SERTEBO: what changed
What changed
SERTEBO
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€452,337
2024 · €358,757+€93,581
Equity
€3.1m
2024 · €2.6m+€452,337
Cash
€2.0m
2024 · €523,862+€1.5m
Balance sheet total
€3.3m
2024 · €3.0m+€333,295
Largest movements
Assets
- Cash +€1.5m
up €1.5m (+287%), from €523,862 to €2.0m
mainly Current investments (+€1.5m) and Net result for the year (+€452,337)
- Current investments -€1.5m
down €1.5m (-100%), from €1.5m to €0
- Receivables within one year +€363,212
up €363,212 (+42.0%), from €864,527 to €1.2m
of which Other amounts receivable: +€235,498
Equity and liabilities
- Reserves +€452,337
up €452,337 (+17.3%), from €2.6m to €3.1m
- Trade debts -€170,429
down €170,429 (-49.1%), from €346,770 to €176,341
- Tax, wage and social debts +€51,387
up €51,387 (+330%), from €15,552 to €66,939
of which Taxes: +€40,919
Income statement
- Gross operating margin +€84,753
up €84,753 (+12.7%), from €665,938 to €750,691
- Financial income +€67,078
up €67,078 (+393%), from €17,073 to €84,151
- Taxes +€44,057
up €44,057 (+25.6%), from €171,963 to €216,020
- Staff costs +€8,313
up €8,313 (+6.4%), from €130,119 to €138,433
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
€358,757
Gross operating margin
+€84,753
Staff costs
-€8,313
Depreciation
-€224
Write-downs
+€6,080
Other operating charges
-€6,404
Financial income
+€67,078
Financial charges
-€5,333
Taxes
-€44,057
Result 2025
€452,337
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
+€3,200
Investment
+€1.5m
Financing
€0
Cash 2024
€523,862
From operations (derived)
+€3,200
Net result for the year
+€452,337
Depreciation
+€14,421
Receivables after one year
+€24,475
Stocks and contracts
-€5,778
Receivables within one year
-€363,212
Trade debts
-€170,429
Tax, wage and social debts
+€51,387
Investment (derived)
+€1.5m
Investment in fixed assets (net)
-€2,231
Current investments
+€1.5m
Cash 2025
€2.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,993,301 | €3,326,595 | +€333,295 | +11.1% |
| Fixed assets | 21/28 | €37,056 | €24,867 | -€12,190 | -32.9% |
| Tangible fixed assets | 22/27 | €30,645 | €17,402 | -€13,244 | -43.2% |
| Plant, machinery and equipment | 23 | €26,189 | €15,477 | -€10,712 | -40.9% |
| Furniture and vehicles | 24 | €4,456 | €1,925 | -€2,531 | -56.8% |
| Financial fixed assets | 28 | €6,411 | €7,465 | +€1,054 | +16.4% |
| Current assets | 29/58 | €2,956,244 | €3,301,729 | +€345,484 | +11.7% |
| Amounts receivable after more than one year | 29 | €49,443 | €24,969 | -€24,475 | -49.5% |
| Other amounts receivable | 291 | €49,443 | €24,969 | -€24,475 | -49.5% |
| Stocks and contracts in progress | 3 | €14,178 | €19,956 | +€5,778 | +40.8% |
| Stocks | 30/36 | €14,178 | €12,165 | -€2,013 | -14.2% |
| Contracts in progress | 37 | €0 | €7,791 | +€7,791 | |
| Amounts receivable within one year | 40/41 | €864,527 | €1,227,739 | +€363,212 | +42.0% |
| Trade receivables | 40 | €691,362 | €819,076 | +€127,714 | +18.5% |
| Other amounts receivable | 41 | €173,165 | €408,663 | +€235,498 | +136% |
| Current investments | 50/53 | €1,504,234 | €0 | -€1.5m | -100% |
| Cash at bank and in hand | 54/58 | €523,862 | €2,029,065 | +€1.5m | +287% |
| Total equity and liabilities | 10/49 | €2,993,301 | €3,326,595 | +€333,295 | +11.1% |
| Equity | 10/15 | €2,630,507 | €3,082,844 | +€452,337 | +17.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,611,907 | €3,064,244 | +€452,337 | +17.3% |
| Distributable reserves | 133 | €2,611,907 | €3,064,244 | +€452,337 | +17.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €362,794 | €243,751 | -€119,043 | -32.8% |
| Amounts payable within one year | 42/48 | €362,794 | €243,751 | -€119,043 | -32.8% |
| Trade debts | 44 | €346,770 | €176,341 | -€170,429 | -49.1% |
| Suppliers | 440/4 | €346,770 | €176,341 | -€170,429 | -49.1% |
| Taxes, remuneration and social security | 45 | €15,552 | €66,939 | +€51,387 | +330% |
| Taxes | 450/3 | - | €40,919 | +€40,919 | |
| Remuneration and social security | 454/9 | €15,552 | €26,020 | +€10,467 | +67.3% |
| Other amounts payable | 47/48 | €471 | €471 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €341 | €0 | -€341 | -100% |
| Remuneration, social security and pensions | 62 | €130,119 | €138,433 | +€8,313 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,197 | €14,421 | +€224 | +1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€6,080 | -€6,080 | |
| Other operating charges | 640/8 | €5,508 | €11,912 | +€6,404 | +116% |
| Gross operating margin | 9900 | €665,938 | €750,691 | +€84,753 | +12.7% |
| Operating profit (loss) | 9901 | €516,113 | €592,006 | +€75,893 | +14.7% |
| Financial income | 75/76B | €17,073 | €84,151 | +€67,078 | +393% |
| Recurring financial income | 75 | €17,073 | €84,151 | +€67,078 | +393% |
| Financial charges | 65/66B | €2,467 | €7,800 | +€5,333 | +216% |
| Recurring financial charges | 65 | €2,467 | €7,800 | +€5,333 | +216% |
| Profit (loss) for the period before taxes | 9903 | €530,720 | €668,357 | +€137,638 | +25.9% |
| Income taxes | 67/77 | €171,963 | €216,020 | +€44,057 | +25.6% |
| Profit (loss) for the period | 9904 | €358,757 | €452,337 | +€93,581 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €358,757 | €452,337 | +€93,581 | +26.1% |
Next steps
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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 4 November 2026 via checked.be.