SERENDRA: what changed
Two fiscal 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.
SERENDRA
Largest movements
- Tangible fixed assets -€154,002
down €154,002 (-20.6%), from €748,790 to €594,788
of which Land and buildings: -€148,568
- Cash +€130,092
up €130,092 (+884.8%), from €14,704 to €144,795
- Receivables within one year +€17,167
new in 2025: €17,167
- Profit (loss) carried forward -€20,862
down €20,862 (-70.0%), from -€29,788 to -€50,649
- Trade debts +€14,374
up €14,374 (+664.7%), from €2,162 to €16,537
- Gross operating margin +€32,118
up €32,118, from -€5,066 to €27,053
- Depreciation +€4,734
up €4,734 (+21.8%), from €21,737 to €26,471
- Other operating charges +€461
up €461 (+15.8%), from €2,912 to €3,372
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €764,557 | €757,555 | -€7,002 | -0.9% |
| Fixed assets | 21/28 | €748,790 | €594,788 | -€154,002 | -20.6% |
| Tangible fixed assets | 22/27 | €748,790 | €594,788 | -€154,002 | -20.6% |
| Land and buildings | 22 | €714,470 | €565,902 | -€148,568 | -20.8% |
| Plant, machinery and equipment | 23 | - | €11,469 | +€11,469 | |
| Furniture and vehicles | 24 | €34,321 | €17,418 | -€16,903 | -49.2% |
| Current assets | 29/58 | €15,766 | €162,767 | +€147,000 | +932.4% |
| Amounts receivable within one year | 40/41 | - | €17,167 | +€17,167 | |
| Other amounts receivable | 41 | - | €17,167 | +€17,167 | |
| Cash at bank and in hand | 54/58 | €14,704 | €144,795 | +€130,092 | +884.8% |
| Deferred charges and accrued income | 490/1 | €1,063 | €804 | -€259 | -24.3% |
| Total equity and liabilities | 10/49 | €764,557 | €757,555 | -€7,002 | -0.9% |
| Equity | 10/15 | €720,212 | €699,351 | -€20,862 | -2.9% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,788 | -€50,649 | -€20,862 | -70.0% |
| Amounts payable | 17/49 | €44,344 | €58,205 | +€13,860 | +31.3% |
| Amounts payable after more than one year | 17 | €40,100 | €40,100 | = | 0.0% |
| Other amounts payable | 178/9 | €40,100 | €40,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,244 | €18,105 | +€13,860 | +326.5% |
| Trade debts | 44 | €2,162 | €16,537 | +€14,374 | +664.7% |
| Suppliers | 440/4 | €2,162 | €16,537 | +€14,374 | +664.7% |
| Taxes, remuneration and social security | 45 | €100 | €68 | -€32 | -32.0% |
| Taxes | 450/3 | €100 | €68 | -€32 | -32.0% |
| Other amounts payable | 47/48 | €1,982 | €1,500 | -€482 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,737 | €26,471 | +€4,734 | +21.8% |
| Other operating charges | 640/8 | €2,912 | €3,372 | +€461 | +15.8% |
| Gross operating margin | 9900 | -€5,066 | €27,053 | +€32,118 | |
| Operating profit (loss) | 9901 | -€29,714 | -€2,790 | +€26,924 | +90.6% |
| Financial charges | 65/66B | €74 | €185 | +€111 | +151.0% |
| Recurring financial charges | 65 | €74 | €185 | +€111 | +151.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,788 | -€2,975 | +€26,813 | +90.0% |
| Profit (loss) for the period | 9904 | -€29,788 | -€2,975 | +€26,813 | +90.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,788 | -€2,975 | +€26,813 | +90.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.