SERHIEUX: what changed
SERHIEUX
Largest movements
- Cash -€315,978
down €315,978 (-95.3%), from €331,444 to €15,466
mainly Receivables within one year (-€132,711) and Other debts (-€129,500)
- Receivables within one year +€132,711
up €132,711 (+413%), from €32,106 to €164,817
of which Trade receivables: +€128,211
- Tangible fixed assets -€17,022
down €17,022 (-1.8%), from €929,802 to €912,780
- Other debts -€129,500
down €129,500 (-41.1%), from €315,155 to €185,655
- Debts after one year -€68,236
down €68,236 (-5.4%), from €1.3m to €1.2m
- Trade debts -€26,011
down €26,011 (-89.3%), from €29,122 to €3,111
- Profit (loss) carried forward +€20,064
up €20,064 (+43.6%), from -€46,014 to -€25,950
- Gross operating margin +€126,986
up €126,986, from -€16,550 to €110,436
- Turnover +€124,526
up €124,526 (+293%), from €42,483 to €167,009
- Financial charges +€41,527
up €41,527 (+245%), from €16,976 to €58,503
- Financial income -€2,717
no longer reported in 2025 (was €2,717)
- Purchases and services -€2,460
down €2,460 (-4.2%), from €59,033 to €56,573
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,694,550 | €1,494,284 | -€200,266 | -11.8% |
| Fixed assets | 21/28 | €1,330,302 | €1,313,280 | -€17,022 | -1.3% |
| Tangible fixed assets | 22/27 | €929,802 | €912,780 | -€17,022 | -1.8% |
| Land and buildings | 22 | €929,802 | €912,780 | -€17,022 | -1.8% |
| Financial fixed assets | 28 | €400,500 | €400,500 | = | 0.0% |
| Current assets | 29/58 | €364,248 | €181,004 | -€183,244 | -50.3% |
| Amounts receivable within one year | 40/41 | €32,106 | €164,817 | +€132,711 | +413% |
| Trade receivables | 40 | €26,106 | €154,317 | +€128,211 | +491% |
| Other amounts receivable | 41 | €6,000 | €10,500 | +€4,500 | +75.0% |
| Cash at bank and in hand | 54/58 | €331,444 | €15,466 | -€315,978 | -95.3% |
| Deferred charges and accrued income | 490/1 | €698 | €721 | +€23 | +3.3% |
| Total equity and liabilities | 10/49 | €1,694,550 | €1,494,284 | -€200,266 | -11.8% |
| Equity | 10/15 | €3,986 | €24,050 | +€20,064 | +503% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,014 | -€25,950 | +€20,064 | +43.6% |
| Amounts payable | 17/49 | €1,690,564 | €1,470,234 | -€220,330 | -13.0% |
| Amounts payable after more than one year | 17 | €1,274,122 | €1,205,886 | -€68,236 | -5.4% |
| Financial debts | 170/4 | €1,274,122 | €1,205,886 | -€68,236 | -5.4% |
| Amounts payable within one year | 42/48 | €409,554 | €257,002 | -€152,552 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €65,277 | €68,236 | +€2,959 | +4.5% |
| Trade debts | 44 | €29,122 | €3,111 | -€26,011 | -89.3% |
| Suppliers | 440/4 | €29,122 | €3,111 | -€26,011 | -89.3% |
| Other amounts payable | 47/48 | €315,155 | €185,655 | -€129,500 | -41.1% |
| Accrued charges and deferred income | 492/3 | €6,888 | €7,346 | +€458 | +6.6% |
| Turnover | 70 | €42,483 | €167,009 | +€124,526 | +293% |
| Goods, raw materials, services and sundry goods | 60/61 | €59,033 | €56,573 | -€2,460 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,519 | €30,936 | +€417 | +1.4% |
| Other operating charges | 640/8 | €760 | €933 | +€173 | +22.8% |
| Gross operating margin | 9900 | -€16,550 | €110,436 | +€126,986 | |
| Operating profit (loss) | 9901 | -€47,829 | €78,567 | +€126,396 | |
| Financial income | 75/76B | €2,717 | - | -€2,717 | |
| Recurring financial income | 75 | €2,717 | - | -€2,717 | |
| Financial charges | 65/66B | €16,976 | €58,503 | +€41,527 | +245% |
| Recurring financial charges | 65 | €16,976 | €58,503 | +€41,527 | +245% |
| Profit (loss) for the period before taxes | 9903 | -€62,088 | €20,064 | +€82,152 | |
| Income taxes | 67/77 | €1,421 | - | -€1,421 | |
| Profit (loss) for the period | 9904 | -€63,509 | €20,064 | +€83,573 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,509 | €20,064 | +€83,573 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.