SERELEC: 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.
SERELEC
Largest movements
- Receivables within one year -€143,032
down €143,032 (-14.2%), from €1.0m to €863,462
of which Trade receivables: -€214,824
- Deferred charges and accrued income +€47,885
up €47,885 (+99.5%), from €48,115 to €96,000
- Profit (loss) carried forward -€2.4m
down €2.4m (-100.0%), from €2.4m to €0
- Reserves +€2.2m
up €2.2m (+6520.3%), from €34,000 to €2.3m
of which Distributable reserves: +€2.2m
- Tax, wage and social debts +€146,469
up €146,469 (+72.9%), from €201,037 to €347,506
of which Taxes: +€117,093
- Other debts +€38,000
up €38,000 (+8.6%), from €442,000 to €480,000
- Gross operating margin -€398,461
down €398,461 (-20.2%), from €2.0m to €1.6m
- Taxes -€131,777
down €131,777 (-58.3%), from €226,048 to €94,271
- Staff costs +€118,513
up €118,513 (+11.7%), from €1.0m to €1.1m
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 | €3,753,112 | €3,690,393 | -€62,720 | -1.7% |
| Fixed assets | 21/28 | €166,709 | €154,411 | -€12,299 | -7.4% |
| Intangible fixed assets | 21 | €58,237 | €78,389 | +€20,152 | +34.6% |
| Tangible fixed assets | 22/27 | €107,313 | €74,862 | -€32,451 | -30.2% |
| Plant, machinery and equipment | 23 | €9,122 | €2,676 | -€6,446 | -70.7% |
| Furniture and vehicles | 24 | €74,855 | €48,557 | -€26,299 | -35.1% |
| Other tangible fixed assets | 26 | €23,336 | €23,629 | +€294 | +1.3% |
| Financial fixed assets | 28 | €1,160 | €1,160 | = | 0.0% |
| Current assets | 29/58 | €3,586,403 | €3,535,982 | -€50,421 | -1.4% |
| Stocks and contracts in progress | 3 | €1,877,768 | €1,912,041 | +€34,273 | +1.8% |
| Stocks | 30/36 | €1,877,768 | €1,912,041 | +€34,273 | +1.8% |
| Amounts receivable within one year | 40/41 | €1,006,494 | €863,462 | -€143,032 | -14.2% |
| Trade receivables | 40 | €797,543 | €582,719 | -€214,824 | -26.9% |
| Other amounts receivable | 41 | €208,952 | €280,744 | +€71,792 | +34.4% |
| Cash at bank and in hand | 54/58 | €654,026 | €664,479 | +€10,453 | +1.6% |
| Deferred charges and accrued income | 490/1 | €48,115 | €96,000 | +€47,885 | +99.5% |
| Total equity and liabilities | 10/49 | €3,753,112 | €3,690,393 | -€62,720 | -1.7% |
| Equity | 10/15 | €2,819,682 | €2,590,903 | -€228,779 | -8.1% |
| Contributions | 10/11 | €340,000 | €340,000 | = | 0.0% |
| Capital | 10 | €340,000 | €340,000 | = | 0.0% |
| Issued capital | 100 | €340,000 | €340,000 | = | 0.0% |
| Reserves | 13 | €34,000 | €2,250,903 | +€2.2m | +6520.3% |
| Non-distributable reserves | 130/1 | €34,000 | €34,000 | = | 0.0% |
| Legal reserve | 130 | €34,000 | €34,000 | = | 0.0% |
| Distributable reserves | 133 | - | €2,216,903 | +€2.2m | |
| Profit (loss) carried forward | 14 | €2,445,682 | €0 | -€2.4m | -100.0% |
| Amounts payable | 17/49 | €933,430 | €1,099,490 | +€166,060 | +17.8% |
| Amounts payable within one year | 42/48 | €933,430 | €1,099,490 | +€166,060 | +17.8% |
| Trade debts | 44 | €290,393 | €271,984 | -€18,409 | -6.3% |
| Suppliers | 440/4 | €290,393 | €271,984 | -€18,409 | -6.3% |
| Taxes, remuneration and social security | 45 | €201,037 | €347,506 | +€146,469 | +72.9% |
| Taxes | 450/3 | €88,525 | €205,618 | +€117,093 | +132.3% |
| Remuneration and social security | 454/9 | €112,512 | €141,888 | +€29,376 | +26.1% |
| Other amounts payable | 47/48 | €442,000 | €480,000 | +€38,000 | +8.6% |
| Remuneration, social security and pensions | 62 | €1,015,190 | €1,133,703 | +€118,513 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,525 | €74,394 | +€16,868 | +29.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,153 | €6,043 | +€3,890 | +180.7% |
| Other operating charges | 640/8 | €5,428 | €3,479 | -€1,949 | -35.9% |
| Gross operating margin | 9900 | €1,970,632 | €1,572,170 | -€398,461 | -20.2% |
| Operating profit (loss) | 9901 | €890,335 | €354,552 | -€535,784 | -60.2% |
| Financial income | 75/76B | €130 | €804 | +€675 | +520.5% |
| Recurring financial income | 75 | €130 | €804 | +€675 | +520.5% |
| Financial charges | 65/66B | €481 | €9,864 | +€9,384 | +1951.1% |
| Recurring financial charges | 65 | €481 | €9,864 | +€9,384 | +1951.1% |
| Profit (loss) for the period before taxes | 9903 | €889,984 | €345,491 | -€544,493 | -61.2% |
| Income taxes | 67/77 | €226,048 | €94,271 | -€131,777 | -58.3% |
| Profit (loss) for the period | 9904 | €663,936 | €251,221 | -€412,715 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €663,936 | €251,221 | -€412,715 | -62.2% |
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 10 October 2026 via checked.be.