Seratan: 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.
Seratan
Largest movements
- Deferred charges and accrued income -€95,043
down €95,043 (-86.9%), from €109,369 to €14,326
- Cash -€78,454
down €78,454 (-61.8%), from €126,885 to €48,430
mainly Contributions, distributions and other (-€161,000) and Other debts (-€79,863)
- Receivables within one year +€70,368
up €70,368 (+333.0%), from €21,132 to €91,500
of which Trade receivables: +€71,500
- Tangible fixed assets -€12,540
down €12,540 (-5.4%), from €230,943 to €218,403
of which Land and buildings: -€18,738
- Other debts -€79,863
down €79,863 (-46.7%), from €170,979 to €91,116
- Debts after one year -€44,000
down €44,000 (-46.2%), from €95,333 to €51,333
- Reserves +€11,135
up €11,135 (+6.9%), from €161,439 to €172,575
- Financial charges -€7,949
down €7,949 (-58.0%), from €13,711 to €5,762
- Gross operating margin +€7,001
up €7,001 (+2.8%), from €252,437 to €259,438
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 | €493,328 | €377,659 | -€115,669 | -23.4% |
| Fixed assets | 21/28 | €235,943 | €223,403 | -€12,540 | -5.3% |
| Tangible fixed assets | 22/27 | €230,943 | €218,403 | -€12,540 | -5.4% |
| Land and buildings | 22 | €183,420 | €164,682 | -€18,738 | -10.2% |
| Plant, machinery and equipment | 23 | €39,798 | €48,793 | +€8,995 | +22.6% |
| Furniture and vehicles | 24 | €7,725 | €4,928 | -€2,798 | -36.2% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €257,385 | €154,256 | -€103,129 | -40.1% |
| Amounts receivable within one year | 40/41 | €21,132 | €91,500 | +€70,368 | +333.0% |
| Trade receivables | 40 | €20,000 | €91,500 | +€71,500 | +357.5% |
| Other amounts receivable | 41 | €1,132 | €0 | -€1,132 | -100.0% |
| Cash at bank and in hand | 54/58 | €126,885 | €48,430 | -€78,454 | -61.8% |
| Deferred charges and accrued income | 490/1 | €109,369 | €14,326 | -€95,043 | -86.9% |
| Total equity and liabilities | 10/49 | €493,328 | €377,659 | -€115,669 | -23.4% |
| Equity | 10/15 | €180,039 | €191,175 | +€11,135 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,439 | €172,575 | +€11,135 | +6.9% |
| Distributable reserves | 133 | €161,439 | €172,575 | +€11,135 | +6.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €313,289 | €186,484 | -€126,804 | -40.5% |
| Amounts payable after more than one year | 17 | €95,333 | €51,333 | -€44,000 | -46.2% |
| Financial debts | 170/4 | €95,333 | €51,333 | -€44,000 | -46.2% |
| Amounts payable within one year | 42/48 | €217,955 | €135,151 | -€82,804 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €44,000 | €44,000 | = | 0.0% |
| Trade debts | 44 | €1,117 | €35 | -€1,082 | -96.9% |
| Suppliers | 440/4 | €1,117 | €35 | -€1,082 | -96.9% |
| Taxes, remuneration and social security | 45 | €1,859 | €0 | -€1,859 | -100.0% |
| Taxes | 450/3 | €1,859 | €0 | -€1,859 | -100.0% |
| Other amounts payable | 47/48 | €170,979 | €91,116 | -€79,863 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,764 | €30,817 | +€2,053 | +7.1% |
| Other operating charges | 640/8 | €946 | €1,229 | +€284 | +30.0% |
| Gross operating margin | 9900 | €252,437 | €259,438 | +€7,001 | +2.8% |
| Operating profit (loss) | 9901 | €222,728 | €227,392 | +€4,664 | +2.1% |
| Financial income | 75/76B | €1,280 | €586 | -€694 | -54.2% |
| Recurring financial income | 75 | €1,280 | €586 | -€694 | -54.2% |
| Financial charges | 65/66B | €13,711 | €5,762 | -€7,949 | -58.0% |
| Recurring financial charges | 65 | €13,711 | €5,762 | -€7,949 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €210,297 | €222,215 | +€11,919 | +5.7% |
| Income taxes | 67/77 | €49,249 | €50,080 | +€831 | +1.7% |
| Profit (loss) for the period | 9904 | €161,047 | €172,135 | +€11,088 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €161,047 | €172,135 | +€11,088 | +6.9% |
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 9 October 2026 via checked.be.