SERAM: 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.
SERAM
Largest movements
- Receivables within one year +€18,748
up €18,748 (+30.5%), from €61,369 to €80,116
of which Trade receivables: +€17,941
- Cash +€12,188
up €12,188 (+1003.0%), from €1,215 to €13,403
mainly Net result for the year (+€30,055) and Tax, wage and social debts (+€13,216)
- Tangible fixed assets -€9,937
down €9,937 (-3.3%), from €304,574 to €294,637
of which Land and buildings: -€8,813
- Stocks and contracts -€8,798
down €8,798 (-63.2%), from €13,918 to €5,120
- Debts after one year -€49,994
down €49,994 (-22.2%), from €225,619 to €175,626
- Profit (loss) carried forward +€30,055
up €30,055 (+96.2%), from €31,249 to €61,304
- Tax, wage and social debts +€13,216
up €13,216 (+1055.3%), from €1,252 to €14,468
of which Taxes: +€12,680
- Trade debts +€8,405
up €8,405 (+27.1%), from €30,975 to €39,380
- Advances received +€6,984
up €6,984 (+232.8%), from €3,000 to €9,984
- Gross operating margin +€62,950
up €62,950 (+245.8%), from €25,610 to €88,560
- Staff costs +€18,194
up €18,194 (+366.7%), from €4,961 to €23,155
- Taxes +€11,872
up €11,872 (+1639.2%), from €724 to €12,597
- Other operating charges +€3,526
up €3,526 (+138.4%), from €2,548 to €6,074
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €384,567 | €396,769 | +€12,201 | +3.2% |
| Fixed assets | 21/28 | €308,066 | €298,129 | -€9,937 | -3.2% |
| Tangible fixed assets | 22/27 | €304,574 | €294,637 | -€9,937 | -3.3% |
| Land and buildings | 22 | €301,573 | €292,760 | -€8,813 | -2.9% |
| Plant, machinery and equipment | 23 | €2,923 | €1,877 | -€1,047 | -35.8% |
| Furniture and vehicles | 24 | €77 | - | -€77 | |
| Financial fixed assets | 28 | €3,492 | €3,492 | = | 0.0% |
| Current assets | 29/58 | €76,502 | €98,640 | +€22,138 | +28.9% |
| Stocks and contracts in progress | 3 | €13,918 | €5,120 | -€8,798 | -63.2% |
| Stocks | 30/36 | €13,918 | €5,120 | -€8,798 | -63.2% |
| Amounts receivable within one year | 40/41 | €61,369 | €80,116 | +€18,748 | +30.5% |
| Trade receivables | 40 | €59,405 | €77,346 | +€17,941 | +30.2% |
| Other amounts receivable | 41 | €1,963 | €2,770 | +€807 | +41.1% |
| Cash at bank and in hand | 54/58 | €1,215 | €13,403 | +€12,188 | +1003.0% |
| Total equity and liabilities | 10/49 | €384,567 | €396,769 | +€12,201 | +3.2% |
| Equity | 10/15 | €76,953 | €107,007 | +€30,055 | +39.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €27,111 | €27,111 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €25,252 | €25,252 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,249 | €61,304 | +€30,055 | +96.2% |
| Amounts payable | 17/49 | €307,615 | €289,761 | -€17,854 | -5.8% |
| Amounts payable after more than one year | 17 | €225,619 | €175,626 | -€49,994 | -22.2% |
| Financial debts | 170/4 | €225,619 | €175,626 | -€49,994 | -22.2% |
| Amounts payable within one year | 42/48 | €81,996 | €112,639 | +€30,643 | +37.4% |
| Current portion of amounts payable after more than one year | 42 | €34,107 | €33,879 | -€228 | -0.7% |
| Financial debts | 43 | €9,978 | €9,984 | +€6 | +0.1% |
| Credit institutions | 430/8 | €9,978 | €9,984 | +€6 | +0.1% |
| Trade debts | 44 | €30,975 | €39,380 | +€8,405 | +27.1% |
| Suppliers | 440/4 | €30,975 | €39,380 | +€8,405 | +27.1% |
| Advances received on contracts in progress | 46 | €3,000 | €9,984 | +€6,984 | +232.8% |
| Taxes, remuneration and social security | 45 | €1,252 | €14,468 | +€13,216 | +1055.3% |
| Taxes | 450/3 | €1,252 | €13,933 | +€12,680 | +1012.5% |
| Remuneration and social security | 454/9 | - | €536 | +€536 | |
| Other amounts payable | 47/48 | €2,684 | €4,944 | +€2,260 | +84.2% |
| Accrued charges and deferred income | 492/3 | - | €1,496 | +€1,496 | |
| Non-recurring operating income | 76A | €500 | €4,577 | +€4,077 | +815.4% |
| Remuneration, social security and pensions | 62 | €4,961 | €23,155 | +€18,194 | +366.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,675 | €9,937 | -€738 | -6.9% |
| Other operating charges | 640/8 | €2,548 | €6,074 | +€3,526 | +138.4% |
| Gross operating margin | 9900 | €25,610 | €88,560 | +€62,950 | +245.8% |
| Operating profit (loss) | 9901 | €7,426 | €49,393 | +€41,968 | +565.2% |
| Financial income | 75/76B | €83 | €284 | +€201 | +240.9% |
| Recurring financial income | 75 | €83 | €284 | +€201 | +240.9% |
| Financial charges | 65/66B | €7,769 | €7,026 | -€743 | -9.6% |
| Recurring financial charges | 65 | €7,769 | €7,026 | -€743 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€260 | €42,651 | +€42,911 | |
| Income taxes | 67/77 | €724 | €12,597 | +€11,872 | +1639.2% |
| Profit (loss) for the period | 9904 | -€984 | €30,055 | +€31,039 | |
| Profit (loss) for the period to be appropriated | 9905 | -€984 | €30,055 | +€31,039 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.