Sercu: 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.
Sercu
Largest movements
- Cash +€227,729
up €227,729 (+546%), from €41,689 to €269,419
mainly Other debts (+€116,626) and Current investments (+€99,980)
- Current investments -€99,980
down €99,980 (-50.0%), from €200,000 to €100,020
- Tangible fixed assets -€36,811
down €36,811 (-13.9%), from €264,777 to €227,966
of which Leasing and similar rights: -€20,179
- Other debts +€116,626
up €116,626 (+1,737%), from €6,715 to €123,341
- Advances received -€26,198
no longer reported in 2025 (was €26,198)
- Reserves +€24,755
up €24,755 (+7.9%), from €314,198 to €338,954
of which Distributable reserves: +€24,755
- Trade debts -€11,123
down €11,123 (-99.6%), from €11,169 to €46
- Debts after one year -€10,483
down €10,483 (-27.6%), from €37,987 to €27,504
- Gross operating margin -€66,708
down €66,708 (-36.7%), from €181,945 to €115,237
- Financial charges -€21,816
down €21,816 (-95.1%), from €22,939 to €1,123
- Depreciation +€9,186
up €9,186 (+33.3%), from €27,625 to €36,811
- Other operating charges -€7,085
down €7,085 (-62.2%), from €11,382 to €4,297
- Taxes +€3,862
up €3,862 (+1,296%), from €298 to €4,160
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 | €676,125 | €767,007 | +€90,881 | +13.4% |
| Fixed assets | 21/28 | €264,777 | €227,966 | -€36,811 | -13.9% |
| Tangible fixed assets | 22/27 | €264,777 | €227,966 | -€36,811 | -13.9% |
| Land and buildings | 22 | €144,682 | €135,288 | -€9,395 | -6.5% |
| Plant, machinery and equipment | 23 | €22,486 | €17,960 | -€4,526 | -20.1% |
| Furniture and vehicles | 24 | €8,455 | €5,745 | -€2,711 | -32.1% |
| Leasing and similar rights | 25 | €89,153 | €68,974 | -€20,179 | -22.6% |
| Current assets | 29/58 | €411,349 | €539,041 | +€127,692 | +31.0% |
| Amounts receivable within one year | 40/41 | €169,660 | €169,578 | -€82 | 0.0% |
| Trade receivables | 40 | €169,660 | €164,463 | -€5,197 | -3.1% |
| Other amounts receivable | 41 | - | €5,115 | +€5,115 | |
| Current investments | 50/53 | €200,000 | €100,020 | -€99,980 | -50.0% |
| Cash at bank and in hand | 54/58 | €41,689 | €269,419 | +€227,729 | +546% |
| Deferred charges and accrued income | 490/1 | - | €25 | +€25 | |
| Total equity and liabilities | 10/49 | €676,125 | €767,007 | +€90,881 | +13.4% |
| Equity | 10/15 | €579,838 | €604,594 | +€24,755 | +4.3% |
| Contributions | 10/11 | €265,640 | €265,640 | = | 0.0% |
| Reserves | 13 | €314,198 | €338,954 | +€24,755 | +7.9% |
| Tax-exempt reserves | 132 | €122,536 | €122,536 | = | 0.0% |
| Distributable reserves | 133 | €191,662 | €216,417 | +€24,755 | +12.9% |
| Amounts payable | 17/49 | €96,287 | €162,413 | +€66,126 | +68.7% |
| Amounts payable after more than one year | 17 | €37,987 | €27,504 | -€10,483 | -27.6% |
| Financial debts | 170/4 | €37,987 | €27,504 | -€10,483 | -27.6% |
| Amounts payable within one year | 42/48 | €58,300 | €134,909 | +€76,609 | +131% |
| Current portion of amounts payable after more than one year | 42 | €10,078 | €10,480 | +€402 | +4.0% |
| Trade debts | 44 | €11,169 | €46 | -€11,123 | -99.6% |
| Suppliers | 440/4 | €11,169 | €46 | -€11,123 | -99.6% |
| Advances received on contracts in progress | 46 | €26,198 | - | -€26,198 | |
| Taxes, remuneration and social security | 45 | €4,140 | €1,042 | -€3,098 | -74.8% |
| Taxes | 450/3 | €4,140 | - | -€4,140 | |
| Remuneration and social security | 454/9 | - | €1,042 | +€1,042 | |
| Other amounts payable | 47/48 | €6,715 | €123,341 | +€116,626 | +1,737% |
| Non-recurring operating income | 76A | €46,775 | - | -€46,775 | |
| Remuneration, social security and pensions | 62 | €48,273 | €46,918 | -€1,355 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,625 | €36,811 | +€9,186 | +33.3% |
| Other operating charges | 640/8 | €11,382 | €4,297 | -€7,085 | -62.2% |
| Non-recurring operating charges | 66A | €4,692 | - | -€4,692 | |
| Gross operating margin | 9900 | €181,945 | €115,237 | -€66,708 | -36.7% |
| Operating profit (loss) | 9901 | €89,973 | €27,211 | -€62,762 | -69.8% |
| Financial income | 75/76B | €301 | €2,827 | +€2,526 | +839% |
| Recurring financial income | 75 | €301 | €2,827 | +€2,526 | +839% |
| Financial charges | 65/66B | €22,939 | €1,123 | -€21,816 | -95.1% |
| Recurring financial charges | 65 | €22,939 | €1,123 | -€21,816 | -95.1% |
| Profit (loss) for the period before taxes | 9903 | €67,336 | €28,915 | -€38,420 | -57.1% |
| Income taxes | 67/77 | €298 | €4,160 | +€3,862 | +1,296% |
| Profit (loss) for the period | 9904 | €67,037 | €24,755 | -€42,282 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €67,037 | €24,755 | -€42,282 | -63.1% |
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 15 October 2026 via checked.be.