SERTO: 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.
SERTO
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year +€130,141
up €130,141 (+6.5%), from €2.0m to €2.1m
- Profit (loss) carried forward -€67,877
new in 2025: -€67,877
- Current portion of long-term debt -€66,265
down €66,265 (-41.9%), from €158,161 to €91,896
- Tax, wage and social debts -€52,513
down €52,513 (-51.4%), from €102,140 to €49,627
of which Remuneration and social security: -€26,310
- Trade debts +€31,357
up €31,357 (+23.1%), from €136,003 to €167,360
- Gross operating margin -€23,465
down €23,465 (-14.0%), from €167,149 to €143,684
- Staff costs -€17,514
down €17,514 (-26.8%), from €65,317 to €47,804
- Financial charges +€14,957
up €14,957 (+17.7%), from €84,417 to €99,375
- Other operating charges +€7,603
up €7,603 (+185%), from €4,113 to €11,716
- Depreciation +€2,310
up €2,310 (+4.6%), from €50,054 to €52,364
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 | €2,615,203 | €2,594,329 | -€20,874 | -0.8% |
| Fixed assets | 21/28 | €1,789,793 | €1,774,957 | -€14,836 | -0.8% |
| Tangible fixed assets | 22/27 | €1,778,679 | €1,763,843 | -€14,836 | -0.8% |
| Land and buildings | 22 | €1,764,585 | €1,749,823 | -€14,762 | -0.8% |
| Plant, machinery and equipment | 23 | €4,884 | €2,927 | -€1,957 | -40.1% |
| Furniture and vehicles | 24 | €9,209 | €11,092 | +€1,884 | +20.5% |
| Financial fixed assets | 28 | €11,114 | €11,114 | = | 0.0% |
| Current assets | 29/58 | €825,410 | €819,373 | -€6,038 | -0.7% |
| Stocks and contracts in progress | 3 | €775,279 | €769,920 | -€5,359 | -0.7% |
| Stocks | 30/36 | €775,279 | €769,920 | -€5,359 | -0.7% |
| Amounts receivable within one year | 40/41 | €26,215 | €26,462 | +€247 | +0.9% |
| Trade receivables | 40 | €10,383 | €10,432 | +€49 | +0.5% |
| Other amounts receivable | 41 | €15,832 | €16,030 | +€198 | +1.3% |
| Cash at bank and in hand | 54/58 | €15,283 | €14,672 | -€611 | -4.0% |
| Deferred charges and accrued income | 490/1 | €8,633 | €8,319 | -€315 | -3.6% |
| Total equity and liabilities | 10/49 | €2,615,203 | €2,594,329 | -€20,874 | -0.8% |
| Equity | 10/15 | €176,014 | €108,136 | -€67,877 | -38.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €156,014 | €156,014 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,942 | €9,942 | = | 0.0% |
| Distributable reserves | 133 | €146,072 | €146,072 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€67,877 | -€67,877 | |
| Amounts payable | 17/49 | €2,439,189 | €2,486,193 | +€47,004 | +1.9% |
| Amounts payable after more than one year | 17 | €2,009,668 | €2,139,810 | +€130,141 | +6.5% |
| Financial debts | 170/4 | €2,009,668 | €2,139,810 | +€130,141 | +6.5% |
| Amounts payable within one year | 42/48 | €427,590 | €345,393 | -€82,197 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €158,161 | €91,896 | -€66,265 | -41.9% |
| Financial debts | 43 | €4,825 | €9,180 | +€4,355 | +90.2% |
| Credit institutions | 430/8 | €4,825 | €9,180 | +€4,355 | +90.2% |
| Trade debts | 44 | €136,003 | €167,360 | +€31,357 | +23.1% |
| Suppliers | 440/4 | €136,003 | €167,360 | +€31,357 | +23.1% |
| Taxes, remuneration and social security | 45 | €102,140 | €49,627 | -€52,513 | -51.4% |
| Taxes | 450/3 | €71,281 | €45,078 | -€26,203 | -36.8% |
| Remuneration and social security | 454/9 | €30,859 | €4,548 | -€26,310 | -85.3% |
| Other amounts payable | 47/48 | €26,461 | €27,330 | +€869 | +3.3% |
| Accrued charges and deferred income | 492/3 | €1,931 | €990 | -€940 | -48.7% |
| Remuneration, social security and pensions | 62 | €65,317 | €47,804 | -€17,514 | -26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,054 | €52,364 | +€2,310 | +4.6% |
| Other operating charges | 640/8 | €4,113 | €11,716 | +€7,603 | +185% |
| Gross operating margin | 9900 | €167,149 | €143,684 | -€23,465 | -14.0% |
| Operating profit (loss) | 9901 | €47,665 | €31,800 | -€15,865 | -33.3% |
| Financial income | 75/76B | €234 | €204 | -€30 | -12.7% |
| Recurring financial income | 75 | €234 | €204 | -€30 | -12.7% |
| Financial charges | 65/66B | €84,417 | €99,375 | +€14,957 | +17.7% |
| Recurring financial charges | 65 | €84,417 | €99,375 | +€14,957 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | -€36,518 | -€67,371 | -€30,852 | -84.5% |
| Income taxes | 67/77 | €2,031 | €507 | -€1,524 | -75.0% |
| Profit (loss) for the period | 9904 | -€38,549 | -€67,877 | -€29,328 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,549 | -€67,877 | -€29,328 | -76.1% |
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 16 October 2026 via checked.be.