SERCU: 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.
SERCU
Largest movements
- Receivables within one year +€1,804
up €1,804 (+39.5%), from €4,562 to €6,366
of which Trade receivables: +€1,505
- Tangible fixed assets +€1,255
up €1,255 (+44.7%), from €2,806 to €4,061
of which Furniture and vehicles: +€3,155
- Cash -€1,253
down €1,253 (-45.7%), from €2,740 to €1,487
mainly Investment in fixed assets (net) (-€3,597) and Receivables within one year (-€1,804)
- Deferred charges and accrued income +€396
new in 2025: €396
- Other debts +€2,145
up €2,145 (+27.2%), from €7,877 to €10,022
- Trade debts +€1,373
up €1,373 (+74.8%), from €1,835 to €3,208
- Profit (loss) carried forward -€1,086
down €1,086 (-8.9%), from -€12,135 to -€13,221
- Gross operating margin +€6,435
up €6,435, from -€4,221 to €2,214
- Taxes -€1,102
no longer reported in 2025 (was €1,102)
- Other operating charges -€762
down €762 (-50.3%), from €1,515 to €753
- Depreciation +€441
up €441 (+23.2%), from €1,901 to €2,342
- Financial charges -€80
down €80 (-27.3%), from €293 to €213
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 | €12,608 | €14,809 | +€2,201 | +17.5% |
| Fixed assets | 21/28 | €2,806 | €4,061 | +€1,255 | +44.7% |
| Tangible fixed assets | 22/27 | €2,806 | €4,061 | +€1,255 | +44.7% |
| Land and buildings | 22 | €1,355 | €713 | -€643 | -47.4% |
| Plant, machinery and equipment | 23 | €1,451 | €193 | -€1,258 | -86.7% |
| Furniture and vehicles | 24 | - | €3,155 | +€3,155 | |
| Current assets | 29/58 | €9,802 | €10,749 | +€946 | +9.7% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,562 | €6,366 | +€1,804 | +39.5% |
| Trade receivables | 40 | €4,425 | €5,930 | +€1,505 | +34.0% |
| Other amounts receivable | 41 | €137 | €436 | +€299 | +218.1% |
| Cash at bank and in hand | 54/58 | €2,740 | €1,487 | -€1,253 | -45.7% |
| Deferred charges and accrued income | 490/1 | - | €396 | +€396 | |
| Total equity and liabilities | 10/49 | €12,608 | €14,809 | +€2,201 | +17.5% |
| Equity | 10/15 | -€7,335 | -€8,421 | -€1,086 | -14.8% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,135 | -€13,221 | -€1,086 | -8.9% |
| Amounts payable | 17/49 | €19,943 | €23,230 | +€3,287 | +16.5% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,817 | €13,230 | +€3,413 | +34.8% |
| Trade debts | 44 | €1,835 | €3,208 | +€1,373 | +74.8% |
| Suppliers | 440/4 | €1,835 | €3,208 | +€1,373 | +74.8% |
| Taxes, remuneration and social security | 45 | €105 | - | -€105 | |
| Taxes | 450/3 | €105 | - | -€105 | |
| Other amounts payable | 47/48 | €7,877 | €10,022 | +€2,145 | +27.2% |
| Accrued charges and deferred income | 492/3 | €126 | - | -€126 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,901 | €2,342 | +€441 | +23.2% |
| Other operating charges | 640/8 | €1,515 | €753 | -€762 | -50.3% |
| Gross operating margin | 9900 | -€4,221 | €2,214 | +€6,435 | |
| Operating profit (loss) | 9901 | -€7,637 | -€881 | +€6,755 | +88.5% |
| Financial income | 75/76B | €3 | €9 | +€6 | +188.2% |
| Recurring financial income | 75 | €3 | €9 | +€6 | +188.2% |
| Financial charges | 65/66B | €293 | €213 | -€80 | -27.3% |
| Recurring financial charges | 65 | €293 | €213 | -€80 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,927 | -€1,086 | +€6,841 | +86.3% |
| Income taxes | 67/77 | €1,102 | - | -€1,102 | |
| Profit (loss) for the period | 9904 | -€9,029 | -€1,086 | +€7,943 | +88.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,029 | -€1,086 | +€7,943 | +88.0% |
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.