SERMA: 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.
SERMA
Largest movements
- Tangible fixed assets -€4,356
down €4,356 (-85.2%), from €5,114 to €758
of which Other tangible fixed assets: -€4,153
- Cash -€577
down €577 (-10.4%), from €5,538 to €4,962
mainly Net result for the year (-€4,896) and Tax, wage and social debts (-€23)
- Profit (loss) carried forward -€4,896
down €4,896 (-66.0%), from -€7,415 to -€12,311
- Other operating charges -€276
no longer reported in 2025 (was €276)
- Depreciation -€222
down €222 (-4.9%), from €4,579 to €4,356
- Financial charges -€119
down €119 (-70.3%), from €170 to €50
of which Financial charges: -€125
- Gross operating margin -€50
down €50 (-11.3%), from -€440 to -€489
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.
Derived cash bridge
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 | €12,964 | €8,046 | -€4,919 | -37.9% |
| Fixed assets | 21/28 | €5,114 | €758 | -€4,356 | -85.2% |
| Tangible fixed assets | 22/27 | €5,114 | €758 | -€4,356 | -85.2% |
| Plant, machinery and equipment | 23 | €203 | - | -€203 | |
| Other tangible fixed assets | 26 | €4,911 | €758 | -€4,153 | -84.6% |
| Current assets | 29/58 | €7,850 | €7,288 | -€562 | -7.2% |
| Amounts receivable within one year | 40/41 | €2,312 | €2,326 | +€14 | +0.6% |
| Other amounts receivable | 41 | €2,312 | €2,326 | +€14 | +0.6% |
| Cash at bank and in hand | 54/58 | €5,538 | €4,962 | -€577 | -10.4% |
| Total equity and liabilities | 10/49 | €12,964 | €8,046 | -€4,919 | -37.9% |
| Equity | 10/15 | €12,346 | €7,450 | -€4,896 | -39.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,162 | €1,162 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,162 | €1,162 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,162 | €1,162 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,415 | -€12,311 | -€4,896 | -66.0% |
| Amounts payable | 17/49 | €618 | €596 | -€23 | -3.7% |
| Amounts payable within one year | 42/48 | €618 | €596 | -€23 | -3.7% |
| Taxes, remuneration and social security | 45 | €618 | €596 | -€23 | -3.7% |
| Taxes | 450/3 | €618 | €596 | -€23 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,579 | €4,356 | -€222 | -4.9% |
| Other operating charges | 640/8 | €276 | - | -€276 | |
| Gross operating margin | 9900 | -€440 | -€489 | -€50 | -11.3% |
| Operating profit (loss) | 9901 | -€5,294 | -€4,845 | +€448 | +8.5% |
| Financial charges | 65/66B | €170 | €50 | -€119 | -70.3% |
| Recurring financial charges | 65 | €170 | €45 | -€125 | -73.5% |
| Non-recurring financial charges | 66B | - | €5 | +€5 | |
| Profit (loss) for the period before taxes | 9903 | -€5,464 | -€4,896 | +€568 | +10.4% |
| Profit (loss) for the period | 9904 | -€5,464 | -€4,896 | +€568 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,464 | -€4,896 | +€568 | +10.4% |
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 15 October 2026 via checked.be.