SERENAI: 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.
SERENAI
Largest movements
- Cash -€51,938
down €51,938 (-58.7%), from €88,522 to €36,584
mainly Contributions, distributions and other (-€50,000) and Investment in fixed assets (net) (-€38,290)
- Receivables within one year +€28,346
up €28,346 (+48.6%), from €58,350 to €86,696
of which Trade receivables: +€20,170
- Tangible fixed assets +€28,020
up €28,020 (+270.5%), from €10,357 to €38,378
of which Leasing and similar rights: +€31,809
- Deferred charges and accrued income +€2,671
up €2,671 (+151.7%), from €1,761 to €4,431
- Reserves -€47,346
down €47,346 (-58.9%), from €80,347 to €33,001
- Other debts +€26,679
up €26,679 (+146.0%), from €18,277 to €44,956
- Debts after one year +€19,804
up €19,804, from €0 to €19,804
- Current portion of long-term debt +€9,656
up €9,656 (+483.4%), from €1,998 to €11,653
- Trade debts -€2,578
down €2,578 (-16.4%), from €15,724 to €13,146
- Staff costs +€25,556
up €25,556 (+28.7%), from €89,144 to €114,699
- Gross operating margin -€19,459
down €19,459 (-12.6%), from €154,193 to €134,734
- Taxes -€10,342
down €10,342 (-80.7%), from €12,811 to €2,469
- Depreciation +€3,715
up €3,715 (+49.3%), from €7,539 to €11,254
- Other operating charges +€1,770
up €1,770 (+143.9%), from €1,230 to €3,000
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 | €163,101 | €169,216 | +€6,115 | +3.7% |
| Fixed assets | 21/28 | €14,469 | €41,505 | +€27,036 | +186.9% |
| Intangible fixed assets | 21 | €3,432 | €2,448 | -€984 | -28.7% |
| Tangible fixed assets | 22/27 | €10,357 | €38,378 | +€28,020 | +270.5% |
| Furniture and vehicles | 24 | €10,357 | €6,568 | -€3,789 | -36.6% |
| Leasing and similar rights | 25 | - | €31,809 | +€31,809 | |
| Financial fixed assets | 28 | €680 | €680 | = | 0.0% |
| Current assets | 29/58 | €148,632 | €127,711 | -€20,921 | -14.1% |
| Amounts receivable within one year | 40/41 | €58,350 | €86,696 | +€28,346 | +48.6% |
| Trade receivables | 40 | €56,379 | €76,549 | +€20,170 | +35.8% |
| Other amounts receivable | 41 | €1,971 | €10,147 | +€8,176 | +414.7% |
| Cash at bank and in hand | 54/58 | €88,522 | €36,584 | -€51,938 | -58.7% |
| Deferred charges and accrued income | 490/1 | €1,761 | €4,431 | +€2,671 | +151.7% |
| Total equity and liabilities | 10/49 | €163,101 | €169,216 | +€6,115 | +3.7% |
| Equity | 10/15 | €98,947 | €51,601 | -€47,346 | -47.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,347 | €33,001 | -€47,346 | -58.9% |
| Distributable reserves | 133 | €80,347 | €33,001 | -€47,346 | -58.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €64,154 | €117,615 | +€53,461 | +83.3% |
| Amounts payable after more than one year | 17 | €0 | €19,804 | +€19,804 | |
| Financial debts | 170/4 | €0 | €19,804 | +€19,804 | |
| Amounts payable within one year | 42/48 | €64,154 | €97,671 | +€33,517 | +52.2% |
| Current portion of amounts payable after more than one year | 42 | €1,998 | €11,653 | +€9,656 | +483.4% |
| Trade debts | 44 | €15,724 | €13,146 | -€2,578 | -16.4% |
| Suppliers | 440/4 | €15,724 | €13,146 | -€2,578 | -16.4% |
| Taxes, remuneration and social security | 45 | €28,156 | €27,915 | -€241 | -0.9% |
| Taxes | 450/3 | €16,074 | €14,179 | -€1,895 | -11.8% |
| Remuneration and social security | 454/9 | €12,082 | €13,736 | +€1,654 | +13.7% |
| Other amounts payable | 47/48 | €18,277 | €44,956 | +€26,679 | +146.0% |
| Accrued charges and deferred income | 492/3 | €0 | €140 | +€140 | |
| Remuneration, social security and pensions | 62 | €89,144 | €114,699 | +€25,556 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,539 | €11,254 | +€3,715 | +49.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,230 | €3,000 | +€1,770 | +143.9% |
| Gross operating margin | 9900 | €154,193 | €134,734 | -€19,459 | -12.6% |
| Operating profit (loss) | 9901 | €56,280 | €5,781 | -€50,500 | -89.7% |
| Financial income | 75/76B | €1 | €269 | +€268 | +49720.4% |
| Recurring financial income | 75 | €1 | €269 | +€268 | +49720.4% |
| Financial charges | 65/66B | €325 | €927 | +€602 | +184.9% |
| Recurring financial charges | 65 | €325 | €927 | +€602 | +184.9% |
| Profit (loss) for the period before taxes | 9903 | €55,956 | €5,123 | -€50,833 | -90.8% |
| Income taxes | 67/77 | €12,811 | €2,469 | -€10,342 | -80.7% |
| Profit (loss) for the period | 9904 | €43,145 | €2,654 | -€40,491 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €43,145 | €2,654 | -€40,491 | -93.8% |
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 11 October 2026 via checked.be.