SERAF: 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.
SERAF
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Financial fixed assets -€200,000
down €200,000 (-8.7%), from €2.3m to €2.1m
- Cash -€29,552
down €29,552 (-27.1%), from €108,989 to €79,438
mainly Current investments (-€300,000) and Tax, wage and social debts (-€29,114)
- Reserves +€121,856
up €121,856 (+5.2%), from €2.4m to €2.5m
of which Distributable reserves: +€121,856
- Tax, wage and social debts -€29,114
down €29,114 (-80.0%), from €36,379 to €7,265
- Other debts -€27,453
down €27,453 (-98.6%), from €27,854 to €400
- Financial income -€673,750
down €673,750 (-98.9%), from €681,404 to €7,654
- Taxes -€53,789
down €53,789 (-48.3%), from €111,321 to €57,532
- Gross operating margin +€23,995
up €23,995 (+16.1%), from €149,298 to €173,293
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.
Derived cash bridge
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 | €2,425,276 | €2,490,684 | +€65,408 | +2.7% |
| Fixed assets | 21/28 | €2,286,000 | €2,086,000 | -€200,000 | -8.7% |
| Financial fixed assets | 28 | €2,286,000 | €2,086,000 | -€200,000 | -8.7% |
| Current assets | 29/58 | €139,276 | €404,684 | +€265,408 | +191% |
| Amounts receivable within one year | 40/41 | - | €18,069 | +€18,069 | |
| Other amounts receivable | 41 | - | €18,069 | +€18,069 | |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €108,989 | €79,438 | -€29,552 | -27.1% |
| Deferred charges and accrued income | 490/1 | €30,287 | €7,178 | -€23,109 | -76.3% |
| Total equity and liabilities | 10/49 | €2,425,276 | €2,490,684 | +€65,408 | +2.7% |
| Equity | 10/15 | €2,360,679 | €2,482,535 | +€121,856 | +5.2% |
| Reserves | 13 | €2,360,679 | €2,482,535 | +€121,856 | +5.2% |
| Non-distributable reserves | 130/1 | €36,793 | €36,793 | = | 0.0% |
| Reserves not available under the articles | 1311 | €36,793 | €36,793 | = | 0.0% |
| Distributable reserves | 133 | €2,323,886 | €2,445,742 | +€121,856 | +5.2% |
| Amounts payable | 17/49 | €64,598 | €8,150 | -€56,448 | -87.4% |
| Amounts payable within one year | 42/48 | €64,598 | €8,150 | -€56,448 | -87.4% |
| Trade debts | 44 | €365 | €485 | +€120 | +32.9% |
| Suppliers | 440/4 | €365 | €485 | +€120 | +32.9% |
| Taxes, remuneration and social security | 45 | €36,379 | €7,265 | -€29,114 | -80.0% |
| Taxes | 450/3 | €36,379 | €7,265 | -€29,114 | -80.0% |
| Other amounts payable | 47/48 | €27,854 | €400 | -€27,453 | -98.6% |
| Other operating charges | 640/8 | €1,266 | €1,299 | +€33 | +2.6% |
| Gross operating margin | 9900 | €149,298 | €173,293 | +€23,995 | +16.1% |
| Operating profit (loss) | 9901 | €148,032 | €171,993 | +€23,961 | +16.2% |
| Financial income | 75/76B | €681,404 | €7,654 | -€673,750 | -98.9% |
| Recurring financial income | 75 | €681,404 | €7,654 | -€673,750 | -98.9% |
| Financial charges | 65/66B | €170 | €259 | +€89 | +52.5% |
| Recurring financial charges | 65 | €170 | €259 | +€89 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €829,266 | €179,388 | -€649,878 | -78.4% |
| Income taxes | 67/77 | €111,321 | €57,532 | -€53,789 | -48.3% |
| Profit (loss) for the period | 9904 | €717,945 | €121,856 | -€596,089 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €717,945 | €121,856 | -€596,089 | -83.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.