SERGE DE VAERE: 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 VAERE
Largest movements
- Current investments +€82,650
up €82,650 (+14.1%), from €584,518 to €667,167
- Tangible fixed assets -€17,605
down €17,605 (-30.1%), from €58,424 to €40,819
- Receivables within one year -€15,757
down €15,757 (-15.6%), from €101,078 to €85,321
of which Trade receivables: -€25,596
- Cash +€10,731
up €10,731 (+83.7%), from €12,814 to €23,545
mainly Net result for the year (+€105,031) and Depreciation (+€18,710)
- Reserves +€105,031
up €105,031 (+17.5%), from €601,005 to €706,036
- Tax, wage and social debts -€41,905
down €41,905 (-100%), from €41,905 to €0
- Debts after one year -€8,728
down €8,728 (-41.7%), from €20,954 to €12,226
- Gross operating margin -€52,396
down €52,396 (-23.6%), from €221,893 to €169,496
- Taxes -€14,664
down €14,664 (-24.1%), from €60,869 to €46,205
- Financial income +€3,407
up €3,407 (+1,188%), from €287 to €3,693
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 | €759,569 | €819,397 | +€59,829 | +7.9% |
| Fixed assets | 21/28 | €58,424 | €40,819 | -€17,605 | -30.1% |
| Tangible fixed assets | 22/27 | €58,424 | €40,819 | -€17,605 | -30.1% |
| Furniture and vehicles | 24 | €58,424 | €40,819 | -€17,605 | -30.1% |
| Current assets | 29/58 | €701,144 | €778,578 | +€77,434 | +11.0% |
| Amounts receivable within one year | 40/41 | €101,078 | €85,321 | -€15,757 | -15.6% |
| Trade receivables | 40 | €101,078 | €75,482 | -€25,596 | -25.3% |
| Other amounts receivable | 41 | €0 | €9,839 | +€9,839 | |
| Current investments | 50/53 | €584,518 | €667,167 | +€82,650 | +14.1% |
| Cash at bank and in hand | 54/58 | €12,814 | €23,545 | +€10,731 | +83.7% |
| Deferred charges and accrued income | 490/1 | €2,734 | €2,544 | -€190 | -6.9% |
| Total equity and liabilities | 10/49 | €759,569 | €819,397 | +€59,829 | +7.9% |
| Equity | 10/15 | €675,223 | €780,254 | +€105,031 | +15.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €601,005 | €706,036 | +€105,031 | +17.5% |
| Distributable reserves | 133 | €601,005 | €706,036 | +€105,031 | +17.5% |
| Profit (loss) carried forward | 14 | €55,618 | €55,618 | = | 0.0% |
| Amounts payable | 17/49 | €84,345 | €39,144 | -€45,202 | -53.6% |
| Amounts payable after more than one year | 17 | €20,954 | €12,226 | -€8,728 | -41.7% |
| Financial debts | 170/4 | €20,954 | €12,226 | -€8,728 | -41.7% |
| Amounts payable within one year | 42/48 | €63,392 | €26,918 | -€36,474 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €8,366 | €8,728 | +€362 | +4.3% |
| Financial debts | 43 | €1,116 | €1,294 | +€178 | +16.0% |
| Credit institutions | 430/8 | €1,116 | €1,294 | +€178 | +16.0% |
| Trade debts | 44 | €4,968 | €9,245 | +€4,277 | +86.1% |
| Suppliers | 440/4 | €4,968 | €9,245 | +€4,277 | +86.1% |
| Taxes, remuneration and social security | 45 | €41,905 | €0 | -€41,905 | -100% |
| Taxes | 450/3 | €41,905 | €0 | -€41,905 | -100% |
| Other amounts payable | 47/48 | €7,037 | €7,651 | +€614 | +8.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,258 | €18,710 | +€453 | +2.5% |
| Other operating charges | 640/8 | €1,705 | €1,581 | -€124 | -7.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €221,893 | €169,496 | -€52,396 | -23.6% |
| Operating profit (loss) | 9901 | €201,930 | €149,205 | -€52,725 | -26.1% |
| Financial income | 75/76B | €287 | €3,693 | +€3,407 | +1,188% |
| Recurring financial income | 75 | €287 | €3,693 | +€3,407 | +1,188% |
| Financial charges | 65/66B | €1,563 | €1,663 | +€100 | +6.4% |
| Recurring financial charges | 65 | €1,563 | €1,663 | +€100 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €200,654 | €151,235 | -€49,419 | -24.6% |
| Income taxes | 67/77 | €60,869 | €46,205 | -€14,664 | -24.1% |
| Profit (loss) for the period | 9904 | €139,785 | €105,031 | -€34,754 | -24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €139,785 | €105,031 | -€34,754 | -24.9% |
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 29 October 2026 via checked.be.