SERDOE: 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.
SERDOE
Largest movements
- Cash +€36,903
up €36,903 (+14.9%), from €246,917 to €283,820
mainly Net result for the year (+€37,807) and Receivables within one year (+€16,665)
- Receivables within one year -€16,665
down €16,665 (-98.9%), from €16,846 to €181
of which Trade receivables: -€11,090
- Tangible fixed assets -€15,190
down €15,190 (-28.7%), from €52,916 to €37,725
of which Furniture and vehicles: -€13,105
- Reserves +€33,139
up €33,139 (+21.0%), from €158,074 to €191,213
- Other debts -€25,332
down €25,332 (-20.4%), from €124,383 to €99,051
- Gross operating margin -€12,540
down €12,540 (-14.2%), from €88,615 to €76,075
- Taxes -€3,295
down €3,295 (-18.2%), from €18,113 to €14,819
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.
Derived cash bridge
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 | €316,679 | €321,977 | +€5,298 | +1.7% |
| Fixed assets | 21/28 | €52,916 | €37,725 | -€15,190 | -28.7% |
| Tangible fixed assets | 22/27 | €52,916 | €37,725 | -€15,190 | -28.7% |
| Land and buildings | 22 | €10,155 | €9,520 | -€634 | -6.2% |
| Furniture and vehicles | 24 | €38,421 | €25,316 | -€13,105 | -34.1% |
| Other tangible fixed assets | 26 | €4,340 | €2,889 | -€1,451 | -33.4% |
| Current assets | 29/58 | €263,763 | €284,252 | +€20,489 | +7.8% |
| Amounts receivable within one year | 40/41 | €16,846 | €181 | -€16,665 | -98.9% |
| Trade receivables | 40 | €11,090 | - | -€11,090 | |
| Other amounts receivable | 41 | €5,757 | €181 | -€5,576 | -96.9% |
| Cash at bank and in hand | 54/58 | €246,917 | €283,820 | +€36,903 | +14.9% |
| Deferred charges and accrued income | 490/1 | - | €251 | +€251 | |
| Total equity and liabilities | 10/49 | €316,679 | €321,977 | +€5,298 | +1.7% |
| Equity | 10/15 | €176,624 | €209,763 | +€33,139 | +18.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €158,074 | €191,213 | +€33,139 | +21.0% |
| Distributable reserves | 133 | €158,074 | €191,213 | +€33,139 | +21.0% |
| Amounts payable | 17/49 | €140,055 | €112,214 | -€27,841 | -19.9% |
| Amounts payable within one year | 42/48 | €140,055 | €112,214 | -€27,841 | -19.9% |
| Trade debts | 44 | €869 | €760 | -€109 | -12.5% |
| Suppliers | 440/4 | €869 | €760 | -€109 | -12.5% |
| Taxes, remuneration and social security | 45 | €14,804 | €12,403 | -€2,400 | -16.2% |
| Taxes | 450/3 | €14,804 | €12,403 | -€2,400 | -16.2% |
| Other amounts payable | 47/48 | €124,383 | €99,051 | -€25,332 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,160 | €15,190 | +€30 | +0.2% |
| Other operating charges | 640/8 | €1,295 | €1,345 | +€50 | +3.9% |
| Gross operating margin | 9900 | €88,615 | €76,075 | -€12,540 | -14.2% |
| Operating profit (loss) | 9901 | €72,160 | €59,539 | -€12,621 | -17.5% |
| Financial charges | 65/66B | €7,142 | €6,913 | -€229 | -3.2% |
| Recurring financial charges | 65 | €7,142 | €6,913 | -€229 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €65,018 | €52,626 | -€12,392 | -19.1% |
| Income taxes | 67/77 | €18,113 | €14,819 | -€3,295 | -18.2% |
| Profit (loss) for the period | 9904 | €46,905 | €37,807 | -€9,097 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,905 | €37,807 | -€9,097 | -19.4% |
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 19 October 2026 via checked.be.