SERAX: 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.
What changed
SERAX
NACE 46.494, Wholesale of non-electrical household articles
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€185,713
2024 · -€3.2m+€3.3m
Equity
€7.7m
2024 · €7.7m+€8,620
Cash
€4.8m
2024 · €633,209+€4.2m
Balance sheet total
€26.4m
2024 · €24.5m+€1.9m
Largest movements
Assets
- Cash +€4.2m
up €4.2m (+657%), from €633,209 to €4.8m
mainly Other debts (+€1.0m) and Stocks and contracts (+€911,387)
- Stocks and contracts -€911,387
down €911,387 (-7.4%), from €12.3m to €11.4m
- Receivables within one year -€763,946
down €763,946 (-8.5%), from €9.0m to €8.2m
of which Other amounts receivable: -€796,535
- Intangible fixed assets -€361,297
down €361,297 (-36.3%), from €994,689 to €633,392
Equity and liabilities
- Other debts +€1.0m
up €1.0m (+153%), from €674,056 to €1.7m
- Tax, wage and social debts +€552,239
up €552,239 (+53.6%), from €1.0m to €1.6m
of which Remuneration and social security: +€406,977
Income statement
- Turnover +€3.8m
up €3.8m (+9.9%), from €38.4m to €42.2m
- Goods and materials +€2.7m
up €2.7m (+18.9%), from €14.1m to €16.8m
of which Purchases: +€3.4m
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.
Result 2024
-€3.2m
Turnover
+€3.8m
Other operating income
+€283,574
Goods and materials
-€2.7m
Services and other goods
-€32,981
Staff costs
+€301,348
Depreciation
+€13,278
Write-downs
-€55,950
Provisions
-€148,000
Other operating charges
-€171,354
Other operating items
+€1.8m
Financial income
+€176,795
Financial charges
-€45,660
Taxes
+€87,584
Result 2025
€185,713
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.7m
Investment
-€165,743
Financing
-€341,543
Cash 2024
€633,209
From operations (derived)
+€4.7m
Net result for the year
+€185,713
Depreciation
+€706,390
Stocks and contracts
+€911,387
Receivables within one year
+€763,946
Deferred charges and accrued income
+€73,660
Provisions
+€148,000
Trade debts
+€81,842
Tax, wage and social debts
+€552,239
Advances received
+€45,957
Other debts
+€1.0m
Accrued charges and deferred income
+€167,392
Investment (derived)
-€165,743
Investment in fixed assets (net)
-€165,704
Current investments
-€39
Financing
-€341,543
Debts after one year
-€99,248
Current portion of long-term debt
-€81,425
Short-term financial debts
+€16,223
Contributions, distributions and other
-€177,093
Cash 2025
€4.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,483,709 | €26,357,253 | +€1.9m | +7.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,864,161 | €1,323,475 | -€540,686 | -29.0% |
| Intangible fixed assets | 21 | €994,689 | €633,392 | -€361,297 | -36.3% |
| Tangible fixed assets | 22/27 | €634,719 | €442,975 | -€191,744 | -30.2% |
| Plant, machinery and equipment | 23 | €153,874 | €136,774 | -€17,100 | -11.1% |
| Furniture and vehicles | 24 | €29,523 | €17,921 | -€11,602 | -39.3% |
| Leasing and similar rights | 25 | €315,485 | €165,906 | -€149,579 | -47.4% |
| Other tangible fixed assets | 26 | €135,837 | €122,374 | -€13,463 | -9.9% |
| Financial fixed assets | 28 | €234,753 | €247,108 | +€12,355 | +5.3% |
| Affiliated companies | 280/1 | €181,982 | €181,982 | = | 0.0% |
| Participating interests | 280 | €81,982 | €81,982 | = | 0.0% |
| Amounts receivable | 281 | €100,000 | €100,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €52,771 | €65,126 | +€12,355 | +23.4% |
| Amounts receivable and cash guarantees | 285/8 | €52,771 | €65,126 | +€12,355 | +23.4% |
| Current assets | 29/58 | €22,619,548 | €25,033,778 | +€2.4m | +10.7% |
| Stocks and contracts in progress | 3 | €12,320,486 | €11,409,099 | -€911,387 | -7.4% |
| Stocks | 30/36 | €12,320,486 | €11,409,099 | -€911,387 | -7.4% |
| Raw materials and consumables | 30/31 | €900,844 | €804,400 | -€96,444 | -10.7% |
| Work in progress | 32 | €1,305,191 | €1,288,744 | -€16,447 | -1.3% |
| Finished goods | 33 | €1,217,972 | €1,355,136 | +€137,164 | +11.3% |
| Goods purchased for resale | 34 | €8,896,479 | €7,960,819 | -€935,660 | -10.5% |
| Amounts receivable within one year | 40/41 | €8,989,254 | €8,225,308 | -€763,946 | -8.5% |
| Trade receivables | 40 | €7,706,678 | €7,739,267 | +€32,589 | +0.4% |
| Other amounts receivable | 41 | €1,282,576 | €486,041 | -€796,535 | -62.1% |
| Current investments | 50/53 | €7,341 | €7,380 | +€39 | +0.5% |
| Other investments | 51/53 | €7,341 | €7,380 | +€39 | +0.5% |
| Cash at bank and in hand | 54/58 | €633,209 | €4,796,393 | +€4.2m | +657% |
| Deferred charges and accrued income | 490/1 | €669,258 | €595,598 | -€73,660 | -11.0% |
| Total equity and liabilities | 10/49 | €24,483,709 | €26,357,253 | +€1.9m | +7.7% |
