SERCAL BELGIUM: 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.
SERCAL BELGIUM
Largest movements
- Tangible fixed assets +€50,551
up €50,551 (+128%), from €39,575 to €90,126
of which Plant, machinery and equipment: +€50,764
- Receivables within one year +€35,890
up €35,890 (+471%), from €7,624 to €43,514
of which Trade receivables: +€33,600
- Cash +€15,966
up €15,966 (+968%), from €1,650 to €17,616
mainly Net result for the year (+€93,858) and Depreciation (+€18,357)
- Profit (loss) carried forward +€93,858
up €93,858 (+1.7%), from -€5.6m to -€5.5m
- Other debts +€17,428
up €17,428 (+0.3%), from €5.9m to €5.9m
- Gross operating margin +€95,326
up €95,326 (+456%), from €20,884 to €116,210
- Depreciation +€6,102
up €6,102 (+49.8%), from €12,255 to €18,357
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 | €515,486 | €627,550 | +€112,064 | +21.7% |
| Fixed assets | 21/28 | €496,554 | €552,641 | +€56,087 | +11.3% |
| Intangible fixed assets | 21 | €33,609 | €39,145 | +€5,536 | +16.5% |
| Tangible fixed assets | 22/27 | €39,575 | €90,126 | +€50,551 | +128% |
| Land and buildings | 22 | €35,376 | €35,308 | -€68 | -0.2% |
| Plant, machinery and equipment | 23 | - | €50,764 | +€50,764 | |
| Furniture and vehicles | 24 | €4,200 | €4,054 | -€146 | -3.5% |
| Financial fixed assets | 28 | €423,370 | €423,370 | = | 0.0% |
| Current assets | 29/58 | €18,932 | €74,909 | +€55,977 | +296% |
| Stocks and contracts in progress | 3 | - | €3,438 | +€3,438 | |
| Stocks | 30/36 | - | €3,438 | +€3,438 | |
| Amounts receivable within one year | 40/41 | €7,624 | €43,514 | +€35,890 | +471% |
| Trade receivables | 40 | €5,789 | €39,388 | +€33,600 | +580% |
| Other amounts receivable | 41 | €1,835 | €4,125 | +€2,290 | +125% |
| Cash at bank and in hand | 54/58 | €1,650 | €17,616 | +€15,966 | +968% |
| Deferred charges and accrued income | 490/1 | €9,658 | €10,341 | +€683 | +7.1% |
| Total equity and liabilities | 10/49 | €515,486 | €627,550 | +€112,064 | +21.7% |
| Equity | 10/15 | -€5,389,555 | -€5,295,696 | +€93,858 | +1.7% |
| Contributions | 10/11 | €167,328 | €167,328 | = | 0.0% |
| Reserves | 13 | €43,885 | €43,885 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,027 | €13,027 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,014 | €13,014 | = | 0.0% |
| Other | 1319 | €13 | €13 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,858 | €30,858 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,600,768 | -€5,506,910 | +€93,858 | +1.7% |
| Amounts payable | 17/49 | €5,905,041 | €5,923,247 | +€18,206 | +0.3% |
| Amounts payable within one year | 42/48 | €5,903,791 | €5,921,997 | +€18,206 | +0.3% |
| Trade debts | 44 | €3,884 | €4,825 | +€941 | +24.2% |
| Suppliers | 440/4 | €3,884 | €4,825 | +€941 | +24.2% |
| Taxes, remuneration and social security | 45 | €163 | €0 | -€163 | -100% |
| Taxes | 450/3 | €163 | €0 | -€163 | -100% |
| Other amounts payable | 47/48 | €5,899,744 | €5,917,172 | +€17,428 | +0.3% |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,250 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €1,286 | €1,230 | -€56 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,255 | €18,357 | +€6,102 | +49.8% |
| Other operating charges | 640/8 | €2,449 | €2,518 | +€69 | +2.8% |
| Gross operating margin | 9900 | €20,884 | €116,210 | +€95,326 | +456% |
| Operating profit (loss) | 9901 | €4,894 | €94,105 | +€89,211 | +1,823% |
| Financial charges | 65/66B | €180 | €247 | +€67 | +37.2% |
| Recurring financial charges | 65 | €180 | €247 | +€67 | +37.2% |
| Profit (loss) for the period before taxes | 9903 | €4,714 | €93,858 | +€89,144 | +1,891% |
| Income taxes | 67/77 | €163 | €0 | -€163 | -100% |
| Profit (loss) for the period | 9904 | €4,551 | €93,858 | +€89,307 | +1,962% |
| Profit (loss) for the period to be appropriated | 9905 | €4,551 | €93,858 | +€89,307 | +1,962% |
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 25 October 2026 via checked.be.