SERTHO: 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.
SERTHO
Largest movements
- Cash +€41,557
up €41,557 (+107.4%), from €38,676 to €80,233
mainly Net result for the year (+€49,633) and Depreciation (+€33,606)
- Tangible fixed assets -€26,337
down €26,337 (-7.5%), from €352,371 to €326,033
of which Furniture and vehicles: -€14,958
- Receivables within one year -€13,555
down €13,555 (-40.5%), from €33,490 to €19,935
of which Trade receivables: -€7,404
- Reserves +€49,633
up €49,633 (+49.9%), from €99,432 to €149,066
of which Distributable reserves: +€49,633
- Debts after one year -€31,572
down €31,572 (-13.1%), from €240,923 to €209,351
- Other debts -€15,558
down €15,558 (-63.1%), from €24,660 to €9,102
- Gross operating margin +€42,405
up €42,405 (+65.4%), from €64,811 to €107,216
- Depreciation +€10,549
up €10,549 (+45.7%), from €23,057 to €33,606
- Taxes +€9,079
up €9,079 (+105.0%), from €8,649 to €17,728
- Other operating charges -€1,468
down €1,468 (-39.6%), from €3,708 to €2,240
- Financial charges -€1,403
down €1,403 (-22.1%), from €6,351 to €4,948
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 | €440,507 | €443,514 | +€3,008 | +0.7% |
| Fixed assets | 21/28 | €352,371 | €326,033 | -€26,337 | -7.5% |
| Tangible fixed assets | 22/27 | €352,371 | €326,033 | -€26,337 | -7.5% |
| Land and buildings | 22 | €268,589 | €256,190 | -€12,399 | -4.6% |
| Plant, machinery and equipment | 23 | €13,115 | €14,135 | +€1,020 | +7.8% |
| Furniture and vehicles | 24 | €70,666 | €55,708 | -€14,958 | -21.2% |
| Current assets | 29/58 | €88,136 | €117,481 | +€29,345 | +33.3% |
| Stocks and contracts in progress | 3 | €15,812 | €17,312 | +€1,500 | +9.5% |
| Stocks | 30/36 | €15,812 | €17,312 | +€1,500 | +9.5% |
| Amounts receivable within one year | 40/41 | €33,490 | €19,935 | -€13,555 | -40.5% |
| Trade receivables | 40 | €24,125 | €16,721 | -€7,404 | -30.7% |
| Other amounts receivable | 41 | €9,365 | €3,214 | -€6,151 | -65.7% |
| Cash at bank and in hand | 54/58 | €38,676 | €80,233 | +€41,557 | +107.4% |
| Deferred charges and accrued income | 490/1 | €157 | €0 | -€157 | -100.0% |
| Total equity and liabilities | 10/49 | €440,507 | €443,514 | +€3,008 | +0.7% |
| Equity | 10/15 | €118,032 | €167,666 | +€49,633 | +42.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,432 | €149,066 | +€49,633 | +49.9% |
| Tax-exempt reserves | 132 | €15,772 | €15,772 | = | 0.0% |
| Distributable reserves | 133 | €83,660 | €133,294 | +€49,633 | +59.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €322,474 | €275,849 | -€46,626 | -14.5% |
| Amounts payable after more than one year | 17 | €240,923 | €209,351 | -€31,572 | -13.1% |
| Financial debts | 170/4 | €240,923 | €209,351 | -€31,572 | -13.1% |
| Amounts payable within one year | 42/48 | €58,884 | €45,649 | -€13,236 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €30,913 | €31,572 | +€658 | +2.1% |
| Trade debts | 44 | €266 | €0 | -€266 | -100.0% |
| Suppliers | 440/4 | €266 | €0 | -€266 | -100.0% |
| Taxes, remuneration and social security | 45 | €3,046 | €4,975 | +€1,929 | +63.3% |
| Taxes | 450/3 | €1,296 | €4,975 | +€3,679 | +283.8% |
| Remuneration and social security | 454/9 | €1,750 | €0 | -€1,750 | -100.0% |
| Other amounts payable | 47/48 | €24,660 | €9,102 | -€15,558 | -63.1% |
| Accrued charges and deferred income | 492/3 | €22,667 | €20,849 | -€1,818 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,057 | €33,606 | +€10,549 | +45.7% |
| Other operating charges | 640/8 | €3,708 | €2,240 | -€1,468 | -39.6% |
| Gross operating margin | 9900 | €64,811 | €107,216 | +€42,405 | +65.4% |
| Operating profit (loss) | 9901 | €38,046 | €71,370 | +€33,324 | +87.6% |
| Financial income | 75/76B | €1 | €940 | +€939 | +126916.2% |
| Recurring financial income | 75 | €1 | €940 | +€939 | +126916.2% |
| Financial charges | 65/66B | €6,351 | €4,948 | -€1,403 | -22.1% |
| Recurring financial charges | 65 | €6,351 | €4,948 | -€1,403 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €31,695 | €67,362 | +€35,666 | +112.5% |
| Income taxes | 67/77 | €8,649 | €17,728 | +€9,079 | +105.0% |
| Profit (loss) for the period | 9904 | €23,046 | €49,633 | +€26,587 | +115.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,046 | €49,633 | +€26,587 | +115.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.