SERES GROUP: 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.
SERES GROUP
Largest movements
- Stocks and contracts +€41,969
up €41,969 (+51.5%), from €81,431 to €123,400
- Tangible fixed assets -€29,638
down €29,638 (-4.1%), from €724,054 to €694,415
of which Leasing and similar rights: -€15,259
- Cash -€17,883
down €17,883 (-20.6%), from €86,732 to €68,849
mainly Other debts (-€54,334) and Stocks and contracts (-€41,969)
- Receivables within one year +€17,322
up €17,322 (+13.3%), from €130,680 to €148,002
of which Trade receivables: +€19,325
- Trade debts +€87,626
up €87,626 (+82.8%), from €105,766 to €193,392
- Other debts -€54,334
down €54,334 (-33.5%), from €162,345 to €108,011
- Profit (loss) carried forward +€48,417
up €48,417 (+49.2%), from €98,397 to €146,814
- Debts after one year -€38,303
down €38,303 (-6.8%), from €566,133 to €527,829
- Short-term financial debts -€25,000
down €25,000 (-50.0%), from €50,000 to €25,000
- Gross operating margin +€72,494
up €72,494 (+72.0%), from €100,707 to €173,201
- Financial charges -€33,464
down €33,464 (-51.2%), from €65,363 to €31,899
of which Financial charges: -€47,090
- Financial income +€4,284
up €4,284 (+80.1%), from €5,351 to €9,635
of which Financial income: +€8,888
- Staff costs +€3,191
up €3,191 (+5.9%), from €53,790 to €56,981
- Depreciation -€1,851
down €1,851 (-4.0%), from €46,259 to €44,408
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 | €1,142,606 | €1,149,666 | +€7,060 | +0.6% |
| Fixed assets | 21/28 | €724,054 | €694,415 | -€29,638 | -4.1% |
| Tangible fixed assets | 22/27 | €724,054 | €694,415 | -€29,638 | -4.1% |
| Land and buildings | 22 | €478,821 | €471,717 | -€7,104 | -1.5% |
| Plant, machinery and equipment | 23 | €707 | €331 | -€376 | -53.2% |
| Leasing and similar rights | 25 | €183,114 | €167,854 | -€15,259 | -8.3% |
| Other tangible fixed assets | 26 | €61,413 | €54,514 | -€6,899 | -11.2% |
| Current assets | 29/58 | €418,552 | €455,251 | +€36,699 | +8.8% |
| Amounts receivable after more than one year | 29 | €115,000 | €115,000 | = | 0.0% |
| Other amounts receivable | 291 | €115,000 | €115,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €81,431 | €123,400 | +€41,969 | +51.5% |
| Stocks | 30/36 | €81,431 | €123,400 | +€41,969 | +51.5% |
| Amounts receivable within one year | 40/41 | €130,680 | €148,002 | +€17,322 | +13.3% |
| Trade receivables | 40 | €128,677 | €148,002 | +€19,325 | +15.0% |
| Other amounts receivable | 41 | €2,003 | - | -€2,003 | |
| Cash at bank and in hand | 54/58 | €86,732 | €68,849 | -€17,883 | -20.6% |
| Deferred charges and accrued income | 490/1 | €4,710 | - | -€4,710 | |
| Total equity and liabilities | 10/49 | €1,142,606 | €1,149,666 | +€7,060 | +0.6% |
| Equity | 10/15 | €194,940 | €243,356 | +€48,417 | +24.8% |
| Contributions | 10/11 | €76,107 | €76,107 | = | 0.0% |
| Reserves | 13 | €20,435 | €20,435 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,575 | €18,575 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,397 | €146,814 | +€48,417 | +49.2% |
| Amounts payable | 17/49 | €947,666 | €906,310 | -€41,356 | -4.4% |
| Amounts payable after more than one year | 17 | €566,133 | €527,829 | -€38,303 | -6.8% |
| Financial debts | 170/4 | €566,133 | €527,829 | -€38,303 | -6.8% |
| Amounts payable within one year | 42/48 | €368,408 | €373,251 | +€4,843 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €37,730 | €38,303 | +€573 | +1.5% |
| Financial debts | 43 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Credit institutions | 430/8 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Trade debts | 44 | €105,766 | €193,392 | +€87,626 | +82.8% |
| Suppliers | 440/4 | €105,766 | €193,392 | +€87,626 | +82.8% |
| Taxes, remuneration and social security | 45 | €12,567 | €8,545 | -€4,022 | -32.0% |
| Taxes | 450/3 | €1,012 | €1,559 | +€546 | +54.0% |
| Remuneration and social security | 454/9 | €11,554 | €6,986 | -€4,569 | -39.5% |
| Other amounts payable | 47/48 | €162,345 | €108,011 | -€54,334 | -33.5% |
| Accrued charges and deferred income | 492/3 | €13,126 | €5,230 | -€7,896 | -60.2% |
| Non-recurring operating income | 76A | - | €1,510 | +€1,510 | |
| Remuneration, social security and pensions | 62 | €53,790 | €56,981 | +€3,191 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,259 | €44,408 | -€1,851 | -4.0% |
| Other operating charges | 640/8 | €1,068 | €677 | -€391 | -36.6% |
| Gross operating margin | 9900 | €100,707 | €173,201 | +€72,494 | +72.0% |
| Operating profit (loss) | 9901 | -€409 | €71,136 | +€71,545 | |
| Financial income | 75/76B | €5,351 | €9,635 | +€4,284 | +80.1% |
| Recurring financial income | 75 | €747 | €9,635 | +€8,888 | +1,190% |
| Non-recurring financial income | 76B | €4,604 | €9,635 | +€5,031 | +109% |
| Financial charges | 65/66B | €65,363 | €31,899 | -€33,464 | -51.2% |
| Recurring financial charges | 65 | €61,305 | €14,215 | -€47,090 | -76.8% |
| Non-recurring financial charges | 66B | €4,058 | €17,684 | +€13,626 | +336% |
| Profit (loss) for the period before taxes | 9903 | -€60,421 | €48,872 | +€109,293 | |
| Income taxes | 67/77 | €562 | €455 | -€107 | -19.0% |
| Profit (loss) for the period | 9904 | -€60,983 | €48,417 | +€109,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,983 | €48,417 | +€109,400 |
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 22 October 2026 via checked.be.