SERDANI: 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.
SERDANI
Largest movements
- Tangible fixed assets -€31,733
down €31,733 (-3.2%), from €1.0m to €970,955
of which Land and buildings: -€32,624
- Current investments -€30,000
down €30,000 (-18.8%), from €160,000 to €130,000
- Current portion of long-term debt -€25,907
down €25,907 (-6.9%), from €373,205 to €347,298
- Reserves -€12,624
down €12,624 (-4.1%), from €309,623 to €296,999
of which Tax-exempt reserves: -€12,624
- Depreciation +€6,936
up €6,936 (+17.7%), from €39,171 to €46,107
- Gross operating margin -€4,553
down €4,553 (-19.4%), from €23,432 to €18,879
- Other operating charges -€2,649
down €2,649 (-31.5%), from €8,403 to €5,754
- Financial income +€1,198
up €1,198 (+31.8%), from €3,762 to €4,960
- Taxes +€312
up €312 (+153.7%), from €203 to €515
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 | €1,192,420 | €1,137,880 | -€54,540 | -4.6% |
| Fixed assets | 21/28 | €1,002,688 | €970,955 | -€31,733 | -3.2% |
| Tangible fixed assets | 22/27 | €1,002,688 | €970,955 | -€31,733 | -3.2% |
| Land and buildings | 22 | €941,738 | €909,114 | -€32,624 | -3.5% |
| Furniture and vehicles | 24 | €58,942 | €46,081 | -€12,861 | -21.8% |
| Other tangible fixed assets | 26 | €2,008 | €15,760 | +€13,752 | +684.9% |
| Current assets | 29/58 | €189,732 | €166,925 | -€22,807 | -12.0% |
| Current investments | 50/53 | €160,000 | €130,000 | -€30,000 | -18.8% |
| Cash at bank and in hand | 54/58 | €28,653 | €35,876 | +€7,223 | +25.2% |
| Deferred charges and accrued income | 490/1 | €1,079 | €1,049 | -€30 | -2.8% |
| Total equity and liabilities | 10/49 | €1,192,420 | €1,137,880 | -€54,540 | -4.6% |
| Equity | 10/15 | €662,976 | €640,843 | -€22,133 | -3.3% |
| Contributions | 10/11 | €61,981 | €61,981 | = | 0.0% |
| Capital | 10 | €61,981 | €61,981 | = | 0.0% |
| Issued capital | 100 | €61,981 | €61,981 | = | 0.0% |
| Reserves | 13 | €309,623 | €296,999 | -€12,624 | -4.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €303,423 | €290,799 | -€12,624 | -4.2% |
| Profit (loss) carried forward | 14 | €291,372 | €281,863 | -€9,509 | -3.3% |
| Provisions and deferred taxes | 16 | €156,239 | €149,739 | -€6,500 | -4.2% |
| Deferred taxes | 168 | €156,239 | €149,739 | -€6,500 | -4.2% |
| Amounts payable | 17/49 | €373,205 | €347,298 | -€25,907 | -6.9% |
| Amounts payable within one year | 42/48 | €373,205 | €347,298 | -€25,907 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €373,205 | €347,298 | -€25,907 | -6.9% |
| Non-recurring operating income | 76A | €5,500 | - | -€5,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,171 | €46,107 | +€6,936 | +17.7% |
| Other operating charges | 640/8 | €8,403 | €5,754 | -€2,649 | -31.5% |
| Gross operating margin | 9900 | €23,432 | €18,879 | -€4,553 | -19.4% |
| Operating profit (loss) | 9901 | -€24,142 | -€32,982 | -€8,840 | -36.6% |
| Financial income | 75/76B | €3,762 | €4,960 | +€1,198 | +31.8% |
| Recurring financial income | 75 | €3,762 | €4,960 | +€1,198 | +31.8% |
| Financial charges | 65/66B | €118 | €96 | -€22 | -18.6% |
| Recurring financial charges | 65 | €118 | €96 | -€22 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,498 | -€28,118 | -€7,620 | -37.2% |
| Transfer from deferred taxes | 780 | €6,500 | €6,500 | = | 0.0% |
| Income taxes | 67/77 | €203 | €515 | +€312 | +153.7% |
| Profit (loss) for the period | 9904 | -€14,201 | -€22,133 | -€7,932 | -55.9% |
| Transfer from tax-exempt reserves | 789 | €12,624 | €12,624 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,577 | -€9,509 | -€7,932 | -503.0% |
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 1 October 2026 via checked.be.