SERCK: 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.
SERCK
Largest movements
- Cash -€1.2m
down €1.2m (-58.0%), from €2.0m to €850,650
mainly Other debts (-€1.6m) and Advances received (-€397,640)
- Receivables within one year -€407,077
down €407,077 (-46.4%), from €877,976 to €470,899
of which Trade receivables: -€365,643
- Stocks and contracts -€365,518
down €365,518 (-99.5%), from €367,513 to €1,995
of which Contracts in progress: -€363,932
- Current investments -€96,386
down €96,386 (-100.0%), from €96,386 to €0
- Other debts -€1.6m
down €1.6m (-99.6%), from €1.6m to €6,614
- Advances received -€397,640
down €397,640 (-100.0%), from €397,640 to €0
- Profit (loss) carried forward +€337,043
up €337,043 (+99581.2%), from €338 to €337,381
- Tax, wage and social debts -€312,831
down €312,831 (-96.2%), from €325,245 to €12,414
of which Taxes: -€290,237
- Trade debts -€150,489
down €150,489 (-34.2%), from €440,344 to €289,855
- Gross operating margin -€2.2m
down €2.2m (-76.8%), from €2.8m to €656,126
- Staff costs -€601,142
down €601,142 (-80.0%), from €751,238 to €150,096
- Taxes -€492,986
down €492,986 (-80.3%), from €613,622 to €120,636
- Provisions +€350,000
up €350,000, from -€350,000 to €0
- Other operating charges -€87,286
down €87,286 (-93.0%), from €93,821 to €6,535
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 | €4,270,305 | €2,192,981 | -€2.1m | -48.6% |
| Fixed assets | 21/28 | €902,416 | €865,270 | -€37,146 | -4.1% |
| Tangible fixed assets | 22/27 | €662,073 | €626,927 | -€35,146 | -5.3% |
| Land and buildings | 22 | €617,697 | €596,697 | -€21,000 | -3.4% |
| Furniture and vehicles | 24 | €44,376 | €30,231 | -€14,146 | -31.9% |
| Financial fixed assets | 28 | €240,343 | €238,343 | -€2,000 | -0.8% |
| Current assets | 29/58 | €3,367,889 | €1,327,711 | -€2.0m | -60.6% |
| Stocks and contracts in progress | 3 | €367,513 | €1,995 | -€365,518 | -99.5% |
| Stocks | 30/36 | €3,581 | €1,995 | -€1,586 | -44.3% |
| Contracts in progress | 37 | €363,932 | €0 | -€363,932 | -100.0% |
| Amounts receivable within one year | 40/41 | €877,976 | €470,899 | -€407,077 | -46.4% |
| Trade receivables | 40 | €732,594 | €366,951 | -€365,643 | -49.9% |
| Other amounts receivable | 41 | €145,381 | €103,947 | -€41,434 | -28.5% |
| Current investments | 50/53 | €96,386 | €0 | -€96,386 | -100.0% |
| Cash at bank and in hand | 54/58 | €2,024,476 | €850,650 | -€1.2m | -58.0% |
| Deferred charges and accrued income | 490/1 | €1,539 | €4,168 | +€2,629 | +170.9% |
| Total equity and liabilities | 10/49 | €4,270,305 | €2,192,981 | -€2.1m | -48.6% |
| Equity | 10/15 | €540,934 | €877,976 | +€337,043 | +62.3% |
| Contributions | 10/11 | €446,208 | €446,208 | = | 0.0% |
| Capital | 10 | €446,208 | €446,208 | = | 0.0% |
| Issued capital | 100 | €446,208 | €446,208 | = | 0.0% |
| Reserves | 13 | €94,387 | €94,387 | = | 0.0% |
| Non-distributable reserves | 130/1 | €44,621 | €44,621 | = | 0.0% |
| Legal reserve | 130 | €44,621 | €44,621 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €12,266 | €12,266 | = | 0.0% |
| Profit (loss) carried forward | 14 | €338 | €337,381 | +€337,043 | +99581.2% |
| Provisions and deferred taxes | 16 | €920,000 | €920,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €920,000 | €920,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €920,000 | €920,000 | = | 0.0% |
| Amounts payable | 17/49 | €2,809,371 | €395,005 | -€2.4m | -85.9% |
| Amounts payable within one year | 42/48 | €2,809,371 | €308,883 | -€2.5m | -89.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €440,344 | €289,855 | -€150,489 | -34.2% |
| Suppliers | 440/4 | €440,344 | €289,855 | -€150,489 | -34.2% |
| Advances received on contracts in progress | 46 | €397,640 | €0 | -€397,640 | -100.0% |
| Taxes, remuneration and social security | 45 | €325,245 | €12,414 | -€312,831 | -96.2% |
| Taxes | 450/3 | €300,462 | €10,225 | -€290,237 | -96.6% |
| Remuneration and social security | 454/9 | €24,783 | €2,189 | -€22,594 | -91.2% |
| Other amounts payable | 47/48 | €1,646,142 | €6,614 | -€1.6m | -99.6% |
| Accrued charges and deferred income | 492/3 | - | €86,122 | +€86,122 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €751,238 | €150,096 | -€601,142 | -80.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,161 | €35,146 | -€68,015 | -65.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€12,599 | €10,330 | +€22,929 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€350,000 | €0 | +€350,000 | |
| Other operating charges | 640/8 | €93,821 | €6,535 | -€87,286 | -93.0% |
| Non-recurring operating charges | 66A | €5,242 | €8,652 | +€3,411 | +65.1% |
| Gross operating margin | 9900 | €2,831,224 | €656,126 | -€2.2m | -76.8% |
| Operating profit (loss) | 9901 | €2,240,361 | €445,366 | -€1.8m | -80.1% |
| Financial income | 75/76B | €14,716 | €15,908 | +€1,193 | +8.1% |
| Recurring financial income | 75 | €14,716 | €15,908 | +€1,193 | +8.1% |
| Financial charges | 65/66B | €3,681 | €3,596 | -€85 | -2.3% |
| Recurring financial charges | 65 | €3,681 | €3,596 | -€85 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €2,251,395 | €457,679 | -€1.8m | -79.7% |
| Income taxes | 67/77 | €613,622 | €120,636 | -€492,986 | -80.3% |
| Profit (loss) for the period | 9904 | €1,637,773 | €337,043 | -€1.3m | -79.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,637,773 | €337,043 | -€1.3m | -79.4% |
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.