SERVITUDE: 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.
What changed
SERVITUDE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€83,108
2024 · €48,566+€34,542
Equity
€780,941
2024 · €646,161+€134,780
Cash
€8,161
2024 · €21,961-€13,800
Balance sheet total
€2.7m
2024 · €2.7m+€38,250
Largest movements
Assets
- Receivables within one year +€50,058
up €50,058 (+164%), from €30,554 to €80,613
of which Trade receivables: +€49,238
Equity and liabilities
- Debts after one year -€113,341
down €113,341 (-12.9%), from €879,215 to €765,874
- Reserves +€81,442
up €81,442 (+13.0%), from €627,161 to €708,603
- Investment grants +€53,338
new in 2025: €53,338
- Trade debts -€32,968
down €32,968 (-27.9%), from €118,135 to €85,168
Income statement
- Gross operating margin +€67,615
up €67,615 (+34.9%), from €193,565 to €261,180
- Taxes +€14,248
up €14,248 (+44.2%), from €32,234 to €46,482
- Depreciation +€13,647
up €13,647 (+27.4%), from €49,886 to €63,533
- Financial charges +€8,778
up €8,778 (+18.2%), from €48,162 to €56,940
- Financial income +€4,912
up €4,912 (+2,135,713%), from €0 to €4,912
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.
Result 2024
€48,566
Gross operating margin
+€67,615
Staff costs
-€1,718
Depreciation
-€13,647
Other operating charges
+€406
Financial income
+€4,912
Financial charges
-€8,778
Taxes
-€14,248
Result 2025
€83,108
raises the resultlowers the result
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.
From operations
+€84,140
Investment
-€68,682
Financing
-€29,258
Cash 2024
€21,961
From operations (derived)
+€84,140
Net result for the year
+€83,108
Depreciation
+€63,533
Receivables within one year
-€50,058
Deferred charges and accrued income
+€3,157
Trade debts
-€32,968
Tax, wage and social debts
+€7,180
Other debts
+€9,357
Accrued charges and deferred income
+€830
Investment (derived)
-€68,682
Investment in fixed assets (net)
-€68,682
Financing
-€29,258
Debts after one year
-€113,341
Current portion of long-term debt
+€7,411
Short-term financial debts
+€25,000
Contributions, distributions and other
+€51,672
Cash 2025
€8,161
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,658,452 | €2,696,701 | +€38,250 | +1.4% |
| Fixed assets | 21/28 | €2,599,426 | €2,604,575 | +€5,149 | +0.2% |
| Tangible fixed assets | 22/27 | €1,463,766 | €1,468,915 | +€5,149 | +0.4% |
| Land and buildings | 22 | €1,449,831 | €1,445,333 | -€4,498 | -0.3% |
| Plant, machinery and equipment | 23 | €161 | €0 | -€161 | -100% |
| Furniture and vehicles | 24 | €13,774 | €23,582 | +€9,808 | +71.2% |
| Financial fixed assets | 28 | €1,135,661 | €1,135,661 | = | 0.0% |
| Current assets | 29/58 | €59,026 | €92,126 | +€33,101 | +56.1% |
| Amounts receivable within one year | 40/41 | €30,554 | €80,613 | +€50,058 | +164% |
| Trade receivables | 40 | €7,062 | €56,300 | +€49,238 | +697% |
| Other amounts receivable | 41 | €23,492 | €24,313 | +€821 | +3.5% |
| Cash at bank and in hand | 54/58 | €21,961 | €8,161 | -€13,800 | -62.8% |
| Deferred charges and accrued income | 490/1 | €6,510 | €3,353 | -€3,157 | -48.5% |
| Total equity and liabilities | 10/49 | €2,658,452 | €2,696,701 | +€38,250 | +1.4% |
| Equity | 10/15 | €646,161 | €780,941 | +€134,780 | +20.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €627,161 | €708,603 | +€81,442 | +13.0% |
| Distributable reserves | 133 | €627,161 | €708,603 | +€81,442 | +13.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | - | €53,338 | +€53,338 | |
| Amounts payable | 17/49 | €2,012,291 | €1,915,761 | -€96,530 | -4.8% |
| Amounts payable after more than one year | 17 | €879,215 | €765,874 | -€113,341 | -12.9% |
| Financial debts | 170/4 | €879,215 | €765,874 | -€113,341 | -12.9% |
| Amounts payable within one year | 42/48 | €1,124,729 | €1,140,710 | +€15,981 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €110,858 | €118,269 | +€7,411 | +6.7% |
| Financial debts | 43 | €160,000 | €185,000 | +€25,000 | +15.6% |
| Credit institutions | 430/8 | €160,000 | €185,000 | +€25,000 | +15.6% |
| Trade debts | 44 | €118,135 | €85,168 | -€32,968 | -27.9% |
| Suppliers | 440/4 | €118,135 | €85,168 | -€32,968 | -27.9% |
| Taxes, remuneration and social security | 45 | €43,900 | €51,081 | +€7,180 | +16.4% |
| Taxes | 450/3 | €43,900 | €50,933 | +€7,033 | +16.0% |
| Remuneration and social security | 454/9 | - | €147 | +€147 | |
| Other amounts payable | 47/48 | €691,836 | €701,193 | +€9,357 | +1.4% |
| Accrued charges and deferred income | 492/3 | €8,347 | €9,177 | +€830 | +9.9% |
| Remuneration, social security and pensions | 62 | - | €1,718 | +€1,718 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,886 | €63,533 | +€13,647 | +27.4% |
| Other operating charges | 640/8 | €14,718 | €14,312 | -€406 | -2.8% |
| Gross operating margin | 9900 | €193,565 | €261,180 | +€67,615 | +34.9% |
| Operating profit (loss) | 9901 | €128,962 | €181,618 | +€52,656 | +40.8% |
| Financial income | 75/76B | €0 | €4,912 | +€4,912 | +2,135,713% |
| Recurring financial income | 75 | €0 | €4,912 | +€4,912 | +2,135,713% |
| Financial charges | 65/66B | €48,162 | €56,940 | +€8,778 | +18.2% |
| Recurring financial charges | 65 | €48,162 | €56,940 | +€8,778 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €80,800 | €129,590 | +€48,790 | +60.4% |
| Income taxes | 67/77 | €32,234 | €46,482 | +€14,248 | +44.2% |
| Profit (loss) for the period | 9904 | €48,566 | €83,108 | +€34,542 | +71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,566 | €83,108 | +€34,542 | +71.1% |
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 30 October 2026 via checked.be.