SERAFINA: 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.
SERAFINA
Largest movements
- Tangible fixed assets +€546,599
up €546,599 (+67.9%), from €805,235 to €1.4m
of which Land and buildings: +€1.2m
- Cash +€96,534
up €96,534 (+58.3%), from €165,645 to €262,179
mainly Debts after one year (+€477,956) and Depreciation (+€219,481)
- Debts after one year +€477,956
up €477,956 (+87.6%), from €545,533 to €1.0m
of which Financial debts: +€577,785
- Current portion of long-term debt +€100,302
up €100,302 (+2,413%), from €4,156 to €104,459
- Trade debts +€57,620
up €57,620 (+507%), from €11,354 to €68,974
- Other debts +€24,174
up €24,174 (+48.7%), from €49,667 to €73,841
- Tax, wage and social debts -€17,698
down €17,698 (-18.7%), from €94,441 to €76,743
of which Remuneration and social security: -€14,718
- Gross operating margin +€88,664
up €88,664 (+10.3%), from €859,690 to €948,353
- Staff costs +€85,797
up €85,797 (+13.6%), from €630,081 to €715,879
- Depreciation +€67,405
up €67,405 (+44.3%), from €152,076 to €219,481
- Other operating charges -€12,383
down €12,383 (-81.2%), from €15,241 to €2,858
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 | €1,050,241 | €1,683,974 | +€633,733 | +60.3% |
| Fixed assets | 21/28 | €812,735 | €1,359,334 | +€546,599 | +67.3% |
| Tangible fixed assets | 22/27 | €805,235 | €1,351,834 | +€546,599 | +67.9% |
| Land and buildings | 22 | - | €1,197,033 | +€1.2m | |
| Plant, machinery and equipment | 23 | €77,891 | €53,600 | -€24,292 | -31.2% |
| Furniture and vehicles | 24 | €101,760 | €101,201 | -€559 | -0.5% |
| Other tangible fixed assets | 26 | €625,584 | €0 | -€625,584 | -100% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €237,506 | €324,640 | +€87,134 | +36.7% |
| Stocks and contracts in progress | 3 | €45,615 | €37,509 | -€8,106 | -17.8% |
| Stocks | 30/36 | €45,615 | €37,509 | -€8,106 | -17.8% |
| Amounts receivable within one year | 40/41 | €15,122 | €12,713 | -€2,410 | -15.9% |
| Trade receivables | 40 | €588 | €3,213 | +€2,625 | +446% |
| Other amounts receivable | 41 | €14,534 | €9,500 | -€5,034 | -34.6% |
| Cash at bank and in hand | 54/58 | €165,645 | €262,179 | +€96,534 | +58.3% |
| Deferred charges and accrued income | 490/1 | €11,123 | €12,239 | +€1,116 | +10.0% |
| Total equity and liabilities | 10/49 | €1,050,241 | €1,683,974 | +€633,733 | +60.3% |
| Equity | 10/15 | €333,374 | €326,493 | -€6,881 | -2.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €323,374 | €323,374 | = | 0.0% |
| Distributable reserves | 133 | €323,374 | €323,374 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,881 | -€6,881 | |
| Amounts payable | 17/49 | €716,867 | €1,357,481 | +€640,614 | +89.4% |
| Amounts payable after more than one year | 17 | €545,533 | €1,023,489 | +€477,956 | +87.6% |
| Financial debts | 170/4 | €340,000 | €917,785 | +€577,785 | +170% |
| Other amounts payable | 178/9 | €205,533 | €105,704 | -€99,829 | -48.6% |
| Amounts payable within one year | 42/48 | €159,768 | €331,102 | +€171,334 | +107% |
| Current portion of amounts payable after more than one year | 42 | €4,156 | €104,459 | +€100,302 | +2,413% |
| Trade debts | 44 | €11,354 | €68,974 | +€57,620 | +507% |
| Suppliers | 440/4 | €11,354 | €68,974 | +€57,620 | +507% |
| Advances received on contracts in progress | 46 | €150 | €7,086 | +€6,936 | +4,624% |
| Taxes, remuneration and social security | 45 | €94,441 | €76,743 | -€17,698 | -18.7% |
| Taxes | 450/3 | €42,439 | €39,459 | -€2,980 | -7.0% |
| Remuneration and social security | 454/9 | €52,002 | €37,283 | -€14,718 | -28.3% |
| Other amounts payable | 47/48 | €49,667 | €73,841 | +€24,174 | +48.7% |
| Accrued charges and deferred income | 492/3 | €11,567 | €2,890 | -€8,676 | -75.0% |
| Non-recurring operating income | 76A | - | €4,941 | +€4,941 | |
| Remuneration, social security and pensions | 62 | €630,081 | €715,879 | +€85,797 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,076 | €219,481 | +€67,405 | +44.3% |
| Other operating charges | 640/8 | €15,241 | €2,858 | -€12,383 | -81.2% |
| Gross operating margin | 9900 | €859,690 | €948,353 | +€88,664 | +10.3% |
| Operating profit (loss) | 9901 | €62,292 | €10,136 | -€52,156 | -83.7% |
| Financial income | 75/76B | €13 | €8 | -€5 | -37.1% |
| Recurring financial income | 75 | €13 | €8 | -€5 | -37.1% |
| Financial charges | 65/66B | €19,378 | €16,518 | -€2,861 | -14.8% |
| Recurring financial charges | 65 | €19,378 | €16,518 | -€2,861 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €42,927 | -€6,373 | -€49,300 | |
| Income taxes | 67/77 | €8,248 | €508 | -€7,740 | -93.8% |
| Profit (loss) for the period | 9904 | €34,679 | -€6,881 | -€41,560 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,679 | -€6,881 | -€41,560 |
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 14 October 2026 via checked.be.