BART SERREYN: 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.
BART SERREYN
Largest movements
- Cash +€69,721
up €69,721 (+40.4%), from €172,411 to €242,132
mainly Net result for the year (+€66,111) and Depreciation (+€7,380)
- Tangible fixed assets -€4,480
down €4,480 (-20.7%), from €21,599 to €17,119
of which Furniture and vehicles: -€4,055
- Reserves +€66,540
up €66,540 (+106%), from €62,860 to €129,400
of which Distributable reserves: +€66,540
- Current portion of long-term debt -€6,640
down €6,640 (-72.6%), from €9,139 to €2,500
- Other debts +€3,546
up €3,546 (+3.3%), from €106,415 to €109,961
- Financial charges -€7,586
down €7,586 (-96.0%), from €7,905 to €319
- Gross operating margin -€5,729
down €5,729 (-5.8%), from €98,762 to €93,033
- Depreciation -€4,296
down €4,296 (-36.8%), from €11,676 to €7,380
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 | €210,411 | €273,494 | +€63,083 | +30.0% |
| Fixed assets | 21/28 | €21,599 | €17,119 | -€4,480 | -20.7% |
| Tangible fixed assets | 22/27 | €21,599 | €17,119 | -€4,480 | -20.7% |
| Land and buildings | 22 | €1,969 | €1,313 | -€657 | -33.3% |
| Plant, machinery and equipment | 23 | €1,609 | €1,351 | -€258 | -16.0% |
| Furniture and vehicles | 24 | €4,055 | €0 | -€4,055 | -100% |
| Other tangible fixed assets | 26 | €13,965 | €14,454 | +€489 | +3.5% |
| Current assets | 29/58 | €188,812 | €256,375 | +€67,563 | +35.8% |
| Cash at bank and in hand | 54/58 | €172,411 | €242,132 | +€69,721 | +40.4% |
| Deferred charges and accrued income | 490/1 | €16,401 | €14,244 | -€2,158 | -13.2% |
| Total equity and liabilities | 10/49 | €210,411 | €273,494 | +€63,083 | +30.0% |
| Equity | 10/15 | €81,937 | €148,048 | +€66,111 | +80.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62,860 | €129,400 | +€66,540 | +106% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €62,860 | €129,400 | +€66,540 | +106% |
| Profit (loss) carried forward | 14 | €477 | €48 | -€429 | -90.0% |
| Amounts payable | 17/49 | €128,474 | €125,446 | -€3,028 | -2.4% |
| Amounts payable after more than one year | 17 | €2,500 | €0 | -€2,500 | -100% |
| Financial debts | 170/4 | €2,500 | €0 | -€2,500 | -100% |
| Amounts payable within one year | 42/48 | €125,975 | €125,446 | -€528 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €9,139 | €2,500 | -€6,640 | -72.6% |
| Trade debts | 44 | €1,978 | €2,671 | +€692 | +35.0% |
| Suppliers | 440/4 | €1,978 | €2,671 | +€692 | +35.0% |
| Taxes, remuneration and social security | 45 | €8,442 | €10,315 | +€1,873 | +22.2% |
| Taxes | 450/3 | €8,442 | €10,315 | +€1,873 | +22.2% |
| Other amounts payable | 47/48 | €106,415 | €109,961 | +€3,546 | +3.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,676 | €7,380 | -€4,296 | -36.8% |
| Other operating charges | 640/8 | €1,147 | €1,306 | +€159 | +13.8% |
| Gross operating margin | 9900 | €98,762 | €93,033 | -€5,729 | -5.8% |
| Operating profit (loss) | 9901 | €85,938 | €84,347 | -€1,592 | -1.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -84.6% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -84.6% |
| Financial charges | 65/66B | €7,905 | €319 | -€7,586 | -96.0% |
| Recurring financial charges | 65 | €7,905 | €319 | -€7,586 | -96.0% |
| Profit (loss) for the period before taxes | 9903 | €78,033 | €84,027 | +€5,994 | +7.7% |
| Income taxes | 67/77 | €17,399 | €17,916 | +€518 | +3.0% |
| Profit (loss) for the period | 9904 | €60,634 | €66,111 | +€5,477 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,634 | €66,111 | +€5,477 | +9.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.