SER.GE: 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.
SER.GE
Largest movements
- Tangible fixed assets +€395,983
up €395,983 (+755.7%), from €52,398 to €448,381
of which Land and buildings: +€412,376
- Receivables within one year +€29,703
up €29,703 (+86.3%), from €34,400 to €64,103
of which Other amounts receivable: +€46,966
- Cash +€7,269
up €7,269 (+26.0%), from €28,002 to €35,270
mainly Debts after one year (+€328,975) and Other debts (+€75,906)
- Debts after one year +€328,975
up €328,975 (+1363.4%), from €24,128 to €353,104
- Other debts +€75,906
up €75,906 (+1441.3%), from €5,266 to €81,172
- Current portion of long-term debt +€26,347
up €26,347 (+272.9%), from €9,653 to €36,000
- Gross operating margin -€24,476
down €24,476 (-36.3%), from €67,509 to €43,033
- Depreciation +€16,241
up €16,241 (+133.6%), from €12,156 to €28,397
- Taxes -€15,041
down €15,041 (-90.9%), from €16,554 to €1,513
- Financial charges +€7,973
up €7,973 (+344.6%), from €2,313 to €10,287
- Other operating charges +€2,339
up €2,339 (+59.8%), from €3,914 to €6,253
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 | €125,545 | €555,360 | +€429,816 | +342.4% |
| Fixed assets | 21/28 | €52,398 | €448,381 | +€395,983 | +755.7% |
| Tangible fixed assets | 22/27 | €52,398 | €448,381 | +€395,983 | +755.7% |
| Land and buildings | 22 | - | €412,376 | +€412,376 | |
| Plant, machinery and equipment | 23 | €10,523 | €4,182 | -€6,341 | -60.3% |
| Furniture and vehicles | 24 | €41,658 | €31,822 | -€9,835 | -23.6% |
| Leasing and similar rights | 25 | €217 | €0 | -€217 | -100.0% |
| Current assets | 29/58 | €73,146 | €106,979 | +€33,833 | +46.3% |
| Stocks and contracts in progress | 3 | €9,622 | €7,216 | -€2,405 | -25.0% |
| Stocks | 30/36 | €9,622 | €7,216 | -€2,405 | -25.0% |
| Amounts receivable within one year | 40/41 | €34,400 | €64,103 | +€29,703 | +86.3% |
| Trade receivables | 40 | €30,277 | €13,014 | -€17,263 | -57.0% |
| Other amounts receivable | 41 | €4,123 | €51,089 | +€46,966 | +1139.2% |
| Cash at bank and in hand | 54/58 | €28,002 | €35,270 | +€7,269 | +26.0% |
| Deferred charges and accrued income | 490/1 | €1,123 | €389 | -€734 | -65.3% |
| Total equity and liabilities | 10/49 | €125,545 | €555,360 | +€429,816 | +342.4% |
| Equity | 10/15 | €74,173 | €71,082 | -€3,092 | -4.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,173 | €49,082 | -€3,092 | -5.9% |
| Amounts payable | 17/49 | €51,371 | €484,279 | +€432,907 | +842.7% |
| Amounts payable after more than one year | 17 | €24,128 | €353,104 | +€328,975 | +1363.4% |
| Financial debts | 170/4 | €24,128 | €353,104 | +€328,975 | +1363.4% |
| Amounts payable within one year | 42/48 | €26,743 | €128,339 | +€101,596 | +379.9% |
| Current portion of amounts payable after more than one year | 42 | €9,653 | €36,000 | +€26,347 | +272.9% |
| Trade debts | 44 | €8,580 | €7,690 | -€890 | -10.4% |
| Suppliers | 440/4 | €8,580 | €7,690 | -€890 | -10.4% |
| Taxes, remuneration and social security | 45 | €3,244 | €3,477 | +€233 | +7.2% |
| Taxes | 450/3 | €3,244 | €3,477 | +€233 | +7.2% |
| Other amounts payable | 47/48 | €5,266 | €81,172 | +€75,906 | +1441.3% |
| Accrued charges and deferred income | 492/3 | €500 | €2,836 | +€2,336 | +467.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,156 | €28,397 | +€16,241 | +133.6% |
| Other operating charges | 640/8 | €3,914 | €6,253 | +€2,339 | +59.8% |
| Gross operating margin | 9900 | €67,509 | €43,033 | -€24,476 | -36.3% |
| Operating profit (loss) | 9901 | €51,439 | €8,383 | -€43,055 | -83.7% |
| Financial income | 75/76B | €1,334 | €325 | -€1,009 | -75.7% |
| Recurring financial income | 75 | €1,334 | €325 | -€1,009 | -75.7% |
| Financial charges | 65/66B | €2,313 | €10,287 | +€7,973 | +344.6% |
| Recurring financial charges | 65 | €2,313 | €10,287 | +€7,973 | +344.6% |
| Profit (loss) for the period before taxes | 9903 | €50,459 | -€1,578 | -€52,038 | |
| Income taxes | 67/77 | €16,554 | €1,513 | -€15,041 | -90.9% |
| Profit (loss) for the period | 9904 | €33,905 | -€3,092 | -€36,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,905 | -€3,092 | -€36,997 |
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 6 October 2026 via checked.be.