SERGRI: 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.
SERGRI
Largest movements
- Tangible fixed assets -€82,264
down €82,264 (-13.8%), from €594,594 to €512,330
of which Plant, machinery and equipment: -€49,979
- Receivables within one year -€53,481
down €53,481 (-26.5%), from €201,893 to €148,412
of which Trade receivables: -€86,250
- Debts after one year -€83,649
down €83,649 (-36.1%), from €231,594 to €147,945
- Profit (loss) carried forward -€69,411
down €69,411 (-54.2%), from -€128,019 to -€197,430
- Trade debts -€30,966
down €30,966 (-36.4%), from €85,136 to €54,171
- Other debts +€29,862
up €29,862 (+6.2%), from €481,343 to €511,206
- Tax, wage and social debts +€11,613
up €11,613 (+43.5%), from €26,717 to €38,330
of which Remuneration and social security: +€9,629
- Staff costs +€40,795
up €40,795 (+13.6%), from €300,872 to €341,667
- Gross operating margin -€18,498
down €18,498 (-4.6%), from €404,237 to €385,739
- Financial charges +€4,866
up €4,866 (+47.5%), from €10,253 to €15,119
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 | €843,035 | €702,725 | -€140,310 | -16.6% |
| Formation expenses | 20 | €18,372 | €10,563 | -€7,809 | -42.5% |
| Fixed assets | 21/28 | €594,594 | €512,330 | -€82,264 | -13.8% |
| Tangible fixed assets | 22/27 | €594,594 | €512,330 | -€82,264 | -13.8% |
| Plant, machinery and equipment | 23 | €199,948 | €149,970 | -€49,979 | -25.0% |
| Furniture and vehicles | 24 | €1,957 | €1,409 | -€548 | -28.0% |
| Other tangible fixed assets | 26 | €392,688 | €360,951 | -€31,737 | -8.1% |
| Current assets | 29/58 | €230,069 | €179,832 | -€50,237 | -21.8% |
| Stocks and contracts in progress | 3 | €14,435 | €14,421 | -€14 | -0.1% |
| Stocks | 30/36 | €14,435 | €14,421 | -€14 | -0.1% |
| Amounts receivable within one year | 40/41 | €201,893 | €148,412 | -€53,481 | -26.5% |
| Trade receivables | 40 | €117,414 | €31,164 | -€86,250 | -73.5% |
| Other amounts receivable | 41 | €84,479 | €117,248 | +€32,769 | +38.8% |
| Cash at bank and in hand | 54/58 | €6,085 | €8,021 | +€1,936 | +31.8% |
| Deferred charges and accrued income | 490/1 | €7,656 | €8,978 | +€1,322 | +17.3% |
| Total equity and liabilities | 10/49 | €843,035 | €702,725 | -€140,310 | -16.6% |
| Equity | 10/15 | -€66,519 | -€135,930 | -€69,411 | -104.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€128,019 | -€197,430 | -€69,411 | -54.2% |
| Amounts payable | 17/49 | €909,554 | €838,655 | -€70,899 | -7.8% |
| Amounts payable after more than one year | 17 | €231,594 | €147,945 | -€83,649 | -36.1% |
| Financial debts | 170/4 | €231,594 | €147,945 | -€83,649 | -36.1% |
| Amounts payable within one year | 42/48 | €676,203 | €687,355 | +€11,152 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €83,007 | €83,649 | +€642 | +0.8% |
| Trade debts | 44 | €85,136 | €54,171 | -€30,966 | -36.4% |
| Suppliers | 440/4 | €85,136 | €54,171 | -€30,966 | -36.4% |
| Taxes, remuneration and social security | 45 | €26,717 | €38,330 | +€11,613 | +43.5% |
| Taxes | 450/3 | €413 | €2,398 | +€1,984 | +480.4% |
| Remuneration and social security | 454/9 | €26,304 | €35,932 | +€9,629 | +36.6% |
| Other amounts payable | 47/48 | €481,343 | €511,206 | +€29,862 | +6.2% |
| Accrued charges and deferred income | 492/3 | €1,757 | €3,355 | +€1,598 | +91.0% |
| Non-recurring operating income | 76A | €8,570 | €3,667 | -€4,904 | -57.2% |
| Remuneration, social security and pensions | 62 | €300,872 | €341,667 | +€40,795 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,039 | €89,091 | +€3,052 | +3.5% |
| Other operating charges | 640/8 | €4,662 | €4,812 | +€150 | +3.2% |
| Non-recurring operating charges | 66A | €8,198 | €4,423 | -€3,775 | -46.0% |
| Gross operating margin | 9900 | €404,237 | €385,739 | -€18,498 | -4.6% |
| Operating profit (loss) | 9901 | €4,467 | -€54,254 | -€58,721 | |
| Financial charges | 65/66B | €10,253 | €15,119 | +€4,866 | +47.5% |
| Recurring financial charges | 65 | €10,253 | €15,119 | +€4,866 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,786 | -€69,373 | -€63,587 | -1099.0% |
| Income taxes | 67/77 | €564 | €38 | -€526 | -93.3% |
| Profit (loss) for the period | 9904 | -€6,350 | -€69,411 | -€63,061 | -993.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,350 | -€69,411 | -€63,061 | -993.1% |
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.