Sertas: 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.
Sertas
Largest movements
- Intangible fixed assets -€25,760
down €25,760 (-14.1%), from €182,161 to €156,402
- Receivables within one year -€10,000
no longer reported in 2025 (was €10,000)
- Cash +€7,315
up €7,315 (+169%), from €4,319 to €11,635
mainly Net result for the year (+€62,266) and Depreciation (+€34,417)
- Deferred charges and accrued income +€5,571
up €5,571 (+24.4%), from €22,805 to €28,376
- Profit (loss) carried forward +€62,266
up €62,266 (+68.5%), from -€90,847 to -€28,581
- Other debts -€56,367
down €56,367 (-59.2%), from €95,213 to €38,845
- Debts after one year -€33,807
down €33,807 (-39.8%), from €84,888 to €51,081
- Tax, wage and social debts +€4,837
up €4,837 (+23.7%), from €20,420 to €25,257
of which Taxes: +€2,861
- Gross operating margin +€57,816
up €57,816 (+30.6%), from €188,892 to €246,708
- Staff costs +€5,586
up €5,586 (+4.0%), from €138,550 to €144,136
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 | €219,286 | €196,413 | -€22,873 | -10.4% |
| Fixed assets | 21/28 | €182,161 | €156,402 | -€25,760 | -14.1% |
| Intangible fixed assets | 21 | €182,161 | €156,402 | -€25,760 | -14.1% |
| Current assets | 29/58 | €37,124 | €40,011 | +€2,887 | +7.8% |
| Amounts receivable within one year | 40/41 | €10,000 | - | -€10,000 | |
| Trade receivables | 40 | €10,000 | - | -€10,000 | |
| Cash at bank and in hand | 54/58 | €4,319 | €11,635 | +€7,315 | +169% |
| Deferred charges and accrued income | 490/1 | €22,805 | €28,376 | +€5,571 | +24.4% |
| Total equity and liabilities | 10/49 | €219,286 | €196,413 | -€22,873 | -10.4% |
| Equity | 10/15 | -€84,567 | -€22,301 | +€62,266 | +73.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €80 | €80 | = | 0.0% |
| Tax-exempt reserves | 132 | €80 | €80 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,847 | -€28,581 | +€62,266 | +68.5% |
| Amounts payable | 17/49 | €303,852 | €218,713 | -€85,139 | -28.0% |
| Amounts payable after more than one year | 17 | €84,888 | €51,081 | -€33,807 | -39.8% |
| Financial debts | 170/4 | €84,888 | €51,081 | -€33,807 | -39.8% |
| Amounts payable within one year | 42/48 | €218,964 | €167,632 | -€51,332 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €32,952 | €33,807 | +€855 | +2.6% |
| Trade debts | 44 | €70,379 | €69,723 | -€656 | -0.9% |
| Suppliers | 440/4 | €70,379 | €69,723 | -€656 | -0.9% |
| Taxes, remuneration and social security | 45 | €20,420 | €25,257 | +€4,837 | +23.7% |
| Taxes | 450/3 | €2,704 | €5,566 | +€2,861 | +106% |
| Remuneration and social security | 454/9 | €17,716 | €19,691 | +€1,975 | +11.2% |
| Other amounts payable | 47/48 | €95,213 | €38,845 | -€56,367 | -59.2% |
| Remuneration, social security and pensions | 62 | €138,550 | €144,136 | +€5,586 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,056 | €34,417 | -€1,638 | -4.5% |
| Other operating charges | 640/8 | €251 | €334 | +€83 | +33.2% |
| Non-recurring operating charges | 66A | €368 | €40 | -€328 | -89.1% |
| Gross operating margin | 9900 | €188,892 | €246,708 | +€57,816 | +30.6% |
| Operating profit (loss) | 9901 | €13,668 | €67,782 | +€54,114 | +396% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €6,772 | €5,164 | -€1,608 | -23.7% |
| Recurring financial charges | 65 | €6,772 | €5,164 | -€1,608 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €6,896 | €62,618 | +€55,722 | +808% |
| Income taxes | 67/77 | €334 | €352 | +€18 | +5.5% |
| Profit (loss) for the period | 9904 | €6,562 | €62,266 | +€55,704 | +849% |
| Profit (loss) for the period to be appropriated | 9905 | €6,562 | €62,266 | +€55,704 | +849% |
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 26 October 2026 via checked.be.