SERTAC: what changed
SERTAC
Largest movements
- Cash +€70,227
up €70,227 (+143%), from €49,006 to €119,233
mainly Net result for the year (+€80,767) and Tax, wage and social debts (+€20,750)
- Deferred charges and accrued income +€24,062
new in 2025: €24,062
- Receivables within one year +€9,376
up €9,376 (+18.3%), from €51,297 to €60,674
of which Trade receivables: +€8,842
- Tangible fixed assets +€4,873
new in 2025: €4,873
- Reserves +€80,767
up €80,767 (+111%), from €72,512 to €153,279
- Tax, wage and social debts +€20,750
up €20,750 (+94.5%), from €21,958 to €42,708
- Trade debts +€7,021
up €7,021 (+842%), from €833 to €7,854
- Gross operating margin +€11,333
up €11,333 (+12.4%), from €91,278 to €102,611
- Taxes +€2,630
up €2,630 (+14.4%), from €18,285 to €20,914
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,303 | €208,841 | +€108,538 | +108% |
| Fixed assets | 21/28 | - | €4,873 | +€4,873 | |
| Tangible fixed assets | 22/27 | - | €4,873 | +€4,873 | |
| Furniture and vehicles | 24 | - | €4,873 | +€4,873 | |
| Current assets | 29/58 | €100,303 | €203,968 | +€103,665 | +103% |
| Amounts receivable within one year | 40/41 | €51,297 | €60,674 | +€9,376 | +18.3% |
| Trade receivables | 40 | €47,046 | €55,888 | +€8,842 | +18.8% |
| Other amounts receivable | 41 | €4,251 | €4,785 | +€535 | +12.6% |
| Cash at bank and in hand | 54/58 | €49,006 | €119,233 | +€70,227 | +143% |
| Deferred charges and accrued income | 490/1 | - | €24,062 | +€24,062 | |
| Total equity and liabilities | 10/49 | €100,303 | €208,841 | +€108,538 | +108% |
| Equity | 10/15 | €77,512 | €158,279 | +€80,767 | +104% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €72,512 | €153,279 | +€80,767 | +111% |
| Distributable reserves | 133 | €72,512 | €153,279 | +€80,767 | +111% |
| Amounts payable | 17/49 | €22,791 | €50,562 | +€27,771 | +122% |
| Amounts payable within one year | 42/48 | €22,791 | €50,562 | +€27,771 | +122% |
| Trade debts | 44 | €833 | €7,854 | +€7,021 | +842% |
| Suppliers | 440/4 | €833 | €7,854 | +€7,021 | +842% |
| Taxes, remuneration and social security | 45 | €21,958 | €42,708 | +€20,750 | +94.5% |
| Taxes | 450/3 | €21,958 | €42,708 | +€20,750 | +94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €54 | +€54 | |
| Other operating charges | 640/8 | €437 | €322 | -€114 | -26.2% |
| Gross operating margin | 9900 | €91,278 | €102,611 | +€11,333 | +12.4% |
| Operating profit (loss) | 9901 | €90,841 | €102,235 | +€11,394 | +12.5% |
| Financial income | 75/76B | - | €245 | +€245 | |
| Recurring financial income | 75 | - | €245 | +€245 | |
| Financial charges | 65/66B | €45 | €798 | +€753 | +1,685% |
| Recurring financial charges | 65 | €45 | €798 | +€753 | +1,685% |
| Profit (loss) for the period before taxes | 9903 | €90,797 | €101,682 | +€10,885 | +12.0% |
| Income taxes | 67/77 | €18,285 | €20,914 | +€2,630 | +14.4% |
| Profit (loss) for the period | 9904 | €72,512 | €80,767 | +€8,256 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,512 | €80,767 | +€8,256 | +11.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.