SERFINNO: 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.
SERFINNO
Largest movements
- Cash +€29,958
up €29,958 (+5.2%), from €578,206 to €608,164
mainly Net result for the year (+€74,045) and Tax, wage and social debts (+€9,676)
- Tangible fixed assets +€25,083
up €25,083 (+2777.7%), from €903 to €25,986
- Reserves +€59,045
up €59,045 (+10.8%), from €548,591 to €607,636
- Tax, wage and social debts +€9,676
up €9,676 (+56.2%), from €17,207 to €26,883
- Other debts -€8,000
down €8,000 (-34.8%), from €23,000 to €15,000
- Taxes +€11,065
up €11,065 (+41.3%), from €26,771 to €37,836
- Depreciation +€7,174
up €7,174 (+300.0%), from €2,391 to €9,565
- Gross operating margin -€4,542
down €4,542 (-3.6%), from €127,867 to €123,325
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 | €603,670 | €664,447 | +€60,777 | +10.1% |
| Fixed assets | 21/28 | €903 | €25,986 | +€25,083 | +2777.7% |
| Tangible fixed assets | 22/27 | €903 | €25,986 | +€25,083 | +2777.7% |
| Furniture and vehicles | 24 | €903 | €25,986 | +€25,083 | +2777.7% |
| Current assets | 29/58 | €602,767 | €638,461 | +€35,694 | +5.9% |
| Amounts receivable within one year | 40/41 | €24,561 | €30,297 | +€5,736 | +23.4% |
| Trade receivables | 40 | €24,561 | €22,323 | -€2,238 | -9.1% |
| Other amounts receivable | 41 | - | €7,974 | +€7,974 | |
| Cash at bank and in hand | 54/58 | €578,206 | €608,164 | +€29,958 | +5.2% |
| Total equity and liabilities | 10/49 | €603,670 | €664,447 | +€60,777 | +10.1% |
| Equity | 10/15 | €562,933 | €621,978 | +€59,045 | +10.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €548,591 | €607,636 | +€59,045 | +10.8% |
| Distributable reserves | 133 | €548,591 | €607,636 | +€59,045 | +10.8% |
| Profit (loss) carried forward | 14 | €1,942 | €1,942 | = | 0.0% |
| Amounts payable | 17/49 | €40,737 | €42,469 | +€1,732 | +4.3% |
| Amounts payable within one year | 42/48 | €40,737 | €42,469 | +€1,732 | +4.3% |
| Trade debts | 44 | €530 | €586 | +€56 | +10.6% |
| Suppliers | 440/4 | €530 | €586 | +€56 | +10.6% |
| Taxes, remuneration and social security | 45 | €17,207 | €26,883 | +€9,676 | +56.2% |
| Taxes | 450/3 | €17,207 | €26,883 | +€9,676 | +56.2% |
| Other amounts payable | 47/48 | €23,000 | €15,000 | -€8,000 | -34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,391 | €9,565 | +€7,174 | +300.0% |
| Other operating charges | 640/8 | €1,902 | €1,839 | -€63 | -3.3% |
| Gross operating margin | 9900 | €127,867 | €123,325 | -€4,542 | -3.6% |
| Operating profit (loss) | 9901 | €123,574 | €111,921 | -€11,653 | -9.4% |
| Financial income | 75/76B | - | €32 | +€32 | |
| Recurring financial income | 75 | - | €32 | +€32 | |
| Financial charges | 65/66B | €72 | €72 | = | 0.0% |
| Recurring financial charges | 65 | €72 | €72 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €123,502 | €111,881 | -€11,621 | -9.4% |
| Income taxes | 67/77 | €26,771 | €37,836 | +€11,065 | +41.3% |
| Profit (loss) for the period | 9904 | €96,731 | €74,045 | -€22,686 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €96,731 | €74,045 | -€22,686 | -23.5% |
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 7 October 2026 via checked.be.