SERBATOIO: 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.
SERBATOIO
Largest movements
- Stocks and contracts +€1.3m
new in 2025: €1.3m
- Tangible fixed assets -€401,042
down €401,042 (-100.0%), from €401,042 to €0
of which Land and buildings: -€389,518
- Cash -€60,183
down €60,183 (-91.9%), from €65,474 to €5,291
mainly Stocks and contracts (-€1.3m) and Other debts (-€220,864)
- Debts after one year +€1.1m
up €1.1m (+836.7%), from €136,156 to €1.3m
of which Financial debts: +€1.1m
- Other debts -€220,864
down €220,864 (-100.0%), from €220,864 to €0
- Profit (loss) carried forward -€68,288
down €68,288 (-46.6%), from -€146,499 to -€214,787
- Trade debts +€36,053
up €36,053 (+2012.9%), from €1,791 to €37,844
- Current portion of long-term debt -€26,602
down €26,602 (-100.0%), from €26,602 to €0
- Depreciation -€50,987
down €50,987 (-100.0%), from €50,987 to €0
- Financial charges +€35,932
up €35,932 (+435.0%), from €8,260 to €44,193
- Gross operating margin -€20,444
down €20,444 (-28.8%), from €70,965 to €50,521
- Staff costs -€1,866
down €1,866 (-100.0%), from €1,866 to €0
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 | €503,133 | €1,361,780 | +€858,647 | +170.7% |
| Fixed assets | 21/28 | €401,042 | €0 | -€401,042 | -100.0% |
| Tangible fixed assets | 22/27 | €401,042 | €0 | -€401,042 | -100.0% |
| Land and buildings | 22 | €389,518 | €0 | -€389,518 | -100.0% |
| Plant, machinery and equipment | 23 | €11,525 | €0 | -€11,525 | -100.0% |
| Current assets | 29/58 | €102,091 | €1,361,780 | +€1.3m | +1233.9% |
| Stocks and contracts in progress | 3 | - | €1,308,489 | +€1.3m | |
| Stocks | 30/36 | - | €1,308,489 | +€1.3m | |
| Amounts receivable within one year | 40/41 | €35,603 | €48,000 | +€12,397 | +34.8% |
| Trade receivables | 40 | - | €47,500 | +€47,500 | |
| Other amounts receivable | 41 | €35,603 | €500 | -€35,103 | -98.6% |
| Cash at bank and in hand | 54/58 | €65,474 | €5,291 | -€60,183 | -91.9% |
| Deferred charges and accrued income | 490/1 | €1,013 | €0 | -€1,013 | -100.0% |
| Total equity and liabilities | 10/49 | €503,133 | €1,361,780 | +€858,647 | +170.7% |
| Equity | 10/15 | €116,247 | €47,959 | -€68,288 | -58.7% |
| Contributions | 10/11 | €258,600 | €258,600 | = | 0.0% |
| Reserves | 13 | €4,146 | €4,146 | = | 0.0% |
| Distributable reserves | 133 | €4,146 | €4,146 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€146,499 | -€214,787 | -€68,288 | -46.6% |
| Amounts payable | 17/49 | €386,886 | €1,313,821 | +€926,935 | +239.6% |
| Amounts payable after more than one year | 17 | €136,156 | €1,275,429 | +€1.1m | +836.7% |
| Financial debts | 170/4 | €136,156 | €1,200,000 | +€1.1m | +781.3% |
| Other amounts payable | 178/9 | - | €75,429 | +€75,429 | |
| Amounts payable within one year | 42/48 | €250,730 | €38,392 | -€212,338 | -84.7% |
| Current portion of amounts payable after more than one year | 42 | €26,602 | €0 | -€26,602 | -100.0% |
| Trade debts | 44 | €1,791 | €37,844 | +€36,053 | +2012.9% |
| Suppliers | 440/4 | €1,791 | €37,844 | +€36,053 | +2012.9% |
| Taxes, remuneration and social security | 45 | €1,473 | €548 | -€925 | -62.8% |
| Taxes | 450/3 | €1,473 | €548 | -€925 | -62.8% |
| Other amounts payable | 47/48 | €220,864 | €0 | -€220,864 | -100.0% |
| Non-recurring operating income | 76A | €455 | €20,620 | +€20,166 | +4436.4% |
| Remuneration, social security and pensions | 62 | €1,866 | €0 | -€1,866 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,987 | €0 | -€50,987 | -100.0% |
| Other operating charges | 640/8 | €9,771 | €10,453 | +€683 | +7.0% |
| Non-recurring operating charges | 66A | €3,660 | €64,273 | +€60,613 | +1656.1% |
| Gross operating margin | 9900 | €70,965 | €50,521 | -€20,444 | -28.8% |
| Operating profit (loss) | 9901 | €4,682 | -€24,205 | -€28,887 | |
| Financial income | 75/76B | €436 | €158 | -€279 | -63.9% |
| Recurring financial income | 75 | €436 | €158 | -€279 | -63.9% |
| Financial charges | 65/66B | €8,260 | €44,193 | +€35,932 | +435.0% |
| Recurring financial charges | 65 | €8,260 | €44,193 | +€35,932 | +435.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,142 | -€68,241 | -€65,098 | -2071.7% |
| Income taxes | 67/77 | €204 | €47 | -€157 | -76.9% |
| Profit (loss) for the period | 9904 | -€3,347 | -€68,288 | -€64,941 | -1940.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,347 | -€68,288 | -€64,941 | -1940.5% |
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 6 October 2026 via checked.be.