SERGA: 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.
SERGA
Largest movements
- Cash +€1.0m
up €1.0m (+927.3%), from €110,070 to €1.1m
mainly Current investments (+€890,905) and Other debts (+€598,723)
- Current investments -€890,905
no longer reported in 2025 (was €890,905)
- Receivables within one year -€14,428
down €14,428 (-41.8%), from €34,482 to €20,054
- Financial fixed assets -€13,000
down €13,000 (-16.4%), from €79,105 to €66,105
- Contributions -€664,727
down €664,727 (-86.9%), from €764,727 to €100,000
- Other debts +€598,723
up €598,723 (+158.4%), from €378,026 to €976,748
- Reserves +€107,187
new in 2025: €107,187
of which Distributable reserves: +€100,000
- Profit (loss) carried forward +€57,066
up €57,066, from -€30,511 to €26,555
- Financial income +€189,670
up €189,670 (+1173.5%), from €16,162 to €205,833
- Taxes +€9,585
up €9,585 (+1517.7%), from €632 to €10,217
- Financial charges +€6,604
up €6,604 (+3186.2%), from €207 to €6,811
- Gross operating margin +€1,886
up €1,886 (+8.3%), from -€22,718 to -€20,832
- Other operating charges +€1,154
up €1,154 (+45.0%), from €2,566 to €3,720
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 | €1,114,562 | €1,216,963 | +€102,401 | +9.2% |
| Fixed assets | 21/28 | €79,105 | €66,105 | -€13,000 | -16.4% |
| Financial fixed assets | 28 | €79,105 | €66,105 | -€13,000 | -16.4% |
| Current assets | 29/58 | €1,035,457 | €1,150,858 | +€115,401 | +11.1% |
| Amounts receivable within one year | 40/41 | €34,482 | €20,054 | -€14,428 | -41.8% |
| Other amounts receivable | 41 | €34,482 | €20,054 | -€14,428 | -41.8% |
| Current investments | 50/53 | €890,905 | - | -€890,905 | |
| Cash at bank and in hand | 54/58 | €110,070 | €1,130,805 | +€1.0m | +927.3% |
| Total equity and liabilities | 10/49 | €1,114,562 | €1,216,963 | +€102,401 | +9.2% |
| Equity | 10/15 | €734,216 | €233,742 | -€500,474 | -68.2% |
| Contributions | 10/11 | €764,727 | €100,000 | -€664,727 | -86.9% |
| Capital | 10 | €764,727 | €100,000 | -€664,727 | -86.9% |
| Issued capital | 100 | €764,727 | €100,000 | -€664,727 | -86.9% |
| Reserves | 13 | - | €107,187 | +€107,187 | |
| Non-distributable reserves | 130/1 | - | €7,187 | +€7,187 | |
| Legal reserve | 130 | - | €7,187 | +€7,187 | |
| Distributable reserves | 133 | - | €100,000 | +€100,000 | |
| Profit (loss) carried forward | 14 | -€30,511 | €26,555 | +€57,066 | |
| Amounts payable | 17/49 | €380,346 | €983,222 | +€602,875 | +158.5% |
| Amounts payable within one year | 42/48 | €380,346 | €983,222 | +€602,875 | +158.5% |
| Trade debts | 44 | €1,176 | - | -€1,176 | |
| Suppliers | 440/4 | €1,176 | - | -€1,176 | |
| Taxes, remuneration and social security | 45 | €1,145 | €6,473 | +€5,328 | +465.3% |
| Remuneration and social security | 454/9 | €1,145 | €6,473 | +€5,328 | +465.3% |
| Other amounts payable | 47/48 | €378,026 | €976,748 | +€598,723 | +158.4% |
| Other operating charges | 640/8 | €2,566 | €3,720 | +€1,154 | +45.0% |
| Gross operating margin | 9900 | -€22,718 | -€20,832 | +€1,886 | +8.3% |
| Operating profit (loss) | 9901 | -€25,284 | -€24,552 | +€732 | +2.9% |
| Financial income | 75/76B | €16,162 | €205,833 | +€189,670 | +1173.5% |
| Recurring financial income | 75 | €16,162 | €205,833 | +€189,670 | +1173.5% |
| Financial charges | 65/66B | €207 | €6,811 | +€6,604 | +3186.2% |
| Recurring financial charges | 65 | €207 | €6,811 | +€6,604 | +3186.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,329 | €174,469 | +€183,798 | |
| Income taxes | 67/77 | €632 | €10,217 | +€9,585 | +1517.7% |
| Profit (loss) for the period | 9904 | -€9,960 | €164,253 | +€174,213 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,960 | €164,253 | +€174,213 |
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.