SERCAFIM: 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.
SERCAFIM
Largest movements
- Financial fixed assets -€37,797
down €37,797 (-8.2%), from €461,491 to €423,694
- Receivables within one year +€34,157
up €34,157 (+60.6%), from €56,390 to €90,547
of which Trade receivables: +€42,176
- Cash +€11,284
up €11,284 (+646%), from €1,748 to €13,032
mainly Net result for the year (+€110,473) and Trade debts (+€63,935)
- Trade debts +€63,935
up €63,935 (+148%), from €43,233 to €107,168
- Tax, wage and social debts -€28,989
down €28,989 (-27.1%), from €106,950 to €77,961
of which Taxes: -€32,785
- Short-term financial debts -€10,000
no longer reported in 2023 (was €10,000)
- Profit (loss) carried forward -€9,968
down €9,968 (-3.0%), from €331,982 to €322,014
- Current portion of long-term debt -€7,500
no longer reported in 2023 (was €7,500)
- Turnover -€190,014
no longer reported in 2023 (was €190,014)
- Gross operating margin +€162,586
up €162,586 (+139%), from €117,276 to €279,862
- Staff costs +€115,524
up €115,524 (+31,055%), from €372 to €115,896
- Purchases and services -€72,739
no longer reported in 2023 (was €72,739)
- Other operating charges +€27,916
up €27,916 (+13,684%), from €204 to €28,120
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €520,125 | €527,604 | +€7,479 | +1.4% |
| Fixed assets | 21/28 | €461,987 | €424,025 | -€37,962 | -8.2% |
| Tangible fixed assets | 22/27 | €496 | €331 | -€165 | -33.2% |
| Plant, machinery and equipment | 23 | €496 | €331 | -€165 | -33.2% |
| Financial fixed assets | 28 | €461,491 | €423,694 | -€37,797 | -8.2% |
| Current assets | 29/58 | €58,138 | €103,579 | +€45,441 | +78.2% |
| Amounts receivable within one year | 40/41 | €56,390 | €90,547 | +€34,157 | +60.6% |
| Trade receivables | 40 | €11,447 | €53,623 | +€42,176 | +368% |
| Other amounts receivable | 41 | €44,943 | €36,924 | -€8,019 | -17.8% |
| Cash at bank and in hand | 54/58 | €1,748 | €13,032 | +€11,284 | +646% |
| Total equity and liabilities | 10/49 | €520,125 | €527,604 | +€7,479 | +1.4% |
| Equity | 10/15 | €352,442 | €342,474 | -€9,968 | -2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €331,982 | €322,014 | -€9,968 | -3.0% |
| Amounts payable | 17/49 | €167,683 | €185,130 | +€17,447 | +10.4% |
| Amounts payable within one year | 42/48 | €167,683 | €185,130 | +€17,447 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €7,500 | - | -€7,500 | |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Other loans | 439 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €43,233 | €107,168 | +€63,935 | +148% |
| Suppliers | 440/4 | €43,233 | €107,168 | +€63,935 | +148% |
| Taxes, remuneration and social security | 45 | €106,950 | €77,961 | -€28,989 | -27.1% |
| Taxes | 450/3 | €106,950 | €74,165 | -€32,785 | -30.7% |
| Remuneration and social security | 454/9 | - | €3,797 | +€3,797 | |
| Turnover | 70 | €190,014 | - | -€190,014 | |
| Goods, raw materials, services and sundry goods | 60/61 | €72,739 | - | -€72,739 | |
| Remuneration, social security and pensions | 62 | €372 | €115,896 | +€115,524 | +31,055% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1 | €166 | +€165 | +16,470% |
| Other operating charges | 640/8 | €204 | €28,120 | +€27,916 | +13,684% |
| Gross operating margin | 9900 | €117,276 | €279,862 | +€162,586 | +139% |
| Operating profit (loss) | 9901 | €116,699 | €135,680 | +€18,981 | +16.3% |
| Financial income | 75/76B | €10,316 | €12,738 | +€2,422 | +23.5% |
| Recurring financial income | 75 | €10,316 | €12,738 | +€2,422 | +23.5% |
| Financial charges | 65/66B | €1,607 | €9,826 | +€8,219 | +511% |
| Recurring financial charges | 65 | €1,607 | €9,826 | +€8,219 | +511% |
| Profit (loss) for the period before taxes | 9903 | €125,408 | €138,591 | +€13,183 | +10.5% |
| Income taxes | 67/77 | €30,000 | €28,118 | -€1,882 | -6.3% |
| Profit (loss) for the period | 9904 | €95,408 | €110,473 | +€15,065 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €95,408 | €110,473 | +€15,065 | +15.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.