SERAB: 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.
What changed
SERAB
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€856,360
2024 · €353,114+€503,246
Equity
€12.0m
2024 · €11.7m+€287,735
Cash
€6.9m
2024 · €7.5m-€603,211
Balance sheet total
€19.3m
2024 · €16.2m+€3.1m
Largest movements
Assets
- Tangible fixed assets +€3.7m
up €3.7m (+58.6%), from €6.3m to €9.9m
of which Land and buildings: +€3.7m
- Cash -€603,211
down €603,211 (-8.0%), from €7.5m to €6.9m
mainly Investment in fixed assets (net) (-€4.1m) and Contributions, distributions and other (-€568,625)
Equity and liabilities
- Debts after one year +€2.2m
new in 2025: €2.2m
- Other debts +€500,940
up €500,940 (+13.9%), from €3.6m to €4.1m
- Reserves +€287,735
up €287,735 (+2.8%), from €10.4m to €10.6m
of which Distributable reserves: +€332,682
Income statement
- Financial income +€746,465
up €746,465 (+281.5%), from €265,216 to €1.0m
- Depreciation +€178,372
up €178,372 (+64.4%), from €277,117 to €455,489
- Gross operating margin -€52,826
down €52,826 (-9.5%), from €558,031 to €505,204
- Taxes -€28,691
down €28,691 (-17.2%), from €167,155 to €138,464
- Financial charges +€26,313
up €26,313 (+34.0%), from €77,432 to €103,745
of which Financial charges: +€24,065
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.
Result 2024
€353,114
Gross operating margin
-€52,826
Depreciation
-€178,372
Provisions
-€14,602
Other operating charges
-€8,834
Financial income
+€746,465
Financial charges
-€26,313
Taxes
+€28,691
Deferred taxes and other
+€9,037
Result 2025
€856,360
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.
From operations
+€1.6m
Investment
-€4.1m
Financing
+€1.8m
Cash 2024
€7.5m
From operations (derived)
+€1.6m
Net result for the year
+€856,360
Depreciation
+€455,489
Stocks and contracts
+€13,791
Receivables within one year
-€149,230
Deferred charges and accrued income
-€9,035
Provisions
-€74,516
Trade debts
+€45,909
Tax, wage and social debts
-€43,974
Other debts
+€500,940
Accrued charges and deferred income
+€29,967
Investment (derived)
-€4.1m
Investment in fixed assets (net)
-€4.1m
Current investments
+€31,741
Financing
+€1.8m
Debts after one year
+€2.2m
Current portion of long-term debt
+€192,776
Contributions, distributions and other
-€568,625
Cash 2025
€6.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,168,548 | €19,314,610 | +€3.1m | +19.5% |
| Fixed assets | 21/28 | €7,359,794 | €10,996,334 | +€3.6m | +49.4% |
| Tangible fixed assets | 22/27 | €6,254,218 | €9,918,680 | +€3.7m | +58.6% |
| Land and buildings | 22 | €5,634,162 | €9,318,938 | +€3.7m | +65.4% |
| Furniture and vehicles | 24 | €20,614 | €14,723 | -€5,891 | -28.6% |
| Other tangible fixed assets | 26 | €599,442 | €585,019 | -€14,423 | -2.4% |
| Financial fixed assets | 28 | €1,105,576 | €1,077,654 | -€27,922 | -2.5% |
| Current assets | 29/58 | €8,808,754 | €8,318,276 | -€490,478 | -5.6% |
| Stocks and contracts in progress | 3 | €13,791 | €0 | -€13,791 | -100.0% |
| Stocks | 30/36 | €13,791 | €0 | -€13,791 | -100.0% |
| Amounts receivable within one year | 40/41 | €1,252,159 | €1,401,389 | +€149,230 | +11.9% |
| Trade receivables | 40 | €142,256 | €307,506 | +€165,250 | +116.2% |
| Other amounts receivable | 41 | €1,109,903 | €1,093,883 | -€16,020 | -1.4% |
| Current investments | 50/53 | €31,741 | €0 | -€31,741 | -100.0% |
| Cash at bank and in hand | 54/58 | €7,498,644 | €6,895,433 | -€603,211 | -8.0% |
