SERMEC GHISLENGHIEN: what changed
What changed
SERMEC GHISLENGHIEN
filed annual accounts (NBB)
Net result for the year
€41,381
2024 · €39,936+€1,444
Equity
€512,116
2024 · €490,735+€21,381
Cash
€25,468
2024 · €28,720-€3,252
Balance sheet total
€536,504
2024 · €577,133-€40,629
Largest movements
Assets
- Current investments -€42,438
down €42,438 (-9.8%), from €434,099 to €391,661
Equity and liabilities
- Other debts -€56,451
down €56,451 (-73.0%), from €77,319 to €20,867
- Reserves +€41,381
up €41,381 (+75.3%), from €54,936 to €96,317
of which Distributable reserves: +€41,381
- Profit (loss) carried forward -€20,000
down €20,000 (-8.3%), from €241,195 to €221,195
Income statement
- Taxes -€1,766
down €1,766 (-8.4%), from €21,094 to €19,328
- Gross operating margin +€1,389
up €1,389 (+2.0%), from €68,074 to €69,463
- Financial charges +€1,332
up €1,332 (+761%), from €175 to €1,507
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.
Result 2024
€39,936
Gross operating margin
+€1,389
Depreciation
-€0
Other operating charges
-€73
Financial income
-€306
Financial charges
-€1,332
Taxes
+€1,766
Result 2025
€41,381
raises the resultlowers the result
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.
From operations
-€24,813
Investment
+€41,561
Financing
-€20,000
Cash 2024
€28,720
From operations (derived)
-€24,813
Net result for the year
+€41,381
Depreciation
+€377
Receivables within one year
-€1,074
Deferred charges and accrued income
-€3,488
Trade debts
-€117
Tax, wage and social debts
-€5,441
Other debts
-€56,451
Investment (derived)
+€41,561
Investment in fixed assets (net)
-€877
Current investments
+€42,438
Financing
-€20,000
Contributions, distributions and other
-€20,000
Cash 2025
€25,468
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €577,133 | €536,504 | -€40,629 | -7.0% |
| Fixed assets | 21/28 | €114,217 | €114,717 | +€500 | +0.4% |
| Tangible fixed assets | 22/27 | €114,217 | €114,717 | +€500 | +0.4% |
| Land and buildings | 22 | €114,217 | €114,717 | +€500 | +0.4% |
| Current assets | 29/58 | €462,916 | €421,787 | -€41,129 | -8.9% |
| Amounts receivable within one year | 40/41 | €97 | €1,170 | +€1,074 | +1,109% |
| Trade receivables | 40 | €97 | €97 | = | 0.0% |
| Other amounts receivable | 41 | - | €1,074 | +€1,074 | |
| Current investments | 50/53 | €434,099 | €391,661 | -€42,438 | -9.8% |
| Cash at bank and in hand | 54/58 | €28,720 | €25,468 | -€3,252 | -11.3% |
| Deferred charges and accrued income | 490/1 | - | €3,488 | +€3,488 | |
| Total equity and liabilities | 10/49 | €577,133 | €536,504 | -€40,629 | -7.0% |
| Equity | 10/15 | €490,735 | €512,116 | +€21,381 | +4.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €54,936 | €96,317 | +€41,381 | +75.3% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €39,936 | €81,317 | +€41,381 | +104% |
| Profit (loss) carried forward | 14 | €241,195 | €221,195 | -€20,000 | -8.3% |
| Investment grants | 15 | €44,604 | €44,604 | = | 0.0% |
| Amounts payable | 17/49 | €86,398 | €24,389 | -€62,009 | -71.8% |
| Amounts payable within one year | 42/48 | €86,398 | €24,389 | -€62,009 | -71.8% |
| Trade debts | 44 | €214 | €97 | -€117 | -54.7% |
| Suppliers | 440/4 | €214 | €97 | -€117 | -54.7% |
| Taxes, remuneration and social security | 45 | €8,866 | €3,424 | -€5,441 | -61.4% |
| Taxes | 450/3 | €8,866 | €3,424 | -€5,441 | -61.4% |
| Other amounts payable | 47/48 | €77,319 | €20,867 | -€56,451 | -73.0% |
| Non-recurring operating income | 76A | - | €877 | +€877 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €377 | €377 | +€0 | 0.0% |
| Other operating charges | 640/8 | €14,761 | €14,834 | +€73 | +0.5% |
| Gross operating margin | 9900 | €68,074 | €69,463 | +€1,389 | +2.0% |
| Operating profit (loss) | 9901 | €52,937 | €54,252 | +€1,315 | +2.5% |
| Financial income | 75/76B | €8,269 | €7,963 | -€306 | -3.7% |
| Recurring financial income | 75 | €8,269 | €7,963 | -€306 | -3.7% |
| Financial charges | 65/66B | €175 | €1,507 | +€1,332 | +761% |
| Recurring financial charges | 65 | €175 | €1,507 | +€1,332 | +761% |
| Profit (loss) for the period before taxes | 9903 | €61,030 | €60,708 | -€322 | -0.5% |
| Income taxes | 67/77 | €21,094 | €19,328 | -€1,766 | -8.4% |
| Profit (loss) for the period | 9904 | €39,936 | €41,381 | +€1,444 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,936 | €41,381 | +€1,444 | +3.6% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.