SERCO: 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.
SERCO
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash +€22,656
up €22,656 (+16.6%), from €136,632 to €159,288
mainly Net result for the year (+€146,077) and Other debts (+€144,680)
- Receivables within one year -€6,669
down €6,669 (-10.0%), from €66,918 to €60,249
of which Trade receivables: -€5,976
- Financial fixed assets +€5,775
up €5,775 (+1604.2%), from €360 to €6,135
- Other debts +€144,680
up €144,680 (+2488.9%), from €5,813 to €150,493
- Reserves -€24,904
down €24,904 (-14.6%), from €170,981 to €146,077
- Gross operating margin +€121,410
up €121,410 (+70.6%), from €172,051 to €293,461
- Staff costs +€41,409
up €41,409 (+140.6%), from €29,453 to €70,862
- Taxes +€21,958
up €21,958 (+76.7%), from €28,627 to €50,585
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 | €261,304 | €384,956 | +€123,653 | +47.3% |
| Fixed assets | 21/28 | €51,688 | €58,347 | +€6,660 | +12.9% |
| Tangible fixed assets | 22/27 | €51,328 | €52,212 | +€885 | +1.7% |
| Land and buildings | 22 | - | €6,310 | +€6,310 | |
| Plant, machinery and equipment | 23 | €17,568 | €30,790 | +€13,223 | +75.3% |
| Furniture and vehicles | 24 | €33,760 | €15,112 | -€18,648 | -55.2% |
| Financial fixed assets | 28 | €360 | €6,135 | +€5,775 | +1604.2% |
| Current assets | 29/58 | €209,616 | €326,609 | +€116,993 | +55.8% |
| Stocks and contracts in progress | 3 | €4,913 | €5,884 | +€971 | +19.8% |
| Stocks | 30/36 | €4,913 | €5,884 | +€971 | +19.8% |
| Amounts receivable within one year | 40/41 | €66,918 | €60,249 | -€6,669 | -10.0% |
| Trade receivables | 40 | €62,756 | €56,779 | -€5,976 | -9.5% |
| Other amounts receivable | 41 | €4,162 | €3,469 | -€693 | -16.6% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €136,632 | €159,288 | +€22,656 | +16.6% |
| Deferred charges and accrued income | 490/1 | €1,154 | €1,189 | +€35 | +3.0% |
| Total equity and liabilities | 10/49 | €261,304 | €384,956 | +€123,653 | +47.3% |
| Equity | 10/15 | €171,231 | €146,327 | -€24,904 | -14.5% |
| Contributions | 10/11 | €250 | €250 | = | 0.0% |
| Reserves | 13 | €170,981 | €146,077 | -€24,904 | -14.6% |
| Distributable reserves | 133 | €170,981 | €146,077 | -€24,904 | -14.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €90,073 | €238,629 | +€148,556 | +164.9% |
| Amounts payable within one year | 42/48 | €90,073 | €238,629 | +€148,556 | +164.9% |
| Current portion of amounts payable after more than one year | 42 | - | €400 | +€400 | |
| Financial debts | 43 | - | €1,442 | +€1,442 | |
| Credit institutions | 430/8 | - | €1,442 | +€1,442 | |
| Trade debts | 44 | €57,762 | €59,600 | +€1,838 | +3.2% |
| Suppliers | 440/4 | €57,762 | €59,600 | +€1,838 | +3.2% |
| Taxes, remuneration and social security | 45 | €26,498 | €26,694 | +€196 | +0.7% |
| Taxes | 450/3 | €19,728 | €16,740 | -€2,989 | -15.1% |
| Remuneration and social security | 454/9 | €6,769 | €9,954 | +€3,185 | +47.0% |
| Other amounts payable | 47/48 | €5,813 | €150,493 | +€144,680 | +2488.9% |
| Remuneration, social security and pensions | 62 | €29,453 | €70,862 | +€41,409 | +140.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,115 | €15,131 | +€2,016 | +15.4% |
| Other operating charges | 640/8 | €1,025 | €3,002 | +€1,978 | +193.0% |
| Non-recurring operating charges | 66A | €740 | €7,385 | +€6,644 | +897.5% |
| Gross operating margin | 9900 | €172,051 | €293,461 | +€121,410 | +70.6% |
| Operating profit (loss) | 9901 | €127,718 | €197,081 | +€69,363 | +54.3% |
| Financial income | 75/76B | €22 | €51 | +€30 | +137.0% |
| Recurring financial income | 75 | €22 | €51 | +€30 | +137.0% |
| Financial charges | 65/66B | €126 | €470 | +€344 | +273.2% |
| Recurring financial charges | 65 | €126 | €470 | +€344 | +273.2% |
| Profit (loss) for the period before taxes | 9903 | €127,614 | €196,662 | +€69,048 | +54.1% |
| Income taxes | 67/77 | €28,627 | €50,585 | +€21,958 | +76.7% |
| Profit (loss) for the period | 9904 | €98,987 | €146,077 | +€47,090 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €98,987 | €146,077 | +€47,090 | +47.6% |
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 9 October 2026 via checked.be.