SERTRANS: 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.
SERTRANS
Largest movements
- Tangible fixed assets +€264,334
up €264,334 (+645%), from €40,986 to €305,320
of which Furniture and vehicles: +€258,309
- Receivables within one year +€75,338
up €75,338 (+78.4%), from €96,034 to €171,372
of which Trade receivables: +€64,451
- Cash +€69,998
up €69,998 (+11.0%), from €638,403 to €708,401
mainly Debts after one year (+€217,652) and Trade debts (+€124,799)
- Debts after one year +€217,652
up €217,652 (+1,036%), from €21,013 to €238,665
- Trade debts +€124,799
up €124,799 (+36.2%), from €345,175 to €469,974
- Reserves +€38,000
up €38,000 (+10.5%), from €361,860 to €399,860
of which Distributable reserves: +€38,000
- Current portion of long-term debt +€36,049
up €36,049 (+645%), from €5,587 to €41,637
- Tax, wage and social debts -€19,609
down €19,609 (-30.4%), from €64,415 to €44,806
of which Taxes: -€14,763
- Taxes -€22,858
down €22,858 (-41.0%), from €55,784 to €32,926
- Depreciation +€20,630
up €20,630 (+146%), from €14,145 to €34,774
- Other operating charges +€15,346
up €15,346 (+163%), from €9,441 to €24,787
- Gross operating margin +€15,325
up €15,325 (+2.3%), from €678,569 to €693,894
- Staff costs +€13,477
up €13,477 (+2.6%), from €512,473 to €525,950
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 | €819,245 | €1,236,756 | +€417,511 | +51.0% |
| Fixed assets | 21/28 | €58,714 | €323,547 | +€264,834 | +451% |
| Tangible fixed assets | 22/27 | €40,986 | €305,320 | +€264,334 | +645% |
| Plant, machinery and equipment | 23 | €11,435 | €17,460 | +€6,025 | +52.7% |
| Furniture and vehicles | 24 | €29,551 | €287,860 | +€258,309 | +874% |
| Financial fixed assets | 28 | €17,727 | €18,227 | +€500 | +2.8% |
| Current assets | 29/58 | €760,531 | €913,208 | +€152,677 | +20.1% |
| Amounts receivable within one year | 40/41 | €96,034 | €171,372 | +€75,338 | +78.4% |
| Trade receivables | 40 | €93,036 | €157,487 | +€64,451 | +69.3% |
| Other amounts receivable | 41 | €2,998 | €13,885 | +€10,887 | +363% |
| Cash at bank and in hand | 54/58 | €638,403 | €708,401 | +€69,998 | +11.0% |
| Deferred charges and accrued income | 490/1 | €26,094 | €33,436 | +€7,342 | +28.1% |
| Total equity and liabilities | 10/49 | €819,245 | €1,236,756 | +€417,511 | +51.0% |
| Equity | 10/15 | €372,555 | €411,297 | +€38,742 | +10.4% |
| Contributions | 10/11 | €8,684 | €8,684 | = | 0.0% |
| Capital | 10 | €8,684 | €8,684 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €9,916 | €9,916 | = | 0.0% |
| Reserves | 13 | €361,860 | €399,860 | +€38,000 | +10.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,000 | €38,000 | = | 0.0% |
| Distributable reserves | 133 | €322,000 | €360,000 | +€38,000 | +11.8% |
| Profit (loss) carried forward | 14 | €2,011 | €2,753 | +€742 | +36.9% |
| Amounts payable | 17/49 | €446,690 | €825,458 | +€378,769 | +84.8% |
| Amounts payable after more than one year | 17 | €21,013 | €238,665 | +€217,652 | +1,036% |
| Financial debts | 170/4 | €21,013 | €238,665 | +€217,652 | +1,036% |
| Amounts payable within one year | 42/48 | €425,676 | €570,417 | +€144,740 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €5,587 | €41,637 | +€36,049 | +645% |
| Trade debts | 44 | €345,175 | €469,974 | +€124,799 | +36.2% |
| Suppliers | 440/4 | €345,175 | €469,974 | +€124,799 | +36.2% |
| Taxes, remuneration and social security | 45 | €64,415 | €44,806 | -€19,609 | -30.4% |
| Taxes | 450/3 | €22,816 | €8,053 | -€14,763 | -64.7% |
| Remuneration and social security | 454/9 | €41,599 | €36,753 | -€4,846 | -11.6% |
| Other amounts payable | 47/48 | €10,500 | €14,000 | +€3,500 | +33.3% |
| Accrued charges and deferred income | 492/3 | - | €16,377 | +€16,377 | |
| Remuneration, social security and pensions | 62 | €512,473 | €525,950 | +€13,477 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,145 | €34,774 | +€20,630 | +146% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,551 | €1,445 | +€10,996 | |
| Other operating charges | 640/8 | €9,441 | €24,787 | +€15,346 | +163% |
| Gross operating margin | 9900 | €678,569 | €693,894 | +€15,325 | +2.3% |
| Operating profit (loss) | 9901 | €152,061 | €106,938 | -€45,123 | -29.7% |
| Financial income | 75/76B | €10,668 | €2,318 | -€8,350 | -78.3% |
| Recurring financial income | 75 | €10,668 | €2,318 | -€8,350 | -78.3% |
| Financial charges | 65/66B | €8,260 | €17,588 | +€9,327 | +113% |
| Recurring financial charges | 65 | €8,260 | €17,588 | +€9,327 | +113% |
| Profit (loss) for the period before taxes | 9903 | €154,468 | €91,669 | -€62,800 | -40.7% |
| Income taxes | 67/77 | €55,784 | €32,926 | -€22,858 | -41.0% |
| Profit (loss) for the period | 9904 | €98,684 | €58,742 | -€39,942 | -40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €98,684 | €58,742 | -€39,942 | -40.5% |
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 14 October 2026 via checked.be.