SERGES: 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.
SERGES
Largest movements
- Tangible fixed assets +€75,051
up €75,051 (+21.6%), from €347,811 to €422,862
of which Land and buildings: +€62,458
- Financial fixed assets -€40,564
down €40,564 (-27.3%), from €148,736 to €108,172
- Receivables within one year +€39,958
up €39,958 (+556.2%), from €7,184 to €47,142
of which Other amounts receivable: +€46,270
- Debts after one year +€61,440
up €61,440 (+88.3%), from €69,610 to €131,050
of which Financial debts: +€61,440
- Profit (loss) carried forward +€39,393
up €39,393, from -€20,019 to €19,375
- Trade debts -€12,835
down €12,835 (-79.1%), from €16,223 to €3,387
- Current portion of long-term debt -€8,516
down €8,516 (-49.9%), from €17,079 to €8,564
- Other debts -€6,496
down €6,496 (-3.0%), from €214,728 to €208,233
- Financial income +€44,436
new in 2025: €44,436
of which Financial income: +€44,436
- Gross operating margin -€11,065
down €11,065 (-22.8%), from €48,457 to €37,392
- Purchases and services -€9,712
down €9,712 (-28.0%), from €34,639 to €24,926
- Depreciation +€4,821
up €4,821 (+20.6%), from €23,431 to €28,252
- Taxes -€3,288
down €3,288 (-72.6%), from €4,530 to €1,241
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 | €511,229 | €587,687 | +€76,458 | +15.0% |
| Fixed assets | 21/28 | €496,547 | €531,034 | +€34,487 | +6.9% |
| Tangible fixed assets | 22/27 | €347,811 | €422,862 | +€75,051 | +21.6% |
| Land and buildings | 22 | €345,999 | €408,457 | +€62,458 | +18.1% |
| Furniture and vehicles | 24 | €1,812 | €14,405 | +€12,593 | +695.0% |
| Financial fixed assets | 28 | €148,736 | €108,172 | -€40,564 | -27.3% |
| Current assets | 29/58 | €14,682 | €56,653 | +€41,971 | +285.9% |
| Amounts receivable within one year | 40/41 | €7,184 | €47,142 | +€39,958 | +556.2% |
| Trade receivables | 40 | €6,313 | - | -€6,313 | |
| Other amounts receivable | 41 | €872 | €47,142 | +€46,270 | +5307.6% |
| Cash at bank and in hand | 54/58 | €5,421 | €8,294 | +€2,873 | +53.0% |
| Deferred charges and accrued income | 490/1 | €2,077 | €1,217 | -€860 | -41.4% |
| Total equity and liabilities | 10/49 | €511,229 | €587,687 | +€76,458 | +15.0% |
| Equity | 10/15 | €152,885 | €194,758 | +€41,874 | +27.4% |
| Contributions | 10/11 | €61,725 | €61,725 | = | 0.0% |
| Capital | 10 | €61,725 | €61,725 | = | 0.0% |
| Issued capital | 100 | €61,725 | €61,725 | = | 0.0% |
| Revaluation surpluses | 12 | €44,385 | €44,385 | = | 0.0% |
| Reserves | 13 | €66,793 | €69,274 | +€2,481 | +3.7% |
| Non-distributable reserves | 130/1 | - | €6,173 | +€6,173 | |
| Legal reserve | 130 | - | €6,173 | +€6,173 | |
| Tax-exempt reserves | 132 | €65,927 | €62,235 | -€3,692 | -5.6% |
| Distributable reserves | 133 | €866 | €866 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,019 | €19,375 | +€39,393 | |
| Provisions and deferred taxes | 16 | €33,947 | €32,046 | -€1,901 | -5.6% |
| Deferred taxes | 168 | €33,947 | €32,046 | -€1,901 | -5.6% |
| Amounts payable | 17/49 | €324,397 | €360,882 | +€36,485 | +11.2% |
| Amounts payable after more than one year | 17 | €69,610 | €131,050 | +€61,440 | +88.3% |
| Financial debts | 170/4 | €68,560 | €130,000 | +€61,440 | +89.6% |
| Other amounts payable | 178/9 | €1,050 | €1,050 | = | 0.0% |
| Amounts payable within one year | 42/48 | €249,836 | €225,622 | -€24,214 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €17,079 | €8,564 | -€8,516 | -49.9% |
| Trade debts | 44 | €16,223 | €3,387 | -€12,835 | -79.1% |
| Suppliers | 440/4 | €16,223 | €3,387 | -€12,835 | -79.1% |
| Taxes, remuneration and social security | 45 | €1,806 | €5,439 | +€3,632 | +201.1% |
| Taxes | 450/3 | €1,806 | €5,439 | +€3,632 | +201.1% |
| Other amounts payable | 47/48 | €214,728 | €208,233 | -€6,496 | -3.0% |
| Accrued charges and deferred income | 492/3 | €4,950 | €4,210 | -€740 | -15.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €34,639 | €24,926 | -€9,712 | -28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,431 | €28,252 | +€4,821 | +20.6% |
| Other operating charges | 640/8 | €6,257 | €7,278 | +€1,022 | +16.3% |
| Gross operating margin | 9900 | €48,457 | €37,392 | -€11,065 | -22.8% |
| Operating profit (loss) | 9901 | €18,769 | €1,861 | -€16,908 | -90.1% |
| Financial income | 75/76B | - | €44,436 | +€44,436 | |
| Recurring financial income | 75 | - | €44,436 | +€44,436 | |
| Non-recurring financial income | 76B | - | €44,436 | +€44,436 | |
| Financial charges | 65/66B | €6,002 | €5,083 | -€919 | -15.3% |
| Recurring financial charges | 65 | €6,002 | €5,083 | -€919 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €12,767 | €41,214 | +€28,446 | +222.8% |
| Transfer from deferred taxes | 780 | €1,901 | €1,901 | = | 0.0% |
| Income taxes | 67/77 | €4,530 | €1,241 | -€3,288 | -72.6% |
| Profit (loss) for the period | 9904 | €10,139 | €41,874 | +€31,735 | +313.0% |
| Transfer from tax-exempt reserves | 789 | €3,692 | €3,692 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,831 | €45,566 | +€31,735 | +229.5% |
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 12 October 2026 via checked.be.