SERTEC: 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.
SERTEC
Largest movements
- Cash +€150,807
up €150,807 (+136.5%), from €110,514 to €261,321
mainly Net result for the year (+€179,776) and Other debts (+€54,399)
- Receivables within one year -€24,182
down €24,182 (-18.8%), from €128,347 to €104,165
of which Trade receivables: -€50,763
- Deferred charges and accrued income +€18,808
up €18,808 (+1196.4%), from €1,572 to €20,380
- Tangible fixed assets -€9,914
down €9,914 (-34.2%), from €28,949 to €19,035
of which Furniture and vehicles: -€10,785
- Stocks and contracts +€4,754
up €4,754 (+110.2%), from €4,315 to €9,069
- Other debts +€54,399
up €54,399 (+47.7%), from €114,151 to €168,550
- Trade debts +€40,680
new in 2025: €40,680
- Tax, wage and social debts +€30,417
up €30,417 (+101.8%), from €29,874 to €60,291
of which Remuneration and social security: +€17,702
- Reserves +€22,614
up €22,614 (+22.4%), from €100,859 to €123,473
- Profit (loss) carried forward -€7,837
down €7,837 (-34.7%), from €22,613 to €14,776
- Gross operating margin +€182,037
up €182,037 (+34.9%), from €521,074 to €703,111
- Staff costs +€117,109
up €117,109 (+36.9%), from €317,361 to €434,470
- Taxes +€17,938
up €17,938 (+39.3%), from €45,675 to €63,613
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 | €273,697 | €413,970 | +€140,273 | +51.3% |
| Fixed assets | 21/28 | €28,949 | €19,035 | -€9,914 | -34.2% |
| Tangible fixed assets | 22/27 | €28,949 | €19,035 | -€9,914 | -34.2% |
| Plant, machinery and equipment | 23 | €685 | €1,556 | +€871 | +127.2% |
| Furniture and vehicles | 24 | €28,264 | €17,479 | -€10,785 | -38.2% |
| Current assets | 29/58 | €244,748 | €394,935 | +€150,187 | +61.4% |
| Stocks and contracts in progress | 3 | €4,315 | €9,069 | +€4,754 | +110.2% |
| Stocks | 30/36 | €4,315 | €9,069 | +€4,754 | +110.2% |
| Amounts receivable within one year | 40/41 | €128,347 | €104,165 | -€24,182 | -18.8% |
| Trade receivables | 40 | €114,115 | €63,352 | -€50,763 | -44.5% |
| Other amounts receivable | 41 | €14,232 | €40,813 | +€26,581 | +186.8% |
| Cash at bank and in hand | 54/58 | €110,514 | €261,321 | +€150,807 | +136.5% |
| Deferred charges and accrued income | 490/1 | €1,572 | €20,380 | +€18,808 | +1196.4% |
| Total equity and liabilities | 10/49 | €273,697 | €413,970 | +€140,273 | +51.3% |
| Equity | 10/15 | €129,672 | €144,449 | +€14,777 | +11.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €100,859 | €123,473 | +€22,614 | +22.4% |
| Distributable reserves | 133 | €100,859 | €123,473 | +€22,614 | +22.4% |
| Profit (loss) carried forward | 14 | €22,613 | €14,776 | -€7,837 | -34.7% |
| Amounts payable | 17/49 | €144,025 | €269,521 | +€125,496 | +87.1% |
| Amounts payable within one year | 42/48 | €144,025 | €269,521 | +€125,496 | +87.1% |
| Trade debts | 44 | - | €40,680 | +€40,680 | |
| Suppliers | 440/4 | - | €40,680 | +€40,680 | |
| Taxes, remuneration and social security | 45 | €29,874 | €60,291 | +€30,417 | +101.8% |
| Taxes | 450/3 | €895 | €13,610 | +€12,715 | +1420.7% |
| Remuneration and social security | 454/9 | €28,979 | €46,681 | +€17,702 | +61.1% |
| Other amounts payable | 47/48 | €114,151 | €168,550 | +€54,399 | +47.7% |
| Remuneration, social security and pensions | 62 | €317,361 | €434,470 | +€117,109 | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,388 | €19,086 | -€3,302 | -14.7% |
| Other operating charges | 640/8 | €2,901 | €5,556 | +€2,655 | +91.5% |
| Gross operating margin | 9900 | €521,074 | €703,111 | +€182,037 | +34.9% |
| Operating profit (loss) | 9901 | €178,424 | €243,999 | +€65,575 | +36.8% |
| Financial income | 75/76B | €1,332 | €998 | -€334 | -25.1% |
| Recurring financial income | 75 | €1,332 | €998 | -€334 | -25.1% |
| Financial charges | 65/66B | €1,468 | €1,608 | +€140 | +9.5% |
| Recurring financial charges | 65 | €1,468 | €1,608 | +€140 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €178,288 | €243,389 | +€65,101 | +36.5% |
| Income taxes | 67/77 | €45,675 | €63,613 | +€17,938 | +39.3% |
| Profit (loss) for the period | 9904 | €132,613 | €179,776 | +€47,163 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €132,613 | €179,776 | +€47,163 | +35.6% |
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 5 October 2026 via checked.be.