| Equity | 10/15 | €7,663,463 | €7,672,083 | +€8,620 | +0.1% |
| Contributions | 10/11 | €159,546 | €159,546 | = | 0.0% |
| Capital | 10 | €159,546 | €159,546 | = | 0.0% |
| Issued capital | 100 | €159,546 | €159,546 | = | 0.0% |
| Uncalled capital | 101 | €0 | - | = | |
| Reserves | 13 | €13,769,110 | €13,769,110 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,955 | €15,955 | = | 0.0% |
| Legal reserve | 130 | €15,955 | €15,955 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,953,155 | €12,953,155 | = | 0.0% |
| Distributable reserves | 133 | €800,000 | €800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,265,193 | -€6,256,573 | +€8,620 | +0.1% |
| Provisions and deferred taxes | 16 | - | €148,000 | +€148,000 | |
| Provisions for liabilities and charges | 160/5 | - | €148,000 | +€148,000 | |
| Other liabilities and charges | 164/5 | - | €148,000 | +€148,000 | |
| Amounts payable | 17/49 | €16,820,246 | €18,537,170 | +€1.7m | +10.2% |
| Amounts payable after more than one year | 17 | €2,175,793 | €2,076,545 | -€99,248 | -4.6% |
| Financial debts | 170/4 | €2,175,793 | €2,076,545 | -€99,248 | -4.6% |
| Leasing and similar obligations | 172 | €175,793 | €76,545 | -€99,248 | -56.5% |
| Credit institutions | 173 | €0 | - | = | |
| Other loans | 174 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €14,036,281 | €15,685,061 | +€1.6m | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €169,217 | €87,792 | -€81,425 | -48.1% |
| Financial debts | 43 | €5,227,495 | €5,243,718 | +€16,223 | +0.3% |
| Credit institutions | 430/8 | €5,200,000 | €5,200,000 | = | 0.0% |
| Other loans | 439 | €27,495 | €43,718 | +€16,223 | +59.0% |
| Trade debts | 44 | €6,853,495 | €6,935,337 | +€81,842 | +1.2% |
| Suppliers | 440/4 | €6,853,495 | €6,935,337 | +€81,842 | +1.2% |
| Advances received on contracts in progress | 46 | €82,324 | €128,281 | +€45,957 | +55.8% |
| Taxes, remuneration and social security | 45 | €1,029,694 | €1,581,933 | +€552,239 | +53.6% |
| Taxes | 450/3 | €294,070 | €439,332 | +€145,262 | +49.4% |
| Remuneration and social security | 454/9 | €735,624 | €1,142,601 | +€406,977 | +55.3% |
| Other amounts payable | 47/48 | €674,056 | €1,708,000 | +€1.0m | +153% |
| Accrued charges and deferred income | 492/3 | €608,172 | €775,564 | +€167,392 | +27.5% |
| Operating income | 70/76A | €37,415,338 | €43,235,939 | +€5.8m | +15.6% |
| Turnover | 70 | €38,431,661 | €42,218,246 | +€3.8m | +9.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,629,725 | €120,717 | +€1.8m | |
| Other operating income | 74 | €613,402 | €896,976 | +€283,574 | +46.2% |
| Operating charges | 60/66A | €39,677,190 | €42,367,174 | +€2.7m | +6.8% |
| Goods for resale, raw materials and consumables | 60 | €14,119,894 | €16,789,367 | +€2.7m | +18.9% |
| Purchases | 600/8 | €12,367,656 | €15,757,263 | +€3.4m | +27.4% |
| Change in stocks: decrease (increase) | 609 | €1,752,238 | €1,032,104 | -€720,134 | -41.1% |
| Services and other goods | 61 | €18,059,479 | €18,092,460 | +€32,981 | +0.2% |
| Remuneration, social security and pensions | 62 | €6,386,791 | €6,085,443 | -€301,348 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €719,668 | €706,390 | -€13,278 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€55,950 | - | +€55,950 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €148,000 | +€148,000 | |
| Other operating charges | 640/8 | €374,160 | €545,514 | +€171,354 | +45.8% |
| Non-recurring operating charges | 66A | €73,148 | - | -€73,148 | |
| Operating profit (loss) | 9901 | -€2,261,852 | €868,765 | +€3.1m | |
| Financial income | 75/76B | €229,136 | €405,931 | +€176,795 | +77.2% |
| Recurring financial income | 75 | €229,136 | €405,931 | +€176,795 | +77.2% |
| Income from current assets | 751 | €32,947 | €22,000 | -€10,947 | -33.2% |
| Other financial income | 752/9 | €196,189 | €383,931 | +€187,742 | +95.7% |
| Financial charges | 65/66B | €1,023,416 | €1,069,076 | +€45,660 | +4.5% |
| Recurring financial charges | 65 | €1,023,416 | €1,069,076 | +€45,660 | +4.5% |
| Debt charges | 650 | €604,484 | €461,987 | -€142,497 | -23.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €418,932 | €607,089 | +€188,157 | +44.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,056,132 | €205,620 | +€3.3m | |
| Income taxes | 67/77 | €107,491 | €19,907 | -€87,584 | -81.5% |
| Taxes | 670/3 | €107,491 | €19,990 | -€87,501 | -81.4% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €83 | +€83 | |
| Profit (loss) for the period | 9904 | -€3,163,623 | €185,713 | +€3.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,163,623 | €185,713 | +€3.3m |
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.