SERTRAFOR: 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.
SERTRAFOR
Largest movements
- Tangible fixed assets -€24,007
down €24,007 (-25.7%), from €93,428 to €69,421
- Receivables within one year -€22,837
down €22,837 (-73.3%), from €31,166 to €8,329
of which Trade receivables: -€24,456
- Cash +€2,106
up €2,106 (+41.9%), from €5,023 to €7,129
mainly Depreciation (+€25,246) and Receivables within one year (+€22,837)
- Stocks and contracts +€1,427
up €1,427 (+31.1%), from €4,593 to €6,020
- Current portion of long-term debt -€14,531
down €14,531 (-72.8%), from €19,968 to €5,437
- Trade debts -€8,948
down €8,948 (-79.6%), from €11,246 to €2,298
- Reserves -€7,375
down €7,375 (-24.9%), from €29,572 to €22,197
of which Distributable reserves: -€5,770
- Debts after one year -€4,653
down €4,653 (-26.0%), from €17,876 to €13,223
- Profit (loss) carried forward -€3,782
new in 2025: -€3,782
- Gross operating margin -€6,238
down €6,238 (-30.4%), from €20,550 to €14,312
- Depreciation +€1,095
up €1,095 (+4.5%), from €24,152 to €25,246
- Financial charges +€261
up €261 (+16.4%), from €1,594 to €1,856
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 | €135,598 | €92,314 | -€43,284 | -31.9% |
| Fixed assets | 21/28 | €93,494 | €69,488 | -€24,007 | -25.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €93,428 | €69,421 | -€24,007 | -25.7% |
| Land and buildings | 22 | €52,016 | €43,718 | -€8,298 | -16.0% |
| Plant, machinery and equipment | 23 | €12,194 | €7,950 | -€4,244 | -34.8% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €29,218 | €17,753 | -€11,465 | -39.2% |
| Financial fixed assets | 28 | €66 | €66 | = | 0.0% |
| Current assets | 29/58 | €42,103 | €22,827 | -€19,277 | -45.8% |
| Stocks and contracts in progress | 3 | €4,593 | €6,020 | +€1,427 | +31.1% |
| Stocks | 30/36 | €4,593 | €6,020 | +€1,427 | +31.1% |
| Amounts receivable within one year | 40/41 | €31,166 | €8,329 | -€22,837 | -73.3% |
| Trade receivables | 40 | €30,695 | €6,239 | -€24,456 | -79.7% |
| Other amounts receivable | 41 | €471 | €2,090 | +€1,619 | +344% |
| Cash at bank and in hand | 54/58 | €5,023 | €7,129 | +€2,106 | +41.9% |
| Deferred charges and accrued income | 490/1 | €1,322 | €1,348 | +€27 | +2.0% |
| Total equity and liabilities | 10/49 | €135,598 | €92,314 | -€43,284 | -31.9% |
| Equity | 10/15 | €59,041 | €47,015 | -€12,027 | -20.4% |
| Contributions | 10/11 | €28,600 | €28,600 | = | 0.0% |
| Reserves | 13 | €29,572 | €22,197 | -€7,375 | -24.9% |
| Tax-exempt reserves | 132 | €1,605 | - | -€1,605 | |
| Distributable reserves | 133 | €27,967 | €22,197 | -€5,770 | -20.6% |
| Profit (loss) carried forward | 14 | - | -€3,782 | -€3,782 | |
| Investment grants | 15 | €869 | €0 | -€869 | -100% |
| Provisions and deferred taxes | 16 | €535 | - | -€535 | |
| Deferred taxes | 168 | €535 | - | -€535 | |
| Amounts payable | 17/49 | €76,022 | €45,300 | -€30,722 | -40.4% |
| Amounts payable after more than one year | 17 | €17,876 | €13,223 | -€4,653 | -26.0% |
| Financial debts | 170/4 | €17,876 | €13,223 | -€4,653 | -26.0% |
| Amounts payable within one year | 42/48 | €58,100 | €32,070 | -€26,029 | -44.8% |
| Current portion of amounts payable after more than one year | 42 | €19,968 | €5,437 | -€14,531 | -72.8% |
| Trade debts | 44 | €11,246 | €2,298 | -€8,948 | -79.6% |
| Suppliers | 440/4 | €11,246 | €2,298 | -€8,948 | -79.6% |
| Other amounts payable | 47/48 | €26,886 | €24,336 | -€2,550 | -9.5% |
| Accrued charges and deferred income | 492/3 | €46 | €7 | -€39 | -85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,152 | €25,246 | +€1,095 | +4.5% |
| Gross operating margin | 9900 | €20,550 | €14,312 | -€6,238 | -30.4% |
| Operating profit (loss) | 9901 | -€3,601 | -€10,934 | -€7,333 | -204% |
| Financial income | 75/76B | €1,232 | €1,098 | -€134 | -10.9% |
| Recurring financial income | 75 | €1,232 | €1,098 | -€134 | -10.9% |
| Financial charges | 65/66B | €1,594 | €1,856 | +€261 | +16.4% |
| Recurring financial charges | 65 | €1,594 | €1,856 | +€261 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,963 | -€11,692 | -€7,729 | -195% |
| Transfer from deferred taxes | 780 | €535 | €535 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€3,428 | -€11,157 | -€7,729 | -225% |
| Transfer from tax-exempt reserves | 789 | €1,605 | €1,605 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,823 | -€9,552 | -€7,729 | -424% |
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 17 October 2026 via checked.be.