SERMA: what changed
SERMA
Largest movements
- Tangible fixed assets -€4,356
down €4,356 (-85.2%), from €5,114 to €758
of which Other tangible fixed assets: -€4,153
- Cash -€577
down €577 (-10.4%), from €5,538 to €4,962
mainly Net result for the year (-€4,896) and Tax, wage and social debts (-€23)
- Profit (loss) carried forward -€4,896
down €4,896 (-66.0%), from -€7,415 to -€12,311
- Other operating charges -€276
no longer reported in 2025 (was €276)
- Depreciation -€222
down €222 (-4.9%), from €4,579 to €4,356
- Financial charges -€119
down €119 (-70.3%), from €170 to €50
of which Financial charges: -€125
- Gross operating margin -€50
down €50 (-11.3%), from -€440 to -€489
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,964 | €8,046 | -€4,919 | -37.9% |
| Fixed assets | 21/28 | €5,114 | €758 | -€4,356 | -85.2% |
| Tangible fixed assets | 22/27 | €5,114 | €758 | -€4,356 | -85.2% |
| Plant, machinery and equipment | 23 | €203 | - | -€203 | |
| Other tangible fixed assets | 26 | €4,911 | €758 | -€4,153 | -84.6% |
| Current assets | 29/58 | €7,850 | €7,288 | -€562 | -7.2% |
| Amounts receivable within one year | 40/41 | €2,312 | €2,326 | +€14 | +0.6% |
| Other amounts receivable | 41 | €2,312 | €2,326 | +€14 | +0.6% |
| Cash at bank and in hand | 54/58 | €5,538 | €4,962 | -€577 | -10.4% |
| Total equity and liabilities | 10/49 | €12,964 | €8,046 | -€4,919 | -37.9% |
| Equity | 10/15 | €12,346 | €7,450 | -€4,896 | -39.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,162 | €1,162 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,162 | €1,162 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,162 | €1,162 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,415 | -€12,311 | -€4,896 | -66.0% |
| Amounts payable | 17/49 | €618 | €596 | -€23 | -3.7% |
| Amounts payable within one year | 42/48 | €618 | €596 | -€23 | -3.7% |
| Taxes, remuneration and social security | 45 | €618 | €596 | -€23 | -3.7% |
| Taxes | 450/3 | €618 | €596 | -€23 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,579 | €4,356 | -€222 | -4.9% |
| Other operating charges | 640/8 | €276 | - | -€276 | |
| Gross operating margin | 9900 | -€440 | -€489 | -€50 | -11.3% |
| Operating profit (loss) | 9901 | -€5,294 | -€4,845 | +€448 | +8.5% |
| Financial charges | 65/66B | €170 | €50 | -€119 | -70.3% |
| Recurring financial charges | 65 | €170 | €45 | -€125 | -73.5% |
| Non-recurring financial charges | 66B | - | €5 | +€5 | |
| Profit (loss) for the period before taxes | 9903 | -€5,464 | -€4,896 | +€568 | +10.4% |
| Profit (loss) for the period | 9904 | -€5,464 | -€4,896 | +€568 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,464 | -€4,896 | +€568 | +10.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.