SERBI: 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
SERBI
NACE 41.003, General construction of other non-residential buildings
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €659,572+€1.2m
Equity
€4.6m
2024 · €3.8m+€819,763
Cash
€773,936
2024 · €1.7m-€895,065
Balance sheet total
€26.1m
2024 · €21.5m+€4.6m
Largest movements
Assets
- Receivables within one year +€4.4m
up €4.4m (+31.7%), from €14.0m to €18.4m
of which Trade receivables: +€5.0m
- Cash -€895,065
down €895,065 (-53.6%), from €1.7m to €773,936
mainly Receivables within one year (-€4.4m) and Investment in fixed assets (net) (-€1.2m)
- Tangible fixed assets +€620,772
up €620,772 (+51.0%), from €1.2m to €1.8m
of which Leasing and similar rights: +€639,447
- Financial fixed assets +€281,348
up €281,348 (+94.5%), from €297,783 to €579,131
of which Affiliated companies: +€227,501
Equity and liabilities
- Short-term financial debts +€1.3m
up €1.3m (+41.3%), from €3.1m to €4.3m
- Trade debts +€1.1m
up €1.1m (+13.7%), from €7.9m to €9.0m
- Reserves +€819,763
up €819,763 (+22.9%), from €3.6m to €4.4m
of which Distributable reserves: +€524,073
- Other debts +€704,981
up €704,981 (+67.8%), from €1.0m to €1.7m
- Tax, wage and social debts +€453,350
up €453,350 (+54.7%), from €828,350 to €1.3m
of which Remuneration and social security: +€243,662
Income statement
- Turnover +€8.0m
up €8.0m (+21.5%), from €37.1m to €45.0m
- Goods and materials +€5.3m
up €5.3m (+19.7%), from €27.1m to €32.5m
of which Purchases: +€5.6m
- Services and other goods +€542,117
up €542,117 (+15.9%), from €3.4m to €3.9m
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
€659,572
Turnover
+€8.0m
Other operating income
+€75,303
Goods and materials
-€5.3m
Services and other goods
-€542,117
Staff costs
-€439,084
Depreciation
-€31,053
Write-downs
+€41,886
Provisions
-€131,357
Other operating charges
-€93,653
Other operating items
+€35,035
Financial income
-€18,722
Financial charges
+€25,757
Taxes
-€342,635
Deferred taxes and other
-€34,103
Result 2025
€1.8m
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
-€26,304
Investment
-€1.2m
Financing
+€368,945
Cash 2024
€1.7m
From operations (derived)
-€26,304
Net result for the year
+€1.8m
Depreciation
+€335,586
Stocks and contracts
-€101,625
Receivables within one year
-€4.4m
Deferred charges and accrued income
-€19,003
Provisions
+€308,230
Trade debts
+€1.1m
Tax, wage and social debts
+€453,350
Advances received
-€374,357
Other debts
+€704,981
Accrued charges and deferred income
+€198,129
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€368,945
Debts after one year
+€56,349
Current portion of long-term debt
+€49,107
Short-term financial debts
+€1.3m
Contributions, distributions and other
-€1.0m
Cash 2025
€773,936
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,514,072 | €26,080,839 | +€4.6m | +21.2% |
| Fixed assets | 21/28 | €1,515,537 | €2,417,657 | +€902,120 | +59.5% |
| Tangible fixed assets | 22/27 | €1,217,754 | €1,838,525 | +€620,772 | +51.0% |
| Land and buildings | 22 | €207,271 | - | -€207,271 | |
| Plant, machinery and equipment | 23 | €485,037 | €616,961 | +€131,924 | +27.2% |
| Furniture and vehicles | 24 | €521,275 | €581,446 | +€60,171 | +11.5% |
| Leasing and similar rights | 25 | - | €639,447 | +€639,447 | |
| Other tangible fixed assets | 26 | €4,171 | €671 | -€3,500 | -83.9% |