| Deferred charges and accrued income | 490/1 | €12,419 | €21,455 | +€9,035 | +72.8% |
| Total equity and liabilities | 10/49 | €16,168,548 | €19,314,610 | +€3.1m | +19.5% |
| Equity | 10/15 | €11,683,491 | €11,971,226 | +€287,735 | +2.5% |
| Contributions | 10/11 | €1,095,813 | €1,095,813 | = | 0.0% |
| Capital | 10 | €1,095,813 | €1,095,813 | = | 0.0% |
| Issued capital | 100 | €1,095,813 | €1,095,813 | = | 0.0% |
| Revaluation surpluses | 12 | €231,979 | €231,979 | = | 0.0% |
| Reserves | 13 | €10,355,699 | €10,643,434 | +€287,735 | +2.8% |
| Non-distributable reserves | 130/1 | €109,581 | €109,581 | = | 0.0% |
| Legal reserve | 130 | €109,581 | €109,581 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,018,237 | €1,973,291 | -€44,946 | -2.2% |
| Distributable reserves | 133 | €8,227,880 | €8,560,562 | +€332,682 | +4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €741,940 | €667,424 | -€74,516 | -10.0% |
| Provisions for liabilities and charges | 160/5 | €59,062 | €0 | -€59,062 | -100.0% |
| Major repairs and maintenance | 162 | €59,062 | €0 | -€59,062 | -100.0% |
| Deferred taxes | 168 | €682,878 | €667,424 | -€15,454 | -2.3% |
| Amounts payable | 17/49 | €3,743,118 | €6,675,960 | +€2.9m | +78.4% |
| Amounts payable after more than one year | 17 | - | €2,207,224 | +€2.2m | |
| Financial debts | 170/4 | - | €2,207,224 | +€2.2m | |
| Amounts payable within one year | 42/48 | €3,683,951 | €4,379,603 | +€695,651 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €192,776 | +€192,776 | |
| Trade debts | 44 | €30,692 | €76,601 | +€45,909 | +149.6% |
| Suppliers | 440/4 | €30,692 | €76,601 | +€45,909 | +149.6% |
| Taxes, remuneration and social security | 45 | €57,500 | €13,526 | -€43,974 | -76.5% |
| Taxes | 450/3 | €57,500 | €11,414 | -€46,086 | -80.1% |
| Remuneration and social security | 454/9 | €0 | €2,112 | +€2,112 | |
| Other amounts payable | 47/48 | €3,595,759 | €4,096,700 | +€500,940 | +13.9% |
| Accrued charges and deferred income | 492/3 | €59,167 | €89,133 | +€29,967 | +50.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277,117 | €455,489 | +€178,372 | +64.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€73,664 | -€59,062 | +€14,602 | +19.8% |
| Other operating charges | 640/8 | €28,509 | €37,344 | +€8,834 | +31.0% |
| Gross operating margin | 9900 | €558,031 | €505,204 | -€52,826 | -9.5% |
| Operating profit (loss) | 9901 | €326,068 | €71,435 | -€254,634 | -78.1% |
| Financial income | 75/76B | €265,216 | €1,011,680 | +€746,465 | +281.5% |
| Recurring financial income | 75 | €265,216 | €1,011,680 | +€746,465 | +281.5% |
| Financial charges | 65/66B | €77,432 | €103,745 | +€26,313 | +34.0% |
| Recurring financial charges | 65 | €77,432 | €101,497 | +€24,065 | +31.1% |
| Non-recurring financial charges | 66B | - | €2,247 | +€2,247 | |
| Profit (loss) for the period before taxes | 9903 | €513,852 | €979,370 | +€465,518 | +90.6% |
| Transfer from deferred taxes | 780 | €6,417 | €15,454 | +€9,037 | +140.8% |
| Income taxes | 67/77 | €167,155 | €138,464 | -€28,691 | -17.2% |
| Profit (loss) for the period | 9904 | €353,114 | €856,360 | +€503,246 | +142.5% |
| Transfer from tax-exempt reserves | 789 | €17,837 | €44,946 | +€27,110 | +152.0% |
| Profit (loss) for the period to be appropriated | 9905 | €370,951 | €901,307 | +€530,356 | +143.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.