SERTHI: 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.
SERTHI
Largest movements
- Current investments +€4.1m
up €4.1m (+4.1%), from €98.0m to €102.0m
- Receivables within one year +€2.4m
up €2.4m (+6.2%), from €38.4m to €40.7m
of which Other amounts receivable: +€2.4m
- Other debts +€6.3m
up €6.3m (+298.6%), from €2.1m to €8.4m
- Reserves +€1.6m
up €1.6m (+1.1%), from €144.8m to €146.4m
of which Distributable reserves: +€1.6m
- Financial income -€336,484
down €336,484 (-7.8%), from €4.3m to €4.0m
of which Financial income: -€336,484
- Financial charges +€335,383
up €335,383 (+55.8%), from €600,511 to €935,895
of which Financial charges: +€185,058
- Taxes -€273,131
down €273,131 (-44.6%), from €612,073 to €338,942
- Gross operating margin -€124,482
down €124,482 (-34.3%), from -€363,273 to -€487,755
- Staff costs +€18,310
up €18,310 (+42.1%), from €43,479 to €61,789
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €147,019,125 | €154,908,484 | +€7.9m | +5.4% |
| Fixed assets | 21/28 | €8,011,447 | €9,505,823 | +€1.5m | +18.7% |
| Tangible fixed assets | 22/27 | €4,232 | €20,328 | +€16,097 | +380.4% |
| Furniture and vehicles | 24 | €4,232 | €0 | -€4,232 | -100.0% |
| Other tangible fixed assets | 26 | - | €20,328 | +€20,328 | |
| Financial fixed assets | 28 | €8,007,216 | €9,485,495 | +€1.5m | +18.5% |
| Current assets | 29/58 | €139,007,678 | €145,402,661 | +€6.4m | +4.6% |
| Amounts receivable after more than one year | 29 | €500,267 | €702,210 | +€201,944 | +40.4% |
| Trade receivables | 290 | €500,267 | €702,210 | +€201,944 | +40.4% |
| Amounts receivable within one year | 40/41 | €38,364,751 | €40,734,448 | +€2.4m | +6.2% |
| Trade receivables | 40 | €46,704 | €10,606 | -€36,098 | -77.3% |
| Other amounts receivable | 41 | €38,318,047 | €40,723,841 | +€2.4m | +6.3% |
| Current investments | 50/53 | €97,975,203 | €102,032,625 | +€4.1m | +4.1% |
| Cash at bank and in hand | 54/58 | €2,148,895 | €1,907,732 | -€241,163 | -11.2% |
| Deferred charges and accrued income | 490/1 | €18,563 | €25,646 | +€7,084 | +38.2% |
| Total equity and liabilities | 10/49 | €147,019,125 | €154,908,484 | +€7.9m | +5.4% |
| Equity | 10/15 | €144,884,901 | €146,513,739 | +€1.6m | +1.1% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €144,799,901 | €146,428,739 | +€1.6m | +1.1% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €144,791,401 | €146,420,239 | +€1.6m | +1.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,134,223 | €8,394,745 | +€6.3m | +293.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €2,134,223 | €8,394,745 | +€6.3m | +293.3% |
| Trade debts | 44 | €21,345 | €9,038 | -€12,307 | -57.7% |
| Suppliers | 440/4 | €21,345 | €9,038 | -€12,307 | -57.7% |
| Taxes, remuneration and social security | 45 | €11,586 | €9,820 | -€1,766 | -15.2% |
| Taxes | 450/3 | €1,500 | €721 | -€778 | -51.9% |
| Remuneration and social security | 454/9 | €10,086 | €9,098 | -€988 | -9.8% |
| Other amounts payable | 47/48 | €2,101,293 | €8,375,887 | +€6.3m | +298.6% |
| Remuneration, social security and pensions | 62 | €43,479 | €61,789 | +€18,310 | +42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,766 | €5,263 | -€1,503 | -22.2% |
| Other operating charges | 640/8 | €1,263 | €1,299 | +€37 | +2.9% |
| Gross operating margin | 9900 | -€363,273 | -€487,755 | -€124,482 | -34.3% |
| Operating profit (loss) | 9901 | -€414,781 | -€556,107 | -€141,326 | -34.1% |
| Financial income | 75/76B | €4,302,764 | €3,966,280 | -€336,484 | -7.8% |
| Recurring financial income | 75 | €4,302,764 | €3,966,280 | -€336,484 | -7.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €600,511 | €935,895 | +€335,383 | +55.8% |
| Recurring financial charges | 65 | €600,511 | €785,570 | +€185,058 | +30.8% |
| Non-recurring financial charges | 66B | - | €150,325 | +€150,325 | |
| Profit (loss) for the period before taxes | 9903 | €3,287,472 | €2,474,279 | -€813,193 | -24.7% |
| Income taxes | 67/77 | €612,073 | €338,942 | -€273,131 | -44.6% |
| Profit (loss) for the period | 9904 | €2,675,399 | €2,135,337 | -€540,062 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,675,399 | €2,135,337 | -€540,062 | -20.2% |
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 2 October 2026 via checked.be.