SERCOM: 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.
SERCOM
Largest movements
- Cash -€159,127
down €159,127 (-91.7%), from €173,539 to €14,413
mainly Current investments (-€130,839) and Contributions, distributions and other (-€76,355)
- Current investments +€130,839
new in 2025: €130,839
- Tangible fixed assets -€40,635
down €40,635 (-19.8%), from €205,252 to €164,617
of which Furniture and vehicles: -€25,825
- Receivables within one year +€17,009
up €17,009 (+52.2%), from €32,587 to €49,596
of which Other amounts receivable: +€22,498
- Reserves -€75,307
down €75,307 (-23.7%), from €318,342 to €243,035
of which Distributable reserves: -€75,307
- Other debts +€31,146
up €31,146 (+165.2%), from €18,854 to €50,000
- Debts after one year -€15,859
down €15,859 (-62.4%), from €25,411 to €9,551
- Tax, wage and social debts +€4,849
up €4,849 (+30.5%), from €15,874 to €20,723
- Gross operating margin -€99,008
down €99,008 (-64.8%), from €152,831 to €53,823
- Taxes -€31,154
down €31,154 (-75.4%), from €41,329 to €10,175
- Other operating charges -€12,640
down €12,640 (-85.8%), from €14,734 to €2,094
- Depreciation +€5,795
up €5,795 (+16.6%), from €34,839 to €40,635
- Financial income +€1,686
up €1,686 (+15786.8%), from €11 to €1,697
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 | €415,258 | €362,538 | -€52,719 | -12.7% |
| Fixed assets | 21/28 | €205,252 | €164,617 | -€40,635 | -19.8% |
| Tangible fixed assets | 22/27 | €205,252 | €164,617 | -€40,635 | -19.8% |
| Furniture and vehicles | 24 | €87,324 | €61,499 | -€25,825 | -29.6% |
| Other tangible fixed assets | 26 | €117,928 | €103,118 | -€14,809 | -12.6% |
| Current assets | 29/58 | €210,006 | €197,921 | -€12,085 | -5.8% |
| Amounts receivable within one year | 40/41 | €32,587 | €49,596 | +€17,009 | +52.2% |
| Trade receivables | 40 | €25,489 | €20,000 | -€5,489 | -21.5% |
| Other amounts receivable | 41 | €7,098 | €29,596 | +€22,498 | +317.0% |
| Current investments | 50/53 | - | €130,839 | +€130,839 | |
| Cash at bank and in hand | 54/58 | €173,539 | €14,413 | -€159,127 | -91.7% |
| Deferred charges and accrued income | 490/1 | €3,880 | €3,073 | -€807 | -20.8% |
| Total equity and liabilities | 10/49 | €415,258 | €362,538 | -€52,719 | -12.7% |
| Equity | 10/15 | €336,934 | €261,627 | -€75,307 | -22.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €318,342 | €243,035 | -€75,307 | -23.7% |
| Tax-exempt reserves | 132 | €35,656 | €35,656 | = | 0.0% |
| Distributable reserves | 133 | €282,686 | €207,379 | -€75,307 | -26.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €78,324 | €100,912 | +€22,588 | +28.8% |
| Amounts payable after more than one year | 17 | €25,411 | €9,551 | -€15,859 | -62.4% |
| Financial debts | 170/4 | €25,411 | €9,551 | -€15,859 | -62.4% |
| Amounts payable within one year | 42/48 | €52,769 | €91,216 | +€38,447 | +72.9% |
| Current portion of amounts payable after more than one year | 42 | €15,231 | €15,859 | +€628 | +4.1% |
| Trade debts | 44 | €2,810 | €4,634 | +€1,824 | +64.9% |
| Suppliers | 440/4 | €2,810 | €4,634 | +€1,824 | +64.9% |
| Taxes, remuneration and social security | 45 | €15,874 | €20,723 | +€4,849 | +30.5% |
| Taxes | 450/3 | €15,874 | €20,723 | +€4,849 | +30.5% |
| Other amounts payable | 47/48 | €18,854 | €50,000 | +€31,146 | +165.2% |
| Accrued charges and deferred income | 492/3 | €144 | €144 | = | 0.0% |
| Non-recurring operating income | 76A | €12,000 | €0 | -€12,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,839 | €40,635 | +€5,795 | +16.6% |
| Other operating charges | 640/8 | €14,734 | €2,094 | -€12,640 | -85.8% |
| Gross operating margin | 9900 | €152,831 | €53,823 | -€99,008 | -64.8% |
| Operating profit (loss) | 9901 | €103,258 | €11,094 | -€92,164 | -89.3% |
| Financial income | 75/76B | €11 | €1,697 | +€1,686 | +15786.8% |
| Recurring financial income | 75 | €11 | €1,697 | +€1,686 | +15786.8% |
| Financial charges | 65/66B | €1,013 | €1,568 | +€555 | +54.8% |
| Recurring financial charges | 65 | €1,013 | €1,568 | +€555 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | €102,256 | €11,223 | -€91,033 | -89.0% |
| Income taxes | 67/77 | €41,329 | €10,175 | -€31,154 | -75.4% |
| Profit (loss) for the period | 9904 | €60,927 | €1,048 | -€59,879 | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,927 | €1,048 | -€59,879 | -98.3% |
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 3 October 2026 via checked.be.