Seraflex: 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.
Seraflex
Largest movements
- Tangible fixed assets -€16,184
down €16,184 (-31.1%), from €52,087 to €35,903
of which Furniture and vehicles: -€15,320
- Cash +€14,165
up €14,165 (+84.9%), from €16,693 to €30,858
mainly Net result for the year (+€40,570) and Depreciation (+€16,184)
- Reserves +€30,570
up €30,570 (+25.7%), from €119,099 to €149,668
- Debts after one year -€15,266
down €15,266 (-71.3%), from €21,419 to €6,153
- Trade debts -€11,378
down €11,378 (-2.6%), from €445,625 to €434,248
- Short-term financial debts -€11,111
down €11,111 (-9.3%), from €120,000 to €108,889
- Gross operating margin -€45,820
down €45,820 (-29.1%), from €157,188 to €111,368
- Staff costs -€31,837
down €31,837 (-72.9%), from €43,694 to €11,857
- Financial charges +€8,944
up €8,944 (+18.3%), from €49,009 to €57,954
- Taxes -€4,451
down €4,451 (-29.0%), from €15,371 to €10,920
- Financial income +€1,583
up €1,583 (+5.6%), from €28,136 to €29,719
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 | €816,593 | €802,416 | -€14,178 | -1.7% |
| Fixed assets | 21/28 | €52,587 | €36,403 | -€16,184 | -30.8% |
| Tangible fixed assets | 22/27 | €52,087 | €35,903 | -€16,184 | -31.1% |
| Plant, machinery and equipment | 23 | €4,123 | €3,258 | -€864 | -21.0% |
| Furniture and vehicles | 24 | €47,965 | €32,644 | -€15,320 | -31.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €764,006 | €766,013 | +€2,007 | +0.3% |
| Amounts receivable within one year | 40/41 | €732,113 | €726,954 | -€5,160 | -0.7% |
| Trade receivables | 40 | €678,505 | €680,647 | +€2,142 | +0.3% |
| Other amounts receivable | 41 | €53,609 | €46,307 | -€7,302 | -13.6% |
| Cash at bank and in hand | 54/58 | €16,693 | €30,858 | +€14,165 | +84.9% |
| Deferred charges and accrued income | 490/1 | €15,200 | €8,201 | -€6,999 | -46.0% |
| Total equity and liabilities | 10/49 | €816,593 | €802,416 | -€14,178 | -1.7% |
| Equity | 10/15 | €131,499 | €162,068 | +€30,570 | +23.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €119,099 | €149,668 | +€30,570 | +25.7% |
| Distributable reserves | 133 | €119,099 | €149,668 | +€30,570 | +25.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €685,095 | €640,347 | -€44,747 | -6.5% |
| Amounts payable after more than one year | 17 | €21,419 | €6,153 | -€15,266 | -71.3% |
| Financial debts | 170/4 | €21,419 | €6,153 | -€15,266 | -71.3% |
| Amounts payable within one year | 42/48 | €663,676 | €634,194 | -€29,482 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €15,691 | €15,266 | -€425 | -2.7% |
| Financial debts | 43 | €120,000 | €108,889 | -€11,111 | -9.3% |
| Other loans | 439 | €120,000 | €108,889 | -€11,111 | -9.3% |
| Trade debts | 44 | €445,625 | €434,248 | -€11,378 | -2.6% |
| Suppliers | 440/4 | €445,625 | €434,248 | -€11,378 | -2.6% |
| Taxes, remuneration and social security | 45 | €4,947 | €2,125 | -€2,822 | -57.0% |
| Taxes | 450/3 | €4,753 | €2,032 | -€2,721 | -57.2% |
| Remuneration and social security | 454/9 | €194 | €93 | -€101 | -52.1% |
| Other amounts payable | 47/48 | €77,412 | €73,666 | -€3,746 | -4.8% |
| Remuneration, social security and pensions | 62 | €43,694 | €11,857 | -€31,837 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,518 | €16,184 | +€666 | +4.3% |
| Other operating charges | 640/8 | €2,688 | €3,602 | +€913 | +34.0% |
| Gross operating margin | 9900 | €157,188 | €111,368 | -€45,820 | -29.1% |
| Operating profit (loss) | 9901 | €95,287 | €79,725 | -€15,562 | -16.3% |
| Financial income | 75/76B | €28,136 | €29,719 | +€1,583 | +5.6% |
| Recurring financial income | 75 | €28,136 | €29,719 | +€1,583 | +5.6% |
| Financial charges | 65/66B | €49,009 | €57,954 | +€8,944 | +18.3% |
| Recurring financial charges | 65 | €49,009 | €57,954 | +€8,944 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €74,414 | €51,490 | -€22,924 | -30.8% |
| Income taxes | 67/77 | €15,371 | €10,920 | -€4,451 | -29.0% |
| Profit (loss) for the period | 9904 | €59,043 | €40,570 | -€18,473 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,043 | €40,570 | -€18,473 | -31.3% |
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 12 October 2026 via checked.be.