SERMED: 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.
SERMED
Largest movements
- Receivables within one year -€22,610
down €22,610 (-88.0%), from €25,681 to €3,071
of which Other amounts receivable: -€25,681
- Tangible fixed assets -€16,458
down €16,458 (-21.1%), from €78,174 to €61,716
of which Furniture and vehicles: -€14,509
- Cash +€14,831
up €14,831 (+474.1%), from €3,128 to €17,959
mainly Receivables within one year (+€22,610) and Depreciation (+€16,458)
- Deferred charges and accrued income +€1,600
up €1,600 (+47.2%), from €3,386 to €4,986
- Profit (loss) carried forward -€25,846
down €25,846 (-41.4%), from -€62,411 to -€88,258
- Current portion of long-term debt -€13,308
no longer reported in 2025 (was €13,308)
- Other debts +€11,273
up €11,273 (+10.8%), from €104,320 to €115,594
- Tax, wage and social debts +€5,065
up €5,065 (+140.8%), from €3,597 to €8,661
of which Remuneration and social security: +€4,689
- Staff costs -€21,206
down €21,206 (-46.7%), from €45,427 to €24,220
- Gross operating margin +€4,829
up €4,829 (+36.3%), from €13,321 to €18,150
- Depreciation -€1,174
down €1,174 (-6.7%), from €17,631 to €16,458
- Other operating charges -€815
down €815 (-26.2%), from €3,110 to €2,295
- Financial charges -€598
down €598 (-48.0%), from €1,248 to €649
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 | €110,504 | €87,867 | -€22,638 | -20.5% |
| Fixed assets | 21/28 | €78,308 | €61,850 | -€16,458 | -21.0% |
| Tangible fixed assets | 22/27 | €78,174 | €61,716 | -€16,458 | -21.1% |
| Plant, machinery and equipment | 23 | €3,749 | €3,201 | -€547 | -14.6% |
| Furniture and vehicles | 24 | €72,461 | €57,952 | -€14,509 | -20.0% |
| Other tangible fixed assets | 26 | €1,964 | €563 | -€1,401 | -71.3% |
| Financial fixed assets | 28 | €134 | €134 | = | 0.0% |
| Current assets | 29/58 | €32,196 | €26,016 | -€6,180 | -19.2% |
| Amounts receivable within one year | 40/41 | €25,681 | €3,071 | -€22,610 | -88.0% |
| Trade receivables | 40 | - | €3,071 | +€3,071 | |
| Other amounts receivable | 41 | €25,681 | - | -€25,681 | |
| Cash at bank and in hand | 54/58 | €3,128 | €17,959 | +€14,831 | +474.1% |
| Deferred charges and accrued income | 490/1 | €3,386 | €4,986 | +€1,600 | +47.2% |
| Total equity and liabilities | 10/49 | €110,504 | €87,867 | -€22,638 | -20.5% |
| Equity | 10/15 | -€43,811 | -€69,658 | -€25,846 | -59.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,411 | -€88,258 | -€25,846 | -41.4% |
| Amounts payable | 17/49 | €154,316 | €157,524 | +€3,209 | +2.1% |
| Amounts payable after more than one year | 17 | €31,972 | €31,972 | = | 0.0% |
| Other amounts payable | 178/9 | €31,972 | €31,972 | = | 0.0% |
| Amounts payable within one year | 42/48 | €122,344 | €125,553 | +€3,209 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €13,308 | - | -€13,308 | |
| Trade debts | 44 | €1,119 | €1,298 | +€179 | +16.0% |
| Suppliers | 440/4 | €1,119 | €1,298 | +€179 | +16.0% |
| Taxes, remuneration and social security | 45 | €3,597 | €8,661 | +€5,065 | +140.8% |
| Taxes | 450/3 | - | €375 | +€375 | |
| Remuneration and social security | 454/9 | €3,597 | €8,286 | +€4,689 | +130.4% |
| Other amounts payable | 47/48 | €104,320 | €115,594 | +€11,273 | +10.8% |
| Remuneration, social security and pensions | 62 | €45,427 | €24,220 | -€21,206 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,631 | €16,458 | -€1,174 | -6.7% |
| Other operating charges | 640/8 | €3,110 | €2,295 | -€815 | -26.2% |
| Non-recurring operating charges | 66A | €8,053 | - | -€8,053 | |
| Gross operating margin | 9900 | €13,321 | €18,150 | +€4,829 | +36.3% |
| Operating profit (loss) | 9901 | -€60,899 | -€24,822 | +€36,077 | +59.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +600.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +600.0% |
| Financial charges | 65/66B | €1,248 | €649 | -€598 | -48.0% |
| Recurring financial charges | 65 | €1,248 | €649 | -€598 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | -€62,147 | -€25,471 | +€36,676 | +59.0% |
| Income taxes | 67/77 | €265 | €375 | +€111 | +41.9% |
| Profit (loss) for the period | 9904 | -€62,411 | -€25,846 | +€36,565 | +58.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,411 | -€25,846 | +€36,565 | +58.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.