CATHERINE SERRE: 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.
CATHERINE SERRE
Largest movements
- Intangible fixed assets -€67,597
down €67,597 (-12.5%), from €540,775 to €473,178
- Tangible fixed assets -€12,635
down €12,635 (-8.2%), from €153,562 to €140,927
of which Furniture and vehicles: -€8,354
- Cash -€7,612
no longer reported in 2025 (was €7,612)
mainly Debts after one year (-€89,952) and Net result for the year (-€27,896)
- Debts after one year -€89,952
down €89,952 (-19.1%), from €470,551 to €380,599
- Other debts +€39,522
new in 2025: €39,522
- Profit (loss) carried forward -€25,427
down €25,427 (-120%), from -€21,208 to -€46,635
- Trade debts +€9,681
up €9,681 (+48.7%), from €19,893 to €29,574
- Accrued charges and deferred income -€7,598
down €7,598 (-88.9%), from €8,543 to €945
- Financial charges +€41,642
up €41,642 (+376%), from €11,089 to €52,731
- Gross operating margin +€33,686
up €33,686 (+31.8%), from €105,911 to €139,597
- Taxes -€4,023
down €4,023 (-24.5%), from €16,391 to €12,368
- Staff costs +€2,330
up €2,330 (+12.6%), from €18,464 to €20,794
- Other operating charges -€1,410
down €1,410 (-41.3%), from €3,412 to €2,002
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 | €715,062 | €631,446 | -€83,615 | -11.7% |
| Fixed assets | 21/28 | €696,091 | €616,035 | -€80,056 | -11.5% |
| Intangible fixed assets | 21 | €540,775 | €473,178 | -€67,597 | -12.5% |
| Tangible fixed assets | 22/27 | €153,562 | €140,927 | -€12,635 | -8.2% |
| Land and buildings | 22 | €142,245 | €138,112 | -€4,133 | -2.9% |
| Furniture and vehicles | 24 | €10,873 | €2,519 | -€8,354 | -76.8% |
| Other tangible fixed assets | 26 | €444 | €296 | -€148 | -33.3% |
| Financial fixed assets | 28 | €1,754 | €1,930 | +€176 | +10.0% |
| Current assets | 29/58 | €18,971 | €15,412 | -€3,559 | -18.8% |
| Amounts receivable within one year | 40/41 | €9,197 | €12,902 | +€3,705 | +40.3% |
| Trade receivables | 40 | €960 | €12,902 | +€11,942 | +1,244% |
| Other amounts receivable | 41 | €8,237 | - | -€8,237 | |
| Cash at bank and in hand | 54/58 | €7,612 | - | -€7,612 | |
| Deferred charges and accrued income | 490/1 | €2,162 | €2,510 | +€348 | +16.1% |
| Total equity and liabilities | 10/49 | €715,062 | €631,446 | -€83,615 | -11.7% |
| Equity | 10/15 | €82,897 | €55,001 | -€27,896 | -33.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €64,105 | €61,636 | -€2,469 | -3.9% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €60,105 | €57,636 | -€2,469 | -4.1% |
| Profit (loss) carried forward | 14 | -€21,208 | -€46,635 | -€25,427 | -120% |
| Provisions and deferred taxes | 16 | €20,035 | €19,212 | -€823 | -4.1% |
| Deferred taxes | 168 | €20,035 | €19,212 | -€823 | -4.1% |
| Amounts payable | 17/49 | €612,130 | €557,233 | -€54,897 | -9.0% |
| Amounts payable after more than one year | 17 | €470,551 | €380,599 | -€89,952 | -19.1% |
| Financial debts | 170/4 | €470,551 | €380,599 | -€89,952 | -19.1% |
| Amounts payable within one year | 42/48 | €133,036 | €175,689 | +€42,654 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | €80,734 | €76,080 | -€4,654 | -5.8% |
| Financial debts | 43 | €2,669 | €1,749 | -€920 | -34.5% |
| Credit institutions | 430/8 | €2,669 | €1,749 | -€920 | -34.5% |
| Trade debts | 44 | €19,893 | €29,574 | +€9,681 | +48.7% |
| Suppliers | 440/4 | €19,893 | €29,574 | +€9,681 | +48.7% |
| Taxes, remuneration and social security | 45 | €29,740 | €28,764 | -€976 | -3.3% |
| Taxes | 450/3 | €24,993 | €23,122 | -€1,871 | -7.5% |
| Remuneration and social security | 454/9 | €4,746 | €5,642 | +€896 | +18.9% |
| Other amounts payable | 47/48 | - | €39,522 | +€39,522 | |
| Accrued charges and deferred income | 492/3 | €8,543 | €945 | -€7,598 | -88.9% |
| Remuneration, social security and pensions | 62 | €18,464 | €20,794 | +€2,330 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,675 | €80,521 | -€154 | -0.2% |
| Other operating charges | 640/8 | €3,412 | €2,002 | -€1,410 | -41.3% |
| Gross operating margin | 9900 | €105,911 | €139,597 | +€33,686 | +31.8% |
| Operating profit (loss) | 9901 | €3,359 | €36,279 | +€32,920 | +980% |
| Financial income | 75/76B | €11 | €101 | +€91 | +857% |
| Recurring financial income | 75 | €11 | €101 | +€91 | +857% |
| Financial charges | 65/66B | €11,089 | €52,731 | +€41,642 | +376% |
| Recurring financial charges | 65 | €11,089 | €52,731 | +€41,642 | +376% |
| Profit (loss) for the period before taxes | 9903 | -€7,719 | -€16,351 | -€8,632 | -112% |
| Transfer from deferred taxes | 780 | €823 | €823 | = | 0.0% |
| Income taxes | 67/77 | €16,391 | €12,368 | -€4,023 | -24.5% |
| Profit (loss) for the period | 9904 | -€23,287 | -€27,896 | -€4,609 | -19.8% |
| Transfer from tax-exempt reserves | 789 | €2,469 | €2,469 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,818 | -€25,427 | -€4,609 | -22.1% |
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 16 October 2026 via checked.be.