Serge FINFE: 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.
Serge FINFE
Largest movements
- Receivables within one year -€33,935
down €33,935 (-16.9%), from €201,087 to €167,152
of which Trade receivables: -€49,199
- Stocks and contracts -€28,952
down €28,952 (-35.5%), from €81,614 to €52,662
- Cash +€15,156
up €15,156 (+11.6%), from €130,730 to €145,886
mainly Depreciation (+€40,850) and Receivables within one year (+€33,935)
- Deferred charges and accrued income +€7,958
up €7,958 (+91.7%), from €8,682 to €16,641
- Debts after one year -€32,456
down €32,456 (-30.0%), from €108,191 to €75,734
- Accrued charges and deferred income -€14,609
down €14,609 (-95.8%), from €15,250 to €640
- Current portion of long-term debt +€12,859
up €12,859 (+21.5%), from €59,887 to €72,746
- Other debts +€6,762
up €6,762 (+230%), from €2,937 to €9,699
- Gross operating margin -€100,055
down €100,055 (-18.5%), from €540,760 to €440,704
- Taxes -€22,676
down €22,676 (-82.1%), from €27,608 to €4,932
- Staff costs -€15,953
down €15,953 (-4.1%), from €389,673 to €373,720
- Depreciation +€8,952
up €8,952 (+28.1%), from €31,899 to €40,850
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 | €617,042 | €579,375 | -€37,666 | -6.1% |
| Fixed assets | 21/28 | €194,928 | €197,035 | +€2,107 | +1.1% |
| Tangible fixed assets | 22/27 | €194,109 | €196,216 | +€2,107 | +1.1% |
| Land and buildings | 22 | €76,500 | €68,750 | -€7,750 | -10.1% |
| Plant, machinery and equipment | 23 | €1,846 | €2,823 | +€977 | +52.9% |
| Furniture and vehicles | 24 | €99,029 | €105,498 | +€6,470 | +6.5% |
| Other tangible fixed assets | 26 | €16,734 | €19,145 | +€2,411 | +14.4% |
| Financial fixed assets | 28 | €819 | €819 | = | 0.0% |
| Current assets | 29/58 | €422,113 | €382,340 | -€39,773 | -9.4% |
| Stocks and contracts in progress | 3 | €81,614 | €52,662 | -€28,952 | -35.5% |
| Stocks | 30/36 | €81,614 | €52,662 | -€28,952 | -35.5% |
| Amounts receivable within one year | 40/41 | €201,087 | €167,152 | -€33,935 | -16.9% |
| Trade receivables | 40 | €173,810 | €124,611 | -€49,199 | -28.3% |
| Other amounts receivable | 41 | €27,277 | €42,540 | +€15,263 | +56.0% |
| Cash at bank and in hand | 54/58 | €130,730 | €145,886 | +€15,156 | +11.6% |
| Deferred charges and accrued income | 490/1 | €8,682 | €16,641 | +€7,958 | +91.7% |
| Total equity and liabilities | 10/49 | €617,042 | €579,375 | -€37,666 | -6.1% |
| Equity | 10/15 | €288,987 | €286,591 | -€2,396 | -0.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €269,228 | €267,964 | -€1,264 | -0.5% |
| Distributable reserves | 133 | €269,228 | €267,964 | -€1,264 | -0.5% |
| Investment grants | 15 | €7,359 | €6,227 | -€1,132 | -15.4% |
| Amounts payable | 17/49 | €328,054 | €292,784 | -€35,270 | -10.8% |
| Amounts payable after more than one year | 17 | €108,191 | €75,734 | -€32,456 | -30.0% |
| Financial debts | 170/4 | €108,191 | €75,734 | -€32,456 | -30.0% |
| Amounts payable within one year | 42/48 | €204,614 | €216,409 | +€11,795 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €59,887 | €72,746 | +€12,859 | +21.5% |
| Financial debts | 43 | €1,539 | - | -€1,539 | |
| Credit institutions | 430/8 | €1,539 | - | -€1,539 | |
| Trade debts | 44 | €114,956 | €113,115 | -€1,841 | -1.6% |
| Suppliers | 440/4 | €114,956 | €113,115 | -€1,841 | -1.6% |
| Taxes, remuneration and social security | 45 | €25,295 | €20,849 | -€4,446 | -17.6% |
| Taxes | 450/3 | €1,540 | €1,376 | -€165 | -10.7% |
| Remuneration and social security | 454/9 | €23,755 | €19,473 | -€4,282 | -18.0% |
| Other amounts payable | 47/48 | €2,937 | €9,699 | +€6,762 | +230% |
| Accrued charges and deferred income | 492/3 | €15,250 | €640 | -€14,609 | -95.8% |
| Remuneration, social security and pensions | 62 | €389,673 | €373,720 | -€15,953 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,899 | €40,850 | +€8,952 | +28.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€983 | - | +€983 | |
| Other operating charges | 640/8 | €7,470 | €6,730 | -€740 | -9.9% |
| Gross operating margin | 9900 | €540,760 | €440,704 | -€100,055 | -18.5% |
| Operating profit (loss) | 9901 | €112,702 | €19,404 | -€93,297 | -82.8% |
| Financial income | 75/76B | €6,618 | €3,576 | -€3,042 | -46.0% |
| Recurring financial income | 75 | €6,618 | €3,576 | -€3,042 | -46.0% |
| Financial charges | 65/66B | €8,578 | €9,102 | +€524 | +6.1% |
| Recurring financial charges | 65 | €8,578 | €9,102 | +€524 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €110,741 | €13,878 | -€96,863 | -87.5% |
| Income taxes | 67/77 | €27,608 | €4,932 | -€22,676 | -82.1% |
| Profit (loss) for the period | 9904 | €83,133 | €8,946 | -€74,188 | -89.2% |
| Profit (loss) for the period to be appropriated | 9905 | €83,133 | €8,946 | -€74,188 | -89.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.