SERCO-CONSTRUCT: 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.
SERCO-CONSTRUCT
Largest movements
- Current investments -€727,655
down €727,655 (-88.3%), from €824,434 to €96,779
- Receivables within one year +€511,189
up €511,189 (+135.7%), from €376,817 to €888,007
of which Trade receivables: +€536,495
- Tangible fixed assets +€99,038
up €99,038 (+11.7%), from €843,161 to €942,198
of which Assets under construction and advance payments: +€100,710
- Cash -€57,232
down €57,232 (-42.7%), from €133,888 to €76,656
mainly Debts after one year (-€658,288) and Receivables within one year (-€511,189)
- Stocks and contracts +€54,973
up €54,973 (+26.9%), from €204,278 to €259,251
of which Stocks: +€39,892
- Debts after one year -€658,288
no longer reported in 2025 (was €658,288)
- Short-term financial debts +€250,000
new in 2025: €250,000
- Other debts +€228,182
up €228,182 (+140.3%), from €162,649 to €390,831
- Trade debts +€192,123
up €192,123 (+73.9%), from €260,117 to €452,240
- Reserves -€139,051
down €139,051 (-17.0%), from €817,747 to €678,695
of which Distributable reserves: -€139,051
- Gross operating margin -€571,410
down €571,410 (-56.2%), from €1.0m to €444,791
- Financial income +€12,529
up €12,529 (+159.7%), from €7,847 to €20,376
- Staff costs +€12,417
up €12,417 (+6.2%), from €199,871 to €212,288
- Depreciation +€10,295
up €10,295 (+20.2%), from €50,952 to €61,247
- Financial charges +€10,286
up €10,286 (+21.1%), from €48,648 to €58,934
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 | €2,396,428 | €2,275,793 | -€120,635 | -5.0% |
| Fixed assets | 21/28 | €856,818 | €952,922 | +€96,104 | +11.2% |
| Intangible fixed assets | 21 | €7,042 | €3,973 | -€3,069 | -43.6% |
| Tangible fixed assets | 22/27 | €843,161 | €942,198 | +€99,038 | +11.7% |
| Land and buildings | 22 | €650,000 | €650,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €123,507 | €110,322 | -€13,186 | -10.7% |
| Furniture and vehicles | 24 | €69,653 | €81,167 | +€11,514 | +16.5% |
| Assets under construction and advance payments | 27 | - | €100,710 | +€100,710 | |
| Financial fixed assets | 28 | €6,615 | €6,750 | +€135 | +2.0% |
| Current assets | 29/58 | €1,539,610 | €1,322,871 | -€216,738 | -14.1% |
| Stocks and contracts in progress | 3 | €204,278 | €259,251 | +€54,973 | +26.9% |
| Stocks | 30/36 | €135,498 | €175,390 | +€39,892 | +29.4% |
| Contracts in progress | 37 | €68,780 | €83,860 | +€15,081 | +21.9% |
| Amounts receivable within one year | 40/41 | €376,817 | €888,007 | +€511,189 | +135.7% |
| Trade receivables | 40 | €342,765 | €879,261 | +€536,495 | +156.5% |
| Other amounts receivable | 41 | €34,052 | €8,746 | -€25,306 | -74.3% |
| Current investments | 50/53 | €824,434 | €96,779 | -€727,655 | -88.3% |
| Cash at bank and in hand | 54/58 | €133,888 | €76,656 | -€57,232 | -42.7% |
| Deferred charges and accrued income | 490/1 | €192 | €2,179 | +€1,986 | +1033.3% |
| Total equity and liabilities | 10/49 | €2,396,428 | €2,275,793 | -€120,635 | -5.0% |
| Equity | 10/15 | €1,129,758 | €990,706 | -€139,051 | -12.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €817,747 | €678,695 | -€139,051 | -17.0% |
| Tax-exempt reserves | 132 | €459,072 | €459,072 | = | 0.0% |
| Distributable reserves | 133 | €358,675 | €219,624 | -€139,051 | -38.8% |
| Profit (loss) carried forward | 14 | €305,811 | €305,811 | = | 0.0% |
| Provisions and deferred taxes | 16 | €153,024 | €153,024 | = | 0.0% |
| Deferred taxes | 168 | €153,024 | €153,024 | = | 0.0% |
| Amounts payable | 17/49 | €1,113,646 | €1,132,063 | +€18,417 | +1.7% |
| Amounts payable after more than one year | 17 | €658,288 | - | -€658,288 | |
| Financial debts | 170/4 | €658,288 | - | -€658,288 | |
| Amounts payable within one year | 42/48 | €455,358 | €1,130,486 | +€675,128 | +148.3% |
| Current portion of amounts payable after more than one year | 42 | €16,712 | - | -€16,712 | |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €260,117 | €452,240 | +€192,123 | +73.9% |
| Suppliers | 440/4 | €260,117 | €452,240 | +€192,123 | +73.9% |
| Taxes, remuneration and social security | 45 | €15,879 | €37,415 | +€21,536 | +135.6% |
| Taxes | 450/3 | €10,501 | €28,388 | +€17,888 | +170.3% |
| Remuneration and social security | 454/9 | €5,379 | €9,027 | +€3,648 | +67.8% |
| Other amounts payable | 47/48 | €162,649 | €390,831 | +€228,182 | +140.3% |
| Accrued charges and deferred income | 492/3 | - | €1,576 | +€1,576 | |
| Non-recurring operating income | 76A | €633,414 | €14,050 | -€619,364 | -97.8% |
| Remuneration, social security and pensions | 62 | €199,871 | €212,288 | +€12,417 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,952 | €61,247 | +€10,295 | +20.2% |
| Other operating charges | 640/8 | €5,427 | €8,016 | +€2,589 | +47.7% |
| Gross operating margin | 9900 | €1,016,201 | €444,791 | -€571,410 | -56.2% |
| Operating profit (loss) | 9901 | €759,952 | €163,240 | -€596,712 | -78.5% |
| Financial income | 75/76B | €7,847 | €20,376 | +€12,529 | +159.7% |
| Recurring financial income | 75 | €7,847 | €20,376 | +€12,529 | +159.7% |
| Financial charges | 65/66B | €48,648 | €58,934 | +€10,286 | +21.1% |
| Recurring financial charges | 65 | €48,648 | €58,934 | +€10,286 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €719,151 | €124,682 | -€594,469 | -82.7% |
| Transfer to deferred taxes | 680 | €153,024 | - | -€153,024 | |
| Income taxes | 67/77 | €29,376 | €36,205 | +€6,828 | +23.2% |
| Profit (loss) for the period | 9904 | €536,751 | €88,477 | -€448,274 | -83.5% |
| Transfer to tax-exempt reserves | 689 | €459,072 | - | -€459,072 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,679 | €88,477 | +€10,798 | +13.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.