SERB: 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
SERB
NACE 46.460, Wholesale of pharmaceutical and medical goods
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€13.7m
2024 · €16.3m-€2.6m
Equity
€49.5m
2024 · €38.7m+€10.9m
Cash
€10.9m
2024 · €17.6m-€6.7m
Balance sheet total
€159.3m
2024 · €153.6m+€5.7m
Largest movements
Assets
- Stocks and contracts +€12.5m
up €12.5m (+41.2%), from €30.4m to €42.9m
- Intangible fixed assets -€10.8m
down €10.8m (-21.1%), from €51.3m to €40.5m
- Tangible fixed assets +€9.4m
up €9.4m (+92.1%), from €10.2m to €19.5m
of which Assets under construction and advance payments: +€8.9m
- Cash -€6.7m
down €6.7m (-37.9%), from €17.6m to €10.9m
mainly Stocks and contracts (-€12.5m) and Investment in fixed assets (net) (-€10.4m)
Equity and liabilities
- Profit (loss) carried forward +€10.2m
up €10.2m (+1980.1%), from €514,810 to €10.7m
- Other debts -€6.3m
down €6.3m (-61.9%), from €10.1m to €3.8m
Income statement
- Turnover +€4.8m
up €4.8m (+5.3%), from €92.0m to €96.9m
- Goods and materials +€4.4m
up €4.4m (+12.7%), from €34.3m to €38.6m
of which Purchases: +€5.5m
- Taxes -€1.4m
down €1.4m (-24.8%), from €5.6m to €4.2m
of which Taxes: -€1.1m
- Services and other goods -€1.1m
down €1.1m (-2.4%), from €44.0m to €42.9m
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
€16.3m
Turnover
+€4.8m
Other operating income
+€342,156
Goods and materials
-€4.4m
Services and other goods
+€1.1m
Staff costs
-€255,230
Depreciation
-€11,131
Write-downs
+€830,708
Provisions
-€17,505
Other operating charges
+€12,795
Other operating items
-€6.1m
Financial income
-€183,212
Financial charges
-€167,861
Taxes
+€1.4m
Result 2025
€13.7m
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.
From operations
+€6.6m
Investment
-€10.4m
Financing
-€2.8m
Cash 2024
€17.6m
From operations (derived)
+€6.6m
Net result for the year
+€13.7m
Depreciation
+€10.8m
Stocks and contracts
-€12.5m
Receivables within one year
-€427,879
Deferred charges and accrued income
+€167,905
Trade debts
+€944,795
Tax, wage and social debts
+€142,936
Smaller working-capital items
-€19,881
Other debts
-€6.3m
Investment (derived)
-€10.4m
Investment in fixed assets (net)
-€10.4m
Financing
-€2.8m
Contributions, distributions and other
-€2.8m
Cash 2025
€10.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €153,565,625 | €159,260,248 | +€5.7m | +3.7% |
| Formation expenses | 20 | - | €1,024,079 | +€1.0m | |
| Fixed assets | 21/28 | €61,472,543 | €60,036,676 | -€1.4m | -2.3% |
| Intangible fixed assets | 21 | €51,272,518 | €40,467,808 | -€10.8m | -21.1% |
| Tangible fixed assets | 22/27 | €10,176,508 | €19,549,098 | +€9.4m | +92.1% |
| Furniture and vehicles | 24 | €32,574 | €30,644 | -€1,930 | -5.9% |
| Other tangible fixed assets | 26 | €91 | €432,696 | +€432,604 | +474242.9% |
| Assets under construction and advance payments | 27 | €10,143,842 | €19,085,759 | +€8.9m | +88.2% |
| Financial fixed assets | 28 | €23,517 | €19,769 | -€3,747 | -15.9% |
| Other financial fixed assets | 284/8 | €23,517 | €19,769 | -€3,747 | -15.9% |
| Amounts receivable and cash guarantees | 285/8 | €23,517 | €19,769 | -€3,747 | -15.9% |
| Current assets | 29/58 | €92,093,082 | €98,199,493 | +€6.1m | +6.6% |
| Stocks and contracts in progress | 3 | €30,360,298 | €42,857,483 | +€12.5m | +41.2% |
| Stocks | 30/36 | €30,360,298 | €42,857,483 | +€12.5m | +41.2% |
| Raw materials and consumables | 30/31 | €12,817,928 | €17,800,687 | +€5.0m | +38.9% |
| Work in progress | 32 | €882,372 | €1,621,165 | +€738,793 | +83.7% |
| Finished goods | 33 | €5,342,694 | €5,480,566 | +€137,871 | +2.6% |
| Goods purchased for resale | 34 | €11,317,304 | €17,462,954 | +€6.1m | +54.3% |
| Advance payments | 36 | - | €492,112 | +€492,112 | |
| Amounts receivable within one year | 40/41 | €43,857,912 | €44,285,791 | +€427,879 | +1.0% |
| Trade receivables | 40 | €40,008,577 | €39,719,611 | -€288,966 | -0.7% |
| Other amounts receivable | 41 | €3,849,335 | €4,566,180 | +€716,844 | +18.6% |
| Cash at bank and in hand | 54/58 | €17,555,824 | €10,905,076 | -€6.7m | -37.9% |
| Deferred charges and accrued income | 490/1 | €319,047 | €151,142 | -€167,905 | -52.6% |
