SERDU: 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.
SERDU
Largest movements
- Stocks and contracts -€5,700
down €5,700 (-100%), from €5,700 to €0
- Tangible fixed assets -€2,742
down €2,742 (-36.9%), from €7,438 to €4,696
- Receivables within one year -€2,032
down €2,032 (-6.8%), from €29,908 to €27,876
of which Trade receivables: -€3,124
- Profit (loss) carried forward -€13,751
new in 2025: -€13,751
- Tax, wage and social debts +€7,015
up €7,015 (+158%), from €4,438 to €11,453
of which Remuneration and social security: +€4,000
- Debts after one year -€2,683
down €2,683 (-69.9%), from €3,838 to €1,154
- Trade debts -€928
down €928 (-97.1%), from €956 to €27
- Gross operating margin -€28,862
down €28,862, from €18,656 to -€10,206
- Taxes -€4,438
down €4,438 (-100%), from €4,438 to €0
- Depreciation +€1,954
up €1,954 (+248%), from €787 to €2,742
- Other operating charges +€400
new in 2025: €400
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 | €46,133 | €35,876 | -€10,257 | -22.2% |
| Fixed assets | 21/28 | €7,438 | €4,696 | -€2,742 | -36.9% |
| Tangible fixed assets | 22/27 | €7,438 | €4,696 | -€2,742 | -36.9% |
| Furniture and vehicles | 24 | €7,438 | €4,696 | -€2,742 | -36.9% |
| Current assets | 29/58 | €38,696 | €31,180 | -€7,515 | -19.4% |
| Stocks and contracts in progress | 3 | €5,700 | €0 | -€5,700 | -100% |
| Stocks | 30/36 | €5,700 | €0 | -€5,700 | -100% |
| Amounts receivable within one year | 40/41 | €29,908 | €27,876 | -€2,032 | -6.8% |
| Trade receivables | 40 | €26,000 | €22,876 | -€3,124 | -12.0% |
| Other amounts receivable | 41 | €3,908 | €5,000 | +€1,092 | +27.9% |
| Cash at bank and in hand | 54/58 | €3,088 | €3,304 | +€217 | +7.0% |
| Total equity and liabilities | 10/49 | €46,133 | €35,876 | -€10,257 | -22.2% |
| Equity | 10/15 | €16,289 | €2,538 | -€13,751 | -84.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €13,789 | €13,789 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,091 | €0 | -€9,091 | -100% |
| Reserves not available under the articles | 1311 | €9,091 | €0 | -€9,091 | -100% |
| Distributable reserves | 133 | €4,698 | €13,789 | +€9,091 | +194% |
| Profit (loss) carried forward | 14 | - | -€13,751 | -€13,751 | |
| Amounts payable | 17/49 | €29,844 | €33,338 | +€3,494 | +11.7% |
| Amounts payable after more than one year | 17 | €3,838 | €1,154 | -€2,683 | -69.9% |
| Financial debts | 170/4 | €3,838 | €1,154 | -€2,683 | -69.9% |
| Amounts payable within one year | 42/48 | €26,006 | €32,184 | +€6,177 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €2,565 | €2,683 | +€119 | +4.6% |
| Trade debts | 44 | €956 | €27 | -€928 | -97.1% |
| Suppliers | 440/4 | €956 | €27 | -€928 | -97.1% |
| Taxes, remuneration and social security | 45 | €4,438 | €11,453 | +€7,015 | +158% |
| Taxes | 450/3 | €4,438 | €7,453 | +€3,015 | +67.9% |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €18,048 | €18,020 | -€27 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €787 | €2,742 | +€1,954 | +248% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €18,656 | -€10,206 | -€28,862 | |
| Operating profit (loss) | 9901 | €17,869 | -€13,348 | -€31,216 | |
| Financial charges | 65/66B | €223 | €403 | +€180 | +80.7% |
| Recurring financial charges | 65 | €223 | €403 | +€180 | +80.7% |
| Profit (loss) for the period before taxes | 9903 | €17,646 | -€13,751 | -€31,396 | |
| Income taxes | 67/77 | €4,438 | €0 | -€4,438 | -100% |
| Profit (loss) for the period | 9904 | €13,207 | -€13,751 | -€26,958 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,207 | -€13,751 | -€26,958 |
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 25 October 2026 via checked.be.