SERENDI: 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.
SERENDI
Largest movements
- Cash +€65,745
up €65,745 (+61.4%), from €107,070 to €172,815
mainly Net result for the year (+€87,345) and Receivables within one year (+€35,807)
- Receivables within one year -€35,807
down €35,807 (-58.6%), from €61,076 to €25,270
of which Trade receivables: -€51,124
- Tangible fixed assets -€3,117
down €3,117 (-26.8%), from €11,615 to €8,498
of which Furniture and vehicles: -€2,833
- Reserves +€87,345
up €87,345 (+641%), from €13,623 to €100,967
- Debts after one year -€41,908
no longer reported in 2025 (was €41,908)
- Current portion of long-term debt -€16,185
down €16,185 (-27.9%), from €58,093 to €41,908
- Trade debts -€6,190
down €6,190 (-38.8%), from €15,945 to €9,755
- Tax, wage and social debts +€3,760
up €3,760 (+26.2%), from €14,362 to €18,122
of which Taxes: +€3,890
- Gross operating margin +€86,825
up €86,825 (+298%), from €29,090 to €115,915
- Taxes +€18,227
up €18,227 (+259%), from €7,025 to €25,252
- Financial charges -€3,157
down €3,157 (-61.7%), from €5,115 to €1,958
- Financial income +€1,921
new in 2025: €1,921
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 | €179,986 | €206,808 | +€26,822 | +14.9% |
| Fixed assets | 21/28 | €11,840 | €8,723 | -€3,117 | -26.3% |
| Tangible fixed assets | 22/27 | €11,615 | €8,498 | -€3,117 | -26.8% |
| Plant, machinery and equipment | 23 | €284 | - | -€284 | |
| Furniture and vehicles | 24 | €11,331 | €8,498 | -€2,833 | -25.0% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €168,146 | €198,085 | +€29,939 | +17.8% |
| Amounts receivable within one year | 40/41 | €61,076 | €25,270 | -€35,807 | -58.6% |
| Trade receivables | 40 | €61,076 | €9,952 | -€51,124 | -83.7% |
| Other amounts receivable | 41 | - | €15,317 | +€15,317 | |
| Cash at bank and in hand | 54/58 | €107,070 | €172,815 | +€65,745 | +61.4% |
| Total equity and liabilities | 10/49 | €179,986 | €206,808 | +€26,822 | +14.9% |
| Equity | 10/15 | €43,093 | €130,438 | +€87,345 | +203% |
| Reserves | 13 | €13,623 | €100,967 | +€87,345 | +641% |
| Distributable reserves | 133 | €13,623 | €100,967 | +€87,345 | +641% |
| Profit (loss) carried forward | 14 | €29,471 | €29,471 | = | 0.0% |
| Amounts payable | 17/49 | €136,892 | €76,370 | -€60,523 | -44.2% |
| Amounts payable after more than one year | 17 | €41,908 | - | -€41,908 | |
| Financial debts | 170/4 | €41,908 | - | -€41,908 | |
| Amounts payable within one year | 42/48 | €94,985 | €76,370 | -€18,615 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €58,093 | €41,908 | -€16,185 | -27.9% |
| Trade debts | 44 | €15,945 | €9,755 | -€6,190 | -38.8% |
| Suppliers | 440/4 | €15,945 | €9,755 | -€6,190 | -38.8% |
| Taxes, remuneration and social security | 45 | €14,362 | €18,122 | +€3,760 | +26.2% |
| Taxes | 450/3 | €14,232 | €18,122 | +€3,890 | +27.3% |
| Remuneration and social security | 454/9 | €130 | - | -€130 | |
| Other amounts payable | 47/48 | €6,586 | €6,586 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,201 | €3,117 | -€84 | -2.6% |
| Other operating charges | 640/8 | €126 | €165 | +€39 | +31.0% |
| Gross operating margin | 9900 | €29,090 | €115,915 | +€86,825 | +298% |
| Operating profit (loss) | 9901 | €25,763 | €112,633 | +€86,871 | +337% |
| Financial income | 75/76B | - | €1,921 | +€1,921 | |
| Recurring financial income | 75 | - | €1,921 | +€1,921 | |
| Financial charges | 65/66B | €5,115 | €1,958 | -€3,157 | -61.7% |
| Recurring financial charges | 65 | €5,115 | €1,958 | -€3,157 | -61.7% |
| Profit (loss) for the period before taxes | 9903 | €20,648 | €112,596 | +€91,949 | +445% |
| Income taxes | 67/77 | €7,025 | €25,252 | +€18,227 | +259% |
| Profit (loss) for the period | 9904 | €13,623 | €87,345 | +€73,722 | +541% |
| Profit (loss) for the period to be appropriated | 9905 | €13,623 | €87,345 | +€73,722 | +541% |
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 26 October 2026 via checked.be.