Séraphin Advisory: 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.
Séraphin Advisory
Largest movements
- Receivables within one year +€136,700
up €136,700 (+111%), from €122,977 to €259,677
of which Other amounts receivable: +€74,547
- Tangible fixed assets -€53,618
down €53,618 (-7.8%), from €689,515 to €635,897
- Deferred charges and accrued income -€30,260
down €30,260 (-75.8%), from €39,944 to €9,684
- Cash -€11,790
down €11,790 (-76.5%), from €15,417 to €3,627
mainly Receivables within one year (-€136,700) and Debts after one year (-€53,140)
- Reserves +€78,399
up €78,399 (+22.6%), from €347,507 to €425,906
- Debts after one year -€53,140
down €53,140 (-16.3%), from €325,059 to €271,919
- Trade debts +€33,788
up €33,788 (+176%), from €19,226 to €53,013
- Accrued charges and deferred income -€10,967
down €10,967 (-29.4%), from €37,288 to €26,320
- Short-term financial debts -€10,050
down €10,050 (-49.9%), from €20,142 to €10,093
- Gross operating margin -€26,966
down €26,966 (-14.4%), from €187,628 to €160,661
- Depreciation -€8,204
down €8,204 (-13.6%), from €60,399 to €52,195
- Taxes -€6,734
down €6,734 (-21.8%), from €30,850 to €24,116
- Financial income +€1,914
up €1,914 (+27.5%), from €6,947 to €8,861
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 | €867,853 | €908,885 | +€41,032 | +4.7% |
| Fixed assets | 21/28 | €689,515 | €635,897 | -€53,618 | -7.8% |
| Tangible fixed assets | 22/27 | €689,515 | €635,897 | -€53,618 | -7.8% |
| Land and buildings | 22 | €494,470 | €480,794 | -€13,676 | -2.8% |
| Furniture and vehicles | 24 | €66,818 | €49,058 | -€17,760 | -26.6% |
| Other tangible fixed assets | 26 | €128,226 | €106,045 | -€22,182 | -17.3% |
| Current assets | 29/58 | €178,338 | €272,988 | +€94,650 | +53.1% |
| Amounts receivable within one year | 40/41 | €122,977 | €259,677 | +€136,700 | +111% |
| Trade receivables | 40 | €3,737 | €65,890 | +€62,153 | +1,663% |
| Other amounts receivable | 41 | €119,240 | €193,787 | +€74,547 | +62.5% |
| Cash at bank and in hand | 54/58 | €15,417 | €3,627 | -€11,790 | -76.5% |
| Deferred charges and accrued income | 490/1 | €39,944 | €9,684 | -€30,260 | -75.8% |
| Total equity and liabilities | 10/49 | €867,853 | €908,885 | +€41,032 | +4.7% |
| Equity | 10/15 | €366,057 | €444,456 | +€78,399 | +21.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €347,507 | €425,906 | +€78,399 | +22.6% |
| Distributable reserves | 133 | €347,507 | €425,906 | +€78,399 | +22.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €501,795 | €464,429 | -€37,367 | -7.4% |
| Amounts payable after more than one year | 17 | €325,059 | €271,919 | -€53,140 | -16.3% |
| Financial debts | 170/4 | €325,059 | €271,919 | -€53,140 | -16.3% |
| Amounts payable within one year | 42/48 | €139,449 | €166,190 | +€26,741 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €53,037 | €53,140 | +€102 | +0.2% |
| Financial debts | 43 | €20,142 | €10,093 | -€10,050 | -49.9% |
| Credit institutions | 430/8 | €20,142 | €10,093 | -€10,050 | -49.9% |
| Trade debts | 44 | €19,226 | €53,013 | +€33,788 | +176% |
| Suppliers | 440/4 | €19,226 | €53,013 | +€33,788 | +176% |
| Advances received on contracts in progress | 46 | €36,300 | €36,300 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,744 | €13,644 | +€2,900 | +27.0% |
| Taxes | 450/3 | €10,744 | €13,644 | +€2,900 | +27.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €37,288 | €26,320 | -€10,967 | -29.4% |
| Non-recurring operating income | 76A | €11,850 | €0 | -€11,850 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,399 | €52,195 | -€8,204 | -13.6% |
| Other operating charges | 640/8 | €3,462 | €4,351 | +€889 | +25.7% |
| Gross operating margin | 9900 | €187,628 | €160,661 | -€26,966 | -14.4% |
| Operating profit (loss) | 9901 | €123,766 | €104,115 | -€19,651 | -15.9% |
| Financial income | 75/76B | €6,947 | €8,861 | +€1,914 | +27.5% |
| Recurring financial income | 75 | €6,947 | €8,861 | +€1,914 | +27.5% |
| Financial charges | 65/66B | €11,689 | €10,461 | -€1,228 | -10.5% |
| Recurring financial charges | 65 | €11,689 | €10,461 | -€1,228 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €119,025 | €102,515 | -€16,510 | -13.9% |
| Income taxes | 67/77 | €30,850 | €24,116 | -€6,734 | -21.8% |
| Profit (loss) for the period | 9904 | €88,175 | €78,399 | -€9,776 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €88,175 | €78,399 | -€9,776 | -11.1% |
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 23 October 2026 via checked.be.