SERGIO BEHEER: 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.
SERGIO BEHEER
Largest movements
- Current investments -€119,240
down €119,240 (-18.0%), from €661,376 to €542,136
- Receivables within one year -€58,961
down €58,961 (-4.5%), from €1.3m to €1.2m
of which Other amounts receivable: -€42,461
- Cash -€46,911
down €46,911 (-32.4%), from €144,600 to €97,689
mainly Other debts (-€211,011) and Deferred charges and accrued income (-€19,391)
- Other debts -€211,011
down €211,011 (-100%), from €211,011 to €0
- Financial income -€137,020
down €137,020 (-58.4%), from €234,574 to €97,554
- Financial charges -€88,458
down €88,458 (-87.8%), from €100,732 to €12,274
- Taxes -€46,233
down €46,233 (-77.8%), from €59,404 to €13,170
- Other operating charges +€12,957
up €12,957 (+353%), from €3,671 to €16,628
- Gross operating margin -€4,834
down €4,834 (-23.7%), from -€20,369 to -€25,203
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 | €3,178,130 | €2,971,778 | -€206,352 | -6.5% |
| Fixed assets | 21/28 | €585,996 | €585,366 | -€630 | -0.1% |
| Tangible fixed assets | 22/27 | €253,984 | €253,354 | -€630 | -0.2% |
| Furniture and vehicles | 24 | €253,984 | €253,354 | -€630 | -0.2% |
| Financial fixed assets | 28 | €332,012 | €332,012 | = | 0.0% |
| Current assets | 29/58 | €2,592,134 | €2,386,412 | -€205,722 | -7.9% |
| Amounts receivable after more than one year | 29 | €437,500 | €437,500 | = | 0.0% |
| Other amounts receivable | 291 | €437,500 | €437,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,306,931 | €1,247,970 | -€58,961 | -4.5% |
| Trade receivables | 40 | €16,500 | €0 | -€16,500 | -100% |
| Other amounts receivable | 41 | €1,290,431 | €1,247,970 | -€42,461 | -3.3% |
| Current investments | 50/53 | €661,376 | €542,136 | -€119,240 | -18.0% |
| Cash at bank and in hand | 54/58 | €144,600 | €97,689 | -€46,911 | -32.4% |
| Deferred charges and accrued income | 490/1 | €41,727 | €61,118 | +€19,391 | +46.5% |
| Total equity and liabilities | 10/49 | €3,178,130 | €2,971,778 | -€206,352 | -6.5% |
| Equity | 10/15 | €2,858,968 | €2,888,617 | +€29,649 | +1.0% |
| Contributions | 10/11 | €136,739 | €136,739 | = | 0.0% |
| Reserves | 13 | €2,722,229 | €2,751,878 | +€29,649 | +1.1% |
| Distributable reserves | 133 | €2,722,229 | €2,751,878 | +€29,649 | +1.1% |
| Amounts payable | 17/49 | €319,162 | €83,161 | -€236,001 | -73.9% |
| Amounts payable within one year | 42/48 | €310,146 | €83,161 | -€226,984 | -73.2% |
| Trade debts | 44 | €9,898 | €10,588 | +€689 | +7.0% |
| Suppliers | 440/4 | €9,898 | €10,588 | +€689 | +7.0% |
| Taxes, remuneration and social security | 45 | €89,237 | €72,574 | -€16,663 | -18.7% |
| Taxes | 450/3 | €89,237 | €72,574 | -€16,663 | -18.7% |
| Other amounts payable | 47/48 | €211,011 | €0 | -€211,011 | -100% |
| Accrued charges and deferred income | 492/3 | €9,016 | €0 | -€9,016 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,230 | €630 | -€600 | -48.8% |
| Other operating charges | 640/8 | €3,671 | €16,628 | +€12,957 | +353% |
| Gross operating margin | 9900 | -€20,369 | -€25,203 | -€4,834 | -23.7% |
| Operating profit (loss) | 9901 | -€25,270 | -€42,461 | -€17,191 | -68.0% |
| Financial income | 75/76B | €234,574 | €97,554 | -€137,020 | -58.4% |
| Recurring financial income | 75 | €234,574 | €97,554 | -€137,020 | -58.4% |
| Financial charges | 65/66B | €100,732 | €12,274 | -€88,458 | -87.8% |
| Recurring financial charges | 65 | €100,732 | €12,274 | -€88,458 | -87.8% |
| Profit (loss) for the period before taxes | 9903 | €108,572 | €42,819 | -€65,752 | -60.6% |
| Income taxes | 67/77 | €59,404 | €13,170 | -€46,233 | -77.8% |
| Profit (loss) for the period | 9904 | €49,168 | €29,649 | -€19,519 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €49,168 | €29,649 | -€19,519 | -39.7% |
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 31 October 2026 via checked.be.