Serax Immo: 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.
Serax Immo
Largest movements
- Receivables within one year +€601,858
up €601,858 (+1,424%), from €42,257 to €644,115
of which Other amounts receivable: +€602,747
- Tangible fixed assets +€454,743
up €454,743 (+5.3%), from €8.5m to €9.0m
of which Land and buildings: +€452,133
- Cash -€99,918
down €99,918 (-88.1%), from €113,402 to €13,484
mainly Debts after one year (-€5.8m) and Investment in fixed assets (net) (-€824,237)
- Debts after one year -€5.8m
no longer reported in 2025 (was €5.8m)
- Current portion of long-term debt +€5.8m
up €5.8m, from €0 to €5.8m
- Other debts +€575,000
new in 2025: €575,000
- Profit (loss) carried forward +€433,605
up €433,605, from €0 to €433,605
- Trade debts -€170,539
down €170,539 (-92.1%), from €185,169 to €14,630
- Gross operating margin +€237,149
up €237,149 (+20.5%), from €1.2m to €1.4m
- Turnover +€139,832
up €139,832 (+11.1%), from €1.3m to €1.4m
- Other operating charges +€113,795
up €113,795 (+144%), from €78,997 to €192,792
- Financial charges +€75,542
up €75,542 (+38.0%), from €198,629 to €274,171
- Financial income -€43,718
down €43,718 (-69.9%), from €62,582 to €18,864
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 | €8,692,727 | €9,678,805 | +€986,078 | +11.3% |
| Fixed assets | 21/28 | €8,535,082 | €8,989,824 | +€454,743 | +5.3% |
| Tangible fixed assets | 22/27 | €8,535,082 | €8,989,824 | +€454,743 | +5.3% |
| Land and buildings | 22 | €8,535,082 | €8,987,215 | +€452,133 | +5.3% |
| Plant, machinery and equipment | 23 | - | €2,610 | +€2,610 | |
| Current assets | 29/58 | €157,646 | €688,981 | +€531,335 | +337% |
| Amounts receivable within one year | 40/41 | €42,257 | €644,115 | +€601,858 | +1,424% |
| Trade receivables | 40 | €13,090 | €12,201 | -€889 | -6.8% |
| Other amounts receivable | 41 | €29,167 | €631,914 | +€602,747 | +2,067% |
| Cash at bank and in hand | 54/58 | €113,402 | €13,484 | -€99,918 | -88.1% |
| Deferred charges and accrued income | 490/1 | €1,987 | €31,381 | +€29,395 | +1,480% |
| Total equity and liabilities | 10/49 | €8,692,727 | €9,678,805 | +€986,078 | +11.3% |
| Equity | 10/15 | €2,718,817 | €3,140,731 | +€421,914 | +15.5% |
| Contributions | 10/11 | €165,454 | €165,454 | = | 0.0% |
| Capital | 10 | €165,454 | €165,454 | = | 0.0% |
| Issued capital | 100 | €165,454 | €165,454 | = | 0.0% |
| Revaluation surpluses | 12 | €2,112,488 | €2,112,488 | = | 0.0% |
| Reserves | 13 | €429,184 | €429,184 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,545 | €16,545 | = | 0.0% |
| Legal reserve | 130 | €16,545 | €16,545 | = | 0.0% |
| Distributable reserves | 133 | €412,639 | €412,639 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €433,605 | +€433,605 | |
| Investment grants | 15 | €11,691 | - | -€11,691 | |
| Amounts payable | 17/49 | €5,973,910 | €6,538,074 | +€564,164 | +9.4% |
| Amounts payable after more than one year | 17 | €5,753,346 | - | -€5.8m | |
| Financial debts | 170/4 | €5,753,346 | - | -€5.8m | |
| Amounts payable within one year | 42/48 | €185,169 | €6,431,242 | +€6.2m | +3,373% |
| Current portion of amounts payable after more than one year | 42 | €0 | €5,753,346 | +€5.8m | |
| Financial debts | 43 | - | €78,620 | +€78,620 | |
| Credit institutions | 430/8 | - | €78,620 | +€78,620 | |
| Trade debts | 44 | €185,169 | €14,630 | -€170,539 | -92.1% |
| Suppliers | 440/4 | €185,169 | €14,630 | -€170,539 | -92.1% |
| Taxes, remuneration and social security | 45 | - | €9,646 | +€9,646 | |
| Taxes | 450/3 | - | €9,646 | +€9,646 | |
| Other amounts payable | 47/48 | - | €575,000 | +€575,000 | |
| Accrued charges and deferred income | 492/3 | €35,395 | €106,832 | +€71,437 | +202% |
| Turnover | 70 | €1,258,506 | €1,398,338 | +€139,832 | +11.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €215,111 | €204,014 | -€11,097 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €398,729 | €369,494 | -€29,235 | -7.3% |
| Other operating charges | 640/8 | €78,997 | €192,792 | +€113,795 | +144% |
| Gross operating margin | 9900 | €1,158,696 | €1,395,845 | +€237,149 | +20.5% |
| Operating profit (loss) | 9901 | €680,970 | €833,558 | +€152,588 | +22.4% |
| Financial income | 75/76B | €62,582 | €18,864 | -€43,718 | -69.9% |
| Recurring financial income | 75 | €62,582 | €18,864 | -€43,718 | -69.9% |
| Financial charges | 65/66B | €198,629 | €274,171 | +€75,542 | +38.0% |
| Recurring financial charges | 65 | €198,629 | €274,171 | +€75,542 | +38.0% |
| Profit (loss) for the period before taxes | 9903 | €544,923 | €578,251 | +€33,327 | +6.1% |
| Income taxes | 67/77 | €132,285 | €144,646 | +€12,361 | +9.3% |
| Profit (loss) for the period | 9904 | €412,639 | €433,605 | +€20,966 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €412,639 | €433,605 | +€20,966 | +5.1% |
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 22 October 2026 via checked.be.