Serge Sleurs: 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 Sleurs
Largest movements
- Receivables within one year -€14,372
down €14,372 (-8.9%), from €161,848 to €147,476
of which Other amounts receivable: -€19,630
- Tangible fixed assets -€8,893
down €8,893 (-24.8%), from €35,842 to €26,950
of which Furniture and vehicles: -€4,956
- Other debts +€51,444
up €51,444 (+180%), from €28,595 to €80,039
- Reserves -€46,510
down €46,510 (-29.4%), from €158,449 to €111,939
- Profit (loss) carried forward -€27,928
down €27,928 (-100%), from €27,928 to €0
- Current portion of long-term debt -€5,233
down €5,233 (-100%), from €5,233 to €0
- Gross operating margin -€6,702
down €6,702 (-13.1%), from €51,046 to €44,344
- Depreciation -€3,775
down €3,775 (-29.8%), from €12,668 to €8,893
- Financial charges +€1,898
up €1,898 (+811%), from €234 to €2,132
- Taxes -€1,360
down €1,360 (-14.0%), from €9,704 to €8,344
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 | €225,745 | €199,564 | -€26,181 | -11.6% |
| Fixed assets | 21/28 | €35,842 | €26,950 | -€8,893 | -24.8% |
| Tangible fixed assets | 22/27 | €35,842 | €26,950 | -€8,893 | -24.8% |
| Plant, machinery and equipment | 23 | €1,054 | €550 | -€504 | -47.8% |
| Furniture and vehicles | 24 | €4,956 | €0 | -€4,956 | -100% |
| Other tangible fixed assets | 26 | €29,833 | €26,400 | -€3,433 | -11.5% |
| Current assets | 29/58 | €189,903 | €172,614 | -€17,289 | -9.1% |
| Amounts receivable within one year | 40/41 | €161,848 | €147,476 | -€14,372 | -8.9% |
| Trade receivables | 40 | €15,380 | €20,637 | +€5,258 | +34.2% |
| Other amounts receivable | 41 | €146,468 | €126,839 | -€19,630 | -13.4% |
| Cash at bank and in hand | 54/58 | €24,374 | €23,609 | -€765 | -3.1% |
| Deferred charges and accrued income | 490/1 | €3,681 | €1,528 | -€2,152 | -58.5% |
| Total equity and liabilities | 10/49 | €225,745 | €199,564 | -€26,181 | -11.6% |
| Equity | 10/15 | €187,377 | €112,939 | -€74,438 | -39.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €158,449 | €111,939 | -€46,510 | -29.4% |
| Distributable reserves | 133 | €158,449 | €111,939 | -€46,510 | -29.4% |
| Profit (loss) carried forward | 14 | €27,928 | €0 | -€27,928 | -100% |
| Amounts payable | 17/49 | €38,368 | €86,625 | +€48,257 | +126% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €38,216 | €84,620 | +€46,404 | +121% |
| Current portion of amounts payable after more than one year | 42 | €5,233 | €0 | -€5,233 | -100% |
| Trade debts | 44 | €1,388 | €2,255 | +€867 | +62.4% |
| Suppliers | 440/4 | €1,388 | €2,255 | +€867 | +62.4% |
| Taxes, remuneration and social security | 45 | €3,000 | €2,326 | -€674 | -22.5% |
| Taxes | 450/3 | €3,000 | €2,326 | -€674 | -22.5% |
| Other amounts payable | 47/48 | €28,595 | €80,039 | +€51,444 | +180% |
| Accrued charges and deferred income | 492/3 | €152 | €2,005 | +€1,853 | +1,222% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,668 | €8,893 | -€3,775 | -29.8% |
| Other operating charges | 640/8 | €512 | €909 | +€397 | +77.5% |
| Gross operating margin | 9900 | €51,046 | €44,344 | -€6,702 | -13.1% |
| Operating profit (loss) | 9901 | €37,866 | €34,542 | -€3,324 | -8.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €234 | €2,132 | +€1,898 | +811% |
| Recurring financial charges | 65 | €234 | €2,132 | +€1,898 | +811% |
| Profit (loss) for the period before taxes | 9903 | €37,632 | €32,411 | -€5,221 | -13.9% |
| Income taxes | 67/77 | €9,704 | €8,344 | -€1,360 | -14.0% |
| Profit (loss) for the period | 9904 | €27,928 | €24,067 | -€3,861 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,928 | €24,067 | -€3,861 | -13.8% |
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 27 October 2026 via checked.be.