SERENO: 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.
SERENO
Largest movements
- Receivables within one year +€390,659
up €390,659 (+2442.1%), from €15,997 to €406,656
of which Trade receivables: +€260,724
- Tangible fixed assets +€60,709
up €60,709 (+184.8%), from €32,846 to €93,555
of which Land and buildings: +€78,536
- Cash -€34,990
down €34,990 (-24.1%), from €145,138 to €110,148
mainly Receivables within one year (-€390,659) and Contributions, distributions and other (-€230,000)
- Stocks and contracts -€27,170
down €27,170 (-87.5%), from €31,037 to €3,867
of which Contracts in progress: -€27,170
- Trade debts +€273,684
up €273,684 (+796.9%), from €34,342 to €308,027
- Debts after one year +€131,270
up €131,270 (+556.8%), from €23,577 to €154,847
- Profit (loss) carried forward -€9,875
down €9,875 (-70.4%), from €14,025 to €4,150
- Tax, wage and social debts -€6,419
down €6,419 (-25.0%), from €25,694 to €19,275
of which Taxes: -€6,419
- Gross operating margin +€149,491
up €149,491 (+134.8%), from €110,893 to €260,384
- Depreciation +€21,207
up €21,207 (+143.6%), from €14,765 to €35,972
- Taxes -€19,275
down €19,275 (-100.0%), from €19,275 to €0
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 | €227,704 | €620,688 | +€392,984 | +172.6% |
| Fixed assets | 21/28 | €34,646 | €95,355 | +€60,709 | +175.2% |
| Tangible fixed assets | 22/27 | €32,846 | €93,555 | +€60,709 | +184.8% |
| Land and buildings | 22 | - | €78,536 | +€78,536 | |
| Furniture and vehicles | 24 | €32,846 | €15,019 | -€17,826 | -54.3% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €193,058 | €525,333 | +€332,275 | +172.1% |
| Stocks and contracts in progress | 3 | €31,037 | €3,867 | -€27,170 | -87.5% |
| Stocks | 30/36 | €3,867 | €3,867 | = | 0.0% |
| Contracts in progress | 37 | €27,170 | €0 | -€27,170 | -100.0% |
| Amounts receivable within one year | 40/41 | €15,997 | €406,656 | +€390,659 | +2442.1% |
| Trade receivables | 40 | €14,495 | €275,219 | +€260,724 | +1798.7% |
| Other amounts receivable | 41 | €1,502 | €131,437 | +€129,935 | +8651.7% |
| Cash at bank and in hand | 54/58 | €145,138 | €110,148 | -€34,990 | -24.1% |
| Deferred charges and accrued income | 490/1 | €887 | €4,662 | +€3,775 | +425.5% |
| Total equity and liabilities | 10/49 | €227,704 | €620,688 | +€392,984 | +172.6% |
| Equity | 10/15 | €131,025 | €121,150 | -€9,875 | -7.5% |
| Contributions | 10/11 | €17,000 | €17,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,025 | €4,150 | -€9,875 | -70.4% |
| Amounts payable | 17/49 | €96,679 | €499,538 | +€402,859 | +416.7% |
| Amounts payable after more than one year | 17 | €23,577 | €154,847 | +€131,270 | +556.8% |
| Financial debts | 170/4 | €23,577 | €154,847 | +€131,270 | +556.8% |
| Amounts payable within one year | 42/48 | €73,102 | €344,691 | +€271,589 | +371.5% |
| Current portion of amounts payable after more than one year | 42 | €10,954 | €17,078 | +€6,124 | +55.9% |
| Trade debts | 44 | €34,342 | €308,027 | +€273,684 | +796.9% |
| Suppliers | 440/4 | €34,342 | €308,027 | +€273,684 | +796.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €25,694 | €19,275 | -€6,419 | -25.0% |
| Taxes | 450/3 | €25,694 | €19,275 | -€6,419 | -25.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,111 | €311 | -€1,800 | -85.3% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,765 | €35,972 | +€21,207 | +143.6% |
| Other operating charges | 640/8 | €718 | €1,562 | +€844 | +117.5% |
| Gross operating margin | 9900 | €110,893 | €260,384 | +€149,491 | +134.8% |
| Operating profit (loss) | 9901 | €95,410 | €222,850 | +€127,440 | +133.6% |
| Financial income | 75/76B | €1 | €62 | +€60 | +4389.1% |
| Recurring financial income | 75 | €1 | €62 | +€60 | +4389.1% |
| Financial charges | 65/66B | €1,876 | €2,786 | +€910 | +48.5% |
| Recurring financial charges | 65 | €1,876 | €2,786 | +€910 | +48.5% |
| Profit (loss) for the period before taxes | 9903 | €93,535 | €220,125 | +€126,590 | +135.3% |
| Income taxes | 67/77 | €19,275 | €0 | -€19,275 | -100.0% |
| Profit (loss) for the period | 9904 | €74,260 | €220,125 | +€145,864 | +196.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,260 | €220,125 | +€145,864 | +196.4% |
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 5 October 2026 via checked.be.