SERDANT: 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.
SERDANT
Largest movements
- Receivables after one year +€49,452
up €49,452 (+56.1%), from €88,073 to €137,525
- Receivables within one year -€37,707
down €37,707 (-52.8%), from €71,456 to €33,749
of which Other amounts receivable: -€59,394
- Tangible fixed assets -€13,958
down €13,958 (-24.8%), from €56,323 to €42,365
of which Furniture and vehicles: -€12,660
- Cash -€2,582
down €2,582 (-33.9%), from €7,626 to €5,045
mainly Receivables after one year (-€49,452) and Debts after one year (-€13,458)
- Debts after one year -€13,458
down €13,458 (-39.7%), from €33,889 to €20,431
- Trade debts +€5,458
up €5,458 (+12.9%), from €42,247 to €47,705
- Short-term financial debts +€4,954
new in 2025: €4,954
- Profit (loss) carried forward -€2,940
down €2,940 (-2.7%), from -€110,275 to -€113,215
- Staff costs -€44,488
down €44,488 (-32.8%), from €135,613 to €91,125
- Gross operating margin -€32,972
down €32,972 (-21.3%), from €154,774 to €121,802
- Other operating charges -€1,806
down €1,806 (-30.8%), from €5,866 to €4,060
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 | €245,794 | €241,235 | -€4,559 | -1.9% |
| Fixed assets | 21/28 | €56,323 | €42,365 | -€13,958 | -24.8% |
| Tangible fixed assets | 22/27 | €56,323 | €42,365 | -€13,958 | -24.8% |
| Land and buildings | 22 | €6,526 | €5,627 | -€899 | -13.8% |
| Plant, machinery and equipment | 23 | €1,961 | €1,903 | -€59 | -3.0% |
| Furniture and vehicles | 24 | €44,574 | €31,914 | -€12,660 | -28.4% |
| Other tangible fixed assets | 26 | €3,262 | €2,922 | -€340 | -10.4% |
| Current assets | 29/58 | €189,472 | €198,871 | +€9,399 | +5.0% |
| Amounts receivable after more than one year | 29 | €88,073 | €137,525 | +€49,452 | +56.1% |
| Other amounts receivable | 291 | €88,073 | €137,525 | +€49,452 | +56.1% |
| Stocks and contracts in progress | 3 | €17,989 | €20,163 | +€2,174 | +12.1% |
| Stocks | 30/36 | €17,989 | €20,163 | +€2,174 | +12.1% |
| Amounts receivable within one year | 40/41 | €71,456 | €33,749 | -€37,707 | -52.8% |
| Trade receivables | 40 | €8,673 | €30,360 | +€21,687 | +250.1% |
| Other amounts receivable | 41 | €62,783 | €3,390 | -€59,394 | -94.6% |
| Cash at bank and in hand | 54/58 | €7,626 | €5,045 | -€2,582 | -33.9% |
| Deferred charges and accrued income | 490/1 | €4,328 | €2,389 | -€1,939 | -44.8% |
| Total equity and liabilities | 10/49 | €245,794 | €241,235 | -€4,559 | -1.9% |
| Equity | 10/15 | €109,576 | €106,636 | -€2,940 | -2.7% |
| Contributions | 10/11 | €195,836 | €195,836 | = | 0.0% |
| Capital | 10 | €195,836 | €195,836 | = | 0.0% |
| Issued capital | 100 | €195,836 | €195,836 | = | 0.0% |
| Reserves | 13 | €24,015 | €24,015 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,658 | €8,658 | = | 0.0% |
| Legal reserve | 130 | €8,658 | €8,658 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,357 | €15,357 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,275 | -€113,215 | -€2,940 | -2.7% |
| Amounts payable | 17/49 | €136,218 | €134,599 | -€1,619 | -1.2% |
| Amounts payable after more than one year | 17 | €33,889 | €20,431 | -€13,458 | -39.7% |
| Financial debts | 170/4 | €33,889 | €20,431 | -€13,458 | -39.7% |
| Amounts payable within one year | 42/48 | €101,742 | €114,144 | +€12,402 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €12,710 | €13,458 | +€748 | +5.9% |
| Financial debts | 43 | - | €4,954 | +€4,954 | |
| Credit institutions | 430/8 | - | €4,954 | +€4,954 | |
| Trade debts | 44 | €42,247 | €47,705 | +€5,458 | +12.9% |
| Suppliers | 440/4 | €42,247 | €47,705 | +€5,458 | +12.9% |
| Taxes, remuneration and social security | 45 | €39,762 | €39,968 | +€207 | +0.5% |
| Taxes | 450/3 | €26,853 | €16,668 | -€10,184 | -37.9% |
| Remuneration and social security | 454/9 | €12,909 | €23,300 | +€10,391 | +80.5% |
| Other amounts payable | 47/48 | €7,023 | €8,059 | +€1,036 | +14.7% |
| Accrued charges and deferred income | 492/3 | €587 | €24 | -€564 | -96.0% |
| Non-recurring operating income | 76A | €1,648 | €700 | -€948 | -57.5% |
| Remuneration, social security and pensions | 62 | €135,613 | €91,125 | -€44,488 | -32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,805 | €15,632 | +€828 | +5.6% |
| Other operating charges | 640/8 | €5,866 | €4,060 | -€1,806 | -30.8% |
| Non-recurring operating charges | 66A | €486 | -€82 | -€569 | |
| Gross operating margin | 9900 | €154,774 | €121,802 | -€32,972 | -21.3% |
| Operating profit (loss) | 9901 | -€1,995 | €11,067 | +€13,063 | |
| Financial income | 75/76B | €50 | €33 | -€17 | -33.3% |
| Recurring financial income | 75 | €50 | €33 | -€17 | -33.3% |
| Financial charges | 65/66B | €10,788 | €12,219 | +€1,432 | +13.3% |
| Recurring financial charges | 65 | €10,788 | €12,219 | +€1,432 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,733 | -€1,119 | +€11,614 | +91.2% |
| Income taxes | 67/77 | €1,908 | €1,821 | -€88 | -4.6% |
| Profit (loss) for the period | 9904 | -€14,642 | -€2,940 | +€11,702 | +79.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,642 | -€2,940 | +€11,702 | +79.9% |
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 3 October 2026 via checked.be.