Serafien Bakery Group: 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 Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13.1m
2024 · -€22,504+€13.1m
Equity
€38.9m
2024 · €25.8m+€13.1m
Cash
€7,037
2024 · €750+€6,287
Balance sheet total
€40.7m
2024 · €37.6m+€3.1m
Largest movements
Assets
- Tangible fixed assets +€9.0m
new in 2025: €9.0m
- Financial fixed assets -€6.6m
down €6.6m (-17.4%), from €37.6m to €31.0m
- Receivables within one year +€656,698
up €656,698 (+63,307%), from €1,037 to €657,735
of which Trade receivables: +€657,735
Equity and liabilities
- Profit (loss) carried forward +€13.1m
up €13.1m (+71.0%), from €18.4m to €31.5m
- Debts after one year -€7.1m
down €7.1m (-89.9%), from €7.9m to €792,000
of which Financial debts: -€6.4m
- Other debts -€3.7m
down €3.7m (-95.1%), from €3.9m to €191,746
- Trade debts +€676,826
up €676,826 (+3,161%), from €21,411 to €698,238
Income statement
- Financial income +€12.7m
new in 2025: €12.7m
of which Financial income: +€10.3m
- Other operating income +€780,434
new in 2025: €780,434
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
-€22,504
Depreciation
-€46,836
Other operating charges
-€787
Other operating items
+€588,170
Financial income
+€12.7m
Financial charges
-€82,665
Result 2025
€13.1m
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
+€9.5m
Investment
-€2.4m
Financing
-€7.1m
Cash 2024
€750
From operations (derived)
+€9.5m
Net result for the year
+€13.1m
Depreciation
+€46,836
Receivables within one year
-€656,698
Smaller working-capital items
-€34,250
Provisions
+€41,654
Trade debts
+€676,826
Tax, wage and social debts
+€48,654
Other debts
-€3.7m
Investment (derived)
-€2.4m
Investment in fixed assets (net)
-€2.4m
Financing
-€7.1m
Debts after one year
-€7.1m
Cash 2025
€7,037
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,636,018 | €40,694,958 | +€3.1m | +8.1% |
| Fixed assets | 21/28 | €37,634,231 | €40,027,186 | +€2.4m | +6.4% |
| Intangible fixed assets | 21 | €76,540 | €40,279 | -€36,261 | -47.4% |
| Tangible fixed assets | 22/27 | - | €8,982,684 | +€9.0m | |
| Land and buildings | 22 | - | €8,982,684 | +€9.0m | |
| Financial fixed assets | 28 | €37,557,690 | €31,004,222 | -€6.6m | -17.4% |
| Affiliated companies | 280/1 | €37,557,690 | €31,004,222 | -€6.6m | -17.4% |
| Participating interests | 280 | €37,557,690 | €31,004,222 | -€6.6m | -17.4% |
| Current assets | 29/58 | €1,787 | €667,772 | +€665,985 | +37,262% |
| Amounts receivable within one year | 40/41 | €1,037 | €657,735 | +€656,698 | +63,307% |
| Trade receivables | 40 | - | €657,735 | +€657,735 | |
| Other amounts receivable | 41 | €1,037 | - | -€1,037 | |
| Cash at bank and in hand | 54/58 | €750 | €7,037 | +€6,287 | +838% |
| Deferred charges and accrued income | 490/1 | - | €3,000 | +€3,000 | |
| Total equity and liabilities | 10/49 | €37,636,018 | €40,694,958 | +€3.1m | +8.1% |
| Equity | 10/15 | €25,825,800 | €38,922,668 | +€13.1m | +50.7% |
| Contributions | 10/11 | €2,992,746 | €2,992,746 | = | 0.0% |
| Revaluation surpluses | 12 | €349,028 | €349,028 | = | 0.0% |
| Reserves | 13 | €4,044,470 | €4,044,470 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €6,397 | €6,397 | = | 0.0% |
| Distributable reserves | 133 | €4,038,073 | €4,038,073 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,439,556 | €31,536,424 | +€13.1m | +71.0% |
| Provisions and deferred taxes | 16 | - | €41,654 | +€41,654 | |
| Deferred taxes | 168 | - | €41,654 | +€41,654 | |
| Amounts payable | 17/49 | €11,810,218 | €1,730,637 | -€10.1m | -85.3% |
| Amounts payable after more than one year | 17 | €7,878,018 | €792,000 | -€7.1m | -89.9% |
| Financial debts | 170/4 | €6,396,018 | - | -€6.4m | |
| Other loans | 174 | €6,396,018 | - | -€6.4m | |
| Other amounts payable | 178/9 | €1,482,000 | €792,000 | -€690,000 | -46.6% |
| Amounts payable within one year | 42/48 | €3,900,950 | €938,637 | -€3.0m | -75.9% |
| Trade debts | 44 | €21,411 | €698,238 | +€676,826 | +3,161% |
| Suppliers | 440/4 | €21,411 | €698,238 | +€676,826 | +3,161% |
| Taxes, remuneration and social security | 45 | - | €48,654 | +€48,654 | |
| Remuneration and social security | 454/9 | - | €48,654 | +€48,654 | |
| Other amounts payable | 47/48 | €3,879,538 | €191,746 | -€3.7m | -95.1% |
| Accrued charges and deferred income | 492/3 | €31,250 | - | -€31,250 | |
| Operating income | 70/76A | - | €780,434 | +€780,434 | |
| Other operating income | 74 | - | €780,434 | +€780,434 | |
| Operating charges | 60/66A | €22,504 | €262,391 | +€239,887 | +1,066% |
| Services and other goods | 61 | €22,504 | €214,768 | +€192,264 | +854% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €46,836 | +€46,836 | |
| Other operating charges | 640/8 | - | €787 | +€787 | |
| Operating profit (loss) | 9901 | -€22,504 | €518,043 | +€540,547 | |
| Financial income | 75/76B | - | €12,661,489 | +€12.7m | |
| Recurring financial income | 75 | - | €10,273,927 | +€10.3m | |
| Income from financial fixed assets | 750 | - | €10,273,927 | +€10.3m | |
| Non-recurring financial income | 76B | - | €2,387,563 | +€2.4m | |
| Financial charges | 65/66B | - | €82,665 | +€82,665 | |
| Recurring financial charges | 65 | - | €82,665 | +€82,665 | |
| Debt charges | 650 | - | €82,317 | +€82,317 | |
| Other financial charges | 652/9 | - | €348 | +€348 | |
| Profit (loss) for the period before taxes | 9903 | -€22,504 | €13,096,867 | +€13.1m | |
| Profit (loss) for the period | 9904 | -€22,504 | €13,096,867 | +€13.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,504 | €13,096,867 | +€13.1m |
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 29 October 2026 via checked.be.