SERGE TEMMERMAN: 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 TEMMERMAN
Largest movements
- Cash +€57,239
up €57,239 (+13.9%), from €411,517 to €468,756
mainly Net result for the year (+€88,290) and Receivables within one year (+€19,567)
- Receivables within one year -€19,567
down €19,567 (-100%), from €19,567 to €0
- Reserves +€88,290
up €88,290 (+25.7%), from €343,981 to €432,271
- Other debts -€56,170
down €56,170 (-99.1%), from €56,706 to €536
- Gross operating margin +€12,523
up €12,523 (+10.7%), from €117,389 to €129,913
- Taxes +€3,606
up €3,606 (+10.4%), from €34,646 to €38,252
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 | €444,085 | €478,563 | +€34,478 | +7.8% |
| Fixed assets | 21/28 | €13,001 | €9,806 | -€3,194 | -24.6% |
| Tangible fixed assets | 22/27 | €13,001 | €9,806 | -€3,194 | -24.6% |
| Plant, machinery and equipment | 23 | €7,444 | €5,832 | -€1,612 | -21.7% |
| Furniture and vehicles | 24 | €5,557 | €3,975 | -€1,583 | -28.5% |
| Current assets | 29/58 | €431,084 | €468,756 | +€37,672 | +8.7% |
| Amounts receivable within one year | 40/41 | €19,567 | €0 | -€19,567 | -100% |
| Trade receivables | 40 | €19,567 | €0 | -€19,567 | -100% |
| Cash at bank and in hand | 54/58 | €411,517 | €468,756 | +€57,239 | +13.9% |
| Total equity and liabilities | 10/49 | €444,085 | €478,563 | +€34,478 | +7.8% |
| Equity | 10/15 | €364,071 | €452,361 | +€88,290 | +24.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €343,981 | €432,271 | +€88,290 | +25.7% |
| Distributable reserves | 133 | €343,981 | €432,271 | +€88,290 | +25.7% |
| Profit (loss) carried forward | 14 | €7,690 | €7,690 | = | 0.0% |
| Amounts payable | 17/49 | €80,014 | €26,202 | -€53,812 | -67.3% |
| Amounts payable within one year | 42/48 | €79,448 | €25,815 | -€53,634 | -67.5% |
| Trade debts | 44 | €748 | €442 | -€306 | -40.9% |
| Suppliers | 440/4 | €748 | €442 | -€306 | -40.9% |
| Taxes, remuneration and social security | 45 | €21,994 | €24,836 | +€2,842 | +12.9% |
| Taxes | 450/3 | €19,029 | €21,871 | +€2,842 | +14.9% |
| Remuneration and social security | 454/9 | €2,965 | €2,965 | = | 0.0% |
| Other amounts payable | 47/48 | €56,706 | €536 | -€56,170 | -99.1% |
| Accrued charges and deferred income | 492/3 | €566 | €387 | -€178 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,965 | €3,194 | +€229 | +7.7% |
| Other operating charges | 640/8 | €488 | €120 | -€368 | -75.4% |
| Gross operating margin | 9900 | €117,389 | €129,913 | +€12,523 | +10.7% |
| Operating profit (loss) | 9901 | €113,936 | €126,598 | +€12,662 | +11.1% |
| Financial income | 75/76B | €1 | €13 | +€12 | +2,289% |
| Recurring financial income | 75 | €1 | €13 | +€12 | +2,289% |
| Financial charges | 65/66B | €159 | €69 | -€90 | -56.5% |
| Recurring financial charges | 65 | €159 | €69 | -€90 | -56.5% |
| Profit (loss) for the period before taxes | 9903 | €113,778 | €126,542 | +€12,764 | +11.2% |
| Income taxes | 67/77 | €34,646 | €38,252 | +€3,606 | +10.4% |
| Profit (loss) for the period | 9904 | €79,132 | €88,290 | +€9,158 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €79,132 | €88,290 | +€9,158 | +11.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.