SERAFIM: 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.
SERAFIM
Largest movements
- Cash +€85,885
up €85,885 (+60.5%), from €141,956 to €227,841
mainly Other debts (+€155,983) and Net result for the year (+€69,885)
- Receivables within one year -€17,959
down €17,959 (-89.8%), from €20,000 to €2,041
- Deferred charges and accrued income +€10,469
up €10,469 (+1308.6%), from €800 to €11,269
- Other debts +€155,983
up €155,983 (+2681.7%), from €5,817 to €161,800
- Profit (loss) carried forward -€58,774
no longer reported in 2025 (was €58,774)
- Reserves -€34,254
down €34,254 (-41.5%), from €82,578 to €48,324
- Tax, wage and social debts +€13,297
up €13,297 (+86.2%), from €15,426 to €28,723
of which Taxes: +€10,496
- Gross operating margin +€14,322
up €14,322 (+18.8%), from €76,374 to €90,696
- Taxes +€2,963
up €2,963 (+18.9%), from €15,714 to €18,677
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 | €165,632 | €242,729 | +€77,097 | +46.5% |
| Fixed assets | 21/28 | €2,877 | €1,578 | -€1,299 | -45.2% |
| Tangible fixed assets | 22/27 | €2,877 | €1,578 | -€1,299 | -45.2% |
| Furniture and vehicles | 24 | €2,877 | €1,578 | -€1,299 | -45.2% |
| Current assets | 29/58 | €162,756 | €241,151 | +€78,396 | +48.2% |
| Amounts receivable within one year | 40/41 | €20,000 | €2,041 | -€17,959 | -89.8% |
| Other amounts receivable | 41 | €20,000 | €2,041 | -€17,959 | -89.8% |
| Cash at bank and in hand | 54/58 | €141,956 | €227,841 | +€85,885 | +60.5% |
| Deferred charges and accrued income | 490/1 | €800 | €11,269 | +€10,469 | +1308.6% |
| Total equity and liabilities | 10/49 | €165,632 | €242,729 | +€77,097 | +46.5% |
| Equity | 10/15 | €143,752 | €50,724 | -€93,028 | -64.7% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Reserves | 13 | €82,578 | €48,324 | -€34,254 | -41.5% |
| Distributable reserves | 133 | €82,578 | €48,324 | -€34,254 | -41.5% |
| Profit (loss) carried forward | 14 | €58,774 | - | -€58,774 | |
| Amounts payable | 17/49 | €21,880 | €192,005 | +€170,125 | +777.5% |
| Amounts payable within one year | 42/48 | €21,880 | €192,005 | +€170,125 | +777.5% |
| Trade debts | 44 | €638 | €1,483 | +€845 | +132.5% |
| Suppliers | 440/4 | €638 | €1,483 | +€845 | +132.5% |
| Taxes, remuneration and social security | 45 | €15,426 | €28,723 | +€13,297 | +86.2% |
| Taxes | 450/3 | €15,426 | €25,922 | +€10,496 | +68.0% |
| Remuneration and social security | 454/9 | - | €2,801 | +€2,801 | |
| Other amounts payable | 47/48 | €5,817 | €161,800 | +€155,983 | +2681.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,003 | €1,299 | +€296 | +29.6% |
| Other operating charges | 640/8 | €673 | €695 | +€22 | +3.3% |
| Non-recurring operating charges | 66A | €85 | - | -€85 | |
| Gross operating margin | 9900 | €76,374 | €90,696 | +€14,322 | +18.8% |
| Operating profit (loss) | 9901 | €74,614 | €88,702 | +€14,088 | +18.9% |
| Financial income | 75/76B | - | €30 | +€30 | |
| Recurring financial income | 75 | - | €30 | +€30 | |
| Financial charges | 65/66B | €125 | €170 | +€45 | +35.6% |
| Recurring financial charges | 65 | €125 | €170 | +€45 | +35.6% |
| Profit (loss) for the period before taxes | 9903 | €74,488 | €88,562 | +€14,074 | +18.9% |
| Income taxes | 67/77 | €15,714 | €18,677 | +€2,963 | +18.9% |
| Profit (loss) for the period | 9904 | €58,774 | €69,885 | +€11,111 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €58,774 | €69,885 | +€11,111 | +18.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.