SERTACEL: what changed
SERTACEL
Largest movements
- Tangible fixed assets -€13,497
down €13,497 (-20.5%), from €65,936 to €52,438
of which Furniture and vehicles: -€8,400
- Cash -€7,415
down €7,415 (-28.4%), from €26,070 to €18,655
mainly Other debts (-€11,704) and Debts after one year (-€8,276)
- Receivables within one year +€1,375
up €1,375 (+8.2%), from €16,675 to €18,050
of which Other amounts receivable: +€6,650
- Other debts -€11,704
down €11,704 (-25.2%), from €46,459 to €34,755
- Debts after one year -€8,276
down €8,276 (-28.6%), from €28,922 to €20,646
- Profit (loss) carried forward +€6,883
up €6,883 (+70.1%), from €9,826 to €16,709
- Current portion of long-term debt -€3,942
down €3,942 (-32.3%), from €12,218 to €8,276
- Trade debts -€2,352
down €2,352 (-49.9%), from €4,708 to €2,357
- Gross operating margin -€32,134
down €32,134 (-51.1%), from €62,929 to €30,795
- Staff costs -€30,284
down €30,284 (-94.4%), from €32,082 to €1,798
- Taxes -€1,739
down €1,739 (-42.6%), from €4,085 to €2,346
- Other operating charges +€1,643
up €1,643 (+118%), from €1,396 to €3,039
- Depreciation +€1,239
up €1,239 (+8.9%), from €13,908 to €15,147
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 | €112,926 | €92,849 | -€20,077 | -17.8% |
| Fixed assets | 21/28 | €66,861 | €53,263 | -€13,597 | -20.3% |
| Intangible fixed assets | 21 | €925 | €825 | -€100 | -10.8% |
| Tangible fixed assets | 22/27 | €65,936 | €52,438 | -€13,497 | -20.5% |
| Plant, machinery and equipment | 23 | €9,161 | €7,054 | -€2,107 | -23.0% |
| Furniture and vehicles | 24 | €35,901 | €27,501 | -€8,400 | -23.4% |
| Leasing and similar rights | 25 | €17,836 | €15,171 | -€2,664 | -14.9% |
| Other tangible fixed assets | 26 | €3,038 | €2,712 | -€326 | -10.7% |
| Current assets | 29/58 | €46,065 | €39,586 | -€6,479 | -14.1% |
| Amounts receivable within one year | 40/41 | €16,675 | €18,050 | +€1,375 | +8.2% |
| Trade receivables | 40 | €9,247 | €3,972 | -€5,275 | -57.0% |
| Other amounts receivable | 41 | €7,428 | €14,078 | +€6,650 | +89.5% |
| Cash at bank and in hand | 54/58 | €26,070 | €18,655 | -€7,415 | -28.4% |
| Deferred charges and accrued income | 490/1 | €3,321 | €2,881 | -€440 | -13.3% |
| Total equity and liabilities | 10/49 | €112,926 | €92,849 | -€20,077 | -17.8% |
| Equity | 10/15 | €14,826 | €21,709 | +€6,883 | +46.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,826 | €16,709 | +€6,883 | +70.1% |
| Amounts payable | 17/49 | €98,100 | €71,140 | -€26,960 | -27.5% |
| Amounts payable after more than one year | 17 | €28,922 | €20,646 | -€8,276 | -28.6% |
| Financial debts | 170/4 | €28,922 | €20,646 | -€8,276 | -28.6% |
| Amounts payable within one year | 42/48 | €69,178 | €50,493 | -€18,685 | -27.0% |
| Current portion of amounts payable after more than one year | 42 | €12,218 | €8,276 | -€3,942 | -32.3% |
| Financial debts | 43 | €5,062 | €5,060 | -€2 | 0.0% |
| Credit institutions | 430/8 | €5,062 | €5,060 | -€2 | 0.0% |
| Trade debts | 44 | €4,708 | €2,357 | -€2,352 | -49.9% |
| Suppliers | 440/4 | €4,708 | €2,357 | -€2,352 | -49.9% |
| Advances received on contracts in progress | 46 | €645 | €0 | -€645 | -100% |
| Taxes, remuneration and social security | 45 | €86 | €46 | -€40 | -46.2% |
| Taxes | 450/3 | €86 | €46 | -€40 | -46.2% |
| Other amounts payable | 47/48 | €46,459 | €34,755 | -€11,704 | -25.2% |
| Remuneration, social security and pensions | 62 | €32,082 | €1,798 | -€30,284 | -94.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,908 | €15,147 | +€1,239 | +8.9% |
| Other operating charges | 640/8 | €1,396 | €3,039 | +€1,643 | +118% |
| Gross operating margin | 9900 | €62,929 | €30,795 | -€32,134 | -51.1% |
| Operating profit (loss) | 9901 | €15,543 | €10,811 | -€4,732 | -30.4% |
| Financial income | 75/76B | €308 | €335 | +€26 | +8.6% |
| Recurring financial income | 75 | €308 | €335 | +€26 | +8.6% |
| Financial charges | 65/66B | €1,940 | €1,916 | -€24 | -1.2% |
| Recurring financial charges | 65 | €1,940 | €1,916 | -€24 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €13,911 | €9,229 | -€4,682 | -33.7% |
| Income taxes | 67/77 | €4,085 | €2,346 | -€1,739 | -42.6% |
| Profit (loss) for the period | 9904 | €9,826 | €6,883 | -€2,943 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,826 | €6,883 | -€2,943 | -29.9% |
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 6 November 2026 via checked.be.