DE SERRES: 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 SERRES
Largest movements
- Receivables after one year +€77,100
new in 2025: €77,100
- Cash +€34,319
up €34,319 (+72.1%), from €47,626 to €81,945
mainly Debts after one year (+€82,930) and Net result for the year (+€76,325)
- Receivables within one year +€13,515
up €13,515 (+30.8%), from €43,874 to €57,389
of which Other amounts receivable: +€7,688
- Stocks and contracts +€12,115
up €12,115 (+2.8%), from €437,862 to €449,978
- Tangible fixed assets -€8,756
down €8,756 (-8.9%), from €98,752 to €89,997
of which Land and buildings: -€12,799
- Reserves -€86,940
down €86,940 (-28.0%), from €309,980 to €223,040
- Debts after one year +€82,930
up €82,930 (+215.0%), from €38,567 to €121,497
- Profit (loss) carried forward +€76,325
up €76,325 (+159.3%), from €47,927 to €124,252
- Current portion of long-term debt +€46,016
up €46,016 (+92.7%), from €49,660 to €95,676
- Trade debts -€29,690
down €29,690 (-42.0%), from €70,701 to €41,011
- Gross operating margin +€23,537
up €23,537 (+12.2%), from €192,601 to €216,138
- Financial income +€6,558
up €6,558 (+1109.4%), from €591 to €7,149
- Staff costs -€6,431
down €6,431 (-7.3%), from €88,093 to €81,662
- Depreciation +€5,777
up €5,777 (+18.5%), from €31,289 to €37,066
- Taxes +€2,245
up €2,245 (+13.7%), from €16,412 to €18,658
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 | €632,868 | €756,408 | +€123,540 | +19.5% |
| Fixed assets | 21/28 | €98,752 | €89,997 | -€8,756 | -8.9% |
| Tangible fixed assets | 22/27 | €98,752 | €89,997 | -€8,756 | -8.9% |
| Land and buildings | 22 | €45,094 | €32,295 | -€12,799 | -28.4% |
| Plant, machinery and equipment | 23 | €29,144 | €22,553 | -€6,591 | -22.6% |
| Furniture and vehicles | 24 | €24,515 | €35,149 | +€10,635 | +43.4% |
| Current assets | 29/58 | €534,115 | €666,411 | +€132,296 | +24.8% |
| Amounts receivable after more than one year | 29 | - | €77,100 | +€77,100 | |
| Trade receivables | 290 | - | €77,100 | +€77,100 | |
| Stocks and contracts in progress | 3 | €437,862 | €449,978 | +€12,115 | +2.8% |
| Stocks | 30/36 | €437,862 | €449,978 | +€12,115 | +2.8% |
| Amounts receivable within one year | 40/41 | €43,874 | €57,389 | +€13,515 | +30.8% |
| Trade receivables | 40 | €30,152 | €35,979 | +€5,827 | +19.3% |
| Other amounts receivable | 41 | €13,722 | €21,410 | +€7,688 | +56.0% |
| Cash at bank and in hand | 54/58 | €47,626 | €81,945 | +€34,319 | +72.1% |
| Deferred charges and accrued income | 490/1 | €4,753 | - | -€4,753 | |
| Total equity and liabilities | 10/49 | €632,868 | €756,408 | +€123,540 | +19.5% |
| Equity | 10/15 | €376,457 | €365,842 | -€10,615 | -2.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €309,980 | €223,040 | -€86,940 | -28.0% |
| Distributable reserves | 133 | €309,980 | €223,040 | -€86,940 | -28.0% |
| Profit (loss) carried forward | 14 | €47,927 | €124,252 | +€76,325 | +159.3% |
| Amounts payable | 17/49 | €256,410 | €390,565 | +€134,155 | +52.3% |
| Amounts payable after more than one year | 17 | €38,567 | €121,497 | +€82,930 | +215.0% |
| Financial debts | 170/4 | €38,567 | €121,497 | +€82,930 | +215.0% |
| Amounts payable within one year | 42/48 | €217,843 | €269,069 | +€51,225 | +23.5% |
| Current portion of amounts payable after more than one year | 42 | €49,660 | €95,676 | +€46,016 | +92.7% |
| Trade debts | 44 | €70,701 | €41,011 | -€29,690 | -42.0% |
| Suppliers | 440/4 | €70,701 | €41,011 | -€29,690 | -42.0% |
| Taxes, remuneration and social security | 45 | €11,751 | €24,394 | +€12,643 | +107.6% |
| Taxes | 450/3 | €1,118 | €4,347 | +€3,229 | +288.9% |
| Remuneration and social security | 454/9 | €10,633 | €20,047 | +€9,414 | +88.5% |
| Other amounts payable | 47/48 | €85,732 | €107,988 | +€22,256 | +26.0% |
| Non-recurring operating income | 76A | - | €8,966 | +€8,966 | |
| Remuneration, social security and pensions | 62 | €88,093 | €81,662 | -€6,431 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,289 | €37,066 | +€5,777 | +18.5% |
| Other operating charges | 640/8 | €3,935 | €2,018 | -€1,917 | -48.7% |
| Gross operating margin | 9900 | €192,601 | €216,138 | +€23,537 | +12.2% |
| Operating profit (loss) | 9901 | €69,283 | €95,392 | +€26,108 | +37.7% |
| Financial income | 75/76B | €591 | €7,149 | +€6,558 | +1109.4% |
| Recurring financial income | 75 | €591 | €7,149 | +€6,558 | +1109.4% |
| Financial charges | 65/66B | €5,535 | €7,558 | +€2,023 | +36.5% |
| Recurring financial charges | 65 | €5,535 | €7,558 | +€2,023 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €64,339 | €94,983 | +€30,643 | +47.6% |
| Income taxes | 67/77 | €16,412 | €18,658 | +€2,245 | +13.7% |
| Profit (loss) for the period | 9904 | €47,927 | €76,325 | +€28,398 | +59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €47,927 | €76,325 | +€28,398 | +59.3% |
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.