DR. S. SERVOTTE: 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.
What changed
DR. S. SERVOTTE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€198,126
2024 · €152,817+€45,309
Equity
€1.2m
2024 · €965,476+€197,293
Cash
€552,197
2024 · €329,792+€222,405
Balance sheet total
€1.4m
2024 · €1.2m+€189,943
Largest movements
Assets
- Cash +€222,405
up €222,405 (+67.4%), from €329,792 to €552,197
mainly Net result for the year (+€198,126) and Depreciation (+€93,480)
- Tangible fixed assets -€93,480
down €93,480 (-36.7%), from €254,603 to €161,123
of which Land and buildings: -€64,207
- Current investments +€65,228
up €65,228 (+12.4%), from €523,964 to €589,192
Equity and liabilities
- Reserves +€197,293
up €197,293 (+20.6%), from €959,276 to €1.2m
of which Distributable reserves: +€197,293
Income statement
- Gross operating margin -€59,222
down €59,222 (-13.0%), from €456,045 to €396,822
- Taxes -€31,128
down €31,128 (-24.4%), from €127,395 to €96,267
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.
Result 2024
€152,817
Gross operating margin
-€59,222
Depreciation
+€242
Other operating charges
+€199
Other operating items
+€96,599
Financial income
+€4,426
Financial charges
+€3,971
Taxes
+€31,128
Deferred taxes and other
-€32,034
Result 2025
€198,126
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€292,268
Investment
-€65,228
Financing
-€4,635
Cash 2024
€329,792
From operations (derived)
+€292,268
Net result for the year
+€198,126
Depreciation
+€93,480
Receivables within one year
+€5,582
Deferred charges and accrued income
-€1,372
Trade debts
-€407
Tax, wage and social debts
+€1,250
Other debts
-€3,619
Accrued charges and deferred income
-€772
Investment (derived)
-€65,228
Current investments
-€65,228
Financing
-€4,635
Current portion of long-term debt
-€3,802
Contributions, distributions and other
-€833
Cash 2025
€552,197
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,228,062 | €1,418,005 | +€189,943 | +15.5% |
| Fixed assets | 21/28 | €255,595 | €162,115 | -€93,480 | -36.6% |
| Tangible fixed assets | 22/27 | €254,603 | €161,123 | -€93,480 | -36.7% |
| Land and buildings | 22 | €196,759 | €132,552 | -€64,207 | -32.6% |
| Plant, machinery and equipment | 23 | €11,215 | €9,915 | -€1,300 | -11.6% |
| Furniture and vehicles | 24 | €46,628 | €18,655 | -€27,973 | -60.0% |
| Financial fixed assets | 28 | €992 | €992 | = | 0.0% |
| Current assets | 29/58 | €972,468 | €1,255,890 | +€283,423 | +29.1% |
| Amounts receivable within one year | 40/41 | €112,708 | €107,126 | -€5,582 | -5.0% |
| Trade receivables | 40 | €109,170 | €107,126 | -€2,045 | -1.9% |
| Other amounts receivable | 41 | €3,538 | €0 | -€3,538 | -100% |
| Current investments | 50/53 | €523,964 | €589,192 | +€65,228 | +12.4% |
| Cash at bank and in hand | 54/58 | €329,792 | €552,197 | +€222,405 | +67.4% |
| Deferred charges and accrued income | 490/1 | €6,003 | €7,376 | +€1,372 | +22.9% |
| Total equity and liabilities | 10/49 | €1,228,062 | €1,418,005 | +€189,943 | +15.5% |
| Equity | 10/15 | €965,476 | €1,162,769 | +€197,293 | +20.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €959,276 | €1,156,569 | +€197,293 | +20.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €230 | €230 | = | 0.0% |
| Distributable reserves | 133 | €959,046 | €1,156,338 | +€197,293 | +20.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €262,586 | €255,236 | -€7,350 | -2.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €208,252 | €201,674 | -€6,578 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €3,802 | €0 | -€3,802 | -100% |
| Trade debts | 44 | €860 | €453 | -€407 | -47.4% |
| Suppliers | 440/4 | €860 | €453 | -€407 | -47.4% |
| Taxes, remuneration and social security | 45 | €28,688 | €29,938 | +€1,250 | +4.4% |
| Taxes | 450/3 | €26,688 | €27,938 | +€1,250 | +4.7% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €174,902 | €171,283 | -€3,619 | -2.1% |
| Accrued charges and deferred income | 492/3 | €54,334 | €53,563 | -€772 | -1.4% |
| Non-recurring operating income | 76A | €175,968 | €0 | -€175,968 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,722 | €93,480 | -€242 | -0.3% |
| Other operating charges | 640/8 | €5,708 | €5,509 | -€199 | -3.5% |
| Non-recurring operating charges | 66A | €96,599 | €0 | -€96,599 | -100% |
| Gross operating margin | 9900 | €456,045 | €396,822 | -€59,222 | -13.0% |
| Operating profit (loss) | 9901 | €260,016 | €297,834 | +€37,818 | +14.5% |
| Financial income | 75/76B | €4,689 | €9,115 | +€4,426 | +94.4% |
| Recurring financial income | 75 | €4,689 | €9,115 | +€4,426 | +94.4% |
| Financial charges | 65/66B | €16,526 | €12,555 | -€3,971 | -24.0% |
| Recurring financial charges | 65 | €16,526 | €12,555 | -€3,971 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €248,179 | €294,393 | +€46,214 | +18.6% |
| Transfer from deferred taxes | 780 | €32,034 | €0 | -€32,034 | -100% |
| Income taxes | 67/77 | €127,395 | €96,267 | -€31,128 | -24.4% |
| Profit (loss) for the period | 9904 | €152,817 | €198,126 | +€45,309 | +29.6% |
| Transfer from tax-exempt reserves | 789 | €96,101 | €0 | -€96,101 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €248,918 | €198,126 | -€50,792 | -20.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.