SERA: 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.
SERA
Largest movements
- Tangible fixed assets -€151,432
down €151,432 (-26.0%), from €583,429 to €431,997
of which Other tangible fixed assets: -€146,745
- Cash +€53,051
up €53,051 (+102.1%), from €51,965 to €105,016
mainly Net result for the year (+€458,223) and Depreciation (+€171,664)
- Receivables within one year +€20,924
up €20,924 (+5.5%), from €382,327 to €403,251
of which Trade receivables: +€21,516
- Current portion of long-term debt -€47,619
down €47,619 (-88.8%), from €53,619 to €6,000
- Trade debts -€30,395
down €30,395 (-6.0%), from €510,713 to €480,318
- Tax, wage and social debts -€26,948
down €26,948 (-24.1%), from €112,016 to €85,067
of which Taxes: -€29,058
- Accrued charges and deferred income +€26,215
up €26,215 (+4042.3%), from €649 to €26,863
- Gross operating margin +€86,484
up €86,484 (+7.2%), from €1.2m to €1.3m
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 | €1,439,806 | €1,361,559 | -€78,247 | -5.4% |
| Fixed assets | 21/28 | €583,429 | €431,997 | -€151,432 | -26.0% |
| Tangible fixed assets | 22/27 | €583,429 | €431,997 | -€151,432 | -26.0% |
| Plant, machinery and equipment | 23 | €45,439 | €40,752 | -€4,686 | -10.3% |
| Other tangible fixed assets | 26 | €537,990 | €391,245 | -€146,745 | -27.3% |
| Current assets | 29/58 | €856,377 | €929,562 | +€73,184 | +8.5% |
| Stocks and contracts in progress | 3 | €395,299 | €392,602 | -€2,697 | -0.7% |
| Stocks | 30/36 | €395,299 | €392,602 | -€2,697 | -0.7% |
| Amounts receivable within one year | 40/41 | €382,327 | €403,251 | +€20,924 | +5.5% |
| Trade receivables | 40 | €350,040 | €371,556 | +€21,516 | +6.1% |
| Other amounts receivable | 41 | €32,287 | €31,695 | -€592 | -1.8% |
| Cash at bank and in hand | 54/58 | €51,965 | €105,016 | +€53,051 | +102.1% |
| Deferred charges and accrued income | 490/1 | €26,787 | €28,693 | +€1,906 | +7.1% |
| Total equity and liabilities | 10/49 | €1,439,806 | €1,361,559 | -€78,247 | -5.4% |
| Equity | 10/15 | €280,645 | €288,868 | +€8,223 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €242,563 | €237,395 | -€5,168 | -2.1% |
| Tax-exempt reserves | 132 | €42,563 | €37,395 | -€5,168 | -12.1% |
| Distributable reserves | 133 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,482 | €32,873 | +€13,391 | +68.7% |
| Provisions and deferred taxes | 16 | €14,165 | €12,442 | -€1,723 | -12.2% |
| Deferred taxes | 168 | €14,165 | €12,442 | -€1,723 | -12.2% |
| Amounts payable | 17/49 | €1,144,996 | €1,060,248 | -€84,748 | -7.4% |
| Amounts payable after more than one year | 17 | €18,000 | €12,000 | -€6,000 | -33.3% |
| Financial debts | 170/4 | €18,000 | €12,000 | -€6,000 | -33.3% |
| Amounts payable within one year | 42/48 | €1,126,348 | €1,021,385 | -€104,963 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €53,619 | €6,000 | -€47,619 | -88.8% |
| Trade debts | 44 | €510,713 | €480,318 | -€30,395 | -6.0% |
| Suppliers | 440/4 | €510,713 | €480,318 | -€30,395 | -6.0% |
| Taxes, remuneration and social security | 45 | €112,016 | €85,067 | -€26,948 | -24.1% |
| Taxes | 450/3 | €38,315 | €9,257 | -€29,058 | -75.8% |
| Remuneration and social security | 454/9 | €73,701 | €75,810 | +€2,109 | +2.9% |
| Other amounts payable | 47/48 | €450,000 | €450,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €649 | €26,863 | +€26,215 | +4042.3% |
| Non-recurring operating income | 76A | - | €125,000 | +€125,000 | |
| Remuneration, social security and pensions | 62 | €635,966 | €626,050 | -€9,916 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,471 | €171,664 | +€192 | +0.1% |
| Other operating charges | 640/8 | €2,286 | €2,351 | +€66 | +2.9% |
| Gross operating margin | 9900 | €1,206,917 | €1,293,401 | +€86,484 | +7.2% |
| Operating profit (loss) | 9901 | €397,194 | €493,336 | +€96,142 | +24.2% |
| Financial income | 75/76B | €5,750 | €7,963 | +€2,213 | +38.5% |
| Recurring financial income | 75 | €5,750 | €7,963 | +€2,213 | +38.5% |
| Financial charges | 65/66B | €37,228 | €33,311 | -€3,917 | -10.5% |
| Recurring financial charges | 65 | €37,228 | €33,311 | -€3,917 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €365,716 | €467,988 | +€102,273 | +28.0% |
| Transfer from deferred taxes | 780 | €1,723 | €1,723 | = | 0.0% |
| Income taxes | 67/77 | €18,726 | €11,488 | -€7,238 | -38.7% |
| Profit (loss) for the period | 9904 | €348,712 | €458,223 | +€109,511 | +31.4% |
| Transfer from tax-exempt reserves | 789 | €5,168 | €5,168 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €353,880 | €463,391 | +€109,511 | +30.9% |
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 5 October 2026 via checked.be.