TEMSED: 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.
TEMSED
Largest movements
- Tangible fixed assets +€7.2m
up €7.2m (+95.1%), from €7.6m to €14.8m
of which Land and buildings: +€7.4m
- Cash -€1.3m
down €1.3m (-58.9%), from €2.3m to €942,491
mainly Investment in fixed assets (net) (-€8.0m) and Current investments (-€778,574)
- Current investments +€778,574
up €778,574 (+274%), from €284,193 to €1.1m
- Receivables within one year +€377,675
up €377,675 (+797%), from €47,406 to €425,081
of which Trade receivables: +€350,442
- Debts after one year +€6.7m
up €6.7m (+112%), from €5.9m to €12.6m
- Other debts -€350,000
down €350,000 (-70.0%), from €500,000 to €150,000
- Profit (loss) carried forward +€265,698
up €265,698 (+70.4%), from €377,563 to €643,260
- Current portion of long-term debt +€240,199
up €240,199 (+40.1%), from €598,625 to €838,825
- Financial charges +€276,211
up €276,211 (+213%), from €129,570 to €405,781
- Depreciation +€262,707
up €262,707 (+49.7%), from €528,213 to €790,920
- Taxes -€120,927
down €120,927 (-46.1%), from €262,121 to €141,194
- Gross operating margin +€105,300
up €105,300 (+6.0%), from €1.8m to €1.9m
- Financial income -€54,008
down €54,008 (-82.4%), from €65,559 to €11,551
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 | €10,231,547 | €17,271,665 | +€7.0m | +68.8% |
| Fixed assets | 21/28 | €7,603,497 | €14,835,849 | +€7.2m | +95.1% |
| Tangible fixed assets | 22/27 | €7,603,497 | €14,835,849 | +€7.2m | +95.1% |
| Land and buildings | 22 | €6,593,888 | €13,957,847 | +€7.4m | +112% |
| Plant, machinery and equipment | 23 | €281,450 | €292,483 | +€11,033 | +3.9% |
| Leasing and similar rights | 25 | €723,347 | €580,706 | -€142,641 | -19.7% |
| Other tangible fixed assets | 26 | €4,813 | €4,813 | = | 0.0% |
| Current assets | 29/58 | €2,628,050 | €2,435,816 | -€192,234 | -7.3% |
| Amounts receivable within one year | 40/41 | €47,406 | €425,081 | +€377,675 | +797% |
| Trade receivables | 40 | €18,188 | €368,631 | +€350,442 | +1,927% |
| Other amounts receivable | 41 | €29,218 | €56,451 | +€27,233 | +93.2% |
| Current investments | 50/53 | €284,193 | €1,062,767 | +€778,574 | +274% |
| Cash at bank and in hand | 54/58 | €2,291,758 | €942,491 | -€1.3m | -58.9% |
| Deferred charges and accrued income | 490/1 | €4,693 | €5,477 | +€784 | +16.7% |
| Total equity and liabilities | 10/49 | €10,231,547 | €17,271,665 | +€7.0m | +68.8% |
| Equity | 10/15 | €3,135,515 | €3,401,213 | +€265,698 | +8.5% |
| Contributions | 10/11 | €687,291 | €687,291 | = | 0.0% |
| Capital | 10 | €687,291 | €687,291 | = | 0.0% |
| Issued capital | 100 | €691,052 | €691,052 | = | 0.0% |
| Uncalled capital | 101 | €3,761 | €3,761 | = | 0.0% |
| Reserves | 13 | €2,070,661 | €2,070,661 | = | 0.0% |
| Non-distributable reserves | 130/1 | €69,105 | €69,105 | = | 0.0% |
| Legal reserve | 130 | €69,105 | €69,105 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,556 | €1,556 | = | 0.0% |
| Distributable reserves | 133 | €2,000,000 | €2,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €377,563 | €643,260 | +€265,698 | +70.4% |
| Amounts payable | 17/49 | €7,096,032 | €13,870,452 | +€6.8m | +95.5% |
| Amounts payable after more than one year | 17 | €5,926,117 | €12,589,244 | +€6.7m | +112% |
| Financial debts | 170/4 | €5,926,117 | €12,589,244 | +€6.7m | +112% |
| Amounts payable within one year | 42/48 | €1,158,958 | €1,218,290 | +€59,332 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €598,625 | €838,825 | +€240,199 | +40.1% |
| Financial debts | 43 | €19,085 | €19,287 | +€202 | +1.1% |
| Credit institutions | 430/8 | €19,085 | €19,287 | +€202 | +1.1% |
| Trade debts | 44 | €41,248 | €199,894 | +€158,646 | +385% |
| Suppliers | 440/4 | €41,248 | €199,894 | +€158,646 | +385% |
| Taxes, remuneration and social security | 45 | - | €10,285 | +€10,285 | |
| Taxes | 450/3 | - | €10,285 | +€10,285 | |
| Other amounts payable | 47/48 | €500,000 | €150,000 | -€350,000 | -70.0% |
| Accrued charges and deferred income | 492/3 | €10,957 | €62,918 | +€51,961 | +474% |
| Non-recurring operating income | 76A | €394,577 | - | -€394,577 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €528,213 | €790,920 | +€262,707 | +49.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,720 | - | -€4,720 | |
| Other operating charges | 640/8 | €99,699 | €122,701 | +€23,002 | +23.1% |
| Gross operating margin | 9900 | €1,759,443 | €1,864,743 | +€105,300 | +6.0% |
| Operating profit (loss) | 9901 | €1,126,810 | €951,122 | -€175,688 | -15.6% |
| Financial income | 75/76B | €65,559 | €11,551 | -€54,008 | -82.4% |
| Recurring financial income | 75 | €65,559 | €11,551 | -€54,008 | -82.4% |
| Financial charges | 65/66B | €129,570 | €405,781 | +€276,211 | +213% |
| Recurring financial charges | 65 | €129,570 | €405,781 | +€276,211 | +213% |
| Profit (loss) for the period before taxes | 9903 | €1,062,799 | €556,892 | -€505,907 | -47.6% |
| Income taxes | 67/77 | €262,121 | €141,194 | -€120,927 | -46.1% |
| Profit (loss) for the period | 9904 | €800,678 | €415,698 | -€384,980 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €800,678 | €415,698 | -€384,980 | -48.1% |
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.