Serco Defence: 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
Serco Defence
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€131,465
2024 · -€831,533+€962,998
Equity
€5.9m
2024 · €5.8m+€131,465
Cash
€6,778
2024 · €305,730-€298,952
Balance sheet total
€16.6m
2024 · €20.5m-€3.9m
Largest movements
Assets
- Receivables within one year -€3.5m
down €3.5m (-29.2%), from €12.1m to €8.5m
of which Other amounts receivable: -€3.5m
- Cash -€298,952
down €298,952 (-97.8%), from €305,730 to €6,778
mainly Other debts (-€3.1m) and Accrued charges and deferred income (-€1.2m)
Equity and liabilities
- Other debts -€3.1m
down €3.1m (-36.6%), from €8.6m to €5.4m
- Accrued charges and deferred income -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Trade debts +€308,465
up €308,465 (+6.9%), from €4.4m to €4.8m
- Tax, wage and social debts +€218,451
up €218,451 (+71.2%), from €306,670 to €525,121
of which Taxes: +€210,987
Income statement
- Financial income +€1.1m
up €1.1m (+8,261,843%), from €13 to €1.1m
of which Non-recurring financial income: +€1.1m
- Goods and materials -€884,953
down €884,953 (-9.4%), from €9.4m to €8.5m
- Turnover -€785,928
down €785,928 (-6.4%), from €12.3m to €11.6m
- Services and other goods +€278,025
up €278,025 (+18.8%), from €1.5m to €1.8m
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
-€831,533
Turnover
-€785,928
Other operating income
-€742
Goods and materials
+€884,953
Services and other goods
-€278,025
Staff costs
+€111,926
Depreciation
+€0
Other operating charges
+€133
Financial income
+€1.1m
Financial charges
+€43,706
Taxes
-€106,894
Result 2025
€131,465
raises the resultlowers the result
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
-€128,080
Investment
-€23,469
Financing
-€147,403
Cash 2024
€305,730
From operations (derived)
-€128,080
Net result for the year
+€131,465
Depreciation
+€27,479
Receivables within one year
+€3.5m
Deferred charges and accrued income
+€31,910
Trade debts
+€308,465
Tax, wage and social debts
+€218,451
Other debts
-€3.1m
Accrued charges and deferred income
-€1.2m
Investment (derived)
-€23,469
Investment in fixed assets (net)
-€23,469
Financing
-€147,403
Short-term financial debts
-€147,403
Cash 2025
€6,778
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,474,779 | €16,622,802 | -€3.9m | -18.8% |
| Fixed assets | 21/28 | €7,959,291 | €7,955,281 | -€4,010 | -0.1% |
| Tangible fixed assets | 22/27 | €16,041 | €12,031 | -€4,010 | -25.0% |
| Plant, machinery and equipment | 23 | €16,041 | €12,031 | -€4,010 | -25.0% |
| Financial fixed assets | 28 | €7,943,250 | €7,943,250 | = | 0.0% |
| Affiliated companies | 280/1 | €7,800,000 | €7,800,000 | = | 0.0% |
| Participating interests | 280 | €7,800,000 | €7,800,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €143,250 | €143,250 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €143,250 | €143,250 | = | 0.0% |
| Current assets | 29/58 | €12,515,488 | €8,667,521 | -€3.8m | -30.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €12,062,170 | €8,545,066 | -€3.5m | -29.2% |
| Trade receivables | 40 | €6,252,853 | €6,209,511 | -€43,342 | -0.7% |
| Other amounts receivable | 41 | €5,809,317 | €2,335,554 | -€3.5m | -59.8% |
| Cash at bank and in hand | 54/58 | €305,730 | €6,778 | -€298,952 | -97.8% |
| Deferred charges and accrued income | 490/1 | €147,588 | €115,677 | -€31,910 | -21.6% |
