Sertim: what changed
Two financial 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.
Sertim
Largest movements
- Cash +€12,726
up €12,726 (+71.1%), from €17,900 to €30,626
mainly Receivables within one year (+€6,627) and Depreciation (+€4,685)
- Receivables within one year -€6,627
down €6,627 (-71.6%), from €9,259 to €2,632
of which Trade receivables: -€7,287
- Tangible fixed assets -€3,685
down €3,685 (-55.4%), from €6,647 to €2,962
of which Other tangible fixed assets: -€2,436
- Intangible fixed assets -€1,000
down €1,000 (-85.9%), from €1,164 to €164
- Reserves +€2,711
up €2,711 (+15.6%), from €17,382 to €20,093
- Tax, wage and social debts -€1,600
down €1,600 (-81.3%), from €1,968 to €368
- Short-term financial debts -€948
no longer reported in 2025 (was €948)
- Trade debts +€849
up €849 (+47.4%), from €1,790 to €2,639
- Other debts +€403
up €403 (+3.3%), from €12,381 to €12,784
- Gross operating margin -€2,364
down €2,364 (-18.3%), from €12,889 to €10,525
- Taxes -€780
down €780 (-32.9%), from €2,372 to €1,593
- Other operating charges +€355
up €355 (+46.1%), from €771 to €1,126
- Financial charges -€160
down €160 (-28.0%), from €570 to €411
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.
Derived cash bridge
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 | €34,969 | €36,384 | +€1,414 | +4.0% |
| Fixed assets | 21/28 | €7,810 | €3,126 | -€4,685 | -60.0% |
| Intangible fixed assets | 21 | €1,164 | €164 | -€1,000 | -85.9% |
| Tangible fixed assets | 22/27 | €6,647 | €2,962 | -€3,685 | -55.4% |
| Plant, machinery and equipment | 23 | €898 | €126 | -€772 | -85.9% |
| Furniture and vehicles | 24 | €555 | €78 | -€477 | -85.9% |
| Other tangible fixed assets | 26 | €5,194 | €2,758 | -€2,436 | -46.9% |
| Current assets | 29/58 | €27,159 | €33,258 | +€6,099 | +22.5% |
| Amounts receivable within one year | 40/41 | €9,259 | €2,632 | -€6,627 | -71.6% |
| Trade receivables | 40 | €8,512 | €1,225 | -€7,287 | -85.6% |
| Other amounts receivable | 41 | €747 | €1,407 | +€661 | +88.5% |
| Cash at bank and in hand | 54/58 | €17,900 | €30,626 | +€12,726 | +71.1% |
| Total equity and liabilities | 10/49 | €34,969 | €36,384 | +€1,414 | +4.0% |
| Equity | 10/15 | €17,882 | €20,593 | +€2,711 | +15.2% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €17,382 | €20,093 | +€2,711 | +15.6% |
| Distributable reserves | 133 | €17,382 | €20,093 | +€2,711 | +15.6% |
| Amounts payable | 17/49 | €17,088 | €15,791 | -€1,297 | -7.6% |
| Amounts payable within one year | 42/48 | €17,088 | €15,791 | -€1,297 | -7.6% |
| Financial debts | 43 | €948 | - | -€948 | |
| Credit institutions | 430/8 | €948 | - | -€948 | |
| Trade debts | 44 | €1,790 | €2,639 | +€849 | +47.4% |
| Suppliers | 440/4 | €1,790 | €2,639 | +€849 | +47.4% |
| Taxes, remuneration and social security | 45 | €1,968 | €368 | -€1,600 | -81.3% |
| Taxes | 450/3 | €1,968 | €368 | -€1,600 | -81.3% |
| Other amounts payable | 47/48 | €12,381 | €12,784 | +€403 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,685 | €4,685 | = | 0.0% |
| Other operating charges | 640/8 | €771 | €1,126 | +€355 | +46.1% |
| Gross operating margin | 9900 | €12,889 | €10,525 | -€2,364 | -18.3% |
| Operating profit (loss) | 9901 | €7,434 | €4,714 | -€2,719 | -36.6% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €570 | €411 | -€160 | -28.0% |
| Recurring financial charges | 65 | €570 | €411 | -€160 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €6,865 | €4,304 | -€2,561 | -37.3% |
| Income taxes | 67/77 | €2,372 | €1,593 | -€780 | -32.9% |
| Profit (loss) for the period | 9904 | €4,492 | €2,711 | -€1,781 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,492 | €2,711 | -€1,781 | -39.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.