SERA MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year -€14,642
down €14,642 (-80.7%), from €18,155 to €3,513
of which Trade receivables: -€17,747
- Cash -€11,818
down €11,818 (-53.3%), from €22,161 to €10,343
mainly Debts after one year (-€94,594) and Contributions, distributions and other (-€60,000)
- Debts after one year -€94,594
down €94,594 (-80.1%), from €118,120 to €23,527
of which Financial debts: -€58,120
- Other debts +€52,442
up €52,442 (+612.1%), from €8,568 to €61,010
- Reserves +€51,855
up €51,855 (+18.4%), from €282,033 to €333,888
- Tax, wage and social debts -€23,960
down €23,960 (-55.8%), from €42,952 to €18,992
- Current portion of long-term debt -€9,169
down €9,169 (-13.6%), from €67,289 to €58,120
- Financial income +€18,280
up €18,280 (+1058.3%), from €1,727 to €20,008
- Gross operating margin -€6,885
down €6,885 (-5.0%), from €138,124 to €131,239
- Taxes -€2,439
down €2,439 (-7.1%), from €34,330 to €31,891
- Financial charges +€1,667
up €1,667 (+38.9%), from €4,283 to €5,950
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 | €546,162 | €521,502 | -€24,659 | -4.5% |
| Fixed assets | 21/28 | €500,000 | €502,207 | +€2,207 | +0.4% |
| Tangible fixed assets | 22/27 | - | €2,207 | +€2,207 | |
| Furniture and vehicles | 24 | - | €2,207 | +€2,207 | |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €46,162 | €19,295 | -€26,866 | -58.2% |
| Amounts receivable within one year | 40/41 | €18,155 | €3,513 | -€14,642 | -80.7% |
| Trade receivables | 40 | €18,150 | €403 | -€17,747 | -97.8% |
| Other amounts receivable | 41 | €5 | €3,109 | +€3,104 | +63610.9% |
| Cash at bank and in hand | 54/58 | €22,161 | €10,343 | -€11,818 | -53.3% |
| Deferred charges and accrued income | 490/1 | €5,845 | €5,440 | -€405 | -6.9% |
| Total equity and liabilities | 10/49 | €546,162 | €521,502 | -€24,659 | -4.5% |
| Equity | 10/15 | €307,033 | €358,888 | +€51,855 | +16.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €282,033 | €333,888 | +€51,855 | +18.4% |
| Distributable reserves | 133 | €282,033 | €333,888 | +€51,855 | +18.4% |
| Amounts payable | 17/49 | €239,128 | €162,614 | -€76,514 | -32.0% |
| Amounts payable after more than one year | 17 | €118,120 | €23,527 | -€94,594 | -80.1% |
| Financial debts | 170/4 | €58,120 | - | -€58,120 | |
| Other amounts payable | 178/9 | €60,000 | €23,527 | -€36,473 | -60.8% |
| Amounts payable within one year | 42/48 | €121,008 | €138,837 | +€17,829 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €67,289 | €58,120 | -€9,169 | -13.6% |
| Trade debts | 44 | €2,199 | €715 | -€1,484 | -67.5% |
| Suppliers | 440/4 | €2,199 | €715 | -€1,484 | -67.5% |
| Taxes, remuneration and social security | 45 | €42,952 | €18,992 | -€23,960 | -55.8% |
| Taxes | 450/3 | €42,952 | €18,992 | -€23,960 | -55.8% |
| Other amounts payable | 47/48 | €8,568 | €61,010 | +€52,442 | +612.1% |
| Accrued charges and deferred income | 492/3 | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €729 | +€729 | |
| Other operating charges | 640/8 | €1,413 | €822 | -€591 | -41.8% |
| Gross operating margin | 9900 | €138,124 | €131,239 | -€6,885 | -5.0% |
| Operating profit (loss) | 9901 | €136,711 | €129,688 | -€7,023 | -5.1% |
| Financial income | 75/76B | €1,727 | €20,008 | +€18,280 | +1058.3% |
| Recurring financial income | 75 | €1,727 | €20,008 | +€18,280 | +1058.3% |
| Financial charges | 65/66B | €4,283 | €5,950 | +€1,667 | +38.9% |
| Recurring financial charges | 65 | €4,283 | €5,950 | +€1,667 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | €134,155 | €143,746 | +€9,591 | +7.1% |
| Income taxes | 67/77 | €34,330 | €31,891 | -€2,439 | -7.1% |
| Profit (loss) for the period | 9904 | €99,825 | €111,855 | +€12,030 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €99,825 | €111,855 | +€12,030 | +12.1% |
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.