SERTIP: 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.
SERTIP
Largest movements
- Stocks and contracts +€378,821
up €378,821 (+126%), from €300,678 to €679,498
of which Contracts in progress: +€375,124
- Receivables within one year -€265,711
down €265,711 (-24.1%), from €1.1m to €834,779
of which Trade receivables: -€313,246
- Cash +€236,339
up €236,339 (+133%), from €177,424 to €413,764
mainly Receivables within one year (+€265,711) and Trade debts (+€174,778)
- Tangible fixed assets +€45,501
up €45,501 (+27.6%), from €165,086 to €210,587
of which Furniture and vehicles: +€44,269
- Trade debts +€174,778
up €174,778 (+39.9%), from €438,047 to €612,825
- Current portion of long-term debt +€89,144
up €89,144 (+99.2%), from €89,859 to €179,002
- Advances received +€81,336
up €81,336 (+130%), from €62,500 to €143,837
- Reserves +€75,000
up €75,000 (+29.2%), from €256,580 to €331,580
of which Distributable reserves: +€75,000
- Other debts -€26,678
down €26,678 (-88.9%), from €29,999 to €3,321
- Gross operating margin -€70,210
down €70,210 (-4.4%), from €1.6m to €1.5m
- Staff costs +€51,499
up €51,499 (+4.1%), from €1.3m to €1.3m
- Taxes -€18,775
down €18,775 (-28.5%), from €65,823 to €47,048
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 | €1,793,692 | €2,189,960 | +€396,268 | +22.1% |
| Fixed assets | 21/28 | €197,965 | €246,288 | +€48,323 | +24.4% |
| Tangible fixed assets | 22/27 | €165,086 | €210,587 | +€45,501 | +27.6% |
| Plant, machinery and equipment | 23 | €25,964 | €27,196 | +€1,232 | +4.7% |
| Furniture and vehicles | 24 | €139,122 | €183,392 | +€44,269 | +31.8% |
| Financial fixed assets | 28 | €32,879 | €35,701 | +€2,822 | +8.6% |
| Current assets | 29/58 | €1,595,727 | €1,943,672 | +€347,945 | +21.8% |
| Stocks and contracts in progress | 3 | €300,678 | €679,498 | +€378,821 | +126% |
| Stocks | 30/36 | €84,058 | €87,755 | +€3,697 | +4.4% |
| Contracts in progress | 37 | €216,619 | €591,743 | +€375,124 | +173% |
| Amounts receivable within one year | 40/41 | €1,100,489 | €834,779 | -€265,711 | -24.1% |
| Trade receivables | 40 | €1,048,946 | €735,700 | -€313,246 | -29.9% |
| Other amounts receivable | 41 | €51,543 | €99,078 | +€47,535 | +92.2% |
| Cash at bank and in hand | 54/58 | €177,424 | €413,764 | +€236,339 | +133% |
| Deferred charges and accrued income | 490/1 | €17,136 | €15,631 | -€1,505 | -8.8% |
| Total equity and liabilities | 10/49 | €1,793,692 | €2,189,960 | +€396,268 | +22.1% |
| Equity | 10/15 | €899,549 | €979,201 | +€79,651 | +8.9% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €256,580 | €331,580 | +€75,000 | +29.2% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €250,080 | €250,080 | = | 0.0% |
| Distributable reserves | 133 | - | €75,000 | +€75,000 | |
| Profit (loss) carried forward | 14 | €577,969 | €582,621 | +€4,651 | +0.8% |
| Amounts payable | 17/49 | €894,143 | €1,210,760 | +€316,617 | +35.4% |
| Amounts payable after more than one year | 17 | €117,811 | €105,969 | -€11,842 | -10.1% |
| Financial debts | 170/4 | €117,811 | €105,969 | -€11,842 | -10.1% |
| Amounts payable within one year | 42/48 | €776,332 | €1,102,189 | +€325,857 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | €89,859 | €179,002 | +€89,144 | +99.2% |
| Trade debts | 44 | €438,047 | €612,825 | +€174,778 | +39.9% |
| Suppliers | 440/4 | €438,047 | €612,825 | +€174,778 | +39.9% |
| Advances received on contracts in progress | 46 | €62,500 | €143,837 | +€81,336 | +130% |
| Taxes, remuneration and social security | 45 | €155,927 | €163,204 | +€7,277 | +4.7% |
| Taxes | 450/3 | €44,459 | €42,809 | -€1,650 | -3.7% |
| Remuneration and social security | 454/9 | €111,468 | €120,395 | +€8,927 | +8.0% |
| Other amounts payable | 47/48 | €29,999 | €3,321 | -€26,678 | -88.9% |
| Accrued charges and deferred income | 492/3 | - | €2,601 | +€2,601 | |
| Non-recurring operating income | 76A | - | €826 | +€826 | |
| Remuneration, social security and pensions | 62 | €1,256,664 | €1,308,163 | +€51,499 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,887 | €76,891 | +€14,004 | +22.3% |
| Other operating charges | 640/8 | €5,846 | €6,449 | +€603 | +10.3% |
| Non-recurring operating charges | 66A | - | €4,943 | +€4,943 | |
| Gross operating margin | 9900 | €1,612,751 | €1,542,541 | -€70,210 | -4.4% |
| Operating profit (loss) | 9901 | €287,354 | €146,095 | -€141,259 | -49.2% |
| Financial income | 75/76B | €15 | €405 | +€390 | +2,600% |
| Recurring financial income | 75 | €15 | €405 | +€390 | +2,600% |
| Financial charges | 65/66B | €13,019 | €19,801 | +€6,783 | +52.1% |
| Recurring financial charges | 65 | €13,019 | €19,801 | +€6,783 | +52.1% |
| Profit (loss) for the period before taxes | 9903 | €274,350 | €126,699 | -€147,651 | -53.8% |
| Income taxes | 67/77 | €65,823 | €47,048 | -€18,775 | -28.5% |
| Profit (loss) for the period | 9904 | €208,527 | €79,651 | -€128,876 | -61.8% |
| Profit (loss) for the period to be appropriated | 9905 | €208,527 | €79,651 | -€128,876 | -61.8% |
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 15 October 2026 via checked.be.