SERMESS: 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.
SERMESS
Largest movements
- Tangible fixed assets -€11,856
down €11,856 (-11.5%), from €103,111 to €91,255
of which Furniture and vehicles: -€8,406
- Cash -€4,881
down €4,881 (-1.9%), from €259,228 to €254,347
mainly Net result for the year (-€10,433) and Contributions, distributions and other (-€2,500)
- Profit (loss) carried forward -€11,298
down €11,298 (-3.6%), from €315,307 to €304,009
- Financial income +€706
up €706 (+71.9%), from €982 to €1,688
- Gross operating margin -€637
down €637 (-17.2%), from €3,710 to €3,073
- Depreciation -€169
down €169 (-1.4%), from €12,025 to €11,856
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 | €394,669 | €379,064 | -€15,605 | -4.0% |
| Fixed assets | 21/28 | €103,111 | €91,255 | -€11,856 | -11.5% |
| Tangible fixed assets | 22/27 | €103,111 | €91,255 | -€11,856 | -11.5% |
| Land and buildings | 22 | €71,237 | €67,787 | -€3,450 | -4.8% |
| Furniture and vehicles | 24 | €31,874 | €23,468 | -€8,406 | -26.4% |
| Current assets | 29/58 | €291,558 | €287,809 | -€3,749 | -1.3% |
| Amounts receivable within one year | 40/41 | €147 | €1,120 | +€973 | +661.9% |
| Trade receivables | 40 | - | €648 | +€648 | |
| Other amounts receivable | 41 | €147 | €472 | +€325 | +221.1% |
| Current investments | 50/53 | €30,956 | €30,956 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €259,228 | €254,347 | -€4,881 | -1.9% |
| Deferred charges and accrued income | 490/1 | €1,227 | €1,386 | +€159 | +13.0% |
| Total equity and liabilities | 10/49 | €394,669 | €379,064 | -€15,605 | -4.0% |
| Equity | 10/15 | €377,186 | €364,253 | -€12,933 | -3.4% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €30,892 | €29,257 | -€1,635 | -5.3% |
| Tax-exempt reserves | 132 | €27,793 | €26,158 | -€1,635 | -5.9% |
| Distributable reserves | 133 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €315,307 | €304,009 | -€11,298 | -3.6% |
| Provisions and deferred taxes | 16 | €11,911 | €11,210 | -€701 | -5.9% |
| Deferred taxes | 168 | €11,911 | €11,210 | -€701 | -5.9% |
| Amounts payable | 17/49 | €5,572 | €3,601 | -€1,971 | -35.4% |
| Amounts payable within one year | 42/48 | €5,572 | €3,601 | -€1,971 | -35.4% |
| Trade debts | 44 | €2,521 | €102 | -€2,419 | -96.0% |
| Suppliers | 440/4 | €2,521 | €102 | -€2,419 | -96.0% |
| Other amounts payable | 47/48 | €3,051 | €3,499 | +€448 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,025 | €11,856 | -€169 | -1.4% |
| Other operating charges | 640/8 | €3,282 | €3,295 | +€13 | +0.4% |
| Gross operating margin | 9900 | €3,710 | €3,073 | -€637 | -17.2% |
| Operating profit (loss) | 9901 | -€11,597 | -€12,078 | -€481 | -4.1% |
| Financial income | 75/76B | €982 | €1,688 | +€706 | +71.9% |
| Recurring financial income | 75 | €982 | €1,688 | +€706 | +71.9% |
| Financial charges | 65/66B | €595 | €579 | -€16 | -2.7% |
| Recurring financial charges | 65 | €595 | €579 | -€16 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€11,210 | -€10,969 | +€241 | +2.1% |
| Transfer from deferred taxes | 780 | €701 | €701 | = | 0.0% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | -€10,669 | -€10,433 | +€236 | +2.2% |
| Transfer from tax-exempt reserves | 789 | €1,635 | €1,635 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,034 | -€8,798 | +€236 | +2.6% |
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 29 September 2026 via checked.be.