| Total equity and liabilities | 10/49 | €20,474,779 | €16,622,802 | -€3.9m | -18.8% |
| Equity | 10/15 | €5,764,855 | €5,896,320 | +€131,465 | +2.3% |
| Contributions | 10/11 | €6,861,500 | €6,861,500 | = | 0.0% |
| Capital | 10 | €6,861,500 | €6,861,500 | = | 0.0% |
| Issued capital | 100 | €6,861,500 | €6,861,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,096,645 | -€965,180 | +€131,465 | +12.0% |
| Amounts payable | 17/49 | €14,709,924 | €10,726,482 | -€4.0m | -27.1% |
| Amounts payable within one year | 42/48 | €13,488,129 | €10,726,482 | -€2.8m | -20.5% |
| Financial debts | 43 | €147,403 | €0 | -€147,403 | -100% |
| Other loans | 439 | €147,403 | €0 | -€147,403 | -100% |
| Trade debts | 44 | €4,446,667 | €4,755,132 | +€308,465 | +6.9% |
| Suppliers | 440/4 | €4,446,667 | €4,755,132 | +€308,465 | +6.9% |
| Taxes, remuneration and social security | 45 | €306,670 | €525,121 | +€218,451 | +71.2% |
| Taxes | 450/3 | €114,292 | €325,280 | +€210,987 | +185% |
| Remuneration and social security | 454/9 | €192,378 | €199,841 | +€7,464 | +3.9% |
| Other amounts payable | 47/48 | €8,587,390 | €5,446,229 | -€3.1m | -36.6% |
| Accrued charges and deferred income | 492/3 | €1,221,795 | €0 | -€1.2m | -100% |
| Operating income | 70/76A | €12,391,690 | €11,605,021 | -€786,669 | -6.3% |
| Turnover | 70 | €12,347,522 | €11,561,595 | -€785,928 | -6.4% |
| Other operating income | 74 | €44,168 | €43,427 | -€742 | -1.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €12,757,792 | €12,038,805 | -€718,987 | -5.6% |
| Goods for resale, raw materials and consumables | 60 | €9,371,079 | €8,486,126 | -€884,953 | -9.4% |
| Purchases | 600/8 | €9,371,079 | €8,486,126 | -€884,953 | -9.4% |
| Services and other goods | 61 | €1,480,516 | €1,758,541 | +€278,025 | +18.8% |
| Remuneration, social security and pensions | 62 | €1,876,986 | €1,765,060 | -€111,926 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,479 | €27,479 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,732 | €1,598 | -€133 | -7.7% |
| Operating profit (loss) | 9901 | -€366,101 | -€433,783 | -€67,682 | -18.5% |
| Financial income | 75/76B | €13 | €1,093,881 | +€1.1m | +8,261,843% |
| Recurring financial income | 75 | €13 | €0 | -€13 | -100% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Other financial income | 752/9 | €13 | €0 | -€13 | -100% |
| Non-recurring financial income | 76B | - | €1,093,881 | +€1.1m | |
| Financial charges | 65/66B | €465,445 | €421,739 | -€43,706 | -9.4% |
| Recurring financial charges | 65 | €241,045 | €182,432 | -€58,612 | -24.3% |
| Debt charges | 650 | €223,557 | €141,911 | -€81,646 | -36.5% |
| Other financial charges | 652/9 | €17,488 | €40,521 | +€23,033 | +132% |
| Non-recurring financial charges | 66B | €224,400 | €239,306 | +€14,906 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | -€831,533 | €238,359 | +€1.1m | |
| Income taxes | 67/77 | €0 | €106,894 | +€106,894 | |
| Taxes | 670/3 | €2,215 | €106,894 | +€104,679 | +4,726% |
| Tax adjustments and reversals of tax provisions | 77 | €2,215 | €0 | -€2,215 | -100% |
| Profit (loss) for the period | 9904 | -€831,533 | €131,465 | +€962,998 | |
| Profit (loss) for the period to be appropriated | 9905 | -€831,533 | €131,465 | +€962,998 |
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 23 October 2026 via checked.be.