SERBO: 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
SERBO
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€34,846
2024 · -€31,562-€3,284
Equity
€613,570
2024 · €648,415-€34,846
Cash
€34,896
2024 · €42,661-€7,765
Balance sheet total
€2.6m
2024 · €2.7m-€75,727
Largest movements
Assets
- Tangible fixed assets -€67,963
down €67,963 (-2.5%), from €2.7m to €2.6m
of which Land and buildings: -€67,549
Equity and liabilities
- Debts after one year -€65,766
down €65,766 (-5.5%), from €1.2m to €1.1m
- Other debts +€31,985
up €31,985 (+5.0%), from €645,289 to €677,274
Income statement
- Depreciation +€3,169
up €3,169 (+3.1%), from €102,877 to €106,046
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
-€31,562
Gross operating margin
-€496
Depreciation
-€3,169
Other operating charges
-€182
Other operating items
+€170
Financial income
-€11
Financial charges
+€404
Result 2025
-€34,846
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
+€95,698
Investment
-€38,083
Financing
-€65,380
Cash 2024
€42,661
From operations (derived)
+€95,698
Net result for the year
-€34,846
Depreciation
+€106,046
Provisions
-€6,625
Trade debts
-€68
Other debts
+€31,985
Accrued charges and deferred income
-€795
Investment (derived)
-€38,083
Investment in fixed assets (net)
-€38,083
Financing
-€65,380
Debts after one year
-€65,766
Current portion of long-term debt
+€387
Cash 2025
€34,896
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,715,819 | €2,640,092 | -€75,727 | -2.8% |
| Fixed assets | 21/28 | €2,670,158 | €2,602,196 | -€67,963 | -2.5% |
| Tangible fixed assets | 22/27 | €2,670,158 | €2,602,196 | -€67,963 | -2.5% |
| Land and buildings | 22 | €2,669,668 | €2,602,119 | -€67,549 | -2.5% |
| Furniture and vehicles | 24 | €491 | €77 | -€414 | -84.3% |
| Current assets | 29/58 | €45,661 | €37,896 | -€7,765 | -17.0% |
| Amounts receivable within one year | 40/41 | €3,000 | €3,000 | = | 0.0% |
| Other amounts receivable | 41 | €3,000 | €3,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,661 | €34,896 | -€7,765 | -18.2% |
| Total equity and liabilities | 10/49 | €2,715,819 | €2,640,092 | -€75,727 | -2.8% |
| Equity | 10/15 | €648,415 | €613,570 | -€34,846 | -5.4% |
| Contributions | 10/11 | €520,576 | €520,576 | = | 0.0% |
| Capital | 10 | €520,576 | €520,576 | = | 0.0% |
| Issued capital | 100 | €520,576 | €520,576 | = | 0.0% |
| Reserves | 13 | €424,742 | €408,614 | -€16,128 | -3.8% |
| Tax-exempt reserves | 132 | €424,742 | €408,614 | -€16,128 | -3.8% |
| Profit (loss) carried forward | 14 | -€296,903 | -€315,620 | -€18,718 | -6.3% |
| Provisions and deferred taxes | 16 | €162,758 | €156,134 | -€6,625 | -4.1% |
| Deferred taxes | 168 | €162,758 | €156,134 | -€6,625 | -4.1% |
| Amounts payable | 17/49 | €1,904,645 | €1,870,389 | -€34,257 | -1.8% |
| Amounts payable after more than one year | 17 | €1,192,853 | €1,127,087 | -€65,766 | -5.5% |
| Financial debts | 170/4 | €1,192,853 | €1,127,087 | -€65,766 | -5.5% |
| Amounts payable within one year | 42/48 | €710,997 | €743,302 | +€32,304 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €65,380 | €65,766 | +€387 | +0.6% |
| Trade debts | 44 | €68 | - | -€68 | |
| Suppliers | 440/4 | €68 | - | -€68 | |
| Taxes, remuneration and social security | 45 | €262 | €262 | = | 0.0% |
| Taxes | 450/3 | €262 | €262 | = | 0.0% |
| Other amounts payable | 47/48 | €645,289 | €677,274 | +€31,985 | +5.0% |
| Accrued charges and deferred income | 492/3 | €795 | - | -€795 | |
| Non-recurring operating income | 76A | - | €1,552 | +€1,552 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,877 | €106,046 | +€3,169 | +3.1% |
| Other operating charges | 640/8 | €15,624 | €15,805 | +€182 | +1.2% |
| Non-recurring operating charges | 66A | €170 | - | -€170 | |
| Gross operating margin | 9900 | €115,234 | €114,737 | -€496 | -0.4% |
| Operating profit (loss) | 9901 | -€3,437 | -€7,114 | -€3,677 | -107.0% |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €34,760 | €34,356 | -€404 | -1.2% |
| Recurring financial charges | 65 | €34,760 | €34,356 | -€404 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | -€38,186 | -€41,470 | -€3,284 | -8.6% |
| Transfer from deferred taxes | 780 | €6,625 | €6,625 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€31,562 | -€34,846 | -€3,284 | -10.4% |
| Transfer from tax-exempt reserves | 789 | €16,128 | €16,128 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,434 | -€18,718 | -€3,284 | -21.3% |
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 12 October 2026 via checked.be.