SERMADO: 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.
SERMADO
Largest movements
- Tangible fixed assets -€214,230
down €214,230 (-5.7%), from €3.8m to €3.5m
of which Land and buildings: -€213,972
- Receivables within one year +€75,836
up €75,836 (+2264.9%), from €3,348 to €79,184
of which Other amounts receivable: +€72,785
- Cash +€49,584
up €49,584 (+398.5%), from €12,443 to €62,027
mainly Depreciation (+€211,436) and Other debts (+€112,948)
- Reserves -€129,995
down €129,995 (-5.6%), from €2.3m to €2.2m
of which Distributable reserves: -€119,996
- Other debts +€112,948
up €112,948 (+47.3%), from €238,596 to €351,545
- Depreciation -€108,557
down €108,557 (-33.9%), from €319,993 to €211,436
- Gross operating margin +€36,667
up €36,667 (+16.3%), from €225,559 to €262,227
- Financial income -€7,653
down €7,653 (-66.9%), from €11,434 to €3,781
- Financial charges +€3,618
up €3,618 (+14.2%), from €25,490 to €29,108
- Other operating charges -€2,822
down €2,822 (-7.9%), from €35,528 to €32,707
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 | €3,811,649 | €3,715,174 | -€96,475 | -2.5% |
| Fixed assets | 21/28 | €3,759,699 | €3,545,469 | -€214,230 | -5.7% |
| Tangible fixed assets | 22/27 | €3,759,699 | €3,545,469 | -€214,230 | -5.7% |
| Land and buildings | 22 | €3,759,441 | €3,545,469 | -€213,972 | -5.7% |
| Plant, machinery and equipment | 23 | €258 | €0 | -€258 | -100.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €51,950 | €169,704 | +€117,755 | +226.7% |
| Amounts receivable within one year | 40/41 | €3,348 | €79,184 | +€75,836 | +2264.9% |
| Trade receivables | 40 | - | €3,051 | +€3,051 | |
| Other amounts receivable | 41 | €3,348 | €76,133 | +€72,785 | +2173.8% |
| Current investments | 50/53 | €32,814 | €25,413 | -€7,401 | -22.6% |
| Cash at bank and in hand | 54/58 | €12,443 | €62,027 | +€49,584 | +398.5% |
| Deferred charges and accrued income | 490/1 | €3,344 | €3,080 | -€264 | -7.9% |
| Total equity and liabilities | 10/49 | €3,811,649 | €3,715,174 | -€96,475 | -2.5% |
| Equity | 10/15 | €2,379,550 | €2,249,554 | -€129,995 | -5.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,317,550 | €2,187,554 | -€129,995 | -5.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €159,678 | €149,678 | -€9,999 | -6.3% |
| Distributable reserves | 133 | €2,151,672 | €2,031,676 | -€119,996 | -5.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €45,171 | €42,359 | -€2,812 | -6.2% |
| Deferred taxes | 168 | €45,171 | €42,359 | -€2,812 | -6.2% |
| Amounts payable | 17/49 | €1,386,929 | €1,423,260 | +€36,332 | +2.6% |
| Amounts payable after more than one year | 17 | €952,267 | €931,210 | -€21,058 | -2.2% |
| Financial debts | 170/4 | €952,267 | €931,210 | -€21,058 | -2.2% |
| Amounts payable within one year | 42/48 | €428,817 | €486,206 | +€57,389 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €147,545 | €123,987 | -€23,557 | -16.0% |
| Trade debts | 44 | €42,676 | €5,124 | -€37,552 | -88.0% |
| Suppliers | 440/4 | €42,676 | €5,124 | -€37,552 | -88.0% |
| Taxes, remuneration and social security | 45 | - | €5,550 | +€5,550 | |
| Taxes | 450/3 | - | €4,800 | +€4,800 | |
| Remuneration and social security | 454/9 | - | €750 | +€750 | |
| Other amounts payable | 47/48 | €238,596 | €351,545 | +€112,948 | +47.3% |
| Accrued charges and deferred income | 492/3 | €5,844 | €5,844 | = | 0.0% |
| Non-recurring operating income | 76A | €5,620 | €80,960 | +€75,340 | +1340.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319,993 | €211,436 | -€108,557 | -33.9% |
| Other operating charges | 640/8 | €35,528 | €32,707 | -€2,822 | -7.9% |
| Gross operating margin | 9900 | €225,559 | €262,227 | +€36,667 | +16.3% |
| Operating profit (loss) | 9901 | -€129,962 | €18,084 | +€148,046 | |
| Financial income | 75/76B | €11,434 | €3,781 | -€7,653 | -66.9% |
| Recurring financial income | 75 | €11,434 | €3,781 | -€7,653 | -66.9% |
| Financial charges | 65/66B | €25,490 | €29,108 | +€3,618 | +14.2% |
| Recurring financial charges | 65 | €25,490 | €29,108 | +€3,618 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | -€144,018 | -€7,242 | +€136,775 | +95.0% |
| Transfer from deferred taxes | 780 | €2,812 | €2,812 | = | 0.0% |
| Income taxes | 67/77 | €1,661 | €540 | -€1,122 | -67.5% |
| Profit (loss) for the period | 9904 | -€142,867 | -€4,970 | +€137,897 | +96.5% |
| Transfer from tax-exempt reserves | 789 | €9,999 | €9,999 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€132,868 | €5,029 | +€137,897 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.