SERCOMAT: 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.
SERCOMAT
Largest movements
- Stocks and contracts +€49,166
up €49,166 (+6.8%), from €722,120 to €771,286
- Cash +€43,136
up €43,136 (+190.5%), from €22,642 to €65,778
mainly Net result for the year (+€111,204) and Receivables within one year (+€26,452)
- Receivables within one year -€26,452
down €26,452 (-9.2%), from €286,464 to €260,012
of which Trade receivables: -€21,933
- Tangible fixed assets -€17,939
down €17,939 (-13.3%), from €135,127 to €117,188
of which Furniture and vehicles: -€14,580
- Reserves +€41,204
up €41,204 (+6.2%), from €665,725 to €706,929
of which Distributable reserves: +€41,204
- Debts after one year -€16,476
down €16,476 (-38.8%), from €42,508 to €26,032
- Tax, wage and social debts +€16,137
up €16,137 (+25.9%), from €62,192 to €78,329
of which Taxes: +€11,671
- Trade debts +€14,702
up €14,702 (+25.4%), from €57,992 to €72,694
- Staff costs +€20,428
up €20,428 (+6.4%), from €317,106 to €337,534
- Gross operating margin -€6,193
down €6,193 (-1.3%), from €479,163 to €472,970
- Taxes -€4,998
down €4,998 (-23.8%), from €21,004 to €16,007
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 | €1,172,254 | €1,225,279 | +€53,025 | +4.5% |
| Fixed assets | 21/28 | €135,127 | €117,188 | -€17,939 | -13.3% |
| Tangible fixed assets | 22/27 | €135,127 | €117,188 | -€17,939 | -13.3% |
| Land and buildings | 22 | €66,944 | €64,207 | -€2,737 | -4.1% |
| Plant, machinery and equipment | 23 | €2,809 | €2,188 | -€621 | -22.1% |
| Furniture and vehicles | 24 | €65,373 | €50,793 | -€14,580 | -22.3% |
| Current assets | 29/58 | €1,037,128 | €1,108,091 | +€70,964 | +6.8% |
| Stocks and contracts in progress | 3 | €722,120 | €771,286 | +€49,166 | +6.8% |
| Stocks | 30/36 | €722,120 | €771,286 | +€49,166 | +6.8% |
| Amounts receivable within one year | 40/41 | €286,464 | €260,012 | -€26,452 | -9.2% |
| Trade receivables | 40 | €281,461 | €259,528 | -€21,933 | -7.8% |
| Other amounts receivable | 41 | €5,003 | €484 | -€4,519 | -90.3% |
| Cash at bank and in hand | 54/58 | €22,642 | €65,778 | +€43,136 | +190.5% |
| Deferred charges and accrued income | 490/1 | €5,901 | €11,015 | +€5,114 | +86.7% |
| Total equity and liabilities | 10/49 | €1,172,254 | €1,225,279 | +€53,025 | +4.5% |
| Equity | 10/15 | €913,625 | €954,829 | +€41,204 | +4.5% |
| Contributions | 10/11 | €247,900 | €247,900 | = | 0.0% |
| Capital | 10 | €247,900 | €247,900 | = | 0.0% |
| Issued capital | 100 | €247,900 | €247,900 | = | 0.0% |
| Reserves | 13 | €665,725 | €706,929 | +€41,204 | +6.2% |
| Non-distributable reserves | 130/1 | €24,790 | €24,790 | = | 0.0% |
| Legal reserve | 130 | €24,790 | €24,790 | = | 0.0% |
| Distributable reserves | 133 | €640,935 | €682,139 | +€41,204 | +6.4% |
| Amounts payable | 17/49 | €258,629 | €270,450 | +€11,821 | +4.6% |
| Amounts payable after more than one year | 17 | €42,508 | €26,032 | -€16,476 | -38.8% |
| Financial debts | 170/4 | €42,508 | €26,032 | -€16,476 | -38.8% |
| Amounts payable within one year | 42/48 | €207,038 | €237,592 | +€30,554 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €15,806 | €16,476 | +€670 | +4.2% |
| Trade debts | 44 | €57,992 | €72,694 | +€14,702 | +25.4% |
| Suppliers | 440/4 | €57,992 | €72,694 | +€14,702 | +25.4% |
| Taxes, remuneration and social security | 45 | €62,192 | €78,329 | +€16,137 | +25.9% |
| Taxes | 450/3 | €18,714 | €30,385 | +€11,671 | +62.4% |
| Remuneration and social security | 454/9 | €43,478 | €47,944 | +€4,466 | +10.3% |
| Other amounts payable | 47/48 | €71,048 | €70,093 | -€955 | -1.3% |
| Accrued charges and deferred income | 492/3 | €9,083 | €6,826 | -€2,257 | -24.9% |
| Non-recurring operating income | 76A | - | €3,394 | +€3,394 | |
| Remuneration, social security and pensions | 62 | €317,106 | €337,534 | +€20,428 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,654 | €17,939 | +€3,284 | +22.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,934 | -€5,368 | +€566 | +9.5% |
| Other operating charges | 640/8 | €18,729 | €16,488 | -€2,242 | -12.0% |
| Gross operating margin | 9900 | €479,163 | €472,970 | -€6,193 | -1.3% |
| Operating profit (loss) | 9901 | €134,609 | €106,378 | -€28,230 | -21.0% |
| Financial income | 75/76B | €27,118 | €27,315 | +€197 | +0.7% |
| Recurring financial income | 75 | €27,118 | €27,315 | +€197 | +0.7% |
| Financial charges | 65/66B | €8,278 | €6,482 | -€1,796 | -21.7% |
| Recurring financial charges | 65 | €8,278 | €6,482 | -€1,796 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €153,449 | €127,211 | -€26,238 | -17.1% |
| Income taxes | 67/77 | €21,004 | €16,007 | -€4,998 | -23.8% |
| Profit (loss) for the period | 9904 | €132,444 | €111,204 | -€21,240 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €132,444 | €111,204 | -€21,240 | -16.0% |
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 8 October 2026 via checked.be.