SERCAM: 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.
SERCAM
Largest movements
- Tangible fixed assets +€287,989
new in 2025: €287,989
- Current investments -€100,450
down €100,450 (-77.0%), from €130,451 to €30,001
- Receivables within one year +€78,567
up €78,567 (+387%), from €20,285 to €98,852
of which Trade receivables: +€69,931
- Cash -€33,072
down €33,072 (-22.0%), from €150,056 to €116,985
mainly Investment in fixed assets (net) (-€336,428) and Receivables within one year (-€78,567)
- Debts after one year +€138,826
new in 2025: €138,826
- Reserves +€59,959
up €59,959 (+14.3%), from €418,295 to €478,254
of which Distributable reserves: +€56,962
- Current portion of long-term debt +€25,623
new in 2025: €25,623
- Depreciation +€48,439
new in 2025: €48,439
- Gross operating margin +€17,618
up €17,618 (+13.5%), from €130,972 to €148,590
- Taxes -€6,737
down €6,737 (-22.3%), from €30,237 to €23,501
- Financial charges +€4,280
up €4,280 (+29.5%), from €14,496 to €18,776
- Financial income +€1,714
up €1,714 (+82.6%), from €2,076 to €3,790
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 | €1,746,645 | €1,978,803 | +€232,158 | +13.3% |
| Fixed assets | 21/28 | €1,443,062 | €1,731,051 | +€287,989 | +20.0% |
| Tangible fixed assets | 22/27 | - | €287,989 | +€287,989 | |
| Land and buildings | 22 | - | €287,989 | +€287,989 | |
| Financial fixed assets | 28 | €1,443,062 | €1,443,062 | = | 0.0% |
| Current assets | 29/58 | €303,583 | €247,752 | -€55,831 | -18.4% |
| Amounts receivable within one year | 40/41 | €20,285 | €98,852 | +€78,567 | +387% |
| Trade receivables | 40 | €20,285 | €90,216 | +€69,931 | +345% |
| Other amounts receivable | 41 | - | €8,636 | +€8,636 | |
| Current investments | 50/53 | €130,451 | €30,001 | -€100,450 | -77.0% |
| Cash at bank and in hand | 54/58 | €150,056 | €116,985 | -€33,072 | -22.0% |
| Deferred charges and accrued income | 490/1 | €2,790 | €1,914 | -€876 | -31.4% |
| Total equity and liabilities | 10/49 | €1,746,645 | €1,978,803 | +€232,158 | +13.3% |
| Equity | 10/15 | €1,361,395 | €1,421,354 | +€59,959 | +4.4% |
| Contributions | 10/11 | €943,100 | €943,100 | = | 0.0% |
| Capital | 10 | €943,100 | €943,100 | = | 0.0% |
| Issued capital | 100 | €943,100 | €943,100 | = | 0.0% |
| Reserves | 13 | €418,295 | €478,254 | +€59,959 | +14.3% |
| Non-distributable reserves | 130/1 | €27,186 | €30,183 | +€2,998 | +11.0% |
| Legal reserve | 130 | €27,186 | €30,183 | +€2,998 | +11.0% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €349,009 | €405,971 | +€56,962 | +16.3% |
| Amounts payable | 17/49 | €385,251 | €557,449 | +€172,198 | +44.7% |
| Amounts payable after more than one year | 17 | - | €138,826 | +€138,826 | |
| Financial debts | 170/4 | - | €138,826 | +€138,826 | |
| Amounts payable within one year | 42/48 | €368,383 | €397,296 | +€28,913 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | - | €25,623 | +€25,623 | |
| Trade debts | 44 | €1,832 | €790 | -€1,042 | -56.9% |
| Suppliers | 440/4 | €1,832 | €790 | -€1,042 | -56.9% |
| Taxes, remuneration and social security | 45 | €9,436 | €11,378 | +€1,942 | +20.6% |
| Taxes | 450/3 | €7,217 | €9,530 | +€2,314 | +32.1% |
| Remuneration and social security | 454/9 | €2,219 | €1,847 | -€372 | -16.8% |
| Other amounts payable | 47/48 | €357,115 | €359,505 | +€2,390 | +0.7% |
| Accrued charges and deferred income | 492/3 | €16,868 | €21,327 | +€4,459 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €48,439 | +€48,439 | |
| Other operating charges | 640/8 | €1,459 | €1,705 | +€246 | +16.9% |
| Gross operating margin | 9900 | €130,972 | €148,590 | +€17,618 | +13.5% |
| Operating profit (loss) | 9901 | €129,513 | €98,446 | -€31,067 | -24.0% |
| Financial income | 75/76B | €2,076 | €3,790 | +€1,714 | +82.6% |
| Recurring financial income | 75 | €2,076 | €3,790 | +€1,714 | +82.6% |
| Financial charges | 65/66B | €14,496 | €18,776 | +€4,280 | +29.5% |
| Recurring financial charges | 65 | €14,496 | €18,776 | +€4,280 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €117,093 | €83,460 | -€33,633 | -28.7% |
| Income taxes | 67/77 | €30,237 | €23,501 | -€6,737 | -22.3% |
| Profit (loss) for the period | 9904 | €86,855 | €59,959 | -€26,896 | -31.0% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,755 | €59,959 | +€15,204 | +34.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.