SERIFI: 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.
SERIFI
Largest movements
- Cash -€47,736
no longer reported in 2025 (was €47,736)
mainly Debts after one year (-€45,972) and Receivables within one year (-€33,594)
- Tangible fixed assets -€45,295
down €45,295 (-3.0%), from €1.5m to €1.5m
- Receivables within one year +€33,594
up €33,594 (+122.9%), from €27,339 to €60,932
- Debts after one year -€45,972
down €45,972 (-11.3%), from €408,129 to €362,157
of which Financial debts: -€45,972
- Profit (loss) carried forward -€23,480
down €23,480 (-7.9%), from -€296,517 to -€319,997
- Gross operating margin -€18,661
down €18,661 (-31.0%), from €60,166 to €41,504
- Financial charges +€2,844
up €2,844 (+29.4%), from €9,671 to €12,515
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 | €1,603,026 | €1,555,295 | -€47,731 | -3.0% |
| Fixed assets | 21/28 | €1,523,577 | €1,478,283 | -€45,295 | -3.0% |
| Tangible fixed assets | 22/27 | €1,523,577 | €1,478,283 | -€45,295 | -3.0% |
| Land and buildings | 22 | €1,523,577 | €1,478,283 | -€45,295 | -3.0% |
| Current assets | 29/58 | €79,449 | €77,012 | -€2,437 | -3.1% |
| Amounts receivable within one year | 40/41 | €27,339 | €60,932 | +€33,594 | +122.9% |
| Other amounts receivable | 41 | €27,339 | €60,932 | +€33,594 | +122.9% |
| Current investments | 50/53 | €4 | - | -€4 | |
| Cash at bank and in hand | 54/58 | €47,736 | - | -€47,736 | |
| Deferred charges and accrued income | 490/1 | €4,370 | €16,080 | +€11,710 | +268.0% |
| Total equity and liabilities | 10/49 | €1,603,026 | €1,555,295 | -€47,731 | -3.0% |
| Equity | 10/15 | €1,160,802 | €1,137,322 | -€23,480 | -2.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €1,380,544 | €1,380,544 | = | 0.0% |
| Reserves | 13 | €15,275 | €15,275 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,275 | €15,275 | = | 0.0% |
| Legal reserve | 130 | €9,368 | €9,368 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,907 | €5,907 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€296,517 | -€319,997 | -€23,480 | -7.9% |
| Amounts payable | 17/49 | €442,225 | €417,973 | -€24,251 | -5.5% |
| Amounts payable after more than one year | 17 | €408,129 | €362,157 | -€45,972 | -11.3% |
| Financial debts | 170/4 | €407,539 | €361,567 | -€45,972 | -11.3% |
| Other amounts payable | 178/9 | €590 | €590 | = | 0.0% |
| Amounts payable within one year | 42/48 | €32,895 | €53,618 | +€20,722 | +63.0% |
| Current portion of amounts payable after more than one year | 42 | €24,886 | €35,934 | +€11,048 | +44.4% |
| Financial debts | 43 | - | €874 | +€874 | |
| Credit institutions | 430/8 | - | €874 | +€874 | |
| Trade debts | 44 | €2,485 | €6,417 | +€3,932 | +158.2% |
| Suppliers | 440/4 | €2,485 | €6,417 | +€3,932 | +158.2% |
| Taxes, remuneration and social security | 45 | €5,524 | €10,392 | +€4,868 | +88.1% |
| Taxes | 450/3 | €5,524 | €10,392 | +€4,868 | +88.1% |
| Accrued charges and deferred income | 492/3 | €1,200 | €2,198 | +€998 | +83.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,876 | €45,295 | -€582 | -1.3% |
| Other operating charges | 640/8 | €6,915 | €7,174 | +€259 | +3.7% |
| Gross operating margin | 9900 | €60,166 | €41,504 | -€18,661 | -31.0% |
| Operating profit (loss) | 9901 | €7,374 | -€10,964 | -€18,338 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €9,671 | €12,515 | +€2,844 | +29.4% |
| Recurring financial charges | 65 | €9,671 | €12,515 | +€2,844 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,297 | -€23,480 | -€21,183 | -922.3% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€2,297 | -€23,480 | -€21,183 | -922.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,297 | -€23,480 | -€21,183 | -922.2% |
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.