SERENCO: 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.
SERENCO
Largest movements
- Receivables within one year -€31,255
down €31,255 (-5.6%), from €562,725 to €531,470
of which Trade receivables: -€21,506
- Tangible fixed assets -€13,391
down €13,391 (-8.2%), from €162,652 to €149,262
of which Furniture and vehicles: -€11,528
- Debts after one year -€27,000
down €27,000 (-10.4%), from €260,548 to €233,548
- Reserves -€24,820
down €24,820 (-6.1%), from €407,257 to €382,438
of which Distributable reserves: -€24,820
- Gross operating margin -€58,438
down €58,438 (-83.6%), from €69,900 to €11,462
- Taxes -€13,421
no longer reported in 2025 (was €13,421)
- Depreciation +€5,965
up €5,965 (+62.6%), from €9,526 to €15,491
- Financial charges +€1,707
up €1,707 (+9.7%), from €17,585 to €19,292
- Other operating charges -€767
down €767 (-33.9%), from €2,266 to €1,499
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 | €763,639 | €724,978 | -€38,662 | -5.1% |
| Fixed assets | 21/28 | €162,748 | €149,358 | -€13,391 | -8.2% |
| Tangible fixed assets | 22/27 | €162,652 | €149,262 | -€13,391 | -8.2% |
| Plant, machinery and equipment | 23 | €34,726 | €32,863 | -€1,863 | -5.4% |
| Furniture and vehicles | 24 | €51,946 | €40,418 | -€11,528 | -22.2% |
| Other tangible fixed assets | 26 | €75,980 | €75,980 | = | 0.0% |
| Financial fixed assets | 28 | €96 | €96 | = | 0.0% |
| Current assets | 29/58 | €600,891 | €575,620 | -€25,271 | -4.2% |
| Amounts receivable within one year | 40/41 | €562,725 | €531,470 | -€31,255 | -5.6% |
| Trade receivables | 40 | €51,897 | €30,391 | -€21,506 | -41.4% |
| Other amounts receivable | 41 | €510,827 | €501,079 | -€9,749 | -1.9% |
| Cash at bank and in hand | 54/58 | €36,604 | €43,061 | +€6,457 | +17.6% |
| Deferred charges and accrued income | 490/1 | €1,563 | €1,089 | -€473 | -30.3% |
| Total equity and liabilities | 10/49 | €763,639 | €724,978 | -€38,662 | -5.1% |
| Equity | 10/15 | €469,257 | €444,438 | -€24,820 | -5.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €407,257 | €382,438 | -€24,820 | -6.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €401,057 | €376,238 | -€24,820 | -6.2% |
| Amounts payable | 17/49 | €294,382 | €280,540 | -€13,842 | -4.7% |
| Amounts payable after more than one year | 17 | €260,548 | €233,548 | -€27,000 | -10.4% |
| Financial debts | 170/4 | €260,548 | €233,548 | -€27,000 | -10.4% |
| Amounts payable within one year | 42/48 | €33,834 | €46,992 | +€13,158 | +38.9% |
| Trade debts | 44 | €12,692 | €20,279 | +€7,587 | +59.8% |
| Suppliers | 440/4 | €12,692 | €20,279 | +€7,587 | +59.8% |
| Advances received on contracts in progress | 46 | €14,643 | €14,643 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,297 | €9,493 | +€3,196 | +50.8% |
| Taxes | 450/3 | €6,297 | €9,493 | +€3,196 | +50.8% |
| Other amounts payable | 47/48 | €202 | €2,577 | +€2,375 | +1,174% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,526 | €15,491 | +€5,965 | +62.6% |
| Other operating charges | 640/8 | €2,266 | €1,499 | -€767 | -33.9% |
| Gross operating margin | 9900 | €69,900 | €11,462 | -€58,438 | -83.6% |
| Operating profit (loss) | 9901 | €58,108 | -€5,527 | -€63,635 | |
| Financial income | 75/76B | €457 | - | -€457 | |
| Recurring financial income | 75 | €457 | - | -€457 | |
| Financial charges | 65/66B | €17,585 | €19,292 | +€1,707 | +9.7% |
| Recurring financial charges | 65 | €17,585 | €19,292 | +€1,707 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €40,980 | -€24,820 | -€65,800 | |
| Income taxes | 67/77 | €13,421 | - | -€13,421 | |
| Profit (loss) for the period | 9904 | €27,559 | -€24,820 | -€52,378 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,559 | -€24,820 | -€52,378 |
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 14 October 2026 via checked.be.