IMMO SERMA: 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.
IMMO SERMA
Largest movements
- Receivables within one year +€44,193
up €44,193 (+24.5%), from €180,074 to €224,267
of which Other amounts receivable: +€47,238
- Cash -€24,825
down €24,825 (-97.6%), from €25,424 to €598
mainly Receivables within one year (-€44,193) and Advances received (-€33,803)
- Profit (loss) carried forward +€59,455
up €59,455 (+54.0%), from -€110,024 to -€50,568
- Advances received -€33,803
down €33,803 (-22.3%), from €151,466 to €117,663
- Trade debts -€12,723
down €12,723 (-53.1%), from €23,947 to €11,223
- Tax, wage and social debts +€8,311
up €8,311 (+59.2%), from €14,048 to €22,359
of which Taxes: +€8,405
- Debts after one year -€2,750
down €2,750 (-7.1%), from €38,580 to €35,830
of which Financial debts: -€5,580
- Gross operating margin +€32,694
up €32,694 (+55.6%), from €58,768 to €91,462
- Other operating charges -€21,114
down €21,114 (-72.8%), from €28,990 to €7,876
- Financial income -€16,915
down €16,915 (-65.7%), from €25,734 to €8,819
of which Non-recurring financial income: -€25,422
- Financial charges -€3,386
down €3,386 (-65.0%), from €5,214 to €1,827
of which Financial charges: -€2,716
- Staff costs -€3,139
down €3,139 (-9.6%), from €32,540 to €29,401
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 | €206,399 | €225,371 | +€18,972 | +9.2% |
| Fixed assets | 21/28 | €900 | €505 | -€395 | -43.9% |
| Tangible fixed assets | 22/27 | €900 | €505 | -€395 | -43.9% |
| Plant, machinery and equipment | 23 | €900 | €505 | -€395 | -43.9% |
| Current assets | 29/58 | €205,498 | €224,865 | +€19,367 | +9.4% |
| Amounts receivable within one year | 40/41 | €180,074 | €224,267 | +€44,193 | +24.5% |
| Trade receivables | 40 | €13,406 | €10,360 | -€3,046 | -22.7% |
| Other amounts receivable | 41 | €166,669 | €213,907 | +€47,238 | +28.3% |
| Cash at bank and in hand | 54/58 | €25,424 | €598 | -€24,825 | -97.6% |
| Total equity and liabilities | 10/49 | €206,399 | €225,371 | +€18,972 | +9.2% |
| Equity | 10/15 | -€85,066 | -€25,610 | +€59,455 | +69.9% |
| Contributions | 10/11 | €24,958 | €24,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,024 | -€50,568 | +€59,455 | +54.0% |
| Amounts payable | 17/49 | €291,464 | €250,981 | -€40,483 | -13.9% |
| Amounts payable after more than one year | 17 | €38,580 | €35,830 | -€2,750 | -7.1% |
| Financial debts | 170/4 | €38,580 | €33,000 | -€5,580 | -14.5% |
| Other amounts payable | 178/9 | - | €2,830 | +€2,830 | |
| Amounts payable within one year | 42/48 | €252,884 | €215,151 | -€37,733 | -14.9% |
| Trade debts | 44 | €23,947 | €11,223 | -€12,723 | -53.1% |
| Suppliers | 440/4 | €23,947 | €11,223 | -€12,723 | -53.1% |
| Advances received on contracts in progress | 46 | €151,466 | €117,663 | -€33,803 | -22.3% |
| Taxes, remuneration and social security | 45 | €14,048 | €22,359 | +€8,311 | +59.2% |
| Taxes | 450/3 | €13,954 | €22,359 | +€8,405 | +60.2% |
| Remuneration and social security | 454/9 | €95 | - | -€95 | |
| Other amounts payable | 47/48 | €63,424 | €63,906 | +€483 | +0.8% |
| Remuneration, social security and pensions | 62 | €32,540 | €29,401 | -€3,139 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €395 | €395 | = | 0.0% |
| Other operating charges | 640/8 | €28,990 | €7,876 | -€21,114 | -72.8% |
| Gross operating margin | 9900 | €58,768 | €91,462 | +€32,694 | +55.6% |
| Operating profit (loss) | 9901 | -€3,156 | €53,790 | +€56,947 | |
| Financial income | 75/76B | €25,734 | €8,819 | -€16,915 | -65.7% |
| Recurring financial income | 75 | €312 | €8,819 | +€8,507 | +2,728% |
| Non-recurring financial income | 76B | €25,422 | - | -€25,422 | |
| Financial charges | 65/66B | €5,214 | €1,827 | -€3,386 | -65.0% |
| Recurring financial charges | 65 | €4,543 | €1,827 | -€2,716 | -59.8% |
| Non-recurring financial charges | 66B | €671 | - | -€671 | |
| Profit (loss) for the period before taxes | 9903 | €17,364 | €60,782 | +€43,418 | +250% |
| Income taxes | 67/77 | - | €1,327 | +€1,327 | |
| Profit (loss) for the period | 9904 | €17,364 | €59,455 | +€42,091 | +242% |
| Profit (loss) for the period to be appropriated | 9905 | €17,364 | €59,455 | +€42,091 | +242% |
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 18 October 2026 via checked.be.