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 -€8,762
down €8,762 (-59.4%), from €14,754 to €5,992
mainly Other debts (-€11,117) and Net result for the year (-€7,751)
- Tangible fixed assets -€5,999
down €5,999 (-42.2%), from €14,214 to €8,215
- Receivables within one year -€2,557
down €2,557 (-27.6%), from €9,270 to €6,713
of which Other amounts receivable: -€3,580
- Other debts -€11,117
down €11,117 (-43.2%), from €25,715 to €14,598
- Reserves -€7,751
down €7,751 (-93.3%), from €8,309 to €559
- Tax, wage and social debts +€4,924
up €4,924 (+160.7%), from €3,065 to €7,989
of which Remuneration and social security: +€4,808
- Trade debts -€3,328
down €3,328 (-99.5%), from €3,345 to €17
- Staff costs +€23,629
up €23,629 (+106.6%), from €22,162 to €45,791
- Gross operating margin +€6,776
up €6,776 (+17.6%), from €38,436 to €45,212
- Taxes -€3,065
no longer reported in 2025 (was €3,065)
- Depreciation +€2,214
up €2,214 (+58.5%), from €3,786 to €5,999
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 | €41,436 | €24,182 | -€17,254 | -41.6% |
| Fixed assets | 21/28 | €14,214 | €8,215 | -€5,999 | -42.2% |
| Tangible fixed assets | 22/27 | €14,214 | €8,215 | -€5,999 | -42.2% |
| Furniture and vehicles | 24 | €14,214 | €8,215 | -€5,999 | -42.2% |
| Current assets | 29/58 | €27,221 | €15,967 | -€11,254 | -41.3% |
| Amounts receivable within one year | 40/41 | €9,270 | €6,713 | -€2,557 | -27.6% |
| Trade receivables | 40 | €5,690 | €6,713 | +€1,023 | +18.0% |
| Other amounts receivable | 41 | €3,580 | - | -€3,580 | |
| Cash at bank and in hand | 54/58 | €14,754 | €5,992 | -€8,762 | -59.4% |
| Deferred charges and accrued income | 490/1 | €3,197 | €3,262 | +€65 | +2.0% |
| Total equity and liabilities | 10/49 | €41,436 | €24,182 | -€17,254 | -41.6% |
| Equity | 10/15 | €8,409 | €659 | -€7,751 | -92.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €8,309 | €559 | -€7,751 | -93.3% |
| Distributable reserves | 133 | €8,309 | €559 | -€7,751 | -93.3% |
| Amounts payable | 17/49 | €33,026 | €23,523 | -€9,503 | -28.8% |
| Amounts payable within one year | 42/48 | €32,125 | €22,604 | -€9,521 | -29.6% |
| Trade debts | 44 | €3,345 | €17 | -€3,328 | -99.5% |
| Suppliers | 440/4 | €3,345 | €17 | -€3,328 | -99.5% |
| Taxes, remuneration and social security | 45 | €3,065 | €7,989 | +€4,924 | +160.7% |
| Taxes | 450/3 | €3,065 | €3,181 | +€116 | +3.8% |
| Remuneration and social security | 454/9 | - | €4,808 | +€4,808 | |
| Other amounts payable | 47/48 | €25,715 | €14,598 | -€11,117 | -43.2% |
| Accrued charges and deferred income | 492/3 | €901 | €919 | +€18 | +2.0% |
| Remuneration, social security and pensions | 62 | €22,162 | €45,791 | +€23,629 | +106.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,786 | €5,999 | +€2,214 | +58.5% |
| Other operating charges | 640/8 | €1,040 | €1,132 | +€92 | +8.9% |
| Gross operating margin | 9900 | €38,436 | €45,212 | +€6,776 | +17.6% |
| Operating profit (loss) | 9901 | €11,448 | -€7,710 | -€19,159 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +300.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300.0% |
| Financial charges | 65/66B | €74 | €40 | -€33 | -45.2% |
| Recurring financial charges | 65 | €74 | €40 | -€33 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €11,375 | -€7,751 | -€19,125 | |
| Income taxes | 67/77 | €3,065 | - | -€3,065 | |
| Profit (loss) for the period | 9904 | €8,309 | -€7,751 | -€16,060 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,309 | -€7,751 | -€16,060 |
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.