Frans Sercu: 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.
Frans Sercu
Largest movements
- Current investments +€535,372
up €535,372 (+191%), from €280,500 to €815,872
- Cash -€226,629
down €226,629 (-57.3%), from €395,265 to €168,636
mainly Current investments (-€535,372) and Trade debts (-€202,681)
- Receivables within one year -€174,754
down €174,754 (-28.8%), from €605,761 to €431,007
of which Trade receivables: -€208,961
- Reserves +€316,093
up €316,093 (+19.9%), from €1.6m to €1.9m
- Trade debts -€202,681
down €202,681 (-100%), from €202,681 to €0
- Tax, wage and social debts +€44,859
up €44,859 (+44.9%), from €99,923 to €144,782
- Gross operating margin -€815,544
down €815,544 (-65.7%), from €1.2m to €426,030
- Taxes -€260,270
down €260,270 (-63.6%), from €409,024 to €148,755
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 | €1,908,613 | €2,059,659 | +€151,047 | +7.9% |
| Fixed assets | 21/28 | €501,076 | €506,489 | +€5,413 | +1.1% |
| Tangible fixed assets | 22/27 | €1,076 | €6,489 | +€5,413 | +503% |
| Furniture and vehicles | 24 | €1,076 | €6,489 | +€5,413 | +503% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €1,407,537 | €1,553,171 | +€145,633 | +10.3% |
| Amounts receivable after more than one year | 29 | €109,500 | €113,250 | +€3,750 | +3.4% |
| Other amounts receivable | 291 | €109,500 | €113,250 | +€3,750 | +3.4% |
| Amounts receivable within one year | 40/41 | €605,761 | €431,007 | -€174,754 | -28.8% |
| Trade receivables | 40 | €259,473 | €50,512 | -€208,961 | -80.5% |
| Other amounts receivable | 41 | €346,288 | €380,495 | +€34,207 | +9.9% |
| Current investments | 50/53 | €280,500 | €815,872 | +€535,372 | +191% |
| Cash at bank and in hand | 54/58 | €395,265 | €168,636 | -€226,629 | -57.3% |
| Deferred charges and accrued income | 490/1 | €16,511 | €24,405 | +€7,894 | +47.8% |
| Total equity and liabilities | 10/49 | €1,908,613 | €2,059,659 | +€151,047 | +7.9% |
| Equity | 10/15 | €1,598,785 | €1,914,878 | +€316,093 | +19.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,586,385 | €1,902,478 | +€316,093 | +19.9% |
| Distributable reserves | 133 | €1,586,385 | €1,902,478 | +€316,093 | +19.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €309,828 | €144,782 | -€165,046 | -53.3% |
| Amounts payable within one year | 42/48 | €309,828 | €144,782 | -€165,046 | -53.3% |
| Trade debts | 44 | €202,681 | €0 | -€202,681 | -100% |
| Suppliers | 440/4 | €202,681 | €0 | -€202,681 | -100% |
| Taxes, remuneration and social security | 45 | €99,923 | €144,782 | +€44,859 | +44.9% |
| Taxes | 450/3 | €99,923 | €144,782 | +€44,859 | +44.9% |
| Other amounts payable | 47/48 | €7,224 | €0 | -€7,224 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,061 | €885 | -€176 | -16.6% |
| Other operating charges | 640/8 | €2,422 | €2,503 | +€81 | +3.4% |
| Gross operating margin | 9900 | €1,241,574 | €426,030 | -€815,544 | -65.7% |
| Operating profit (loss) | 9901 | €1,238,091 | €422,642 | -€815,449 | -65.9% |
| Financial income | 75/76B | €42,766 | €42,306 | -€460 | -1.1% |
| Recurring financial income | 75 | €42,766 | €42,306 | -€460 | -1.1% |
| Financial charges | 65/66B | €99 | €101 | +€2 | +1.6% |
| Recurring financial charges | 65 | €99 | €101 | +€2 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €1,280,758 | €464,847 | -€815,910 | -63.7% |
| Income taxes | 67/77 | €409,024 | €148,755 | -€260,270 | -63.6% |
| Profit (loss) for the period | 9904 | €871,733 | €316,093 | -€555,641 | -63.7% |
| Profit (loss) for the period to be appropriated | 9905 | €871,733 | €316,093 | -€555,641 | -63.7% |
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 30 October 2026 via checked.be.