| Total equity and liabilities | 10/49 | €153,565,625 | €159,260,248 | +€5.7m | +3.7% |
| Equity | 10/15 | €38,663,304 | €49,543,416 | +€10.9m | +28.1% |
| Contributions | 10/11 | €33,097,569 | €33,097,569 | = | 0.0% |
| Capital | 10 | €33,097,569 | €33,097,569 | = | 0.0% |
| Issued capital | 100 | €33,097,569 | €33,097,569 | = | 0.0% |
| Reserves | 13 | €5,050,925 | €5,737,162 | +€686,237 | +13.6% |
| Non-distributable reserves | 130/1 | €2,127,645 | €2,813,882 | +€686,237 | +32.3% |
| Legal reserve | 130 | €2,127,645 | €2,813,882 | +€686,237 | +32.3% |
| Distributable reserves | 133 | €2,923,280 | €2,923,280 | = | 0.0% |
| Profit (loss) carried forward | 14 | €514,810 | €10,708,685 | +€10.2m | +1980.1% |
| Amounts payable | 17/49 | €114,902,321 | €109,716,832 | -€5.2m | -4.5% |
| Amounts payable after more than one year | 17 | €62,826,769 | €62,826,769 | = | 0.0% |
| Financial debts | 170/4 | €62,826,769 | €62,826,769 | = | 0.0% |
| Other loans | 174 | €62,826,769 | €62,826,769 | = | 0.0% |
| Amounts payable within one year | 42/48 | €51,586,963 | €46,418,220 | -€5.2m | -10.0% |
| Trade debts | 44 | €40,807,290 | €41,752,085 | +€944,795 | +2.3% |
| Suppliers | 440/4 | €40,807,290 | €41,752,085 | +€944,795 | +2.3% |
| Advances received on contracts in progress | 46 | €3,135 | - | -€3,135 | |
| Taxes, remuneration and social security | 45 | €673,836 | €816,772 | +€142,936 | +21.2% |
| Taxes | 450/3 | €187,751 | €236,788 | +€49,037 | +26.1% |
| Remuneration and social security | 454/9 | €486,086 | €579,984 | +€93,899 | +19.3% |
| Other amounts payable | 47/48 | €10,102,702 | €3,849,363 | -€6.3m | -61.9% |
| Accrued charges and deferred income | 492/3 | €488,589 | €471,843 | -€16,746 | -3.4% |
| Operating income | 70/76A | €120,804,687 | €119,923,094 | -€881,593 | -0.7% |
| Turnover | 70 | €92,036,839 | €96,880,725 | +€4.8m | +5.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,211,430 | €962,213 | -€249,217 | -20.6% |
| Other operating income | 74 | €21,738,000 | €22,080,156 | +€342,156 | +1.6% |
| Non-recurring operating income | 76A | €5,818,417 | - | -€5.8m | |
| Operating charges | 60/66A | €92,784,728 | €95,507,231 | +€2.7m | +2.9% |
| Goods for resale, raw materials and consumables | 60 | €34,288,007 | €38,642,098 | +€4.4m | +12.7% |
| Purchases | 600/8 | €43,901,293 | €49,431,739 | +€5.5m | +12.6% |
| Change in stocks: decrease (increase) | 609 | -€9,613,286 | -€10,789,640 | -€1.2m | -12.2% |
| Services and other goods | 61 | €43,964,309 | €42,892,357 | -€1.1m | -2.4% |
| Remuneration, social security and pensions | 62 | €2,030,221 | €2,285,451 | +€255,230 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,831,705 | €10,842,835 | +€11,131 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €577,488 | -€253,220 | -€830,708 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€17,505 | - | +€17,505 | |
| Other operating charges | 640/8 | €1,110,505 | €1,097,709 | -€12,795 | -1.2% |
| Operating profit (loss) | 9901 | €28,019,958 | €24,415,863 | -€3.6m | -12.9% |
| Financial income | 75/76B | €763,144 | €579,932 | -€183,212 | -24.0% |
| Recurring financial income | 75 | €763,144 | €579,932 | -€183,212 | -24.0% |
| Income from current assets | 751 | €285,443 | €84,588 | -€200,855 | -70.4% |
| Other financial income | 752/9 | €477,700 | €495,343 | +€17,643 | +3.7% |
| Financial charges | 65/66B | €6,864,704 | €7,032,565 | +€167,861 | +2.4% |
| Recurring financial charges | 65 | €6,864,704 | €7,032,565 | +€167,861 | +2.4% |
| Debt charges | 650 | €6,437,846 | €5,683,528 | -€754,318 | -11.7% |
| Other financial charges | 652/9 | €426,858 | €1,349,037 | +€922,179 | +216.0% |
| Profit (loss) for the period before taxes | 9903 | €21,918,398 | €17,963,229 | -€4.0m | -18.0% |
| Income taxes | 67/77 | €5,636,334 | €4,238,492 | -€1.4m | -24.8% |
| Taxes | 670/3 | €5,636,334 | €4,514,702 | -€1.1m | -19.9% |
| Tax adjustments and reversals of tax provisions | 77 | - | €276,211 | +€276,211 | |
| Profit (loss) for the period | 9904 | €16,282,065 | €13,724,738 | -€2.6m | -15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,282,065 | €13,724,738 | -€2.6m | -15.7% |
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 11 October 2026 via checked.be.