SER MULTICONSTRUCT: 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 MULTICONSTRUCT
Largest movements
- Receivables within one year +€34,515
up €34,515 (+145.8%), from €23,674 to €58,189
of which Trade receivables: +€51,464
- Cash +€12,169
up €12,169 (+76.2%), from €15,970 to €28,139
mainly Trade debts (+€34,511) and Net result for the year (+€13,720)
- Tangible fixed assets -€7,200
down €7,200 (-12.5%), from €57,600 to €50,400
- Trade debts +€34,511
up €34,511 (+3609.9%), from €956 to €35,467
- Debts after one year -€26,050
down €26,050 (-57.0%), from €45,736 to €19,686
- Current portion of long-term debt +€13,272
new in 2025: €13,272
- Reserves +€10,000
up €10,000 (+29.5%), from €33,860 to €43,860
of which Distributable reserves: +€10,000
- Tax, wage and social debts +€4,030
new in 2025: €4,030
- Gross operating margin +€23,165
up €23,165 (+378.6%), from €6,118 to €29,283
- Taxes +€4,030
new in 2025: €4,030
- Financial charges -€3,382
down €3,382 (-55.6%), from €6,086 to €2,704
- Other operating charges +€1,185
up €1,185 (+265.6%), from €446 to €1,631
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 | €97,244 | €136,727 | +€39,483 | +40.6% |
| Fixed assets | 21/28 | €57,600 | €50,400 | -€7,200 | -12.5% |
| Tangible fixed assets | 22/27 | €57,600 | €50,400 | -€7,200 | -12.5% |
| Furniture and vehicles | 24 | €57,600 | €50,400 | -€7,200 | -12.5% |
| Current assets | 29/58 | €39,644 | €86,327 | +€46,683 | +117.8% |
| Amounts receivable within one year | 40/41 | €23,674 | €58,189 | +€34,515 | +145.8% |
| Trade receivables | 40 | €4,447 | €55,911 | +€51,464 | +1157.3% |
| Other amounts receivable | 41 | €19,227 | €2,277 | -€16,950 | -88.2% |
| Cash at bank and in hand | 54/58 | €15,970 | €28,139 | +€12,169 | +76.2% |
| Total equity and liabilities | 10/49 | €97,244 | €136,727 | +€39,483 | +40.6% |
| Equity | 10/15 | €50,552 | €64,272 | +€13,720 | +27.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €33,860 | €43,860 | +€10,000 | +29.5% |
| 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 | €32,000 | €42,000 | +€10,000 | +31.3% |
| Profit (loss) carried forward | 14 | -€1,908 | €1,812 | +€3,720 | |
| Amounts payable | 17/49 | €46,692 | €72,455 | +€25,763 | +55.2% |
| Amounts payable after more than one year | 17 | €45,736 | €19,686 | -€26,050 | -57.0% |
| Financial debts | 170/4 | €45,736 | €19,686 | -€26,050 | -57.0% |
| Amounts payable within one year | 42/48 | €956 | €52,769 | +€51,813 | +5419.8% |
| Current portion of amounts payable after more than one year | 42 | - | €13,272 | +€13,272 | |
| Trade debts | 44 | €956 | €35,467 | +€34,511 | +3609.9% |
| Suppliers | 440/4 | €956 | €35,467 | +€34,511 | +3609.9% |
| Taxes, remuneration and social security | 45 | - | €4,030 | +€4,030 | |
| Taxes | 450/3 | - | €4,030 | +€4,030 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,200 | €7,200 | = | 0.0% |
| Other operating charges | 640/8 | €446 | €1,631 | +€1,185 | +265.6% |
| Gross operating margin | 9900 | €6,118 | €29,283 | +€23,165 | +378.6% |
| Operating profit (loss) | 9901 | -€1,528 | €20,452 | +€21,980 | |
| Financial income | 75/76B | €2 | €2 | +€0 | +12.0% |
| Recurring financial income | 75 | €2 | €2 | +€0 | +12.0% |
| Financial charges | 65/66B | €6,086 | €2,704 | -€3,382 | -55.6% |
| Recurring financial charges | 65 | €6,086 | €2,704 | -€3,382 | -55.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,612 | €17,750 | +€25,362 | |
| Income taxes | 67/77 | - | €4,030 | +€4,030 | |
| Profit (loss) for the period | 9904 | -€7,612 | €13,720 | +€21,332 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,612 | €13,720 | +€21,332 |
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.