DAVY SERNEELS: 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.
DAVY SERNEELS
Largest movements
- Tangible fixed assets -€12,874
down €12,874 (-22.3%), from €57,604 to €44,730
of which Land and buildings: -€6,720
- Stocks and contracts +€1,374
up €1,374 (+27.7%), from €4,951 to €6,325
- Cash +€942
up €942 (+14.5%), from €6,480 to €7,422
mainly Depreciation (+€13,402) and Net result for the year (+€10,261)
- Debts after one year -€12,200
down €12,200 (-13.1%), from €92,800 to €80,600
- Profit (loss) carried forward +€10,261
up €10,261 (+23.7%), from -€43,204 to -€32,943
- Tax, wage and social debts -€3,973
down €3,973 (-98.2%), from €4,046 to €74
- Trade debts -€2,607
down €2,607 (-45.9%), from €5,683 to €3,075
- Other debts -€2,121
down €2,121 (-70.1%), from €3,025 to €904
- Staff costs -€2,179
no longer reported in 2025 (was €2,179)
- Gross operating margin +€1,420
up €1,420 (+6.2%), from €22,827 to €24,247
- Other operating charges -€382
down €382 (-39.5%), from €967 to €585
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.
Cash bridge derived
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 | €72,351 | €61,710 | -€10,640 | -14.7% |
| Fixed assets | 21/28 | €57,604 | €44,730 | -€12,874 | -22.3% |
| Tangible fixed assets | 22/27 | €57,604 | €44,730 | -€12,874 | -22.3% |
| Land and buildings | 22 | €45,518 | €38,798 | -€6,720 | -14.8% |
| Plant, machinery and equipment | 23 | €7,381 | €4,038 | -€3,343 | -45.3% |
| Furniture and vehicles | 24 | €4,705 | €1,894 | -€2,811 | -59.7% |
| Current assets | 29/58 | €14,746 | €16,980 | +€2,233 | +15.1% |
| Stocks and contracts in progress | 3 | €4,951 | €6,325 | +€1,374 | +27.7% |
| Stocks | 30/36 | €4,951 | €6,325 | +€1,374 | +27.7% |
| Amounts receivable within one year | 40/41 | €3,316 | €3,233 | -€83 | -2.5% |
| Other amounts receivable | 41 | €3,316 | €3,233 | -€83 | -2.5% |
| Cash at bank and in hand | 54/58 | €6,480 | €7,422 | +€942 | +14.5% |
| Total equity and liabilities | 10/49 | €72,351 | €61,710 | -€10,640 | -14.7% |
| Equity | 10/15 | -€33,204 | -€22,943 | +€10,261 | +30.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,204 | -€32,943 | +€10,261 | +23.7% |
| Amounts payable | 17/49 | €105,554 | €84,653 | -€20,901 | -19.8% |
| Amounts payable after more than one year | 17 | €92,800 | €80,600 | -€12,200 | -13.1% |
| Financial debts | 170/4 | €92,800 | €80,600 | -€12,200 | -13.1% |
| Amounts payable within one year | 42/48 | €12,754 | €4,053 | -€8,701 | -68.2% |
| Trade debts | 44 | €5,683 | €3,075 | -€2,607 | -45.9% |
| Suppliers | 440/4 | €5,683 | €3,075 | -€2,607 | -45.9% |
| Taxes, remuneration and social security | 45 | €4,046 | €74 | -€3,973 | -98.2% |
| Taxes | 450/3 | €4,046 | €74 | -€3,973 | -98.2% |
| Other amounts payable | 47/48 | €3,025 | €904 | -€2,121 | -70.1% |
| Remuneration, social security and pensions | 62 | €2,179 | - | -€2,179 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,313 | €13,402 | +€89 | +0.7% |
| Other operating charges | 640/8 | €967 | €585 | -€382 | -39.5% |
| Gross operating margin | 9900 | €22,827 | €24,247 | +€1,420 | +6.2% |
| Operating profit (loss) | 9901 | €6,368 | €10,261 | +€3,892 | +61.1% |
| Financial charges | 65/66B | €0 | €0 | -€0 | -66.7% |
| Recurring financial charges | 65 | €0 | €0 | -€0 | -66.7% |
| Profit (loss) for the period before taxes | 9903 | €6,368 | €10,261 | +€3,892 | +61.1% |
| Profit (loss) for the period | 9904 | €6,368 | €10,261 | +€3,892 | +61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,368 | €10,261 | +€3,892 | +61.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.