SERGEANT: 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.
SERGEANT
Largest movements
- Stocks and contracts -€935,411
down €935,411 (-82.1%), from €1.1m to €204,625
- Receivables within one year -€316,088
down €316,088 (-92.7%), from €340,958 to €24,870
of which Other amounts receivable: -€313,305
- Cash -€167,799
down €167,799 (-95.3%), from €176,014 to €8,215
mainly Short-term financial debts (-€800,000) and Other debts (-€682,020)
- Tangible fixed assets -€69,060
down €69,060 (-4.5%), from €1.5m to €1.5m
of which Land and buildings: -€56,892
- Short-term financial debts -€800,000
down €800,000 (-100%), from €800,000 to €0
- Other debts -€682,020
down €682,020 (-74.1%), from €920,082 to €238,062
- Debts after one year -€47,369
down €47,369 (-8.5%), from €558,152 to €510,782
of which Financial debts: -€47,169
- Financial charges -€26,323
down €26,323 (-40.2%), from €65,523 to €39,201
- Gross operating margin -€25,798
down €25,798 (-13.5%), from €190,538 to €164,740
- Depreciation +€12,564
up €12,564 (+19.0%), from €65,959 to €78,523
- Taxes +€9,487
up €9,487 (+177%), from €5,346 to €14,833
- Other operating charges +€2,490
up €2,490 (+48.0%), from €5,183 to €7,673
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 | €3,177,105 | €1,688,747 | -€1.5m | -46.8% |
| Fixed assets | 21/28 | €1,520,097 | €1,451,037 | -€69,060 | -4.5% |
| Tangible fixed assets | 22/27 | €1,520,097 | €1,451,037 | -€69,060 | -4.5% |
| Land and buildings | 22 | €1,441,341 | €1,384,449 | -€56,892 | -3.9% |
| Furniture and vehicles | 24 | €72,001 | €56,133 | -€15,868 | -22.0% |
| Other tangible fixed assets | 26 | €6,755 | €10,455 | +€3,700 | +54.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,657,008 | €237,710 | -€1.4m | -85.7% |
| Stocks and contracts in progress | 3 | €1,140,036 | €204,625 | -€935,411 | -82.1% |
| Stocks | 30/36 | €1,140,036 | €204,625 | -€935,411 | -82.1% |
| Amounts receivable within one year | 40/41 | €340,958 | €24,870 | -€316,088 | -92.7% |
| Trade receivables | 40 | €2,783 | €0 | -€2,783 | -100% |
| Other amounts receivable | 41 | €338,175 | €24,870 | -€313,305 | -92.6% |
| Cash at bank and in hand | 54/58 | €176,014 | €8,215 | -€167,799 | -95.3% |
| Total equity and liabilities | 10/49 | €3,177,105 | €1,688,747 | -€1.5m | -46.8% |
| Equity | 10/15 | €839,018 | €863,913 | +€24,895 | +3.0% |
| Contributions | 10/11 | €419,600 | €419,600 | = | 0.0% |
| Reserves | 13 | €419,418 | €444,313 | +€24,895 | +5.9% |
| Distributable reserves | 133 | €419,418 | €444,313 | +€24,895 | +5.9% |
| Amounts payable | 17/49 | €2,338,088 | €824,834 | -€1.5m | -64.7% |
| Amounts payable after more than one year | 17 | €558,152 | €510,782 | -€47,369 | -8.5% |
| Financial debts | 170/4 | €553,646 | €506,477 | -€47,169 | -8.5% |
| Other amounts payable | 178/9 | €4,505 | €4,305 | -€200 | -4.4% |
| Amounts payable within one year | 42/48 | €1,774,951 | €314,052 | -€1.5m | -82.3% |
| Current portion of amounts payable after more than one year | 42 | €46,066 | €47,169 | +€1,104 | +2.4% |
| Financial debts | 43 | €800,000 | €0 | -€800,000 | -100% |
| Credit institutions | 430/8 | €800,000 | €0 | -€800,000 | -100% |
| Trade debts | 44 | €3,457 | €2,464 | -€993 | -28.7% |
| Suppliers | 440/4 | €3,457 | €2,464 | -€993 | -28.7% |
| Advances received on contracts in progress | 46 | - | €5,062 | +€5,062 | |
| Taxes, remuneration and social security | 45 | €5,346 | €21,294 | +€15,948 | +298% |
| Taxes | 450/3 | €5,346 | €21,294 | +€15,948 | +298% |
| Other amounts payable | 47/48 | €920,082 | €238,062 | -€682,020 | -74.1% |
| Accrued charges and deferred income | 492/3 | €4,985 | €0 | -€4,985 | -100% |
| Non-recurring operating income | 76A | €231,091 | €0 | -€231,091 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,959 | €78,523 | +€12,564 | +19.0% |
| Other operating charges | 640/8 | €5,183 | €7,673 | +€2,490 | +48.0% |
| Non-recurring operating charges | 66A | €5,552 | €450 | -€5,102 | -91.9% |
| Gross operating margin | 9900 | €190,538 | €164,740 | -€25,798 | -13.5% |
| Operating profit (loss) | 9901 | €113,844 | €78,094 | -€35,749 | -31.4% |
| Financial income | 75/76B | €9 | €834 | +€826 | +9,635% |
| Recurring financial income | 75 | €9 | €834 | +€826 | +9,635% |
| Financial charges | 65/66B | €65,523 | €39,201 | -€26,323 | -40.2% |
| Recurring financial charges | 65 | €65,523 | €39,201 | -€26,323 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €48,329 | €39,728 | -€8,601 | -17.8% |
| Income taxes | 67/77 | €5,346 | €14,833 | +€9,487 | +177% |
| Profit (loss) for the period | 9904 | €42,983 | €24,895 | -€18,088 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,983 | €24,895 | -€18,088 | -42.1% |
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 13 October 2026 via checked.be.