SERFAN innovation: 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.
SERFAN innovation
Largest movements
- Cash -€111,739
down €111,739 (-21.6%), from €517,937 to €406,197
mainly Net result for the year (-€112,732) and Tax, wage and social debts (-€19,692)
- Receivables within one year -€11,596
down €11,596 (-15.2%), from €76,232 to €64,636
of which Other amounts receivable: -€12,868
- Profit (loss) carried forward -€112,732
down €112,732, from €26,696 to -€86,036
- Tax, wage and social debts -€19,692
down €19,692 (-87.1%), from €22,611 to €2,919
- Gross operating margin -€90,874
down €90,874 (-54.7%), from €166,152 to €75,278
- Staff costs +€5,489
up €5,489 (+3.0%), from €181,325 to €186,814
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 | €608,991 | €478,912 | -€130,079 | -21.4% |
| Fixed assets | 21/28 | €6,652 | €4,027 | -€2,625 | -39.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €6,652 | €4,027 | -€2,625 | -39.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €6,652 | €4,027 | -€2,625 | -39.5% |
| Current assets | 29/58 | €602,340 | €474,885 | -€127,454 | -21.2% |
| Amounts receivable within one year | 40/41 | €76,232 | €64,636 | -€11,596 | -15.2% |
| Trade receivables | 40 | €61,636 | €62,909 | +€1,272 | +2.1% |
| Other amounts receivable | 41 | €14,596 | €1,727 | -€12,868 | -88.2% |
| Cash at bank and in hand | 54/58 | €517,937 | €406,197 | -€111,739 | -21.6% |
| Deferred charges and accrued income | 490/1 | €8,171 | €4,052 | -€4,119 | -50.4% |
| Total equity and liabilities | 10/49 | €608,991 | €478,912 | -€130,079 | -21.4% |
| Equity | 10/15 | €579,500 | €466,768 | -€112,732 | -19.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Contributions outside capital | 11 | €50,000 | €50,000 | = | 0.0% |
| Other | 1109/19 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €502,804 | €502,804 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €497,804 | €497,804 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,696 | -€86,036 | -€112,732 | |
| Amounts payable | 17/49 | €29,491 | €12,144 | -€17,347 | -58.8% |
| Amounts payable within one year | 42/48 | €29,202 | €12,144 | -€17,058 | -58.4% |
| Trade debts | 44 | €4,840 | €7,452 | +€2,612 | +54.0% |
| Suppliers | 440/4 | €4,840 | €7,452 | +€2,612 | +54.0% |
| Advances received on contracts in progress | 46 | - | €800 | +€800 | |
| Taxes, remuneration and social security | 45 | €22,611 | €2,919 | -€19,692 | -87.1% |
| Taxes | 450/3 | €22,611 | €2,919 | -€19,692 | -87.1% |
| Other amounts payable | 47/48 | €1,751 | €973 | -€778 | -44.4% |
| Accrued charges and deferred income | 492/3 | €289 | €0 | -€289 | -100% |
| Remuneration, social security and pensions | 62 | €181,325 | €186,814 | +€5,489 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,681 | €2,625 | +€943 | +56.1% |
| Other operating charges | 640/8 | €942 | €973 | +€30 | +3.2% |
| Gross operating margin | 9900 | €166,152 | €75,278 | -€90,874 | -54.7% |
| Operating profit (loss) | 9901 | -€17,797 | -€115,133 | -€97,337 | -547% |
| Financial income | 75/76B | €2,424 | €2,856 | +€433 | +17.9% |
| Recurring financial income | 75 | €2,424 | €2,856 | +€433 | +17.9% |
| Financial charges | 65/66B | €153 | €127 | -€26 | -17.1% |
| Recurring financial charges | 65 | €153 | €127 | -€26 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,526 | -€112,404 | -€96,878 | -624% |
| Income taxes | 67/77 | €308 | €328 | +€21 | +6.7% |
| Profit (loss) for the period | 9904 | -€15,834 | -€112,732 | -€96,898 | -612% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,834 | -€112,732 | -€96,898 | -612% |
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 31 October 2026 via checked.be.