S.E.R.S.: what changed
Two financial 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.
S.E.R.S.
Largest movements
- Receivables within one year -€8,982
down €8,982 (-9.4%), from €95,421 to €86,439
of which Trade receivables: -€8,611
- Cash -€4,431
down €4,431 (-32.9%), from €13,464 to €9,034
mainly Trade debts (-€10,302) and Net result for the year (-€5,579)
- Tangible fixed assets -€2,939
down €2,939 (-46.0%), from €6,383 to €3,444
- Trade debts -€10,302
down €10,302 (-98.9%), from €10,420 to €118
- Profit (loss) carried forward -€5,579
down €5,579 (-6.7%), from €83,777 to €78,198
- Gross operating margin -€17,199
down €17,199, from €16,006 to -€1,193
- Taxes -€3,607
down €3,607 (-94.7%), from €3,809 to €202
- Depreciation +€2,277
up €2,277 (+343.8%), from €662 to €2,939
- Other operating charges -€1,140
no longer reported in 2025 (was €1,140)
- Financial charges +€419
up €419 (+50.8%), from €826 to €1,245
of which Non-recurring financial charges: +€968
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 | €115,268 | €98,916 | -€16,352 | -14.2% |
| Fixed assets | 21/28 | €6,383 | €3,444 | -€2,939 | -46.0% |
| Tangible fixed assets | 22/27 | €6,383 | €3,444 | -€2,939 | -46.0% |
| Land and buildings | 22 | €6,383 | €3,444 | -€2,939 | -46.0% |
| Current assets | 29/58 | €108,885 | €95,472 | -€13,413 | -12.3% |
| Amounts receivable within one year | 40/41 | €95,421 | €86,439 | -€8,982 | -9.4% |
| Trade receivables | 40 | €8,611 | - | -€8,611 | |
| Other amounts receivable | 41 | €86,810 | €86,439 | -€371 | -0.4% |
| Cash at bank and in hand | 54/58 | €13,464 | €9,034 | -€4,431 | -32.9% |
| Total equity and liabilities | 10/49 | €115,268 | €98,916 | -€16,352 | -14.2% |
| Equity | 10/15 | €104,229 | €98,650 | -€5,579 | -5.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €83,777 | €78,198 | -€5,579 | -6.7% |
| Amounts payable | 17/49 | €11,039 | €267 | -€10,773 | -97.6% |
| Amounts payable within one year | 42/48 | €11,039 | €267 | -€10,773 | -97.6% |
| Trade debts | 44 | €10,420 | €118 | -€10,302 | -98.9% |
| Suppliers | 440/4 | €10,420 | €118 | -€10,302 | -98.9% |
| Taxes, remuneration and social security | 45 | €619 | €149 | -€471 | -76.0% |
| Taxes | 450/3 | €619 | €149 | -€471 | -76.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €662 | €2,939 | +€2,277 | +343.8% |
| Other operating charges | 640/8 | €1,140 | - | -€1,140 | |
| Gross operating margin | 9900 | €16,006 | -€1,193 | -€17,199 | |
| Operating profit (loss) | 9901 | €14,203 | -€4,132 | -€18,336 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €826 | €1,245 | +€419 | +50.8% |
| Recurring financial charges | 65 | €581 | €33 | -€548 | -94.3% |
| Non-recurring financial charges | 66B | €245 | €1,212 | +€968 | +395.5% |
| Profit (loss) for the period before taxes | 9903 | €13,378 | -€5,378 | -€18,755 | |
| Income taxes | 67/77 | €3,809 | €202 | -€3,607 | -94.7% |
| Profit (loss) for the period | 9904 | €9,568 | -€5,579 | -€15,148 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,568 | -€5,579 | -€15,148 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.