SERENA CONSTRUCT: what changed
SERENA CONSTRUCT
Largest movements
- Receivables within one year +€48,641
up €48,641 (+73.6%), from €66,071 to €114,712
of which Trade receivables: +€65,061
- Cash +€7,868
up €7,868 (+858%), from €917 to €8,785
mainly Net result for the year (+€59,516) and Tax, wage and social debts (+€27,816)
- Tangible fixed assets -€4,703
down €4,703 (-65.8%), from €7,144 to €2,441
of which Furniture and vehicles: -€4,398
- Deferred charges and accrued income -€3,098
down €3,098 (-66.9%), from €4,629 to €1,531
- Profit (loss) carried forward +€59,516
up €59,516 (+97.1%), from -€61,311 to -€1,796
- Trade debts -€28,824
down €28,824 (-79.2%), from €36,395 to €7,571
- Tax, wage and social debts +€27,816
up €27,816 (+62.7%), from €44,344 to €72,160
of which Remuneration and social security: +€21,841
- Other debts -€5,490
down €5,490 (-11.6%), from €47,332 to €41,843
- Accrued charges and deferred income -€2,021
down €2,021 (-100%), from €2,021 to €0
- Gross operating margin +€179,298
up €179,298 (+48.6%), from €369,194 to €548,492
- Staff costs +€101,626
up €101,626 (+28.0%), from €363,056 to €464,682
- Financial charges +€14,409
up €14,409 (+523%), from €2,756 to €17,165
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €78,830 | €127,838 | +€49,008 | +62.2% |
| Fixed assets | 21/28 | €7,213 | €2,810 | -€4,403 | -61.0% |
| Tangible fixed assets | 22/27 | €7,144 | €2,441 | -€4,703 | -65.8% |
| Plant, machinery and equipment | 23 | €637 | €332 | -€305 | -47.9% |
| Furniture and vehicles | 24 | €6,507 | €2,109 | -€4,398 | -67.6% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €69 | €369 | +€300 | +432% |
| Current assets | 29/58 | €71,617 | €125,028 | +€53,411 | +74.6% |
| Amounts receivable within one year | 40/41 | €66,071 | €114,712 | +€48,641 | +73.6% |
| Trade receivables | 40 | €47,621 | €112,682 | +€65,061 | +137% |
| Other amounts receivable | 41 | €18,450 | €2,031 | -€16,420 | -89.0% |
| Cash at bank and in hand | 54/58 | €917 | €8,785 | +€7,868 | +858% |
| Deferred charges and accrued income | 490/1 | €4,629 | €1,531 | -€3,098 | -66.9% |
| Total equity and liabilities | 10/49 | €78,830 | €127,838 | +€49,008 | +62.2% |
| Equity | 10/15 | -€53,251 | €6,264 | +€59,516 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | -€61,311 | -€1,796 | +€59,516 | +97.1% |
| Amounts payable | 17/49 | €132,082 | €121,574 | -€10,508 | -8.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €130,060 | €121,574 | -€8,486 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €1,989 | €0 | -€1,989 | -100% |
| Trade debts | 44 | €36,395 | €7,571 | -€28,824 | -79.2% |
| Suppliers | 440/4 | €36,395 | €7,571 | -€28,824 | -79.2% |
| Taxes, remuneration and social security | 45 | €44,344 | €72,160 | +€27,816 | +62.7% |
| Taxes | 450/3 | €319 | €6,294 | +€5,975 | +1,873% |
| Remuneration and social security | 454/9 | €44,025 | €65,866 | +€21,841 | +49.6% |
| Other amounts payable | 47/48 | €47,332 | €41,843 | -€5,490 | -11.6% |
| Accrued charges and deferred income | 492/3 | €2,021 | €0 | -€2,021 | -100% |
| Remuneration, social security and pensions | 62 | €363,056 | €464,682 | +€101,626 | +28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,323 | €4,703 | -€3,620 | -43.5% |
| Other operating charges | 640/8 | €492 | €400 | -€92 | -18.7% |
| Gross operating margin | 9900 | €369,194 | €548,492 | +€179,298 | +48.6% |
| Operating profit (loss) | 9901 | -€2,676 | €78,707 | +€81,383 | |
| Financial income | 75/76B | €216 | €311 | +€95 | +44.0% |
| Recurring financial income | 75 | €216 | €311 | +€95 | +44.0% |
| Financial charges | 65/66B | €2,756 | €17,165 | +€14,409 | +523% |
| Recurring financial charges | 65 | €2,756 | €17,165 | +€14,409 | +523% |
| Profit (loss) for the period before taxes | 9903 | -€5,216 | €61,854 | +€67,070 | |
| Income taxes | 67/77 | €140 | €2,338 | +€2,199 | +1,576% |
| Profit (loss) for the period | 9904 | -€5,356 | €59,516 | +€64,871 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,356 | €59,516 | +€64,871 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.