SERATEX: what changed
Two fiscal 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.
SERATEX
Largest movements
- Intangible fixed assets -€46,229
down €46,229 (-10.8%), from €427,551 to €381,322
- Receivables within one year -€41,728
down €41,728 (-15.8%), from €263,319 to €221,591
of which Other amounts receivable: -€56,572
- Deferred charges and accrued income +€40,800
up €40,800 (+426.3%), from €9,570 to €50,370
- Tax, wage and social debts +€87,721
up €87,721 (+92.5%), from €94,852 to €182,574
of which Taxes: +€50,274
- Debts after one year -€85,747
down €85,747 (-8.3%), from €1.0m to €942,900
of which Financial debts: -€635,447
- Current portion of long-term debt -€58,950
down €58,950 (-38.8%), from €151,975 to €93,025
- Gross operating margin +€166,868
up €166,868 (+20.0%), from €834,202 to €1.0m
- Financial charges -€112,981
down €112,981 (-64.3%), from €175,573 to €62,592
- Write-downs -€43,844
down €43,844 (-62.8%), from €69,844 to €26,000
- Depreciation +€14,154
up €14,154 (+34.0%), from €41,659 to €55,813
- Staff costs +€12,875
up €12,875 (+1.5%), from €831,762 to €844,637
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 | €3,344,897 | €3,289,651 | -€55,247 | -1.7% |
| Fixed assets | 21/28 | €2,617,912 | €2,564,018 | -€53,894 | -2.1% |
| Intangible fixed assets | 21 | €427,551 | €381,322 | -€46,229 | -10.8% |
| Tangible fixed assets | 22/27 | €20,362 | €12,696 | -€7,666 | -37.6% |
| Plant, machinery and equipment | 23 | €12,252 | €7,972 | -€4,280 | -34.9% |
| Furniture and vehicles | 24 | €8,110 | €4,724 | -€3,386 | -41.7% |
| Financial fixed assets | 28 | €2,170,000 | €2,170,000 | = | 0.0% |
| Current assets | 29/58 | €726,985 | €725,632 | -€1,352 | -0.2% |
| Stocks and contracts in progress | 3 | €360,112 | €331,821 | -€28,291 | -7.9% |
| Stocks | 30/36 | €360,112 | €331,821 | -€28,291 | -7.9% |
| Amounts receivable within one year | 40/41 | €263,319 | €221,591 | -€41,728 | -15.8% |
| Trade receivables | 40 | €180,639 | €195,483 | +€14,844 | +8.2% |
| Other amounts receivable | 41 | €82,680 | €26,108 | -€56,572 | -68.4% |
| Cash at bank and in hand | 54/58 | €93,984 | €121,851 | +€27,866 | +29.6% |
| Deferred charges and accrued income | 490/1 | €9,570 | €50,370 | +€40,800 | +426.3% |
| Total equity and liabilities | 10/49 | €3,344,897 | €3,289,651 | -€55,247 | -1.7% |
| Equity | 10/15 | €65,043 | €65,536 | +€493 | +0.8% |
| Contributions | 10/11 | €1,105,000 | €1,105,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,039,957 | -€1,039,464 | +€493 | 0.0% |
| Amounts payable | 17/49 | €3,279,854 | €3,224,115 | -€55,740 | -1.7% |
| Amounts payable after more than one year | 17 | €1,028,647 | €942,900 | -€85,747 | -8.3% |
| Financial debts | 170/4 | €961,347 | €325,900 | -€635,447 | -66.1% |
| Other amounts payable | 178/9 | €67,300 | €617,000 | +€549,700 | +816.8% |
| Amounts payable within one year | 42/48 | €2,231,222 | €2,246,848 | +€15,626 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €151,975 | €93,025 | -€58,950 | -38.8% |
| Financial debts | 43 | €238,046 | €232,816 | -€5,230 | -2.2% |
| Credit institutions | 430/8 | €238,046 | €232,816 | -€5,230 | -2.2% |
| Trade debts | 44 | €541,491 | €513,475 | -€28,016 | -5.2% |
| Suppliers | 440/4 | €541,491 | €513,475 | -€28,016 | -5.2% |
| Taxes, remuneration and social security | 45 | €94,852 | €182,574 | +€87,721 | +92.5% |
| Taxes | 450/3 | €40,186 | €90,461 | +€50,274 | +125.1% |
| Remuneration and social security | 454/9 | €54,666 | €92,113 | +€37,447 | +68.5% |
| Other amounts payable | 47/48 | €1,204,857 | €1,224,958 | +€20,101 | +1.7% |
| Accrued charges and deferred income | 492/3 | €19,986 | €34,367 | +€14,381 | +72.0% |
| Non-recurring operating income | 76A | €44,394 | €15,078 | -€29,315 | -66.0% |
| Remuneration, social security and pensions | 62 | €831,762 | €844,637 | +€12,875 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,659 | €55,813 | +€14,154 | +34.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €69,844 | €26,000 | -€43,844 | -62.8% |
| Other operating charges | 640/8 | €5,334 | €5,997 | +€663 | +12.4% |
| Non-recurring operating charges | 66A | €2,059 | €9,493 | +€7,434 | +361.0% |
| Gross operating margin | 9900 | €834,202 | €1,001,070 | +€166,868 | +20.0% |
| Operating profit (loss) | 9901 | -€116,456 | €59,131 | +€175,587 | |
| Financial income | 75/76B | €30 | €6,119 | +€6,089 | +20094.2% |
| Recurring financial income | 75 | €30 | €6,119 | +€6,089 | +20094.2% |
| Financial charges | 65/66B | €175,573 | €62,592 | -€112,981 | -64.3% |
| Recurring financial charges | 65 | €175,573 | €62,592 | -€112,981 | -64.3% |
| Profit (loss) for the period before taxes | 9903 | -€291,999 | €2,657 | +€294,656 | |
| Income taxes | 67/77 | €2,225 | €2,164 | -€61 | -2.7% |
| Profit (loss) for the period | 9904 | -€294,224 | €493 | +€294,717 | |
| Profit (loss) for the period to be appropriated | 9905 | -€294,224 | €493 | +€294,717 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.