SERGECO: 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.
SERGECO
Largest movements
- Stocks and contracts +€77,188
new in 2025: €77,188
- Receivables within one year +€75,113
up €75,113 (+31.9%), from €235,397 to €310,510
of which Other amounts receivable: +€46,582
- Tangible fixed assets -€20,869
down €20,869 (-11.0%), from €190,013 to €169,144
of which Plant, machinery and equipment: -€12,025
- Reserves +€69,620
up €69,620 (+36.6%), from €190,228 to €259,848
- Debts after one year +€25,275
up €25,275 (+21.7%), from €116,485 to €141,760
- Current portion of long-term debt +€19,205
up €19,205 (+94.3%), from €20,365 to €39,570
- Trade debts +€8,234
up €8,234 (+91.3%), from €9,017 to €17,250
- Tax, wage and social debts +€7,789
up €7,789 (+10.1%), from €77,180 to €84,969
- Turnover +€232,760
new in 2025: €232,760
- Purchases and services +€123,767
new in 2025: €123,767
- Gross operating margin -€23,613
down €23,613 (-15.3%), from €154,428 to €130,815
- Taxes +€3,368
up €3,368 (+8.9%), from €37,735 to €41,102
- Financial income +€2,712
up €2,712 (+29.3%), from €9,262 to €11,974
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 | €433,075 | €563,197 | +€130,122 | +30.0% |
| Fixed assets | 21/28 | €193,013 | €172,144 | -€20,869 | -10.8% |
| Tangible fixed assets | 22/27 | €190,013 | €169,144 | -€20,869 | -11.0% |
| Land and buildings | 22 | €96,790 | €86,674 | -€10,115 | -10.5% |
| Plant, machinery and equipment | 23 | €89,396 | €77,371 | -€12,025 | -13.5% |
| Furniture and vehicles | 24 | €3,496 | €4,878 | +€1,382 | +39.5% |
| Other tangible fixed assets | 26 | €331 | €221 | -€110 | -33.3% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €240,062 | €391,053 | +€150,991 | +62.9% |
| Stocks and contracts in progress | 3 | - | €77,188 | +€77,188 | |
| Stocks | 30/36 | - | €77,188 | +€77,188 | |
| Amounts receivable within one year | 40/41 | €235,397 | €310,510 | +€75,113 | +31.9% |
| Trade receivables | 40 | €38,198 | €66,730 | +€28,532 | +74.7% |
| Other amounts receivable | 41 | €197,198 | €243,780 | +€46,582 | +23.6% |
| Cash at bank and in hand | 54/58 | €4,665 | €3,355 | -€1,310 | -28.1% |
| Total equity and liabilities | 10/49 | €433,075 | €563,197 | +€130,122 | +30.0% |
| Equity | 10/15 | €208,828 | €278,448 | +€69,620 | +33.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €190,228 | €259,848 | +€69,620 | +36.6% |
| Distributable reserves | 133 | €190,228 | €259,848 | +€69,620 | +36.6% |
| Amounts payable | 17/49 | €224,247 | €284,749 | +€60,502 | +27.0% |
| Amounts payable after more than one year | 17 | €116,485 | €141,760 | +€25,275 | +21.7% |
| Financial debts | 170/4 | €116,485 | €141,760 | +€25,275 | +21.7% |
| Amounts payable within one year | 42/48 | €107,762 | €142,989 | +€35,227 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €20,365 | €39,570 | +€19,205 | +94.3% |
| Trade debts | 44 | €9,017 | €17,250 | +€8,234 | +91.3% |
| Suppliers | 440/4 | €9,017 | €17,250 | +€8,234 | +91.3% |
| Taxes, remuneration and social security | 45 | €77,180 | €84,969 | +€7,789 | +10.1% |
| Taxes | 450/3 | €77,180 | €84,969 | +€7,789 | +10.1% |
| Other amounts payable | 47/48 | €1,200 | €1,200 | = | 0.0% |
| Turnover | 70 | - | €232,760 | +€232,760 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €123,767 | +€123,767 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,060 | €23,669 | -€391 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €571 | - | -€571 | |
| Other operating charges | 640/8 | €2,018 | €1,581 | -€437 | -21.6% |
| Non-recurring operating charges | 66A | €3,893 | €1,118 | -€2,776 | -71.3% |
| Gross operating margin | 9900 | €154,428 | €130,815 | -€23,613 | -15.3% |
| Operating profit (loss) | 9901 | €123,886 | €104,447 | -€19,439 | -15.7% |
| Financial income | 75/76B | €9,262 | €11,974 | +€2,712 | +29.3% |
| Recurring financial income | 75 | €9,262 | €11,974 | +€2,712 | +29.3% |
| Financial charges | 65/66B | €7,014 | €5,698 | -€1,316 | -18.8% |
| Recurring financial charges | 65 | €7,014 | €5,698 | -€1,316 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €126,133 | €110,722 | -€15,411 | -12.2% |
| Income taxes | 67/77 | €37,735 | €41,102 | +€3,368 | +8.9% |
| Profit (loss) for the period | 9904 | €88,399 | €69,620 | -€18,779 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €88,399 | €69,620 | -€18,779 | -21.2% |
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 7 October 2026 via checked.be.