SERENA: 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.
SERENA
Largest movements
- Cash -€24,773
down €24,773 (-58.5%), from €42,340 to €17,567
mainly Net result for the year (-€40,988) and Receivables within one year (-€4,298)
- Tangible fixed assets -€14,937
down €14,937 (-3.2%), from €464,336 to €449,400
of which Plant, machinery and equipment: -€7,613
- Profit (loss) carried forward -€40,988
down €40,988 (-28.7%), from -€142,691 to -€183,679
- Trade debts +€5,947
up €5,947 (+17.0%), from €35,025 to €40,972
- Gross operating margin -€81,075
down €81,075 (-46.1%), from €176,021 to €94,946
- Staff costs -€28,307
down €28,307 (-23.4%), from €120,797 to €92,490
- Financial charges -€2,080
down €2,080 (-12.4%), from €16,793 to €14,713
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 | €518,652 | €484,396 | -€34,256 | -6.6% |
| Fixed assets | 21/28 | €464,336 | €449,400 | -€14,937 | -3.2% |
| Tangible fixed assets | 22/27 | €464,336 | €449,400 | -€14,937 | -3.2% |
| Land and buildings | 22 | €422,575 | €415,401 | -€7,174 | -1.7% |
| Plant, machinery and equipment | 23 | €41,161 | €33,549 | -€7,613 | -18.5% |
| Furniture and vehicles | 24 | €601 | €451 | -€150 | -25.0% |
| Current assets | 29/58 | €54,316 | €34,996 | -€19,320 | -35.6% |
| Stocks and contracts in progress | 3 | €6,389 | €6,948 | +€559 | +8.7% |
| Stocks | 30/36 | €6,389 | €6,948 | +€559 | +8.7% |
| Amounts receivable within one year | 40/41 | €2,276 | €6,574 | +€4,298 | +189% |
| Trade receivables | 40 | - | €3,061 | +€3,061 | |
| Other amounts receivable | 41 | €2,276 | €3,513 | +€1,237 | +54.3% |
| Cash at bank and in hand | 54/58 | €42,340 | €17,567 | -€24,773 | -58.5% |
| Deferred charges and accrued income | 490/1 | €3,310 | €3,906 | +€596 | +18.0% |
| Total equity and liabilities | 10/49 | €518,652 | €484,396 | -€34,256 | -6.6% |
| Equity | 10/15 | €135,717 | €94,729 | -€40,988 | -30.2% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Revaluation surpluses | 12 | €226,000 | €226,000 | = | 0.0% |
| Reserves | 13 | €3,808 | €3,808 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,948 | €1,948 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€142,691 | -€183,679 | -€40,988 | -28.7% |
| Amounts payable | 17/49 | €382,935 | €389,666 | +€6,732 | +1.8% |
| Amounts payable after more than one year | 17 | €258,053 | €258,053 | = | 0.0% |
| Financial debts | 170/4 | €258,053 | €258,053 | = | 0.0% |
| Amounts payable within one year | 42/48 | €115,190 | €120,864 | +€5,674 | +4.9% |
| Trade debts | 44 | €35,025 | €40,972 | +€5,947 | +17.0% |
| Suppliers | 440/4 | €35,025 | €40,972 | +€5,947 | +17.0% |
| Taxes, remuneration and social security | 45 | €12,329 | €12,135 | -€193 | -1.6% |
| Taxes | 450/3 | €6,491 | €4,531 | -€1,960 | -30.2% |
| Remuneration and social security | 454/9 | €5,838 | €7,605 | +€1,767 | +30.3% |
| Other amounts payable | 47/48 | €67,837 | €67,757 | -€80 | -0.1% |
| Accrued charges and deferred income | 492/3 | €9,692 | €10,749 | +€1,058 | +10.9% |
| Remuneration, social security and pensions | 62 | €120,797 | €92,490 | -€28,307 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,870 | €19,063 | +€193 | +1.0% |
| Other operating charges | 640/8 | €8,901 | €9,691 | +€790 | +8.9% |
| Gross operating margin | 9900 | €176,021 | €94,946 | -€81,075 | -46.1% |
| Operating profit (loss) | 9901 | €27,453 | -€26,298 | -€53,751 | |
| Financial income | 75/76B | €180 | €23 | -€156 | -87.1% |
| Recurring financial income | 75 | €180 | €23 | -€156 | -87.1% |
| Financial charges | 65/66B | €16,793 | €14,713 | -€2,080 | -12.4% |
| Recurring financial charges | 65 | €16,793 | €14,713 | -€2,080 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €10,840 | -€40,988 | -€51,828 | |
| Profit (loss) for the period | 9904 | €10,840 | -€40,988 | -€51,828 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,840 | -€40,988 | -€51,828 |
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 31 October 2026 via checked.be.