SERENA KURK: 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 KURK
Largest movements
- Receivables within one year -€49,747
down €49,747 (-77.2%), from €64,437 to €14,690
of which Trade receivables: -€32,051
- Current investments +€36,291
up €36,291 (+18.4%), from €197,425 to €233,716
- Cash +€35,072
up €35,072 (+46.7%), from €75,106 to €110,178
mainly Net result for the year (+€65,538) and Receivables within one year (+€49,747)
- Stocks and contracts -€13,104
down €13,104 (-20.8%), from €62,950 to €49,846
- Tangible fixed assets +€11,456
up €11,456 (+5.3%), from €216,435 to €227,891
of which Furniture and vehicles: +€32,295
- Reserves +€32,704
up €32,704 (+7.2%), from €455,573 to €488,278
of which Distributable reserves: +€32,704
- Tax, wage and social debts +€18,506
up €18,506 (+185%), from €10,020 to €28,527
of which Taxes: +€13,882
- Debts after one year -€11,757
down €11,757 (-18.0%), from €65,340 to €53,583
- Advances received -€9,155
down €9,155 (-52.6%), from €17,405 to €8,250
- Trade debts -€7,564
down €7,564 (-85.1%), from €8,884 to €1,320
- Gross operating margin +€76,543
up €76,543 (+124%), from €61,839 to €138,382
- Write-downs +€30,196
new in 2025: €30,196
- Taxes +€16,640
up €16,640 (+160%), from €10,401 to €27,040
- Financial income +€13,396
up €13,396 (+264%), from €5,083 to €18,479
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 | €622,835 | €638,985 | +€16,150 | +2.6% |
| Fixed assets | 21/28 | €216,435 | €227,891 | +€11,456 | +5.3% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €216,435 | €227,891 | +€11,456 | +5.3% |
| Land and buildings | 22 | €200,425 | €184,590 | -€15,835 | -7.9% |
| Plant, machinery and equipment | 23 | €13,728 | €8,725 | -€5,004 | -36.4% |
| Furniture and vehicles | 24 | €2,282 | €34,577 | +€32,295 | +1,415% |
| Current assets | 29/58 | €406,400 | €411,094 | +€4,694 | +1.2% |
| Stocks and contracts in progress | 3 | €62,950 | €49,846 | -€13,104 | -20.8% |
| Stocks | 30/36 | €62,950 | €49,846 | -€13,104 | -20.8% |
| Amounts receivable within one year | 40/41 | €64,437 | €14,690 | -€49,747 | -77.2% |
| Trade receivables | 40 | €46,741 | €14,690 | -€32,051 | -68.6% |
| Other amounts receivable | 41 | €17,696 | - | -€17,696 | |
| Current investments | 50/53 | €197,425 | €233,716 | +€36,291 | +18.4% |
| Cash at bank and in hand | 54/58 | €75,106 | €110,178 | +€35,072 | +46.7% |
| Deferred charges and accrued income | 490/1 | €6,482 | €2,665 | -€3,817 | -58.9% |
| Total equity and liabilities | 10/49 | €622,835 | €638,985 | +€16,150 | +2.6% |
| Equity | 10/15 | €474,165 | €506,870 | +€32,704 | +6.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €455,573 | €488,278 | +€32,704 | +7.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €438,714 | €471,419 | +€32,704 | +7.5% |
| Amounts payable | 17/49 | €148,669 | €132,115 | -€16,554 | -11.1% |
| Amounts payable after more than one year | 17 | €65,340 | €53,583 | -€11,757 | -18.0% |
| Financial debts | 170/4 | €65,340 | €53,583 | -€11,757 | -18.0% |
| Amounts payable within one year | 42/48 | €79,209 | €76,711 | -€2,498 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €11,359 | €11,757 | +€398 | +3.5% |
| Trade debts | 44 | €8,884 | €1,320 | -€7,564 | -85.1% |
| Suppliers | 440/4 | €8,884 | €1,320 | -€7,564 | -85.1% |
| Advances received on contracts in progress | 46 | €17,405 | €8,250 | -€9,155 | -52.6% |
| Taxes, remuneration and social security | 45 | €10,020 | €28,527 | +€18,506 | +185% |
| Taxes | 450/3 | €10,020 | €23,902 | +€13,882 | +139% |
| Remuneration and social security | 454/9 | - | €4,625 | +€4,625 | |
| Other amounts payable | 47/48 | €31,540 | €26,857 | -€4,683 | -14.8% |
| Accrued charges and deferred income | 492/3 | €4,121 | €1,822 | -€2,299 | -55.8% |
| Non-recurring operating income | 76A | - | €9,050 | +€9,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,724 | €23,952 | +€1,228 | +5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €30,196 | +€30,196 | |
| Other operating charges | 640/8 | €4,440 | €4,920 | +€479 | +10.8% |
| Gross operating margin | 9900 | €61,839 | €138,382 | +€76,543 | +124% |
| Operating profit (loss) | 9901 | €34,674 | €79,314 | +€44,640 | +129% |
| Financial income | 75/76B | €5,083 | €18,479 | +€13,396 | +264% |
| Recurring financial income | 75 | €5,083 | €18,479 | +€13,396 | +264% |
| Financial charges | 65/66B | €4,027 | €5,214 | +€1,187 | +29.5% |
| Recurring financial charges | 65 | €4,027 | €5,214 | +€1,187 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €35,730 | €92,579 | +€56,849 | +159% |
| Income taxes | 67/77 | €10,401 | €27,040 | +€16,640 | +160% |
| Profit (loss) for the period | 9904 | €25,329 | €65,538 | +€40,209 | +159% |
| Profit (loss) for the period to be appropriated | 9905 | €25,329 | €65,538 | +€40,209 | +159% |
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 24 October 2026 via checked.be.