SERA HORECA: 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 HORECA
Largest movements
- Tangible fixed assets +€84,413
up €84,413 (+21.2%), from €398,658 to €483,071
of which Land and buildings: +€252,744
- Cash -€31,875
down €31,875 (-80.4%), from €39,661 to €7,786
mainly Investment in fixed assets (net) (-€101,860) and Net result for the year (-€12,601)
- Deferred charges and accrued income -€9,782
down €9,782 (-75.9%), from €12,882 to €3,099
- Receivables within one year -€6,566
down €6,566 (-88.1%), from €7,457 to €890
- Debts after one year +€31,610
up €31,610 (+10.2%), from €309,252 to €340,862
- Current portion of long-term debt +€17,706
up €17,706 (+333.3%), from €5,313 to €23,019
- Profit (loss) carried forward -€12,601
down €12,601 (-36.6%), from -€34,390 to -€46,991
- Depreciation +€4,688
up €4,688 (+36.7%), from €12,759 to €17,447
- Financial charges +€4,195
up €4,195 (+30.1%), from €13,937 to €18,132
- Gross operating margin +€371
up €371 (+1.5%), from €25,007 to €25,378
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 | €458,658 | €494,847 | +€36,189 | +7.9% |
| Fixed assets | 21/28 | €398,658 | €483,071 | +€84,413 | +21.2% |
| Tangible fixed assets | 22/27 | €398,658 | €483,071 | +€84,413 | +21.2% |
| Land and buildings | 22 | €193,506 | €446,250 | +€252,744 | +130.6% |
| Plant, machinery and equipment | 23 | €2,477 | €4,203 | +€1,726 | +69.7% |
| Furniture and vehicles | 24 | - | €32,619 | +€32,619 | |
| Assets under construction and advance payments | 27 | €202,675 | €0 | -€202,675 | -100.0% |
| Current assets | 29/58 | €60,000 | €11,776 | -€48,224 | -80.4% |
| Amounts receivable within one year | 40/41 | €7,457 | €890 | -€6,566 | -88.1% |
| Other amounts receivable | 41 | €7,457 | €890 | -€6,566 | -88.1% |
| Cash at bank and in hand | 54/58 | €39,661 | €7,786 | -€31,875 | -80.4% |
| Deferred charges and accrued income | 490/1 | €12,882 | €3,099 | -€9,782 | -75.9% |
| Total equity and liabilities | 10/49 | €458,658 | €494,847 | +€36,189 | +7.9% |
| Equity | 10/15 | €132,564 | €119,963 | -€12,601 | -9.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €141,954 | €141,954 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €141,954 | €141,954 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,390 | -€46,991 | -€12,601 | -36.6% |
| Amounts payable | 17/49 | €326,094 | €374,884 | +€48,790 | +15.0% |
| Amounts payable after more than one year | 17 | €309,252 | €340,862 | +€31,610 | +10.2% |
| Financial debts | 170/4 | €309,252 | €340,862 | +€31,610 | +10.2% |
| Amounts payable within one year | 42/48 | €13,774 | €30,173 | +€16,399 | +119.1% |
| Current portion of amounts payable after more than one year | 42 | €5,313 | €23,019 | +€17,706 | +333.3% |
| Financial debts | 43 | - | €17 | +€17 | |
| Credit institutions | 430/8 | - | €17 | +€17 | |
| Trade debts | 44 | €8,263 | €3,360 | -€4,903 | -59.3% |
| Suppliers | 440/4 | €8,263 | €3,360 | -€4,903 | -59.3% |
| Taxes, remuneration and social security | 45 | €198 | €2,828 | +€2,630 | +1328.1% |
| Taxes | 450/3 | €198 | €788 | +€590 | +297.8% |
| Remuneration and social security | 454/9 | - | €2,040 | +€2,040 | |
| Other amounts payable | 47/48 | - | €949 | +€949 | |
| Accrued charges and deferred income | 492/3 | €3,068 | €3,849 | +€782 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,759 | €17,447 | +€4,688 | +36.7% |
| Other operating charges | 640/8 | €2,024 | €2,221 | +€196 | +9.7% |
| Gross operating margin | 9900 | €25,007 | €25,378 | +€371 | +1.5% |
| Operating profit (loss) | 9901 | €10,224 | €5,710 | -€4,514 | -44.1% |
| Financial income | 75/76B | €29 | €0 | -€29 | -100.0% |
| Recurring financial income | 75 | €29 | €0 | -€29 | -100.0% |
| Financial charges | 65/66B | €13,937 | €18,132 | +€4,195 | +30.1% |
| Recurring financial charges | 65 | €13,937 | €18,132 | +€4,195 | +30.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,684 | -€12,422 | -€8,737 | -237.2% |
| Income taxes | 67/77 | €198 | €180 | -€18 | -9.3% |
| Profit (loss) for the period | 9904 | -€3,882 | -€12,601 | -€8,719 | -224.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,882 | -€12,601 | -€8,719 | -224.6% |
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.