SERANIS: 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.
SERANIS
Largest movements
- Current investments +€114,530
up €114,530 (+55.2%), from €207,596 to €322,126
- Cash -€113,533
down €113,533 (-53.9%), from €210,719 to €97,186
mainly Current investments (-€114,530) and Trade debts (-€36,575)
- Deferred charges and accrued income -€12,339
down €12,339 (-52.9%), from €23,329 to €10,989
- Trade debts -€36,575
down €36,575 (-13.3%), from €274,638 to €238,063
- Reserves +€22,500
up €22,500 (+7.7%), from €290,734 to €313,234
of which Distributable reserves: +€22,500
- Financial income +€10,023
up €10,023 (+232%), from €4,325 to €14,348
- Staff costs +€9,774
up €9,774 (+3.9%), from €252,194 to €261,968
- Gross operating margin +€4,844
up €4,844 (+1.6%), from €304,080 to €308,925
- Depreciation +€3,548
up €3,548 (+23.2%), from €15,325 to €18,874
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 | €795,891 | €780,589 | -€15,301 | -1.9% |
| Fixed assets | 21/28 | €93,125 | €96,340 | +€3,215 | +3.5% |
| Tangible fixed assets | 22/27 | €62,794 | €64,046 | +€1,252 | +2.0% |
| Plant, machinery and equipment | 23 | €33,440 | €24,096 | -€9,345 | -27.9% |
| Furniture and vehicles | 24 | €213 | €12,247 | +€12,034 | +5,649% |
| Other tangible fixed assets | 26 | €29,141 | €27,704 | -€1,437 | -4.9% |
| Financial fixed assets | 28 | €30,330 | €32,294 | +€1,964 | +6.5% |
| Current assets | 29/58 | €702,766 | €684,249 | -€18,517 | -2.6% |
| Stocks and contracts in progress | 3 | €228,929 | €225,243 | -€3,686 | -1.6% |
| Stocks | 30/36 | €228,929 | €225,243 | -€3,686 | -1.6% |
| Amounts receivable within one year | 40/41 | €32,193 | €28,704 | -€3,489 | -10.8% |
| Trade receivables | 40 | - | €35 | +€35 | |
| Other amounts receivable | 41 | €32,193 | €28,669 | -€3,524 | -10.9% |
| Current investments | 50/53 | €207,596 | €322,126 | +€114,530 | +55.2% |
| Cash at bank and in hand | 54/58 | €210,719 | €97,186 | -€113,533 | -53.9% |
| Deferred charges and accrued income | 490/1 | €23,329 | €10,989 | -€12,339 | -52.9% |
| Total equity and liabilities | 10/49 | €795,891 | €780,589 | -€15,301 | -1.9% |
| Equity | 10/15 | €456,881 | €479,408 | +€22,527 | +4.9% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €290,734 | €313,234 | +€22,500 | +7.7% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Distributable reserves | 133 | €287,016 | €309,516 | +€22,500 | +7.8% |
| Profit (loss) carried forward | 14 | €128,962 | €128,990 | +€27 | 0.0% |
| Amounts payable | 17/49 | €339,010 | €301,181 | -€37,828 | -11.2% |
| Amounts payable within one year | 42/48 | €339,010 | €301,181 | -€37,828 | -11.2% |
| Trade debts | 44 | €274,638 | €238,063 | -€36,575 | -13.3% |
| Suppliers | 440/4 | €274,638 | €238,063 | -€36,575 | -13.3% |
| Taxes, remuneration and social security | 45 | €60,903 | €61,535 | +€632 | +1.0% |
| Taxes | 450/3 | €8,906 | €10,870 | +€1,964 | +22.1% |
| Remuneration and social security | 454/9 | €51,997 | €50,665 | -€1,332 | -2.6% |
| Other amounts payable | 47/48 | €3,469 | €1,584 | -€1,885 | -54.3% |
| Remuneration, social security and pensions | 62 | €252,194 | €261,968 | +€9,774 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,325 | €18,874 | +€3,548 | +23.2% |
| Other operating charges | 640/8 | €4,884 | €6,896 | +€2,013 | +41.2% |
| Gross operating margin | 9900 | €304,080 | €308,925 | +€4,844 | +1.6% |
| Operating profit (loss) | 9901 | €31,678 | €21,187 | -€10,491 | -33.1% |
| Financial income | 75/76B | €4,325 | €14,348 | +€10,023 | +232% |
| Recurring financial income | 75 | €4,325 | €14,348 | +€10,023 | +232% |
| Financial charges | 65/66B | €3,400 | €1,535 | -€1,865 | -54.9% |
| Recurring financial charges | 65 | €3,400 | €1,535 | -€1,865 | -54.9% |
| Profit (loss) for the period before taxes | 9903 | €32,603 | €34,000 | +€1,397 | +4.3% |
| Income taxes | 67/77 | €10,447 | €11,473 | +€1,026 | +9.8% |
| Profit (loss) for the period | 9904 | €22,156 | €22,527 | +€371 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,156 | €22,527 | +€371 | +1.7% |
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.