SERHAT: 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.
SERHAT
Largest movements
- Receivables within one year -€3,318
down €3,318 (-17.2%), from €19,282 to €15,964
- Cash +€1,097
new in 2025: €1,097
mainly Trade debts (+€15,429) and Receivables within one year (+€3,318)
- Profit (loss) carried forward -€17,573
down €17,573, from €6,939 to -€10,634
- Trade debts +€15,429
up €15,429 (+205.1%), from €7,522 to €22,951
- Gross operating margin -€21,137
down €21,137, from €5,640 to -€15,497
- Staff costs +€3,167
new in 2025: €3,167
- Taxes -€1,735
no longer reported in 2025 (was €1,735)
- Financial charges +€1,424
new in 2025: €1,424
- Other operating charges +€486
new in 2025: €486
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 | €19,282 | €17,234 | -€2,048 | -10.6% |
| Current assets | 29/58 | €19,282 | €17,234 | -€2,048 | -10.6% |
| Stocks and contracts in progress | 3 | - | €173 | +€173 | |
| Stocks | 30/36 | - | €173 | +€173 | |
| Amounts receivable within one year | 40/41 | €19,282 | €15,964 | -€3,318 | -17.2% |
| Other amounts receivable | 41 | €19,282 | €15,964 | -€3,318 | -17.2% |
| Cash at bank and in hand | 54/58 | - | €1,097 | +€1,097 | |
| Total equity and liabilities | 10/49 | €19,282 | €17,234 | -€2,048 | -10.6% |
| Equity | 10/15 | €6,939 | -€10,634 | -€17,573 | |
| Profit (loss) carried forward | 14 | €6,939 | -€10,634 | -€17,573 | |
| Amounts payable | 17/49 | €12,343 | €27,868 | +€15,525 | +125.8% |
| Amounts payable within one year | 42/48 | €12,343 | €27,868 | +€15,525 | +125.8% |
| Trade debts | 44 | €7,522 | €22,951 | +€15,429 | +205.1% |
| Suppliers | 440/4 | €7,522 | €22,951 | +€15,429 | +205.1% |
| Taxes, remuneration and social security | 45 | €4,821 | €4,917 | +€96 | +2.0% |
| Taxes | 450/3 | €4,821 | €3,797 | -€1,024 | -21.2% |
| Remuneration and social security | 454/9 | - | €1,120 | +€1,120 | |
| Remuneration, social security and pensions | 62 | - | €3,167 | +€3,167 | |
| Other operating charges | 640/8 | - | €486 | +€486 | |
| Gross operating margin | 9900 | €5,640 | -€15,497 | -€21,137 | |
| Operating profit (loss) | 9901 | €5,640 | -€19,149 | -€24,789 | |
| Financial income | 75/76B | €3,034 | €3,000 | -€34 | -1.1% |
| Recurring financial income | 75 | €3,034 | €3,000 | -€34 | -1.1% |
| Financial charges | 65/66B | - | €1,424 | +€1,424 | |
| Recurring financial charges | 65 | - | €1,424 | +€1,424 | |
| Profit (loss) for the period before taxes | 9903 | €8,674 | -€17,573 | -€26,248 | |
| Income taxes | 67/77 | €1,735 | - | -€1,735 | |
| Profit (loss) for the period | 9904 | €6,939 | -€17,573 | -€24,513 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,939 | -€17,573 | -€24,513 |
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.