TEMA: 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.
TEMA
Largest movements
- Cash +€221,940
up €221,940 (+31.9%), from €695,019 to €916,959
mainly Net result for the year (+€311,947) and Tax, wage and social debts (+€45,857)
- Tangible fixed assets -€43,497
down €43,497 (-5.0%), from €869,422 to €825,924
of which Land and buildings: -€33,012
- Reserves +€176,839
up €176,839 (+16.2%), from €1.1m to €1.3m
of which Distributable reserves: +€181,339
- Tax, wage and social debts +€45,857
up €45,857 (+117%), from €39,331 to €85,188
of which Taxes: +€38,679
- Debts after one year -€42,183
down €42,183 (-11.0%), from €383,710 to €341,527
- Financial charges -€120,919
down €120,919 (-94.3%), from €128,287 to €7,368
- Taxes +€54,490
up €54,490 (+57.5%), from €94,723 to €149,214
- Gross operating margin +€40,660
up €40,660 (+7.9%), from €513,093 to €553,752
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 | €1,584,817 | €1,768,879 | +€184,062 | +11.6% |
| Fixed assets | 21/28 | €869,638 | €826,141 | -€43,497 | -5.0% |
| Tangible fixed assets | 22/27 | €869,422 | €825,924 | -€43,497 | -5.0% |
| Land and buildings | 22 | €852,747 | €819,735 | -€33,012 | -3.9% |
| Furniture and vehicles | 24 | €16,675 | €6,189 | -€10,486 | -62.9% |
| Financial fixed assets | 28 | €216 | €216 | = | 0.0% |
| Current assets | 29/58 | €715,179 | €942,738 | +€227,559 | +31.8% |
| Amounts receivable within one year | 40/41 | €8,827 | €19,159 | +€10,332 | +117% |
| Trade receivables | 40 | - | €19,159 | +€19,159 | |
| Other amounts receivable | 41 | €8,827 | €0 | -€8,827 | -100% |
| Cash at bank and in hand | 54/58 | €695,019 | €916,959 | +€221,940 | +31.9% |
| Deferred charges and accrued income | 490/1 | €11,333 | €6,620 | -€4,713 | -41.6% |
| Total equity and liabilities | 10/49 | €1,584,817 | €1,768,879 | +€184,062 | +11.6% |
| Equity | 10/15 | €1,100,473 | €1,277,313 | +€176,839 | +16.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,093,632 | €1,270,471 | +€176,839 | +16.2% |
| Tax-exempt reserves | 132 | €4,500 | €0 | -€4,500 | -100% |
| Distributable reserves | 133 | €1,089,132 | €1,270,471 | +€181,339 | +16.6% |
| Profit (loss) carried forward | 14 | €642 | €642 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,500 | €0 | -€1,500 | -100% |
| Deferred taxes | 168 | €1,500 | €0 | -€1,500 | -100% |
| Amounts payable | 17/49 | €482,844 | €491,566 | +€8,722 | +1.8% |
| Amounts payable after more than one year | 17 | €383,710 | €341,527 | -€42,183 | -11.0% |
| Financial debts | 170/4 | €383,710 | €341,527 | -€42,183 | -11.0% |
| Amounts payable within one year | 42/48 | €95,224 | €146,131 | +€50,907 | +53.5% |
| Current portion of amounts payable after more than one year | 42 | €41,660 | €42,183 | +€524 | +1.3% |
| Financial debts | 43 | - | €418 | +€418 | |
| Credit institutions | 430/8 | - | €418 | +€418 | |
| Trade debts | 44 | €14,233 | €8,160 | -€6,074 | -42.7% |
| Suppliers | 440/4 | €14,233 | €8,160 | -€6,074 | -42.7% |
| Taxes, remuneration and social security | 45 | €39,331 | €85,188 | +€45,857 | +117% |
| Taxes | 450/3 | €32,928 | €71,607 | +€38,679 | +117% |
| Remuneration and social security | 454/9 | €6,403 | €13,581 | +€7,178 | +112% |
| Other amounts payable | 47/48 | €0 | €10,182 | +€10,182 | |
| Accrued charges and deferred income | 492/3 | €3,910 | €3,908 | -€1 | 0.0% |
| Remuneration, social security and pensions | 62 | €38,613 | €40,257 | +€1,643 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,730 | €43,497 | -€232 | -0.5% |
| Other operating charges | 640/8 | €10,447 | €10,664 | +€217 | +2.1% |
| Gross operating margin | 9900 | €513,093 | €553,752 | +€40,660 | +7.9% |
| Operating profit (loss) | 9901 | €420,303 | €459,335 | +€39,032 | +9.3% |
| Financial income | 75/76B | €5,985 | €7,695 | +€1,709 | +28.6% |
| Recurring financial income | 75 | €5,985 | €7,695 | +€1,709 | +28.6% |
| Financial charges | 65/66B | €128,287 | €7,368 | -€120,919 | -94.3% |
| Recurring financial charges | 65 | €128,287 | €7,368 | -€120,919 | -94.3% |
| Profit (loss) for the period before taxes | 9903 | €298,001 | €459,661 | +€161,660 | +54.2% |
| Transfer from deferred taxes | 780 | €1,500 | €1,500 | = | 0.0% |
| Income taxes | 67/77 | €94,723 | €149,214 | +€54,490 | +57.5% |
| Profit (loss) for the period | 9904 | €204,778 | €311,947 | +€107,169 | +52.3% |
| Transfer from tax-exempt reserves | 789 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €209,278 | €316,447 | +€107,169 | +51.2% |
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 13 October 2026 via checked.be.