Hanne Sercu: what changed
Hanne Sercu
Largest movements
- Cash -€20,078
down €20,078 (-41.4%), from €48,544 to €28,466
mainly Investment in fixed assets (net) (-€15,000) and Deferred charges and accrued income (-€6,627)
- Tangible fixed assets +€12,782
up €12,782 (+573%), from €2,232 to €15,013
- Deferred charges and accrued income +€6,627
new in 2025: €6,627
- Trade debts -€6,405
down €6,405 (-100%), from €6,405 to €0
- Reserves +€3,125
up €3,125 (+10.7%), from €29,155 to €32,280
- Tax, wage and social debts +€2,733
up €2,733 (+24.3%), from €11,234 to €13,968
of which Taxes: +€1,933
- Gross operating margin -€32,542
down €32,542 (-74.8%), from €43,497 to €10,955
- Taxes -€9,301
down €9,301 (-82.8%), from €11,234 to €1,933
- Depreciation +€1,783
up €1,783 (+260%), from €685 to €2,468
- Other operating charges +€1,017
up €1,017 (+151%), from €675 to €1,692
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 | €51,776 | €50,999 | -€777 | -1.5% |
| Fixed assets | 21/28 | €3,232 | €15,763 | +€12,532 | +388% |
| Intangible fixed assets | 21 | €1,000 | €750 | -€250 | -25.0% |
| Tangible fixed assets | 22/27 | €2,232 | €15,013 | +€12,782 | +573% |
| Furniture and vehicles | 24 | €2,232 | €15,013 | +€12,782 | +573% |
| Current assets | 29/58 | €48,544 | €35,236 | -€13,308 | -27.4% |
| Amounts receivable within one year | 40/41 | - | €142 | +€142 | |
| Other amounts receivable | 41 | - | €142 | +€142 | |
| Cash at bank and in hand | 54/58 | €48,544 | €28,466 | -€20,078 | -41.4% |
| Deferred charges and accrued income | 490/1 | - | €6,627 | +€6,627 | |
| Total equity and liabilities | 10/49 | €51,776 | €50,999 | -€777 | -1.5% |
| Equity | 10/15 | €32,155 | €35,280 | +€3,125 | +9.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €29,155 | €32,280 | +€3,125 | +10.7% |
| Distributable reserves | 133 | €29,155 | €32,280 | +€3,125 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,621 | €15,719 | -€3,902 | -19.9% |
| Amounts payable within one year | 42/48 | €19,621 | €15,719 | -€3,902 | -19.9% |
| Financial debts | 43 | €300 | €85 | -€215 | -71.7% |
| Credit institutions | 430/8 | €300 | €85 | -€215 | -71.7% |
| Trade debts | 44 | €6,405 | €0 | -€6,405 | -100% |
| Suppliers | 440/4 | €6,405 | €0 | -€6,405 | -100% |
| Taxes, remuneration and social security | 45 | €11,234 | €13,968 | +€2,733 | +24.3% |
| Taxes | 450/3 | €11,234 | €13,168 | +€1,933 | +17.2% |
| Remuneration and social security | 454/9 | - | €800 | +€800 | |
| Other amounts payable | 47/48 | €1,681 | €1,666 | -€15 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €685 | €2,468 | +€1,783 | +260% |
| Other operating charges | 640/8 | €675 | €1,692 | +€1,017 | +151% |
| Gross operating margin | 9900 | €43,497 | €10,955 | -€32,542 | -74.8% |
| Operating profit (loss) | 9901 | €42,136 | €6,794 | -€35,342 | -83.9% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €84 | €70 | -€14 | -17.0% |
| Recurring financial charges | 65 | €84 | €70 | -€14 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €42,056 | €6,725 | -€35,331 | -84.0% |
| Income taxes | 67/77 | €11,234 | €1,933 | -€9,301 | -82.8% |
| Profit (loss) for the period | 9904 | €30,821 | €4,791 | -€26,030 | -84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,821 | €4,791 | -€26,030 | -84.5% |
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 4 November 2026 via checked.be.