TEMA: what changed
Two fiscal 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.
TEMA
Largest movements
- Current investments +€24,198
up €24,198 (+13.3%), from €181,839 to €206,037
- Cash +€12,602
up €12,602 (+9.7%), from €129,444 to €142,046
mainly Depreciation (+€13,507) and Tax, wage and social debts (+€13,218)
- Tangible fixed assets -€11,445
down €11,445 (-38.7%), from €29,609 to €18,164
of which Furniture and vehicles: -€12,233
- Receivables within one year -€6,359
down €6,359 (-89.3%), from €7,119 to €760
of which Other amounts receivable: -€5,975
- Tax, wage and social debts +€13,218
up €13,218 (+281.8%), from €4,690 to €17,908
of which Taxes: +€6,627
- Reserves +€7,503
up €7,503 (+4.0%), from €188,758 to €196,261
of which Distributable reserves: +€7,503
- Depreciation -€2,452
down €2,452 (-15.4%), from €15,959 to €13,507
- Financial income +€1,855
up €1,855 (+23.9%), from €7,761 to €9,616
- Taxes +€1,486
up €1,486 (+84.7%), from €1,753 to €3,239
- Staff costs +€1,390
up €1,390 (+5.2%), from €26,877 to €28,267
- Gross operating margin +€1,163
up €1,163 (+2.3%), from €51,141 to €52,305
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.
Cash bridge derived
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 | €402,413 | €425,310 | +€22,898 | +5.7% |
| Fixed assets | 21/28 | €29,609 | €18,164 | -€11,445 | -38.7% |
| Tangible fixed assets | 22/27 | €29,609 | €18,164 | -€11,445 | -38.7% |
| Plant, machinery and equipment | 23 | €2,982 | €3,770 | +€788 | +26.4% |
| Furniture and vehicles | 24 | €26,627 | €14,394 | -€12,233 | -45.9% |
| Current assets | 29/58 | €372,804 | €407,147 | +€34,342 | +9.2% |
| Stocks and contracts in progress | 3 | €53,486 | €56,165 | +€2,679 | +5.0% |
| Stocks | 30/36 | €53,486 | €56,165 | +€2,679 | +5.0% |
| Amounts receivable within one year | 40/41 | €7,119 | €760 | -€6,359 | -89.3% |
| Trade receivables | 40 | €383 | - | -€383 | |
| Other amounts receivable | 41 | €6,735 | €760 | -€5,975 | -88.7% |
| Current investments | 50/53 | €181,839 | €206,037 | +€24,198 | +13.3% |
| Cash at bank and in hand | 54/58 | €129,444 | €142,046 | +€12,602 | +9.7% |
| Deferred charges and accrued income | 490/1 | €916 | €2,138 | +€1,222 | +133.3% |
| Total equity and liabilities | 10/49 | €402,413 | €425,310 | +€22,898 | +5.7% |
| Equity | 10/15 | €225,758 | €233,261 | +€7,503 | +3.3% |
| Contributions | 10/11 | €37,000 | €37,000 | = | 0.0% |
| Reserves | 13 | €188,758 | €196,261 | +€7,503 | +4.0% |
| Tax-exempt reserves | 132 | €9,900 | €9,900 | = | 0.0% |
| Distributable reserves | 133 | €178,858 | €186,361 | +€7,503 | +4.2% |
| Amounts payable | 17/49 | €176,655 | €192,049 | +€15,394 | +8.7% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,635 | €84,969 | +€16,334 | +23.8% |
| Trade debts | 44 | €1,284 | €641 | -€643 | -50.1% |
| Suppliers | 440/4 | €1,284 | €641 | -€643 | -50.1% |
| Taxes, remuneration and social security | 45 | €4,690 | €17,908 | +€13,218 | +281.8% |
| Taxes | 450/3 | €1,350 | €7,978 | +€6,627 | +490.8% |
| Remuneration and social security | 454/9 | €3,340 | €9,931 | +€6,591 | +197.3% |
| Other amounts payable | 47/48 | €62,660 | €66,420 | +€3,760 | +6.0% |
| Accrued charges and deferred income | 492/3 | €8,020 | €7,080 | -€940 | -11.7% |
| Remuneration, social security and pensions | 62 | €26,877 | €28,267 | +€1,390 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,959 | €13,507 | -€2,452 | -15.4% |
| Other operating charges | 640/8 | €1,473 | €1,640 | +€167 | +11.4% |
| Gross operating margin | 9900 | €51,141 | €52,305 | +€1,163 | +2.3% |
| Operating profit (loss) | 9901 | €6,832 | €8,890 | +€2,058 | +30.1% |
| Financial income | 75/76B | €7,761 | €9,616 | +€1,855 | +23.9% |
| Recurring financial income | 75 | €7,761 | €9,616 | +€1,855 | +23.9% |
| Financial charges | 65/66B | €8,728 | €7,765 | -€964 | -11.0% |
| Recurring financial charges | 65 | €8,728 | €7,765 | -€964 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €5,865 | €10,742 | +€4,877 | +83.2% |
| Income taxes | 67/77 | €1,753 | €3,239 | +€1,486 | +84.7% |
| Profit (loss) for the period | 9904 | €4,111 | €7,503 | +€3,392 | +82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,111 | €7,503 | +€3,392 | +82.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.