SERDISER: 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.
SERDISER
Largest movements
- Tangible fixed assets +€77,054
up €77,054 (+11.1%), from €693,852 to €770,906
of which Land and buildings: +€78,810
- Receivables within one year -€40,124
down €40,124 (-39.7%), from €101,074 to €60,950
of which Trade receivables: -€45,339
- Cash -€33,536
no longer reported in 2023 (was €33,536)
mainly Net result for the year (-€168,799) and Investment in fixed assets (net) (-€134,871)
- Short-term financial debts +€169,881
new in 2023: €169,881
- Profit (loss) carried forward -€110,745
new in 2023: -€110,745
- Reserves -€58,054
down €58,054 (-90.4%), from €64,204 to €6,150
of which Distributable reserves: -€58,054
- Accrued charges and deferred income +€17,338
up €17,338 (+5.5%), from €315,265 to €332,604
- Other debts -€16,407
down €16,407 (-5.0%), from €327,864 to €311,457
- Gross operating margin -€132,596
down €132,596, from €63,805 to -€68,792
- Financial charges +€5,128
up €5,128 (+39.6%), from €12,944 to €18,072
- Depreciation +€2,767
up €2,767 (+5.0%), from €55,050 to €57,817
- Staff costs +€1,118
up €1,118 (+5.5%), from €20,160 to €21,278
- Other operating charges +€944
up €944 (+49.8%), from €1,897 to €2,840
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €831,168 | €837,234 | +€6,066 | +0.7% |
| Fixed assets | 21/28 | €693,852 | €770,906 | +€77,054 | +11.1% |
| Tangible fixed assets | 22/27 | €693,852 | €770,906 | +€77,054 | +11.1% |
| Land and buildings | 22 | €651,017 | €729,827 | +€78,810 | +12.1% |
| Furniture and vehicles | 24 | €42,835 | €41,079 | -€1,756 | -4.1% |
| Current assets | 29/58 | €137,316 | €66,328 | -€70,987 | -51.7% |
| Amounts receivable within one year | 40/41 | €101,074 | €60,950 | -€40,124 | -39.7% |
| Trade receivables | 40 | €98,410 | €53,071 | -€45,339 | -46.1% |
| Other amounts receivable | 41 | €2,664 | €7,878 | +€5,214 | +195.7% |
| Cash at bank and in hand | 54/58 | €33,536 | - | -€33,536 | |
| Deferred charges and accrued income | 490/1 | €2,706 | €5,379 | +€2,673 | +98.8% |
| Total equity and liabilities | 10/49 | €831,168 | €837,234 | +€6,066 | +0.7% |
| Equity | 10/15 | €125,704 | -€43,095 | -€168,799 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €64,204 | €6,150 | -€58,054 | -90.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €58,054 | - | -€58,054 | |
| Profit (loss) carried forward | 14 | - | -€110,745 | -€110,745 | |
| Amounts payable | 17/49 | €705,464 | €880,329 | +€174,865 | +24.8% |
| Amounts payable within one year | 42/48 | €390,199 | €547,726 | +€157,527 | +40.4% |
| Financial debts | 43 | - | €169,881 | +€169,881 | |
| Credit institutions | 430/8 | - | €169,881 | +€169,881 | |
| Trade debts | 44 | €51,884 | €63,219 | +€11,336 | +21.8% |
| Suppliers | 440/4 | €51,884 | €63,219 | +€11,336 | +21.8% |
| Taxes, remuneration and social security | 45 | €10,451 | €3,168 | -€7,283 | -69.7% |
| Taxes | 450/3 | €7,452 | - | -€7,452 | |
| Remuneration and social security | 454/9 | €2,999 | €3,168 | +€169 | +5.6% |
| Other amounts payable | 47/48 | €327,864 | €311,457 | -€16,407 | -5.0% |
| Accrued charges and deferred income | 492/3 | €315,265 | €332,604 | +€17,338 | +5.5% |
| Remuneration, social security and pensions | 62 | €20,160 | €21,278 | +€1,118 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,050 | €57,817 | +€2,767 | +5.0% |
| Other operating charges | 640/8 | €1,897 | €2,840 | +€944 | +49.8% |
| Gross operating margin | 9900 | €63,805 | -€68,792 | -€132,596 | |
| Operating profit (loss) | 9901 | -€13,302 | -€150,727 | -€137,424 | -1033.1% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €12,944 | €18,072 | +€5,128 | +39.6% |
| Recurring financial charges | 65 | €12,944 | €18,072 | +€5,128 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | -€26,231 | -€168,799 | -€142,568 | -543.5% |
| Profit (loss) for the period | 9904 | -€26,231 | -€168,799 | -€142,568 | -543.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,231 | -€168,799 | -€142,568 | -543.5% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2022 and 28 February 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.