SERAFIEN BAKERY: 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.
What changed
SERAFIEN BAKERY
NACE 46.389, Wholesale of other food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€12.0m
2024 · €4.6m-€16.7m
Equity
€16.3m
2024 · €28.4m-€12.1m
Cash
€915,119
2024 · €8.2m-€7.3m
Balance sheet total
€60.9m
2024 · €70.1m-€9.2m
Largest movements
Assets
- Cash -€7.3m
down €7.3m (-88.9%), from €8.2m to €915,119
mainly Net result for the year (-€12.0m) and Other debts (-€6.2m)
- Financial fixed assets -€6.3m
down €6.3m (-98.3%), from €6.4m to €106,629
of which Affiliated companies: -€6.4m
- Stocks and contracts +€3.9m
up €3.9m (+17.2%), from €22.7m to €26.6m
Equity and liabilities
- Profit (loss) carried forward -€12.0m
down €12.0m (-52.6%), from €22.8m to €10.8m
- Short-term financial debts +€9.8m
new in 2025: €9.8m
- Other debts -€6.2m
down €6.2m (-97.2%), from €6.4m to €181,407
Income statement
- Goods and materials +€15.7m
up €15.7m (+9.4%), from €166.3m to €181.9m
of which Purchases: +€17.0m
- Turnover -€4.4m
down €4.4m (-2.2%), from €195.9m to €191.6m
- Staff costs +€2.3m
up €2.3m (+61.0%), from €3.8m to €6.1m
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
€4.6m
Turnover
-€4.4m
Other operating income
+€67,305
Goods and materials
-€15.7m
Services and other goods
+€492,908
Staff costs
-€2.3m
Depreciation
-€107,299
Write-downs
+€444,014
Other operating charges
+€7,524
Other operating items
+€3.8m
Financial income
-€198,951
Financial charges
-€526,018
Taxes
+€1.7m
Result 2025
-€12.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€22.4m
Investment
+€5.9m
Financing
+€9.2m
Cash 2024
€8.2m
From operations (derived)
-€22.4m
Net result for the year
-€12.0m
Depreciation
+€241,674
Stocks and contracts
-€3.9m
Receivables within one year
-€273,496
Deferred charges and accrued income
-€51,366
Trade debts
-€437,007
Tax, wage and social debts
+€270,150
Other debts
-€6.2m
Accrued charges and deferred income
-€9,587
Investment (derived)
+€5.9m
Investment in fixed assets (net)
+€5.9m
Financing
+€9.2m
Debts after one year
-€521,000
Short-term financial debts
+€9.8m
Contributions, distributions and other
-€48,717
Cash 2025
€915,119
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €70,141,039 | €60,902,362 | -€9.2m | -13.2% |
| Fixed assets | 21/28 | €7,243,329 | €1,084,209 | -€6.2m | -85.0% |
| Intangible fixed assets | 21 | €439,724 | €332,001 | -€107,724 | -24.5% |
| Tangible fixed assets | 22/27 | €387,095 | €645,579 | +€258,484 | +66.8% |
| Furniture and vehicles | 24 | €387,095 | €511,411 | +€124,316 | +32.1% |
| Assets under construction and advance payments | 27 | - | €134,168 | +€134,168 | |
| Financial fixed assets | 28 | €6,416,509 | €106,629 | -€6.3m | -98.3% |
| Affiliated companies | 280/1 | €6,416,509 | €20,477 | -€6.4m | -99.7% |
| Participating interests | 280 | €20,491 | €20,477 | -€13 | -0.1% |
| Amounts receivable | 281 | €6,396,018 | - | -€6.4m | |
| Other financial fixed assets | 284/8 | - | €86,152 | +€86,152 | |
| Amounts receivable and cash guarantees | 285/8 | - | €86,152 | +€86,152 | |
| Current assets | 29/58 | €62,897,711 | €59,818,152 | -€3.1m | -4.9% |
| Stocks and contracts in progress | 3 | €22,690,775 | €26,586,039 | +€3.9m | +17.2% |
| Stocks | 30/36 | €22,690,775 | €26,586,039 | +€3.9m | +17.2% |
| Raw materials and consumables | 30/31 | €10,314,565 | €9,550,464 | -€764,101 | -7.4% |
| Work in progress | 32 | €528,687 | €817,558 | +€288,871 | +54.6% |
| Finished goods | 33 | €11,831,344 | €16,208,706 | +€4.4m | +37.0% |
| Goods purchased for resale | 34 | €16,179 | €9,310 | -€6,869 | -42.5% |
| Amounts receivable within one year | 40/41 | €31,992,133 | €32,265,629 | +€273,496 | +0.9% |
| Trade receivables | 40 | €25,644,823 | €27,553,054 | +€1.9m | +7.4% |
| Other amounts receivable | 41 | €6,347,311 | €4,712,574 | -€1.6m | -25.8% |
| Cash at bank and in hand | 54/58 | €8,214,802 | €915,119 | -€7.3m | -88.9% |
| Deferred charges and accrued income | 490/1 | - | €51,366 | +€51,366 | |
| Total equity and liabilities | 10/49 | €70,141,039 | €60,902,362 | -€9.2m | -13.2% |
