SERECO: 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.
SERECO
Largest movements
- Financial fixed assets +€251,005
up €251,005 (+361.2%), from €69,495 to €320,500
- Receivables within one year -€154,214
no longer reported in 2025 (was €154,214)
of which Trade receivables: -€154,067
- Debts after one year +€142,847
up €142,847 (+17.8%), from €800,669 to €943,516
of which Other amounts payable: +€189,000
- Trade debts -€59,147
down €59,147 (-65.8%), from €89,925 to €30,778
- Gross operating margin -€88,524
down €88,524 (-62.2%), from €142,346 to €53,822
- Financial charges +€14,243
up €14,243 (+120.9%), from €11,778 to €26,021
of which Non-recurring financial charges: +€13,595
- Depreciation +€13,486
up €13,486 (+102.0%), from €13,225 to €26,711
- Financial income -€10,166
down €10,166 (-56.5%), from €18,005 to €7,839
of which Financial income: -€10,166
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 | €1,157,073 | €1,246,411 | +€89,338 | +7.7% |
| Fixed assets | 21/28 | €994,156 | €1,240,253 | +€246,097 | +24.8% |
| Tangible fixed assets | 22/27 | €924,661 | €919,753 | -€4,908 | -0.5% |
| Land and buildings | 22 | €908,697 | €895,915 | -€12,782 | -1.4% |
| Plant, machinery and equipment | 23 | €13,382 | €19,111 | +€5,729 | +42.8% |
| Furniture and vehicles | 24 | €2,582 | €4,727 | +€2,145 | +83.1% |
| Financial fixed assets | 28 | €69,495 | €320,500 | +€251,005 | +361.2% |
| Current assets | 29/58 | €162,917 | €6,158 | -€156,759 | -96.2% |
| Amounts receivable within one year | 40/41 | €154,214 | - | -€154,214 | |
| Trade receivables | 40 | €154,067 | - | -€154,067 | |
| Other amounts receivable | 41 | €147 | - | -€147 | |
| Cash at bank and in hand | 54/58 | €6,300 | €3,641 | -€2,659 | -42.2% |
| Deferred charges and accrued income | 490/1 | €2,403 | €2,517 | +€114 | +4.7% |
| Total equity and liabilities | 10/49 | €1,157,073 | €1,246,411 | +€89,338 | +7.7% |
| Equity | 10/15 | €203,555 | €211,025 | +€7,470 | +3.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,000 | €2,000 | = | 0.0% |
| Share premium | 1100/10 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €201,555 | €209,025 | +€7,470 | +3.7% |
| Amounts payable | 17/49 | €953,518 | €1,035,386 | +€81,868 | +8.6% |
| Amounts payable after more than one year | 17 | €800,669 | €943,516 | +€142,847 | +17.8% |
| Financial debts | 170/4 | €695,669 | €649,516 | -€46,153 | -6.6% |
| Other amounts payable | 178/9 | €105,000 | €294,000 | +€189,000 | +180.0% |
| Amounts payable within one year | 42/48 | €152,849 | €91,870 | -€60,979 | -39.9% |
| Current portion of amounts payable after more than one year | 42 | €45,582 | €46,153 | +€571 | +1.3% |
| Trade debts | 44 | €89,925 | €30,778 | -€59,147 | -65.8% |
| Suppliers | 440/4 | €89,925 | €30,778 | -€59,147 | -65.8% |
| Taxes, remuneration and social security | 45 | €12,450 | €14,939 | +€2,489 | +20.0% |
| Taxes | 450/3 | €11,598 | €14,939 | +€3,341 | +28.8% |
| Remuneration and social security | 454/9 | €852 | - | -€852 | |
| Other amounts payable | 47/48 | €4,892 | - | -€4,892 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,225 | €26,711 | +€13,486 | +102.0% |
| Other operating charges | 640/8 | €1,343 | €1,150 | -€193 | -14.4% |
| Gross operating margin | 9900 | €142,346 | €53,822 | -€88,524 | -62.2% |
| Operating profit (loss) | 9901 | €127,778 | €25,961 | -€101,817 | -79.7% |
| Financial income | 75/76B | €18,005 | €7,839 | -€10,166 | -56.5% |
| Recurring financial income | 75 | €18,005 | €7,839 | -€10,166 | -56.5% |
| Non-recurring financial income | 76B | €18,005 | €7,839 | -€10,166 | -56.5% |
| Financial charges | 65/66B | €11,778 | €26,021 | +€14,243 | +120.9% |
| Recurring financial charges | 65 | €11,778 | €12,426 | +€648 | +5.5% |
| Non-recurring financial charges | 66B | - | €13,595 | +€13,595 | |
| Profit (loss) for the period before taxes | 9903 | €134,005 | €7,779 | -€126,226 | -94.2% |
| Income taxes | 67/77 | €561 | €309 | -€252 | -44.9% |
| Profit (loss) for the period | 9904 | €133,444 | €7,470 | -€125,974 | -94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €133,444 | €7,470 | -€125,974 | -94.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.