DE SERRE: 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.
DE SERRE
Largest movements
- Cash -€36,404
down €36,404 (-36.8%), from €99,032 to €62,628
mainly Contributions, distributions and other (-€101,377) and Debts after one year (-€16,221)
- Tangible fixed assets -€9,485
down €9,485 (-3.2%), from €292,740 to €283,256
of which Land and buildings: -€17,098
- Reserves -€29,628
down €29,628 (-29.2%), from €101,377 to €71,749
- Debts after one year -€16,221
down €16,221 (-7.1%), from €228,839 to €212,618
- Tax, wage and social debts +€5,402
up €5,402 (+69.5%), from €7,774 to €13,177
- Gross operating margin +€10,841
up €10,841 (+9.6%), from €112,478 to €123,319
- Taxes +€3,089
up €3,089 (+19.7%), from €15,661 to €18,750
- Depreciation -€1,728
down €1,728 (-6.5%), from €26,420 to €24,692
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 | €431,312 | €389,050 | -€42,262 | -9.8% |
| Fixed assets | 21/28 | €294,740 | €285,256 | -€9,485 | -3.2% |
| Tangible fixed assets | 22/27 | €292,740 | €283,256 | -€9,485 | -3.2% |
| Land and buildings | 22 | €278,754 | €261,656 | -€17,098 | -6.1% |
| Plant, machinery and equipment | 23 | €12,439 | €10,727 | -€1,712 | -13.8% |
| Furniture and vehicles | 24 | €1,547 | €4,438 | +€2,891 | +186.9% |
| Other tangible fixed assets | 26 | - | €6,434 | +€6,434 | |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €136,572 | €103,795 | -€32,777 | -24.0% |
| Stocks and contracts in progress | 3 | €13,854 | €12,781 | -€1,073 | -7.7% |
| Stocks | 30/36 | €13,854 | €12,781 | -€1,073 | -7.7% |
| Amounts receivable within one year | 40/41 | €21,064 | €25,238 | +€4,174 | +19.8% |
| Trade receivables | 40 | €20,636 | €25,238 | +€4,602 | +22.3% |
| Other amounts receivable | 41 | €428 | - | -€428 | |
| Cash at bank and in hand | 54/58 | €99,032 | €62,628 | -€36,404 | -36.8% |
| Deferred charges and accrued income | 490/1 | €2,622 | €3,148 | +€526 | +20.1% |
| Total equity and liabilities | 10/49 | €431,312 | €389,050 | -€42,262 | -9.8% |
| Equity | 10/15 | €119,977 | €90,349 | -€29,628 | -24.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,377 | €71,749 | -€29,628 | -29.2% |
| Distributable reserves | 133 | €101,377 | €71,749 | -€29,628 | -29.2% |
| Amounts payable | 17/49 | €311,335 | €298,701 | -€12,633 | -4.1% |
| Amounts payable after more than one year | 17 | €228,839 | €212,618 | -€16,221 | -7.1% |
| Financial debts | 170/4 | €228,839 | €212,618 | -€16,221 | -7.1% |
| Amounts payable within one year | 42/48 | €82,371 | €85,891 | +€3,521 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €16,276 | €16,221 | -€55 | -0.3% |
| Trade debts | 44 | €2,398 | €4,078 | +€1,680 | +70.1% |
| Suppliers | 440/4 | €2,398 | €4,078 | +€1,680 | +70.1% |
| Taxes, remuneration and social security | 45 | €7,774 | €13,177 | +€5,402 | +69.5% |
| Taxes | 450/3 | €7,774 | €13,177 | +€5,402 | +69.5% |
| Other amounts payable | 47/48 | €55,923 | €52,416 | -€3,506 | -6.3% |
| Accrued charges and deferred income | 492/3 | €125 | €192 | +€67 | +53.3% |
| Non-recurring operating income | 76A | - | €661 | +€661 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,420 | €24,692 | -€1,728 | -6.5% |
| Other operating charges | 640/8 | €2,676 | €2,603 | -€74 | -2.8% |
| Gross operating margin | 9900 | €112,478 | €123,319 | +€10,841 | +9.6% |
| Operating profit (loss) | 9901 | €83,381 | €96,025 | +€12,644 | +15.2% |
| Financial income | 75/76B | €20 | €7 | -€13 | -66.3% |
| Recurring financial income | 75 | €20 | €7 | -€13 | -66.3% |
| Financial charges | 65/66B | €5,953 | €5,533 | -€420 | -7.1% |
| Recurring financial charges | 65 | €5,953 | €5,533 | -€420 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €77,448 | €90,499 | +€13,051 | +16.9% |
| Income taxes | 67/77 | €15,661 | €18,750 | +€3,089 | +19.7% |
| Profit (loss) for the period | 9904 | €61,787 | €71,749 | +€9,962 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,787 | €71,749 | +€9,962 | +16.1% |
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.