | 23 | €3,805 | €6,496 | +€2,690 | +70.7% |
| Furniture and vehicles | 24 | €41,269 | €28,060 | -€13,209 | -32.0% |
| Other tangible fixed assets | 26 | €4,149 | €3,099 | -€1,049 | -25.3% |
| Current assets | 29/58 | €216,054 | €82,799 | -€133,255 | -61.7% |
| Amounts receivable within one year | 40/41 | €148,399 | €29,716 | -€118,683 | -80.0% |
| Trade receivables | 40 | €141,759 | €29,560 | -€112,199 | -79.1% |
| Other amounts receivable | 41 | €6,640 | €155 | -€6,484 | -97.7% |
| Cash at bank and in hand | 54/58 | €67,314 | €43,791 | -€23,523 | -34.9% |
| Deferred charges and accrued income | 490/1 | €341 | €9,293 | +€8,952 | +2,624% |
| Total equity and liabilities | 10/49 | €265,276 | €120,454 | -€144,822 | -54.6% |
| Equity | 10/15 | €118,473 | €103,296 | -€15,177 | -12.8% |
| Contributions | 10/11 | €18,550 | €1 | -€18,549 | -100.0% |
| Reserves | 13 | €99,923 | €103,295 | +€3,372 | +3.4% |
| Distributable reserves | 133 | €99,923 | €103,295 | +€3,372 | +3.4% |
| Amounts payable | 17/49 | €146,804 | €17,158 | -€129,646 | -88.3% |
| Amounts payable within one year | 42/48 | €60,886 | €17,158 | -€43,728 | -71.8% |
| Trade debts | 44 | €5,540 | €7,149 | +€1,610 | +29.1% |
| Suppliers | 440/4 | €5,540 | €7,149 | +€1,610 | +29.1% |
| Taxes, remuneration and social security | 45 | €41,671 | €5,467 | -€36,203 | -86.9% |
| Taxes | 450/3 | €39,671 | €5,467 | -€34,203 | -86.2% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €13,676 | €4,541 | -€9,135 | -66.8% |
| Accrued charges and deferred income | 492/3 | €85,917 | €0 | -€85,917 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,712 | €22,094 | +€2,382 | +12.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€586 | €0 | +€586 | |
| Other operating charges | 640/8 | €1,692 | €1,983 | +€292 | +17.2% |
| Non-recurring operating charges | 66A | €1,613 | €0 | -€1,613 | -100% |
| Gross operating margin | 9900 | €57,887 | €30,423 | -€27,464 | -47.4% |
| Operating profit (loss) | 9901 | €35,456 | €6,346 | -€29,111 | -82.1% |
| Financial income | 75/76B | €54 | €24 | -€30 | -55.4% |
| Recurring financial income | 75 | €54 | €24 | -€30 | -55.4% |
| Financial charges | 65/66B | €2,376 | €318 | -€2,058 | -86.6% |
| Recurring financial charges | 65 | €2,376 | €318 | -€2,058 | -86.6% |
| Profit (loss) for the period before taxes | 9903 | €33,134 | €6,052 | -€27,083 | -81.7% |
| Income taxes | 67/77 | €10,679 | €2,679 | -€8,000 | -74.9% |
| Profit (loss) for the period | 9904 | €22,455 | €3,372 | -€19,083 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,455 | €3,372 | -€19,083 | -85.0% |
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 23 October 2026 via checked.be.