Serge Pieters: 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 Pieters
Largest movements
- Cash +€10,558
up €10,558 (+104%), from €10,105 to €20,663
mainly Net result for the year (+€11,258) and Tax, wage and social debts (+€1,358)
- Receivables within one year +€2,692
up €2,692 (+939%), from €287 to €2,979
of which Trade receivables: +€2,157
- Profit (loss) carried forward +€11,258
up €11,258 (+182%), from €6,183 to €17,440
- Tax, wage and social debts +€1,358
up €1,358 (+72.5%), from €1,872 to €3,230
- Trade debts +€1,005
up €1,005 (+1,013%), from €99 to €1,104
- Other debts -€534
down €534 (-100%), from €534 to €0
- Gross operating margin +€5,274
up €5,274 (+55.2%), from €9,559 to €14,833
- Taxes +€986
up €986 (+52.6%), from €1,872 to €2,858
- Depreciation +€177
up €177 (+1,077%), from €16 to €193
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 | €11,188 | €24,274 | +€13,086 | +117% |
| Fixed assets | 21/28 | €564 | €370 | -€193 | -34.3% |
| Tangible fixed assets | 22/27 | €564 | €370 | -€193 | -34.3% |
| Furniture and vehicles | 24 | €564 | €370 | -€193 | -34.3% |
| Current assets | 29/58 | €10,624 | €23,904 | +€13,279 | +125% |
| Amounts receivable within one year | 40/41 | €287 | €2,979 | +€2,692 | +939% |
| Trade receivables | 40 | €287 | €2,444 | +€2,157 | +753% |
| Other amounts receivable | 41 | €0 | €535 | +€535 | |
| Cash at bank and in hand | 54/58 | €10,105 | €20,663 | +€10,558 | +104% |
| Deferred charges and accrued income | 490/1 | €232 | €262 | +€30 | +12.8% |
| Total equity and liabilities | 10/49 | €11,188 | €24,274 | +€13,086 | +117% |
| Equity | 10/15 | €8,683 | €19,940 | +€11,258 | +130% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,183 | €17,440 | +€11,258 | +182% |
| Amounts payable | 17/49 | €2,505 | €4,334 | +€1,829 | +73.0% |
| Amounts payable within one year | 42/48 | €2,505 | €4,334 | +€1,829 | +73.0% |
| Trade debts | 44 | €99 | €1,104 | +€1,005 | +1,013% |
| Suppliers | 440/4 | €99 | €1,104 | +€1,005 | +1,013% |
| Taxes, remuneration and social security | 45 | €1,872 | €3,230 | +€1,358 | +72.5% |
| Taxes | 450/3 | €1,872 | €3,230 | +€1,358 | +72.5% |
| Other amounts payable | 47/48 | €534 | €0 | -€534 | -100% |
| Remuneration, social security and pensions | 62 | €74 | €0 | -€74 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16 | €193 | +€177 | +1,077% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €9,559 | €14,833 | +€5,274 | +55.2% |
| Operating profit (loss) | 9901 | €9,082 | €14,240 | +€5,159 | +56.8% |
| Financial charges | 65/66B | €160 | €125 | -€35 | -21.6% |
| Recurring financial charges | 65 | €160 | €125 | -€35 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €8,922 | €14,115 | +€5,193 | +58.2% |
| Income taxes | 67/77 | €1,872 | €2,858 | +€986 | +52.6% |
| Profit (loss) for the period | 9904 | €7,050 | €11,258 | +€4,208 | +59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,050 | €11,258 | +€4,208 | +59.7% |
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.