SERMADO: 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.
SERMADO
Largest movements
- Tangible fixed assets -€108,501
down €108,501 (-3.1%), from €3.5m to €3.4m
of which Land and buildings: -€114,452
- Cash -€46,234
down €46,234 (-74.5%), from €62,027 to €15,794
mainly Other debts (-€288,960) and Net result for the year (-€121,281)
- Other debts -€288,960
down €288,960 (-82.2%), from €351,545 to €62,585
- Debts after one year +€191,226
up €191,226 (+20.5%), from €931,210 to €1.1m
- Reserves -€121,281
down €121,281 (-5.5%), from €2.2m to €2.1m
of which Distributable reserves: -€111,281
- Trade debts +€57,755
up €57,755 (+1127.1%), from €5,124 to €62,879
- Gross operating margin -€103,665
down €103,665 (-39.5%), from €262,227 to €158,562
- Depreciation +€9,795
up €9,795 (+4.6%), from €211,436 to €221,231
- Financial income -€3,263
down €3,263 (-86.3%), from €3,781 to €518
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,715,174 | €3,541,631 | -€173,543 | -4.7% |
| Fixed assets | 21/28 | €3,545,469 | €3,436,969 | -€108,501 | -3.1% |
| Tangible fixed assets | 22/27 | €3,545,469 | €3,436,969 | -€108,501 | -3.1% |
| Land and buildings | 22 | €3,545,469 | €3,431,017 | -€114,452 | -3.2% |
| Plant, machinery and equipment | 23 | €0 | €5,952 | +€5,952 | |
| Current assets | 29/58 | €169,704 | €104,662 | -€65,042 | -38.3% |
| Amounts receivable within one year | 40/41 | €79,184 | €59,087 | -€20,098 | -25.4% |
| Trade receivables | 40 | €3,051 | €55,401 | +€52,350 | +1715.8% |
| Other amounts receivable | 41 | €76,133 | €3,685 | -€72,448 | -95.2% |
| Current investments | 50/53 | €25,413 | €25,669 | +€256 | +1.0% |
| Cash at bank and in hand | 54/58 | €62,027 | €15,794 | -€46,234 | -74.5% |
| Deferred charges and accrued income | 490/1 | €3,080 | €4,113 | +€1,033 | +33.5% |
| Total equity and liabilities | 10/49 | €3,715,174 | €3,541,631 | -€173,543 | -4.7% |
| Equity | 10/15 | €2,249,554 | €2,128,274 | -€121,281 | -5.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,187,554 | €2,066,274 | -€121,281 | -5.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €149,678 | €139,679 | -€9,999 | -6.7% |
| Distributable reserves | 133 | €2,031,676 | €1,920,395 | -€111,281 | -5.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €42,359 | €39,547 | -€2,812 | -6.6% |
| Deferred taxes | 168 | €42,359 | €39,547 | -€2,812 | -6.6% |
| Amounts payable | 17/49 | €1,423,260 | €1,373,810 | -€49,450 | -3.5% |
| Amounts payable after more than one year | 17 | €931,210 | €1,122,435 | +€191,226 | +20.5% |
| Financial debts | 170/4 | €931,210 | €1,122,435 | +€191,226 | +20.5% |
| Amounts payable within one year | 42/48 | €486,206 | €249,060 | -€237,146 | -48.8% |
| Current portion of amounts payable after more than one year | 42 | €123,987 | €118,234 | -€5,753 | -4.6% |
| Trade debts | 44 | €5,124 | €62,879 | +€57,755 | +1127.1% |
| Suppliers | 440/4 | €5,124 | €62,879 | +€57,755 | +1127.1% |
| Advances received on contracts in progress | 46 | - | €561 | +€561 | |
| Taxes, remuneration and social security | 45 | €5,550 | €4,801 | -€749 | -13.5% |
| Taxes | 450/3 | €4,800 | €4,801 | +€1 | 0.0% |
| Remuneration and social security | 454/9 | €750 | €0 | -€750 | -100.0% |
| Other amounts payable | 47/48 | €351,545 | €62,585 | -€288,960 | -82.2% |
| Accrued charges and deferred income | 492/3 | €5,844 | €2,315 | -€3,530 | -60.4% |
| Non-recurring operating income | 76A | €80,960 | €0 | -€80,960 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,436 | €221,231 | +€9,795 | +4.6% |
| Other operating charges | 640/8 | €32,707 | €32,778 | +€72 | +0.2% |
| Gross operating margin | 9900 | €262,227 | €158,562 | -€103,665 | -39.5% |
| Operating profit (loss) | 9901 | €18,084 | -€95,447 | -€113,531 | |
| Financial income | 75/76B | €3,781 | €518 | -€3,263 | -86.3% |
| Recurring financial income | 75 | €3,781 | €518 | -€3,263 | -86.3% |
| Financial charges | 65/66B | €29,108 | €28,601 | -€507 | -1.7% |
| Recurring financial charges | 65 | €29,108 | €28,601 | -€507 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,242 | -€123,530 | -€116,288 | -1605.7% |
| Transfer from deferred taxes | 780 | €2,812 | €2,812 | = | 0.0% |
| Income taxes | 67/77 | €540 | €563 | +€23 | +4.3% |
| Profit (loss) for the period | 9904 | -€4,970 | -€121,281 | -€116,311 | -2340.2% |
| Transfer from tax-exempt reserves | 789 | €9,999 | €9,999 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,029 | -€111,281 | -€116,311 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.