Sertex: 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.
Sertex
Largest movements
- Cash +€40,714
up €40,714 (+49.9%), from €81,540 to €122,254
mainly Net result for the year (+€61,822) and Depreciation (+€1,235)
- Receivables within one year +€12,811
up €12,811 (+34.4%), from €37,263 to €50,073
of which Other amounts receivable: +€10,494
- Tangible fixed assets +€5,040
up €5,040 (+623.2%), from €809 to €5,849
- Reserves +€61,822
up €61,822 (+69.7%), from €88,633 to €150,455
- Gross operating margin -€1,994
down €1,994 (-2.4%), from €81,980 to €79,986
- Depreciation +€1,011
up €1,011 (+452.6%), from €223 to €1,235
- Financial income +€876
up €876 (+102.5%), from €854 to €1,730
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €122,249 | €182,483 | +€60,234 | +49.3% |
| Fixed assets | 21/28 | €809 | €5,849 | +€5,040 | +623.2% |
| Tangible fixed assets | 22/27 | €809 | €5,849 | +€5,040 | +623.2% |
| Furniture and vehicles | 24 | €809 | €5,849 | +€5,040 | +623.2% |
| Current assets | 29/58 | €121,440 | €176,634 | +€55,194 | +45.4% |
| Amounts receivable within one year | 40/41 | €37,263 | €50,073 | +€12,811 | +34.4% |
| Trade receivables | 40 | €17,263 | €19,579 | +€2,316 | +13.4% |
| Other amounts receivable | 41 | €20,000 | €30,494 | +€10,494 | +52.5% |
| Cash at bank and in hand | 54/58 | €81,540 | €122,254 | +€40,714 | +49.9% |
| Deferred charges and accrued income | 490/1 | €2,638 | €4,307 | +€1,669 | +63.3% |
| Total equity and liabilities | 10/49 | €122,249 | €182,483 | +€60,234 | +49.3% |
| Equity | 10/15 | €91,633 | €153,455 | +€61,822 | +67.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €88,633 | €150,455 | +€61,822 | +69.7% |
| Distributable reserves | 133 | €88,633 | €150,455 | +€61,822 | +69.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €30,616 | €29,028 | -€1,588 | -5.2% |
| Amounts payable within one year | 42/48 | €30,616 | €29,028 | -€1,588 | -5.2% |
| Trade debts | 44 | €1,156 | €1,203 | +€47 | +4.1% |
| Suppliers | 440/4 | €1,156 | €1,203 | +€47 | +4.1% |
| Taxes, remuneration and social security | 45 | €27,742 | €27,825 | +€83 | +0.3% |
| Taxes | 450/3 | €27,742 | €27,825 | +€83 | +0.3% |
| Other amounts payable | 47/48 | €1,718 | €0 | -€1,718 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €223 | €1,235 | +€1,011 | +452.6% |
| Other operating charges | 640/8 | €176 | €128 | -€48 | -27.3% |
| Gross operating margin | 9900 | €81,980 | €79,986 | -€1,994 | -2.4% |
| Operating profit (loss) | 9901 | €81,581 | €78,623 | -€2,958 | -3.6% |
| Financial income | 75/76B | €854 | €1,730 | +€876 | +102.5% |
| Recurring financial income | 75 | €854 | €1,730 | +€876 | +102.5% |
| Financial charges | 65/66B | €2,168 | €1,769 | -€399 | -18.4% |
| Recurring financial charges | 65 | €2,168 | €1,769 | -€399 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €80,267 | €78,584 | -€1,683 | -2.1% |
| Income taxes | 67/77 | €17,127 | €16,762 | -€365 | -2.1% |
| Profit (loss) for the period | 9904 | €63,139 | €61,822 | -€1,318 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,139 | €61,822 | -€1,318 | -2.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.