SERFISS: 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.
SERFISS
Largest movements
- Stocks and contracts -€462,400
no longer reported in 2025 (was €462,400)
- Cash +€249,386
up €249,386 (+369.3%), from €67,538 to €316,924
mainly Stocks and contracts (+€462,400) and Net result for the year (+€100,273)
- Tangible fixed assets -€64,130
down €64,130 (-7.5%), from €858,420 to €794,290
- Current investments +€50,000
up €50,000 (+25.0%), from €200,000 to €250,000
- Short-term financial debts -€245,388
down €245,388 (-61.9%), from €396,249 to €150,861
of which Other loans: -€245,000
- Reserves +€105,562
up €105,562 (+47.9%), from €220,594 to €326,157
- Debts after one year -€57,579
down €57,579 (-11.5%), from €498,971 to €441,392
of which Other amounts payable: -€35,693
- Tax, wage and social debts -€41,452
down €41,452 (-98.2%), from €42,204 to €752
- Provisions +€28,587
up €28,587 (+25.2%), from €113,639 to €142,226
- Financial income -€202,692
down €202,692 (-86.7%), from €233,780 to €31,088
of which Non-recurring financial income: -€233,703
- Gross operating margin -€72,891
down €72,891 (-24.3%), from €300,526 to €227,635
- Taxes -€39,142
down €39,142 (-92.7%), from €42,216 to €3,074
- Depreciation -€15,220
down €15,220 (-16.7%), from €90,913 to €75,693
- Financial charges -€13,079
down €13,079 (-30.2%), from €43,325 to €30,247
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 | €1,594,025 | €1,370,157 | -€223,867 | -14.0% |
| Fixed assets | 21/28 | €858,420 | €794,290 | -€64,130 | -7.5% |
| Tangible fixed assets | 22/27 | €858,420 | €794,290 | -€64,130 | -7.5% |
| Land and buildings | 22 | €858,420 | €794,290 | -€64,130 | -7.5% |
| Current assets | 29/58 | €735,604 | €575,867 | -€159,737 | -21.7% |
| Stocks and contracts in progress | 3 | €462,400 | - | -€462,400 | |
| Stocks | 30/36 | €462,400 | - | -€462,400 | |
| Amounts receivable within one year | 40/41 | €5,123 | €6,167 | +€1,043 | +20.4% |
| Other amounts receivable | 41 | €5,123 | €6,167 | +€1,043 | +20.4% |
| Current investments | 50/53 | €200,000 | €250,000 | +€50,000 | +25.0% |
| Cash at bank and in hand | 54/58 | €67,538 | €316,924 | +€249,386 | +369.3% |
| Deferred charges and accrued income | 490/1 | €543 | €2,776 | +€2,233 | +411.2% |
| Total equity and liabilities | 10/49 | €1,594,025 | €1,370,157 | -€223,867 | -14.0% |
| Equity | 10/15 | €505,341 | €605,613 | +€100,273 | +19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €220,594 | €326,157 | +€105,562 | +47.9% |
| Tax-exempt reserves | 132 | €220,594 | €326,157 | +€105,562 | +47.9% |
| Profit (loss) carried forward | 14 | €266,146 | €260,857 | -€5,290 | -2.0% |
| Provisions and deferred taxes | 16 | €113,639 | €142,226 | +€28,587 | +25.2% |
| Deferred taxes | 168 | €113,639 | €142,226 | +€28,587 | +25.2% |
| Amounts payable | 17/49 | €975,045 | €622,318 | -€352,726 | -36.2% |
| Amounts payable after more than one year | 17 | €498,971 | €441,392 | -€57,579 | -11.5% |
| Financial debts | 170/4 | €336,231 | €314,345 | -€21,886 | -6.5% |
| Other amounts payable | 178/9 | €162,740 | €127,048 | -€35,693 | -21.9% |
| Amounts payable within one year | 42/48 | €475,011 | €180,056 | -€294,956 | -62.1% |
| Current portion of amounts payable after more than one year | 42 | €21,059 | €21,886 | +€828 | +3.9% |
| Financial debts | 43 | €396,249 | €150,861 | -€245,388 | -61.9% |
| Credit institutions | 430/8 | €1,249 | €861 | -€388 | -31.1% |
| Other loans | 439 | €395,000 | €150,000 | -€245,000 | -62.0% |
| Trade debts | 44 | €14,565 | €5,622 | -€8,944 | -61.4% |
| Suppliers | 440/4 | €14,565 | €5,622 | -€8,944 | -61.4% |
| Taxes, remuneration and social security | 45 | €42,204 | €752 | -€41,452 | -98.2% |
| Taxes | 450/3 | €42,204 | €752 | -€41,452 | -98.2% |
| Other amounts payable | 47/48 | €935 | €935 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,062 | €870 | -€192 | -18.1% |
| Non-recurring operating income | 76A | - | €189,157 | +€189,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,913 | €75,693 | -€15,220 | -16.7% |
| Other operating charges | 640/8 | €21,997 | €20,850 | -€1,147 | -5.2% |
| Gross operating margin | 9900 | €300,526 | €227,635 | -€72,891 | -24.3% |
| Operating profit (loss) | 9901 | €187,616 | €131,092 | -€56,524 | -30.1% |
| Financial income | 75/76B | €233,780 | €31,088 | -€202,692 | -86.7% |
| Recurring financial income | 75 | €77 | €31,088 | +€31,011 | +40029.1% |
| Non-recurring financial income | 76B | €233,703 | - | -€233,703 | |
| Financial charges | 65/66B | €43,325 | €30,247 | -€13,079 | -30.2% |
| Recurring financial charges | 65 | €43,325 | €30,247 | -€13,079 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €378,071 | €131,933 | -€246,137 | -65.1% |
| Transfer from deferred taxes | 780 | €18,703 | €18,703 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €47,289 | +€47,289 | |
| Income taxes | 67/77 | €42,216 | €3,074 | -€39,142 | -92.7% |
| Profit (loss) for the period | 9904 | €354,557 | €100,273 | -€254,285 | -71.7% |
| Transfer from tax-exempt reserves | 789 | €36,305 | €36,305 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €141,867 | +€141,867 | |
| Profit (loss) for the period to be appropriated | 9905 | €390,862 | -€5,290 | -€396,152 |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.