SEZER MERT: 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.
SEZER MERT
Largest movements
- Stocks and contracts +€36,064
up €36,064 (+371%), from €9,711 to €45,775
- Tangible fixed assets -€21,666
down €21,666 (-87.0%), from €24,913 to €3,247
- Receivables within one year -€20,883
down €20,883 (-14.3%), from €146,047 to €125,165
of which Trade receivables: -€11,333
- Financial fixed assets +€8,492
up €8,492 (+47.2%), from €17,981 to €26,473
- Cash -€3,142
down €3,142 (-22.0%), from €14,300 to €11,158
mainly Trade debts (-€37,987) and Stocks and contracts (-€36,064)
- Provisions +€58,765
up €58,765 (+327%), from €17,981 to €76,747
- Trade debts -€37,987
down €37,987 (-96.6%), from €39,314 to €1,327
- Profit (loss) carried forward -€33,663
down €33,663 (-25.2%), from €133,380 to €99,716
- Current portion of long-term debt +€26,286
new in 2025: €26,286
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Purchases and services -€148,795
no longer reported in 2025 (was €148,795)
- Provisions +€51,169
new in 2025: €51,169
- Financial income +€14,680
new in 2025: €14,680
of which Financial income: +€14,680
- Gross operating margin -€7,225
down €7,225 (-27.6%), from €26,201 to €18,975
- Taxes +€7,180
up €7,180 (+239%), from €3,000 to €10,180
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 | €213,931 | €213,843 | -€88 | 0.0% |
| Fixed assets | 21/28 | €42,894 | €29,720 | -€13,175 | -30.7% |
| Tangible fixed assets | 22/27 | €24,913 | €3,247 | -€21,666 | -87.0% |
| Furniture and vehicles | 24 | €24,913 | €3,247 | -€21,666 | -87.0% |
| Financial fixed assets | 28 | €17,981 | €26,473 | +€8,492 | +47.2% |
| Current assets | 29/58 | €171,036 | €184,123 | +€13,087 | +7.7% |
| Stocks and contracts in progress | 3 | €9,711 | €45,775 | +€36,064 | +371% |
| Stocks | 30/36 | €9,711 | €45,775 | +€36,064 | +371% |
| Amounts receivable within one year | 40/41 | €146,047 | €125,165 | -€20,883 | -14.3% |
| Trade receivables | 40 | €34,334 | €23,001 | -€11,333 | -33.0% |
| Other amounts receivable | 41 | €111,714 | €102,164 | -€9,550 | -8.5% |
| Cash at bank and in hand | 54/58 | €14,300 | €11,158 | -€3,142 | -22.0% |
| Deferred charges and accrued income | 490/1 | €978 | €2,026 | +€1,048 | +107% |
| Total equity and liabilities | 10/49 | €213,931 | €213,843 | -€88 | 0.0% |
| Equity | 10/15 | €133,381 | €99,717 | -€33,663 | -25.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €133,380 | €99,716 | -€33,663 | -25.2% |
| Provisions and deferred taxes | 16 | €17,981 | €76,747 | +€58,765 | +327% |
| Provisions for liabilities and charges | 160/5 | €17,981 | €76,747 | +€58,765 | +327% |
| Other liabilities and charges | 164/5 | €17,981 | €76,747 | +€58,765 | +327% |
| Amounts payable | 17/49 | €62,569 | €37,379 | -€25,190 | -40.3% |
| Amounts payable after more than one year | 17 | - | €2,401 | +€2,401 | |
| Financial debts | 170/4 | - | €2,401 | +€2,401 | |
| Amounts payable within one year | 42/48 | €62,569 | €34,978 | -€27,591 | -44.1% |
| Current portion of amounts payable after more than one year | 42 | - | €26,286 | +€26,286 | |
| Trade debts | 44 | €39,314 | €1,327 | -€37,987 | -96.6% |
| Suppliers | 440/4 | €39,314 | €1,327 | -€37,987 | -96.6% |
| Taxes, remuneration and social security | 45 | €8,255 | €7,365 | -€890 | -10.8% |
| Taxes | 450/3 | €6,296 | €6,538 | +€242 | +3.8% |
| Remuneration and social security | 454/9 | €1,959 | €827 | -€1,132 | -57.8% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €148,795 | - | -€148,795 | |
| Remuneration, social security and pensions | 62 | - | €3,329 | +€3,329 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,532 | - | -€1,532 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €51,169 | +€51,169 | |
| Other operating charges | 640/8 | €307 | €1,567 | +€1,260 | +411% |
| Gross operating margin | 9900 | €26,201 | €18,975 | -€7,225 | -27.6% |
| Operating profit (loss) | 9901 | €24,362 | -€37,089 | -€61,451 | |
| Financial income | 75/76B | - | €14,680 | +€14,680 | |
| Recurring financial income | 75 | - | €14,680 | +€14,680 | |
| Non-recurring financial income | 76B | - | €14,680 | +€14,680 | |
| Financial charges | 65/66B | €74 | €1,074 | +€1,000 | +1,361% |
| Recurring financial charges | 65 | €74 | €1,074 | +€1,000 | +1,361% |
| Profit (loss) for the period before taxes | 9903 | €24,289 | -€23,483 | -€47,772 | |
| Income taxes | 67/77 | €3,000 | €10,180 | +€7,180 | +239% |
| Profit (loss) for the period | 9904 | €21,289 | -€33,663 | -€54,952 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,289 | -€33,663 | -€54,952 |
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 19 October 2026 via checked.be.