SERIDEL: 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.
SERIDEL
Largest movements
- Financial fixed assets -€166,364
down €166,364 (-95.4%), from €174,464 to €8,100
- Intangible fixed assets +€141,491
new in 2025: €141,491
- Receivables within one year -€80,729
down €80,729 (-70.5%), from €114,454 to €33,725
of which Other amounts receivable: -€64,254
- Tangible fixed assets -€15,193
down €15,193 (-23.5%), from €64,780 to €49,588
of which Leasing and similar rights: -€8,145
- Cash -€7,880
down €7,880 (-17.8%), from €44,160 to €36,281
mainly Debts after one year (-€258,238) and Net result for the year (-€31,280)
- Debts after one year -€258,238
down €258,238 (-92.2%), from €280,152 to €21,914
of which Other amounts payable: -€250,600
- Other debts +€151,910
new in 2025: €151,910
- Reserves -€122,430
down €122,430 (-96.5%), from €126,859 to €4,429
of which Non-distributable reserves: -€124,975
- Profit (loss) carried forward +€75,624
up €75,624 (+63.8%), from -€118,461 to -€42,838
- Trade debts +€13,459
up €13,459 (+20.6%), from €65,374 to €78,833
- Financial charges -€119,105
down €119,105 (-97.8%), from €121,789 to €2,684
of which Non-recurring financial charges: -€120,000
- Staff costs +€29,191
up €29,191 (+11.7%), from €249,297 to €278,489
- Depreciation +€21,412
up €21,412 (+225.4%), from €9,502 to €30,914
- Gross operating margin -€13,571
down €13,571 (-4.6%), from €296,862 to €283,291
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 | €443,919 | €306,913 | -€137,006 | -30.9% |
| Fixed assets | 21/28 | €239,245 | €199,179 | -€40,066 | -16.7% |
| Intangible fixed assets | 21 | - | €141,491 | +€141,491 | |
| Tangible fixed assets | 22/27 | €64,780 | €49,588 | -€15,193 | -23.5% |
| Plant, machinery and equipment | 23 | €1,037 | €0 | -€1,037 | -100.0% |
| Furniture and vehicles | 24 | €1,108 | €19 | -€1,089 | -98.3% |
| Leasing and similar rights | 25 | €36,662 | €28,517 | -€8,145 | -22.2% |
| Other tangible fixed assets | 26 | €25,974 | €21,051 | -€4,923 | -19.0% |
| Financial fixed assets | 28 | €174,464 | €8,100 | -€166,364 | -95.4% |
| Current assets | 29/58 | €204,674 | €107,734 | -€96,940 | -47.4% |
| Stocks and contracts in progress | 3 | €35,517 | €29,167 | -€6,350 | -17.9% |
| Stocks | 30/36 | €35,517 | €29,167 | -€6,350 | -17.9% |
| Amounts receivable within one year | 40/41 | €114,454 | €33,725 | -€80,729 | -70.5% |
| Trade receivables | 40 | €50,200 | €33,725 | -€16,475 | -32.8% |
| Other amounts receivable | 41 | €64,254 | €0 | -€64,254 | -100.0% |
| Cash at bank and in hand | 54/58 | €44,160 | €36,281 | -€7,880 | -17.8% |
| Deferred charges and accrued income | 490/1 | €10,542 | €8,561 | -€1,981 | -18.8% |
| Total equity and liabilities | 10/49 | €443,919 | €306,913 | -€137,006 | -30.9% |
| Equity | 10/15 | €14,905 | -€31,901 | -€46,806 | |
| Contributions | 10/11 | €6,507 | €6,507 | = | 0.0% |
| Reserves | 13 | €126,859 | €4,429 | -€122,430 | -96.5% |
| Non-distributable reserves | 130/1 | €125,000 | €25 | -€124,975 | -100.0% |
| Reserves not available under the articles | 1311 | €125,000 | €25 | -€124,975 | -100.0% |
| Tax-exempt reserves | 132 | - | €2,230 | +€2,230 | |
| Distributable reserves | 133 | €1,859 | €2,174 | +€315 | +16.9% |
| Profit (loss) carried forward | 14 | -€118,461 | -€42,838 | +€75,624 | +63.8% |
| Amounts payable | 17/49 | €429,013 | €338,814 | -€90,199 | -21.0% |
| Amounts payable after more than one year | 17 | €280,152 | €21,914 | -€258,238 | -92.2% |
| Financial debts | 170/4 | €29,552 | €21,914 | -€7,638 | -25.8% |
| Other amounts payable | 178/9 | €250,600 | €0 | -€250,600 | -100.0% |
| Amounts payable within one year | 42/48 | €148,739 | €316,900 | +€168,162 | +113.1% |
| Current portion of amounts payable after more than one year | 42 | €17,353 | €17,638 | +€285 | +1.6% |
| Trade debts | 44 | €65,374 | €78,833 | +€13,459 | +20.6% |
| Suppliers | 440/4 | €65,374 | €78,833 | +€13,459 | +20.6% |
| Taxes, remuneration and social security | 45 | €66,011 | €68,519 | +€2,509 | +3.8% |
| Taxes | 450/3 | €14,256 | €17,503 | +€3,247 | +22.8% |
| Remuneration and social security | 454/9 | €51,755 | €51,017 | -€739 | -1.4% |
| Other amounts payable | 47/48 | - | €151,910 | +€151,910 | |
| Accrued charges and deferred income | 492/3 | €123 | €0 | -€123 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €249,297 | €278,489 | +€29,191 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,502 | €30,914 | +€21,412 | +225.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,662 | €2,204 | +€541 | +32.6% |
| Non-recurring operating charges | 66A | €5,003 | €63 | -€4,940 | -98.7% |
| Gross operating margin | 9900 | €296,862 | €283,291 | -€13,571 | -4.6% |
| Operating profit (loss) | 9901 | €31,397 | -€28,379 | -€59,776 | |
| Financial income | 75/76B | €8 | €0 | -€8 | -100.0% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -100.0% |
| Financial charges | 65/66B | €121,789 | €2,684 | -€119,105 | -97.8% |
| Recurring financial charges | 65 | €1,789 | €2,684 | +€895 | +50.0% |
| Non-recurring financial charges | 66B | €120,000 | €0 | -€120,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€90,384 | -€31,062 | +€59,322 | +65.6% |
| Income taxes | 67/77 | €215 | €217 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€90,599 | -€31,280 | +€59,319 | +65.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€90,599 | -€31,280 | +€59,319 | +65.5% |
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 12 October 2026 via checked.be.