| Financial fixed assets | 28 | €297,783 | €579,131 | +€281,348 | +94.5% |
| Affiliated companies | 280/1 | €22,500 | €250,001 | +€227,501 | +1011.1% |
| Participating interests | 280 | €22,500 | €250,001 | +€227,501 | +1011.1% |
| Other financial fixed assets | 284/8 | €275,283 | €329,130 | +€53,847 | +19.6% |
| Shares | 284 | €10,174 | €10,174 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €265,109 | €318,956 | +€53,847 | +20.3% |
| Current assets | 29/58 | €19,998,535 | €23,663,182 | +€3.7m | +18.3% |
| Amounts receivable after more than one year | 29 | €2,683,000 | €2,683,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,683,000 | €2,683,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,643,281 | €1,744,906 | +€101,625 | +6.2% |
| Stocks | 30/36 | €1,643,281 | €1,744,906 | +€101,625 | +6.2% |
| Work in progress | 32 | €283,857 | €458,500 | +€174,643 | +61.5% |
| Goods purchased for resale | 34 | €226,319 | €231,800 | +€5,481 | +2.4% |
| Property held for sale | 35 | €1,133,105 | €1,054,606 | -€78,498 | -6.9% |
| Amounts receivable within one year | 40/41 | €13,996,741 | €18,435,824 | +€4.4m | +31.7% |
| Trade receivables | 40 | €11,265,548 | €16,261,036 | +€5.0m | +44.3% |
| Other amounts receivable | 41 | €2,731,193 | €2,174,788 | -€556,405 | -20.4% |
| Cash at bank and in hand | 54/58 | €1,669,001 | €773,936 | -€895,065 | -53.6% |
| Deferred charges and accrued income | 490/1 | €6,512 | €25,516 | +€19,003 | +291.8% |
| Total equity and liabilities | 10/49 | €21,514,072 | €26,080,839 | +€4.6m | +21.2% |
| Equity | 10/15 | €3,765,167 | €4,584,930 | +€819,763 | +21.8% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Capital | 10 | €190,000 | €190,000 | = | 0.0% |
| Issued capital | 100 | €190,000 | €190,000 | = | 0.0% |
| Reserves | 13 | €3,575,167 | €4,394,930 | +€819,763 | +22.9% |
| Non-distributable reserves | 130/1 | €19,000 | €19,000 | = | 0.0% |
| Legal reserve | 130 | €19,000 | €19,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €710,518 | €1,006,208 | +€295,690 | +41.6% |
| Distributable reserves | 133 | €2,845,649 | €3,369,722 | +€524,073 | +18.4% |
| Provisions and deferred taxes | 16 | €821,839 | €1,130,069 | +€308,230 | +37.5% |
| Provisions for liabilities and charges | 160/5 | €585,000 | €935,000 | +€350,000 | +59.8% |
| Environmental obligations | 163 | €585,000 | €935,000 | +€350,000 | +59.8% |
| Deferred taxes | 168 | €236,839 | €195,069 | -€41,770 | -17.6% |
| Amounts payable | 17/49 | €16,927,066 | €20,365,840 | +€3.4m | +20.3% |
| Amounts payable after more than one year | 17 | €1,238,171 | €1,294,520 | +€56,349 | +4.6% |
| Financial debts | 170/4 | €1,238,171 | €1,294,520 | +€56,349 | +4.6% |
| Leasing and similar obligations | 172 | - | €451,401 | +€451,401 | |
| Credit institutions | 173 | €853,171 | €558,119 | -€295,052 | -34.6% |
| Other loans | 174 | €385,000 | €285,000 | -€100,000 | -26.0% |
| Amounts payable within one year | 42/48 | €15,298,733 | €18,483,029 | +€3.2m | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €598,267 | €647,374 | +€49,107 | +8.2% |
| Financial debts | 43 | €3,062,367 | €4,325,856 | +€1.3m | +41.3% |
| Credit institutions | 430/8 | €3,062,367 | €4,325,856 | +€1.3m | +41.3% |
| Trade debts | 44 | €7,948,737 | €9,036,464 | +€1.1m | +13.7% |
