SERMANT: 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.
SERMANT
Largest movements
- Receivables within one year -€29,349
down €29,349 (-41.1%), from €71,471 to €42,121
of which Trade receivables: -€25,009
- Cash +€28,603
up €28,603 (+18.4%), from €155,247 to €183,851
mainly Receivables within one year (+€29,349) and Depreciation (+€24,027)
- Tangible fixed assets -€22,150
down €22,150 (-9.8%), from €225,481 to €203,331
of which Land and buildings: -€14,584
- Stocks and contracts -€16,552
down €16,552 (-29.3%), from €56,498 to €39,945
- Debts after one year -€29,342
down €29,342 (-27.0%), from €108,516 to €79,174
- Trade debts -€13,477
down €13,477 (-32.2%), from €41,910 to €28,433
- Reserves +€5,201
up €5,201 (+1.8%), from €288,855 to €294,057
- Other operating charges -€29,934
down €29,934 (-83.0%), from €36,058 to €6,123
- Staff costs +€15,381
up €15,381 (+83.3%), from €18,476 to €33,857
- Depreciation -€1,802
down €1,802 (-7.0%), from €25,829 to €24,027
- Financial income -€1,131
down €1,131 (-48.5%), from €2,331 to €1,201
- Financial charges -€1,109
down €1,109 (-12.9%), from €8,600 to €7,491
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 | €516,278 | €475,096 | -€41,182 | -8.0% |
| Fixed assets | 21/28 | €227,765 | €204,853 | -€22,912 | -10.1% |
| Intangible fixed assets | 21 | €2,284 | €1,522 | -€762 | -33.4% |
| Tangible fixed assets | 22/27 | €225,481 | €203,331 | -€22,150 | -9.8% |
| Land and buildings | 22 | €190,235 | €175,651 | -€14,584 | -7.7% |
| Plant, machinery and equipment | 23 | €10,546 | €9,821 | -€725 | -6.9% |
| Furniture and vehicles | 24 | €24,700 | €17,858 | -€6,841 | -27.7% |
| Current assets | 29/58 | €288,513 | €270,243 | -€18,270 | -6.3% |
| Stocks and contracts in progress | 3 | €56,498 | €39,945 | -€16,552 | -29.3% |
| Stocks | 30/36 | €56,498 | €39,945 | -€16,552 | -29.3% |
| Amounts receivable within one year | 40/41 | €71,471 | €42,121 | -€29,349 | -41.1% |
| Trade receivables | 40 | €62,104 | €37,095 | -€25,009 | -40.3% |
| Other amounts receivable | 41 | €9,367 | €5,027 | -€4,340 | -46.3% |
| Cash at bank and in hand | 54/58 | €155,247 | €183,851 | +€28,603 | +18.4% |
| Deferred charges and accrued income | 490/1 | €5,297 | €4,326 | -€971 | -18.3% |
| Total equity and liabilities | 10/49 | €516,278 | €475,096 | -€41,182 | -8.0% |
| Equity | 10/15 | €307,455 | €312,657 | +€5,201 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €288,855 | €294,057 | +€5,201 | +1.8% |
| Distributable reserves | 133 | €288,855 | €294,057 | +€5,201 | +1.8% |
| Amounts payable | 17/49 | €208,822 | €162,439 | -€46,383 | -22.2% |
| Amounts payable after more than one year | 17 | €108,516 | €79,174 | -€29,342 | -27.0% |
| Financial debts | 170/4 | €108,516 | €79,174 | -€29,342 | -27.0% |
| Amounts payable within one year | 42/48 | €100,306 | €83,265 | -€17,041 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €27,992 | €29,342 | +€1,350 | +4.8% |
| Trade debts | 44 | €41,910 | €28,433 | -€13,477 | -32.2% |
| Suppliers | 440/4 | €41,910 | €28,433 | -€13,477 | -32.2% |
| Taxes, remuneration and social security | 45 | €29,145 | €25,489 | -€3,656 | -12.5% |
| Taxes | 450/3 | €25,042 | €21,303 | -€3,739 | -14.9% |
| Remuneration and social security | 454/9 | €4,103 | €4,187 | +€83 | +2.0% |
| Other amounts payable | 47/48 | €1,258 | €0 | -€1,258 | -100% |
| Remuneration, social security and pensions | 62 | €18,476 | €33,857 | +€15,381 | +83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,829 | €24,027 | -€1,802 | -7.0% |
| Other operating charges | 640/8 | €36,058 | €6,123 | -€29,934 | -83.0% |
| Gross operating margin | 9900 | €75,373 | €76,019 | +€646 | +0.9% |
| Operating profit (loss) | 9901 | -€4,989 | €12,011 | +€17,000 | |
| Financial income | 75/76B | €2,331 | €1,201 | -€1,131 | -48.5% |
| Recurring financial income | 75 | €2,331 | €1,201 | -€1,131 | -48.5% |
| Financial charges | 65/66B | €8,600 | €7,491 | -€1,109 | -12.9% |
| Recurring financial charges | 65 | €8,600 | €7,491 | -€1,109 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,257 | €5,721 | +€16,979 | |
| Income taxes | 67/77 | - | €520 | +€520 | |
| Profit (loss) for the period | 9904 | -€11,257 | €5,201 | +€16,458 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,257 | €5,201 | +€16,458 |
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 14 October 2026 via checked.be.