SERAP-S: 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.
SERAP-S
Largest movements
- Cash -€1,216
down €1,216 (-91.0%), from €1,335 to €120
mainly Other debts (-€1,000) and Net result for the year (-€216)
- Other debts -€1,000
down €1,000 (-17.7%), from €5,643 to €4,643
- Profit (loss) carried forward -€216
down €216 (-0.9%), from -€22,977 to -€23,192
- Gross operating margin +€238
no longer reported in 2025 (was -€238)
- Other operating charges -€79
down €79 (-54.6%), from €145 to €66
- Financial charges +€15
up €15 (+11.1%), from €135 to €150
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 | €1,496 | €281 | -€1,216 | -81.2% |
| Current assets | 29/58 | €1,496 | €281 | -€1,216 | -81.2% |
| Amounts receivable within one year | 40/41 | €161 | €161 | = | 0.0% |
| Other amounts receivable | 41 | €161 | €161 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,335 | €120 | -€1,216 | -91.0% |
| Total equity and liabilities | 10/49 | €1,496 | €281 | -€1,216 | -81.2% |
| Equity | 10/15 | -€4,377 | -€4,592 | -€216 | -4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,977 | -€23,192 | -€216 | -0.9% |
| Amounts payable | 17/49 | €5,873 | €4,873 | -€1,000 | -17.0% |
| Amounts payable within one year | 42/48 | €5,873 | €4,873 | -€1,000 | -17.0% |
| Trade debts | 44 | €230 | €230 | = | 0.0% |
| Suppliers | 440/4 | €230 | €230 | = | 0.0% |
| Other amounts payable | 47/48 | €5,643 | €4,643 | -€1,000 | -17.7% |
| Other operating charges | 640/8 | €145 | €66 | -€79 | -54.6% |
| Gross operating margin | 9900 | -€238 | - | +€238 | |
| Operating profit (loss) | 9901 | -€383 | -€66 | +€317 | +82.8% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | -€518 | -€216 | +€302 | +58.3% |
| Profit (loss) for the period | 9904 | -€518 | -€216 | +€302 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€518 | -€216 | +€302 | +58.3% |
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 13 October 2026 via checked.be.