| Equity | 10/15 | €28,412,815 | €16,336,192 | -€12.1m | -42.5% |
| Contributions | 10/11 | €4,471,339 | €4,471,339 | = | 0.0% |
| Capital | 10 | €4,471,339 | €4,471,339 | = | 0.0% |
| Issued capital | 100 | €4,471,339 | €4,471,339 | = | 0.0% |
| Reserves | 13 | €629,283 | €605,179 | -€24,104 | -3.8% |
| Non-distributable reserves | 130/1 | €447,134 | €447,134 | = | 0.0% |
| Legal reserve | 130 | €447,134 | €447,134 | = | 0.0% |
| Tax-exempt reserves | 132 | €76,277 | €52,173 | -€24,104 | -31.6% |
| Distributable reserves | 133 | €105,872 | €105,872 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,816,777 | €10,812,975 | -€12.0m | -52.6% |
| Investment grants | 15 | €495,416 | €446,699 | -€48,717 | -9.8% |
| Amounts payable | 17/49 | €41,728,224 | €44,566,170 | +€2.8m | +6.8% |
| Amounts payable after more than one year | 17 | €581,000 | €60,000 | -€521,000 | -89.7% |
| Other amounts payable | 178/9 | €581,000 | €60,000 | -€521,000 | -89.7% |
| Amounts payable within one year | 42/48 | €41,124,541 | €44,493,073 | +€3.4m | +8.2% |
| Financial debts | 43 | - | €9,750,000 | +€9.8m | |
| Credit institutions | 430/8 | - | €9,750,000 | +€9.8m | |
| Trade debts | 44 | €33,783,256 | €33,346,249 | -€437,007 | -1.3% |
| Suppliers | 440/4 | €33,783,256 | €33,346,249 | -€437,007 | -1.3% |
| Taxes, remuneration and social security | 45 | €945,266 | €1,215,417 | +€270,150 | +28.6% |
| Taxes | 450/3 | €264,288 | €354,068 | +€89,780 | +34.0% |
| Remuneration and social security | 454/9 | €680,978 | €861,349 | +€180,371 | +26.5% |
| Other amounts payable | 47/48 | €6,396,018 | €181,407 | -€6.2m | -97.2% |
| Accrued charges and deferred income | 492/3 | €22,684 | €13,097 | -€9,587 | -42.3% |
| Operating income | 70/76A | €197,160,546 | €196,676,264 | -€484,282 | -0.2% |
| Turnover | 70 | €195,905,336 | €191,552,936 | -€4.4m | -2.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,126,739 | €4,927,552 | +€3.8m | +337% |
| Other operating income | 74 | €128,472 | €195,776 | +€67,305 | +52.4% |
| Operating charges | 60/66A | €190,516,401 | €207,652,534 | +€17.1m | +9.0% |
| Goods for resale, raw materials and consumables | 60 | €166,283,872 | €181,937,632 | +€15.7m | +9.4% |
| Purchases | 600/8 | €164,146,049 | €181,166,662 | +€17.0m | +10.4% |
| Change in stocks: decrease (increase) | 609 | €2,137,823 | €770,970 | -€1.4m | -63.9% |
| Services and other goods | 61 | €19,716,381 | €19,223,473 | -€492,908 | -2.5% |
| Remuneration, social security and pensions | 62 | €3,800,830 | €6,120,351 | +€2.3m | +61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,375 | €241,674 | +€107,299 | +79.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €558,899 | €114,885 | -€444,014 | -79.4% |
| Other operating charges | 640/8 | €22,044 | €14,520 | -€7,524 | -34.1% |
| Operating profit (loss) | 9901 | €6,644,146 | -€10,976,270 | -€17.6m | |
| Financial income | 75/76B | €511,736 | €312,785 | -€198,951 | -38.9% |
| Recurring financial income | 75 | €511,736 | €312,785 | -€198,951 | -38.9% |
| Income from current assets | 751 | €317,187 | €127,508 | -€189,679 | -59.8% |
| Other financial income | 752/9 | €194,549 | €185,277 | -€9,272 | -4.8% |
| Financial charges | 65/66B | €801,971 | €1,327,988 | +€526,018 | +65.6% |
| Recurring financial charges | 65 | €801,971 | €1,327,988 | +€526,018 | +65.6% |
| Debt charges | 650 | €1 | €57,335 | +€57,334 | +10,424,360% |
| Other financial charges | 652/9 | €801,970 | €1,270,654 | +€468,684 | +58.4% |
| Profit (loss) for the period before taxes | 9903 | €6,353,911 | -€11,991,473 | -€18.3m | |
| Transfer from deferred taxes | 780 | - | €0 | +€0 | |
| Income taxes | 67/77 | €1,726,792 | €36,433 | -€1.7m | -97.9% |
| Taxes | 670/3 | €1,726,792 | €36,433 | -€1.7m | -97.9% |
| Profit (loss) for the period | 9904 | €4,627,119 | -€12,027,906 | -€16.7m | |
| Transfer from tax-exempt reserves | 789 | €50,709 | €24,104 | -€26,605 | -52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,677,828 | -€12,003,802 | -€16.7m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.