SERAD: 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.
SERAD
Largest movements
- Tangible fixed assets -€28,037
down €28,037 (-8.7%), from €323,545 to €295,508
of which Land and buildings: -€26,202
- Receivables within one year -€10,533
down €10,533 (-67.9%), from €15,510 to €4,976
of which Trade receivables: -€12,665
- Cash -€8,080
down €8,080 (-46.5%), from €17,364 to €9,284
mainly Net result for the year (-€17,453) and Other debts (-€15,178)
- Deferred charges and accrued income +€6,500
new in 2025: €6,500
- Profit (loss) carried forward -€17,453
down €17,453 (-58.9%), from -€29,614 to -€47,067
- Other debts -€15,178
down €15,178 (-24.4%), from €62,210 to €47,031
- Trade debts -€6,174
down €6,174 (-72.3%), from €8,543 to €2,370
- Gross operating margin -€7,003
down €7,003 (-26.1%), from €26,815 to €19,811
- Depreciation -€2,750
down €2,750 (-8.9%), from €30,787 to €28,037
- Financial charges -€909
down €909 (-16.8%), from €5,408 to €4,499
- Other operating charges +€601
up €601 (+9.3%), from €6,496 to €7,098
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 | €451,782 | €411,925 | -€39,857 | -8.8% |
| Fixed assets | 21/28 | €333,505 | €305,761 | -€27,744 | -8.3% |
| Tangible fixed assets | 22/27 | €323,545 | €295,508 | -€28,037 | -8.7% |
| Land and buildings | 22 | €315,325 | €289,122 | -€26,202 | -8.3% |
| Plant, machinery and equipment | 23 | €6,994 | €5,555 | -€1,438 | -20.6% |
| Furniture and vehicles | 24 | €1,227 | €830 | -€397 | -32.3% |
| Financial fixed assets | 28 | €9,960 | €10,253 | +€293 | +2.9% |
| Current assets | 29/58 | €118,277 | €106,164 | -€12,113 | -10.2% |
| Amounts receivable within one year | 40/41 | €15,510 | €4,976 | -€10,533 | -67.9% |
| Trade receivables | 40 | €14,516 | €1,850 | -€12,665 | -87.3% |
| Other amounts receivable | 41 | €994 | €3,126 | +€2,132 | +214.6% |
| Current investments | 50/53 | €85,403 | €85,403 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,364 | €9,284 | -€8,080 | -46.5% |
| Deferred charges and accrued income | 490/1 | - | €6,500 | +€6,500 | |
| Total equity and liabilities | 10/49 | €451,782 | €411,925 | -€39,857 | -8.8% |
| Equity | 10/15 | €376,447 | €358,994 | -€17,453 | -4.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €387,511 | €387,511 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,900 | €9,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,900 | €9,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,675 | €4,675 | = | 0.0% |
| Distributable reserves | 133 | €372,936 | €372,936 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,614 | -€47,067 | -€17,453 | -58.9% |
| Amounts payable | 17/49 | €75,335 | €52,931 | -€22,404 | -29.7% |
| Amounts payable within one year | 42/48 | €70,960 | €49,401 | -€21,559 | -30.4% |
| Trade debts | 44 | €8,543 | €2,370 | -€6,174 | -72.3% |
| Suppliers | 440/4 | €8,543 | €2,370 | -€6,174 | -72.3% |
| Taxes, remuneration and social security | 45 | €207 | - | -€207 | |
| Taxes | 450/3 | €207 | - | -€207 | |
| Other amounts payable | 47/48 | €62,210 | €47,031 | -€15,178 | -24.4% |
| Accrued charges and deferred income | 492/3 | €4,375 | €3,530 | -€845 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,787 | €28,037 | -€2,750 | -8.9% |
| Other operating charges | 640/8 | €6,496 | €7,098 | +€601 | +9.3% |
| Gross operating margin | 9900 | €26,815 | €19,811 | -€7,003 | -26.1% |
| Operating profit (loss) | 9901 | -€10,469 | -€15,324 | -€4,855 | -46.4% |
| Financial income | 75/76B | €2,277 | €2,407 | +€129 | +5.7% |
| Recurring financial income | 75 | €2,277 | €2,407 | +€129 | +5.7% |
| Financial charges | 65/66B | €5,408 | €4,499 | -€909 | -16.8% |
| Recurring financial charges | 65 | €5,408 | €4,499 | -€909 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,599 | -€17,416 | -€3,817 | -28.1% |
| Income taxes | 67/77 | - | €37 | +€37 | |
| Profit (loss) for the period | 9904 | -€13,599 | -€17,453 | -€3,853 | -28.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,599 | -€17,453 | -€3,853 | -28.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.