| Suppliers | 440/4 | €7,948,737 | €9,036,464 | +€1.1m | +13.7% |
| Advances received on contracts in progress | 46 | €1,820,947 | €1,446,589 | -€374,357 | -20.6% |
| Taxes, remuneration and social security | 45 | €828,350 | €1,281,700 | +€453,350 | +54.7% |
| Taxes | 450/3 | €395,454 | €605,142 | +€209,688 | +53.0% |
| Remuneration and social security | 454/9 | €432,896 | €676,558 | +€243,662 | +56.3% |
| Other amounts payable | 47/48 | €1,040,064 | €1,745,045 | +€704,981 | +67.8% |
| Accrued charges and deferred income | 492/3 | €390,162 | €588,291 | +€198,129 | +50.8% |
| Operating income | 70/76A | €37,591,273 | €45,654,346 | +€8.1m | +21.4% |
| Turnover | 70 | €37,055,125 | €45,007,859 | +€8.0m | +21.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €139,607 | €174,643 | +€35,035 | +25.1% |
| Other operating income | 74 | €396,541 | €471,844 | +€75,303 | +19.0% |
| Operating charges | 60/66A | €36,375,746 | €42,908,924 | +€6.5m | +18.0% |
| Goods for resale, raw materials and consumables | 60 | €27,113,010 | €32,450,809 | +€5.3m | +19.7% |
| Purchases | 600/8 | €26,845,421 | €32,492,363 | +€5.6m | +21.0% |
| Change in stocks: decrease (increase) | 609 | €267,589 | -€41,554 | -€309,142 | |
| Services and other goods | 61 | €3,405,457 | €3,947,574 | +€542,117 | +15.9% |
| Remuneration, social security and pensions | 62 | €4,929,167 | €5,368,251 | +€439,084 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304,533 | €335,586 | +€31,053 | +10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €331,457 | €289,571 | -€41,886 | -12.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €218,643 | €350,000 | +€131,357 | +60.1% |
| Other operating charges | 640/8 | €73,479 | €167,131 | +€93,653 | +127.5% |
| Operating profit (loss) | 9901 | €1,215,527 | €2,745,422 | +€1.5m | +125.9% |
| Financial income | 75/76B | €75,331 | €56,609 | -€18,722 | -24.9% |
| Recurring financial income | 75 | €75,331 | €56,609 | -€18,722 | -24.9% |
| Income from financial fixed assets | 750 | €2,208 | €9,787 | +€7,579 | +343.2% |
| Income from current assets | 751 | €51,531 | €34,651 | -€16,880 | -32.8% |
| Other financial income | 752/9 | €21,592 | €12,171 | -€9,421 | -43.6% |
| Financial charges | 65/66B | €337,386 | €311,629 | -€25,757 | -7.6% |
| Recurring financial charges | 65 | €337,386 | €308,884 | -€28,502 | -8.4% |
| Debt charges | 650 | €268,162 | €203,820 | -€64,342 | -24.0% |
| Other financial charges | 652/9 | €69,224 | €105,064 | +€35,840 | +51.8% |
| Non-recurring financial charges | 66B | - | €2,745 | +€2,745 | |
| Profit (loss) for the period before taxes | 9903 | €953,472 | €2,490,401 | +€1.5m | +161.2% |
| Transfer from deferred taxes | 780 | €75,873 | €41,770 | -€34,103 | -44.9% |
| Income taxes | 67/77 | €369,773 | €712,408 | +€342,635 | +92.7% |
| Taxes | 670/3 | €375,527 | €712,408 | +€336,881 | +89.7% |
| Tax adjustments and reversals of tax provisions | 77 | €5,754 | - | -€5,754 | |
| Profit (loss) for the period | 9904 | €659,572 | €1,819,763 | +€1.2m | +175.9% |
| Transfer from tax-exempt reserves | 789 | €227,620 | €125,310 | -€102,310 | -44.9% |
| Transfer to tax-exempt reserves | 689 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €887,192 | €1,524,073 | +€636,881 | +71.8% |
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 10 October 2026 via checked.be.