Bert Sercu: what changed
Two fiscal 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.
Bert Sercu
Largest movements
- Cash -€32,590
down €32,590 (-58.4%), from €55,836 to €23,246
mainly Other debts (-€90,520) and Investment in fixed assets (net) (-€7,435)
- Receivables within one year -€17,694
down €17,694 (-26.5%), from €66,749 to €49,054
of which Other amounts receivable: -€44,633
- Tangible fixed assets -€2,672
down €2,672 (-3.1%), from €86,192 to €83,520
of which Land and buildings: -€3,488
- Other debts -€90,520
down €90,520 (-52.7%), from €171,692 to €81,173
- Profit (loss) carried forward +€35,866
up €35,866 (+3309.9%), from €1,084 to €36,949
- Trade debts +€2,633
up €2,633 (+45.8%), from €5,744 to €8,378
- Other operating charges +€8,580
up €8,580 (+836.3%), from €1,026 to €9,606
- Taxes -€4,590
down €4,590 (-52.3%), from €8,779 to €4,189
- Depreciation -€4,000
down €4,000 (-28.4%), from €14,107 to €10,106
- Financial charges -€2,287
down €2,287 (-96.9%), from €2,360 to €73
- Gross operating margin -€620
down €620 (-1.0%), from €59,141 to €58,521
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.
Cash bridge derived
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 | €210,274 | €157,778 | -€52,495 | -25.0% |
| Fixed assets | 21/28 | €86,192 | €83,520 | -€2,672 | -3.1% |
| Tangible fixed assets | 22/27 | €86,192 | €83,520 | -€2,672 | -3.1% |
| Land and buildings | 22 | €62,619 | €59,131 | -€3,488 | -5.6% |
| Plant, machinery and equipment | 23 | €265 | €2,906 | +€2,641 | +997.5% |
| Furniture and vehicles | 24 | €5,605 | €5,088 | -€517 | -9.2% |
| Other tangible fixed assets | 26 | €17,703 | €16,395 | -€1,308 | -7.4% |
| Current assets | 29/58 | €124,082 | €74,258 | -€49,824 | -40.2% |
| Amounts receivable within one year | 40/41 | €66,749 | €49,054 | -€17,694 | -26.5% |
| Trade receivables | 40 | €13,002 | €39,941 | +€26,939 | +207.2% |
| Other amounts receivable | 41 | €53,746 | €9,113 | -€44,633 | -83.0% |
| Cash at bank and in hand | 54/58 | €55,836 | €23,246 | -€32,590 | -58.4% |
| Deferred charges and accrued income | 490/1 | €1,497 | €1,957 | +€461 | +30.8% |
| Total equity and liabilities | 10/49 | €210,274 | €157,778 | -€52,495 | -25.0% |
| Equity | 10/15 | €21,544 | €57,409 | +€35,866 | +166.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,084 | €36,949 | +€35,866 | +3309.9% |
| Amounts payable | 17/49 | €188,730 | €100,369 | -€88,361 | -46.8% |
| Amounts payable within one year | 42/48 | €187,344 | €99,808 | -€87,535 | -46.7% |
| Trade debts | 44 | €5,744 | €8,378 | +€2,633 | +45.8% |
| Suppliers | 440/4 | €5,744 | €8,378 | +€2,633 | +45.8% |
| Taxes, remuneration and social security | 45 | €9,907 | €10,258 | +€351 | +3.5% |
| Taxes | 450/3 | €9,907 | €10,258 | +€351 | +3.5% |
| Other amounts payable | 47/48 | €171,692 | €81,173 | -€90,520 | -52.7% |
| Accrued charges and deferred income | 492/3 | €1,386 | €560 | -€826 | -59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,107 | €10,106 | -€4,000 | -28.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,026 | €9,606 | +€8,580 | +836.3% |
| Gross operating margin | 9900 | €59,141 | €58,521 | -€620 | -1.0% |
| Operating profit (loss) | 9901 | €44,008 | €38,809 | -€5,199 | -11.8% |
| Financial income | 75/76B | €701 | €1,319 | +€618 | +88.1% |
| Recurring financial income | 75 | €701 | €1,319 | +€618 | +88.1% |
| Financial charges | 65/66B | €2,360 | €73 | -€2,287 | -96.9% |
| Recurring financial charges | 65 | €2,360 | €73 | -€2,287 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €42,349 | €40,055 | -€2,295 | -5.4% |
| Income taxes | 67/77 | €8,779 | €4,189 | -€4,590 | -52.3% |
| Profit (loss) for the period | 9904 | €33,571 | €35,866 | +€2,295 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,571 | €35,866 | +€2,295 | +6.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.