SERENGETTI: 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.
SERENGETTI
Largest movements
- Receivables within one year +€58,361
up €58,361 (+32.1%), from €181,839 to €240,200
of which Other amounts receivable: +€45,000
- Cash -€44,726
down €44,726 (-65.1%), from €68,741 to €24,015
mainly Receivables within one year (-€58,361) and Tax, wage and social debts (-€39,010)
- Tangible fixed assets -€19,365
down €19,365 (-24.6%), from €78,758 to €59,393
of which Land and buildings: -€11,111
- Tax, wage and social debts -€39,010
down €39,010 (-65.7%), from €59,396 to €20,385
of which Taxes: -€43,410
- Reserves +€27,404
up €27,404 (+12.0%), from €228,404 to €255,808
- Trade debts +€13,729
up €13,729 (+827.5%), from €1,659 to €15,389
- Debts after one year -€10,715
no longer reported in 2025 (was €10,715)
- Depreciation -€2,518
down €2,518 (-11.5%), from €21,884 to €19,365
- Financial income -€1,888
down €1,888 (-36.5%), from €5,168 to €3,280
- Gross operating margin +€1,596
up €1,596 (+2.6%), from €61,073 to €62,669
- Other operating charges -€1,095
down €1,095 (-29.7%), from €3,687 to €2,592
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 | €329,695 | €323,972 | -€5,723 | -1.7% |
| Fixed assets | 21/28 | €78,758 | €59,393 | -€19,365 | -24.6% |
| Tangible fixed assets | 22/27 | €78,758 | €59,393 | -€19,365 | -24.6% |
| Land and buildings | 22 | €55,556 | €44,444 | -€11,111 | -20.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €23,202 | €14,948 | -€8,254 | -35.6% |
| Current assets | 29/58 | €250,937 | €264,580 | +€13,643 | +5.4% |
| Amounts receivable within one year | 40/41 | €181,839 | €240,200 | +€58,361 | +32.1% |
| Trade receivables | 40 | €12,340 | €25,700 | +€13,361 | +108.3% |
| Other amounts receivable | 41 | €169,499 | €214,500 | +€45,000 | +26.5% |
| Cash at bank and in hand | 54/58 | €68,741 | €24,015 | -€44,726 | -65.1% |
| Deferred charges and accrued income | 490/1 | €357 | €365 | +€8 | +2.1% |
| Total equity and liabilities | 10/49 | €329,695 | €323,972 | -€5,723 | -1.7% |
| Equity | 10/15 | €247,004 | €274,408 | +€27,404 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €228,404 | €255,808 | +€27,404 | +12.0% |
| Distributable reserves | 133 | €228,404 | €255,808 | +€27,404 | +12.0% |
| Amounts payable | 17/49 | €82,691 | €49,564 | -€33,127 | -40.1% |
| Amounts payable after more than one year | 17 | €10,715 | - | -€10,715 | |
| Financial debts | 170/4 | €10,715 | - | -€10,715 | |
| Amounts payable within one year | 42/48 | €71,975 | €49,165 | -€22,811 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €10,714 | €10,715 | +€1 | 0.0% |
| Trade debts | 44 | €1,659 | €15,389 | +€13,729 | +827.5% |
| Suppliers | 440/4 | €1,659 | €15,389 | +€13,729 | +827.5% |
| Taxes, remuneration and social security | 45 | €59,396 | €20,385 | -€39,010 | -65.7% |
| Taxes | 450/3 | €57,196 | €13,785 | -€43,410 | -75.9% |
| Remuneration and social security | 454/9 | €2,200 | €6,600 | +€4,400 | +200.0% |
| Other amounts payable | 47/48 | €206 | €2,675 | +€2,469 | +1197.2% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,884 | €19,365 | -€2,518 | -11.5% |
| Other operating charges | 640/8 | €3,687 | €2,592 | -€1,095 | -29.7% |
| Gross operating margin | 9900 | €61,073 | €62,669 | +€1,596 | +2.6% |
| Operating profit (loss) | 9901 | €35,503 | €40,713 | +€5,210 | +14.7% |
| Financial income | 75/76B | €5,168 | €3,280 | -€1,888 | -36.5% |
| Recurring financial income | 75 | €5,168 | €3,280 | -€1,888 | -36.5% |
| Financial charges | 65/66B | €1,513 | €1,280 | -€234 | -15.4% |
| Recurring financial charges | 65 | €1,513 | €1,280 | -€234 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €39,158 | €42,713 | +€3,555 | +9.1% |
| Income taxes | 67/77 | €14,786 | €15,309 | +€523 | +3.5% |
| Profit (loss) for the period | 9904 | €24,371 | €27,404 | +€3,033 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €24,371 | €27,404 | +€3,033 | +12.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.