ROYAL SERENITY: what changed
ROYAL SERENITY
Largest movements
- Cash +€20,701
up €20,701 (+39.9%), from €51,923 to €72,624
mainly Trade debts (+€22,719) and Receivables within one year (+€3,585)
- Receivables within one year -€3,585
down €3,585 (-10.1%), from €35,420 to €31,834
of which Trade receivables: -€1,897
- Tangible fixed assets -€2,644
down €2,644 (-52.8%), from €5,010 to €2,366
of which Furniture and vehicles: -€3,878
- Stocks and contracts -€2,349
down €2,349 (-7.3%), from €32,361 to €30,012
- Trade debts +€22,719
up €22,719 (+313%), from €7,251 to €29,970
- Profit (loss) carried forward -€6,438
down €6,438 (-8.4%), from €76,251 to €69,813
- Tax, wage and social debts -€5,088
down €5,088 (-34.4%), from €14,776 to €9,689
of which Taxes: -€5,962
- Gross operating margin -€32,588
down €32,588 (-18.0%), from €181,317 to €148,729
- Staff costs -€23,228
down €23,228 (-13.4%), from €173,934 to €150,706
- Taxes -€2,150
down €2,150 (-84.5%), from €2,543 to €393
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,973 | €138,731 | +€10,758 | +8.4% |
| Fixed assets | 21/28 | €5,088 | €2,445 | -€2,644 | -52.0% |
| Tangible fixed assets | 22/27 | €5,010 | €2,366 | -€2,644 | -52.8% |
| Plant, machinery and equipment | 23 | - | €1,235 | +€1,235 | |
| Furniture and vehicles | 24 | €5,010 | €1,131 | -€3,878 | -77.4% |
| Financial fixed assets | 28 | €79 | €79 | = | 0.0% |
| Current assets | 29/58 | €122,885 | €136,287 | +€13,402 | +10.9% |
| Stocks and contracts in progress | 3 | €32,361 | €30,012 | -€2,349 | -7.3% |
| Stocks | 30/36 | €32,361 | €30,012 | -€2,349 | -7.3% |
| Amounts receivable within one year | 40/41 | €35,420 | €31,834 | -€3,585 | -10.1% |
| Trade receivables | 40 | €31,994 | €30,098 | -€1,897 | -5.9% |
| Other amounts receivable | 41 | €3,425 | €1,736 | -€1,689 | -49.3% |
| Cash at bank and in hand | 54/58 | €51,923 | €72,624 | +€20,701 | +39.9% |
| Deferred charges and accrued income | 490/1 | €3,182 | €1,817 | -€1,365 | -42.9% |
| Total equity and liabilities | 10/49 | €127,973 | €138,731 | +€10,758 | +8.4% |
| Equity | 10/15 | €105,511 | €99,073 | -€6,438 | -6.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €16,860 | €16,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,251 | €69,813 | -€6,438 | -8.4% |
| Amounts payable | 17/49 | €22,462 | €39,658 | +€17,196 | +76.6% |
| Amounts payable within one year | 42/48 | €22,027 | €39,658 | +€17,631 | +80.0% |
| Trade debts | 44 | €7,251 | €29,970 | +€22,719 | +313% |
| Suppliers | 440/4 | €7,251 | €29,970 | +€22,719 | +313% |
| Taxes, remuneration and social security | 45 | €14,776 | €9,689 | -€5,088 | -34.4% |
| Taxes | 450/3 | €12,345 | €6,383 | -€5,962 | -48.3% |
| Remuneration and social security | 454/9 | €2,432 | €3,306 | +€874 | +36.0% |
| Accrued charges and deferred income | 492/3 | €435 | - | -€435 | |
| Remuneration, social security and pensions | 62 | €173,934 | €150,706 | -€23,228 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,680 | €2,644 | -€37 | -1.4% |
| Other operating charges | 640/8 | €2,242 | €1,300 | -€942 | -42.0% |
| Gross operating margin | 9900 | €181,317 | €148,729 | -€32,588 | -18.0% |
| Operating profit (loss) | 9901 | €2,460 | -€5,921 | -€8,381 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +1,000% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1,000% |
| Financial charges | 65/66B | €115 | €124 | +€9 | +7.5% |
| Recurring financial charges | 65 | €115 | €124 | +€9 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €2,345 | -€6,045 | -€8,390 | |
| Income taxes | 67/77 | €2,543 | €393 | -€2,150 | -84.5% |
| Profit (loss) for the period | 9904 | -€198 | -€6,438 | -€6,240 | -3,153% |
| Profit (loss) for the period to be appropriated | 9905 | -€198 | -€6,438 | -€6,240 | -3,153% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.