SERIAL: 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.
SERIAL
Largest movements
- Deferred charges and accrued income -€29,783
down €29,783 (-76.0%), from €39,207 to €9,424
- Receivables within one year +€29,014
up €29,014 (+12.0%), from €242,167 to €271,181
of which Other amounts receivable: +€22,517
- Stocks and contracts -€24,959
down €24,959 (-7.7%), from €324,676 to €299,716
- Cash +€11,543
up €11,543 (+2.9%), from €399,520 to €411,064
mainly Net result for the year (+€152,584) and Deferred charges and accrued income (+€29,783)
- Reserves +€152,584
up €152,584 (+21.4%), from €712,149 to €864,733
of which Distributable reserves: +€152,584
- Tax, wage and social debts -€90,620
down €90,620 (-58.0%), from €156,160 to €65,540
of which Taxes: -€83,347
- Trade debts -€52,458
down €52,458 (-58.5%), from €89,695 to €37,237
- Other debts -€28,038
no longer reported in 2024 (was €28,038)
- Gross operating margin -€19,174
down €19,174 (-6.0%), from €321,167 to €301,993
- Financial charges -€9,249
down €9,249 (-51.6%), from €17,918 to €8,669
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,048,042 | €1,029,510 | -€18,532 | -1.8% |
| Fixed assets | 21/28 | €42,473 | €38,125 | -€4,348 | -10.2% |
| Tangible fixed assets | 22/27 | €42,447 | €38,099 | -€4,348 | -10.2% |
| Land and buildings | 22 | €28,572 | €24,875 | -€3,697 | -12.9% |
| Plant, machinery and equipment | 23 | - | €1,308 | +€1,308 | |
| Furniture and vehicles | 24 | €13,875 | €11,916 | -€1,959 | -14.1% |
| Financial fixed assets | 28 | €26 | €26 | = | 0.0% |
| Current assets | 29/58 | €1,005,570 | €991,385 | -€14,185 | -1.4% |
| Stocks and contracts in progress | 3 | €324,676 | €299,716 | -€24,959 | -7.7% |
| Stocks | 30/36 | €324,676 | €299,716 | -€24,959 | -7.7% |
| Amounts receivable within one year | 40/41 | €242,167 | €271,181 | +€29,014 | +12.0% |
| Trade receivables | 40 | €196,013 | €202,511 | +€6,498 | +3.3% |
| Other amounts receivable | 41 | €46,154 | €68,670 | +€22,517 | +48.8% |
| Cash at bank and in hand | 54/58 | €399,520 | €411,064 | +€11,543 | +2.9% |
| Deferred charges and accrued income | 490/1 | €39,207 | €9,424 | -€29,783 | -76.0% |
| Total equity and liabilities | 10/49 | €1,048,042 | €1,029,510 | -€18,532 | -1.8% |
| Equity | 10/15 | €774,149 | €926,733 | +€152,584 | +19.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €712,149 | €864,733 | +€152,584 | +21.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,850 | €65,850 | = | 0.0% |
| Distributable reserves | 133 | €640,099 | €792,683 | +€152,584 | +23.8% |
| Amounts payable | 17/49 | €273,894 | €102,778 | -€171,116 | -62.5% |
| Amounts payable within one year | 42/48 | €273,894 | €102,778 | -€171,116 | -62.5% |
| Trade debts | 44 | €89,695 | €37,237 | -€52,458 | -58.5% |
| Suppliers | 440/4 | €89,695 | €37,237 | -€52,458 | -58.5% |
| Taxes, remuneration and social security | 45 | €156,160 | €65,540 | -€90,620 | -58.0% |
| Taxes | 450/3 | €134,813 | €51,466 | -€83,347 | -61.8% |
| Remuneration and social security | 454/9 | €21,348 | €14,074 | -€7,273 | -34.1% |
| Other amounts payable | 47/48 | €28,038 | - | -€28,038 | |
| Remuneration, social security and pensions | 62 | €45,037 | €45,097 | +€60 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,612 | €7,739 | -€1,873 | -19.5% |
| Other operating charges | 640/8 | €27,883 | €25,834 | -€2,048 | -7.3% |
| Gross operating margin | 9900 | €321,167 | €301,993 | -€19,174 | -6.0% |
| Operating profit (loss) | 9901 | €238,634 | €223,322 | -€15,312 | -6.4% |
| Financial income | 75/76B | €5,112 | €4,586 | -€526 | -10.3% |
| Recurring financial income | 75 | €5,112 | €4,586 | -€526 | -10.3% |
| Financial charges | 65/66B | €17,918 | €8,669 | -€9,249 | -51.6% |
| Recurring financial charges | 65 | €17,918 | €8,669 | -€9,249 | -51.6% |
| Profit (loss) for the period before taxes | 9903 | €225,828 | €219,240 | -€6,588 | -2.9% |
| Income taxes | 67/77 | €68,122 | €66,656 | -€1,466 | -2.2% |
| Profit (loss) for the period | 9904 | €157,707 | €152,584 | -€5,123 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €157,707 | €152,584 | -€5,123 | -3.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.