SERDAR: 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.
SERDAR
Largest movements
- Receivables within one year +€97,533
up €97,533 (+87.5%), from €111,487 to €209,020
of which Other amounts receivable: +€84,620
- Stocks and contracts +€60,135
up €60,135 (+222.8%), from €26,992 to €87,127
- Cash +€34,180
up €34,180 (+71.9%), from €47,510 to €81,691
mainly Net result for the year (+€113,106) and Trade debts (+€68,350)
- Receivables after one year +€26,000
new in 2025: €26,000
- Tangible fixed assets +€18,934
up €18,934 (+184.7%), from €10,250 to €29,184
- Reserves +€107,000
new in 2025: €107,000
- Trade debts +€68,350
up €68,350 (+83.1%), from €82,276 to €150,627
- Tax, wage and social debts +€35,445
up €35,445 (+131.6%), from €26,927 to €62,372
of which Taxes: +€31,685
- Current portion of long-term debt +€16,756
new in 2025: €16,756
- Profit (loss) carried forward +€6,106
up €6,106 (+6.9%), from €88,912 to €95,018
- Gross operating margin +€239,657
up €239,657 (+1167.9%), from €20,521 to €260,178
- Staff costs +€56,627
up €56,627 (+218.6%), from €25,903 to €82,530
- Taxes +€43,193
up €43,193 (+129088.8%), from €33 to €43,227
- Financial charges +€9,571
up €9,571 (+4060.0%), from €236 to €9,807
- Financial income +€7,610
up €7,610, from €0 to €7,610
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 | €218,115 | €451,773 | +€233,658 | +107.1% |
| Fixed assets | 21/28 | €32,125 | €47,934 | +€15,809 | +49.2% |
| Intangible fixed assets | 21 | €21,875 | €18,750 | -€3,125 | -14.3% |
| Tangible fixed assets | 22/27 | €10,250 | €29,184 | +€18,934 | +184.7% |
| Plant, machinery and equipment | 23 | €1,518 | €5,098 | +€3,580 | +235.8% |
| Furniture and vehicles | 24 | €8,450 | €17,346 | +€8,896 | +105.3% |
| Other tangible fixed assets | 26 | €282 | €6,741 | +€6,458 | +2287.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €185,989 | €403,838 | +€217,849 | +117.1% |
| Amounts receivable after more than one year | 29 | - | €26,000 | +€26,000 | |
| Trade receivables | 290 | - | €26,000 | +€26,000 | |
| Stocks and contracts in progress | 3 | €26,992 | €87,127 | +€60,135 | +222.8% |
| Stocks | 30/36 | €26,992 | €87,127 | +€60,135 | +222.8% |
| Amounts receivable within one year | 40/41 | €111,487 | €209,020 | +€97,533 | +87.5% |
| Trade receivables | 40 | €1,062 | €13,976 | +€12,914 | +1216.1% |
| Other amounts receivable | 41 | €110,425 | €195,045 | +€84,620 | +76.6% |
| Cash at bank and in hand | 54/58 | €47,510 | €81,691 | +€34,180 | +71.9% |
| Total equity and liabilities | 10/49 | €218,115 | €451,773 | +€233,658 | +107.1% |
| Equity | 10/15 | €108,912 | €222,018 | +€113,106 | +103.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €107,000 | +€107,000 | |
| Distributable reserves | 133 | - | €107,000 | +€107,000 | |
| Profit (loss) carried forward | 14 | €88,912 | €95,018 | +€6,106 | +6.9% |
| Amounts payable | 17/49 | €109,203 | €229,755 | +€120,552 | +110.4% |
| Amounts payable after more than one year | 17 | - | €0 | = | |
| Financial debts | 170/4 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €109,203 | €229,755 | +€120,552 | +110.4% |
| Current portion of amounts payable after more than one year | 42 | - | €16,756 | +€16,756 | |
| Trade debts | 44 | €82,276 | €150,627 | +€68,350 | +83.1% |
| Suppliers | 440/4 | €82,276 | €150,627 | +€68,350 | +83.1% |
| Taxes, remuneration and social security | 45 | €26,927 | €62,372 | +€35,445 | +131.6% |
| Taxes | 450/3 | €18,052 | €49,737 | +€31,685 | +175.5% |
| Remuneration and social security | 454/9 | €8,875 | €12,635 | +€3,760 | +42.4% |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €25,903 | €82,530 | +€56,627 | +218.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,583 | €11,860 | +€6,276 | +112.4% |
| Other operating charges | 640/8 | €2,906 | €7,260 | +€4,354 | +149.8% |
| Gross operating margin | 9900 | €20,521 | €260,178 | +€239,657 | +1167.9% |
| Operating profit (loss) | 9901 | -€13,871 | €158,529 | +€172,400 | |
| Financial income | 75/76B | €0 | €7,610 | +€7,610 | |
| Recurring financial income | 75 | €0 | €7,610 | +€7,610 | |
| Financial charges | 65/66B | €236 | €9,807 | +€9,571 | +4060.0% |
| Recurring financial charges | 65 | €236 | €9,807 | +€9,571 | +4060.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,107 | €156,333 | +€170,439 | |
| Income taxes | 67/77 | €33 | €43,227 | +€43,193 | +129088.8% |
| Profit (loss) for the period | 9904 | -€14,140 | €113,106 | +€127,246 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,140 | €113,106 | +€127,246 |
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 5 October 2026 via checked.be.