SER & CO: 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.
SER & CO
Largest movements
- Receivables within one year +€2,019
new in 2025: €2,019
- Cash +€974
up €974 (+1217.4%), from €80 to €1,054
mainly Contributions, distributions and other (+€3,272) and Debts after one year (+€698)
- Profit (loss) carried forward +€1,988
up €1,988 (+60.8%), from -€3,272 to -€1,284
- Debts after one year +€698
up €698 (+21.8%), from €3,202 to €3,900
- Turnover -€2,100
no longer reported in 2025 (was €2,100)
- Gross operating margin +€1,885
up €1,885 (+89.8%), from €2,100 to €3,985
- Other operating charges -€103
down €103 (-2.0%), from €5,065 to €4,962
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 | €47,529 | €50,215 | +€2,686 | +5.7% |
| Formation expenses | 20 | €614 | €307 | -€307 | -50.0% |
| Fixed assets | 21/28 | €46,835 | €46,835 | = | 0.0% |
| Tangible fixed assets | 22/27 | €46,835 | €46,835 | = | 0.0% |
| Land and buildings | 22 | €46,835 | €46,835 | = | 0.0% |
| Current assets | 29/58 | €80 | €3,073 | +€2,993 | +3741.4% |
| Amounts receivable within one year | 40/41 | - | €2,019 | +€2,019 | |
| Trade receivables | 40 | - | €2,019 | +€2,019 | |
| Cash at bank and in hand | 54/58 | €80 | €1,054 | +€974 | +1217.4% |
| Total equity and liabilities | 10/49 | €47,529 | €50,215 | +€2,686 | +5.7% |
| Equity | 10/15 | €44,327 | €46,315 | +€1,988 | +4.5% |
| Contributions | 10/11 | €45,599 | €45,599 | = | 0.0% |
| Capital | 10 | €45,599 | €45,599 | = | 0.0% |
| Issued capital | 100 | €45,599 | €45,599 | = | 0.0% |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,272 | -€1,284 | +€1,988 | +60.8% |
| Investment grants | 15 | - | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Amounts payable | 17/49 | €3,202 | €3,900 | +€698 | +21.8% |
| Amounts payable after more than one year | 17 | €3,202 | €3,900 | +€698 | +21.8% |
| Other amounts payable | 178/9 | €3,202 | €3,900 | +€698 | +21.8% |
| Turnover | 70 | €2,100 | - | -€2,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €307 | €307 | = | 0.0% |
| Other operating charges | 640/8 | €5,065 | €4,962 | -€103 | -2.0% |
| Gross operating margin | 9900 | €2,100 | €3,985 | +€1,885 | +89.8% |
| Operating profit (loss) | 9901 | -€3,272 | -€1,284 | +€1,988 | +60.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,272 | -€1,284 | +€1,988 | +60.8% |
| Profit (loss) for the period | 9904 | -€3,272 | -€1,284 | +€1,988 | +60.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,272 | -€1,284 | +€1,988 | +60.8% |
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 12 October 2026 via checked.be.