SERJAN: 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.
SERJAN
Largest movements
- Cash -€23,419
down €23,419 (-19.1%), from €122,777 to €99,357
mainly Contributions, distributions and other (-€74,239) and Debts after one year (-€6,035)
- Tangible fixed assets -€11,482
down €11,482 (-30.8%), from €37,286 to €25,804
of which Furniture and vehicles: -€11,608
- Receivables within one year -€2,942
down €2,942 (-10.4%), from €28,306 to €25,364
of which Other amounts receivable: -€6,685
- Reserves -€74,239
down €74,239 (-43.8%), from €169,491 to €95,252
- Other debts +€37,024
up €37,024 (+324%), from €11,423 to €48,447
- Profit (loss) carried forward +€6,467
up €6,467 (+42.2%), from -€15,337 to -€8,869
- Debts after one year -€6,035
down €6,035 (-49.9%), from €12,106 to €6,071
- Gross operating margin +€17,124
up €17,124 (+373%), from €4,589 to €21,713
- Taxes +€1,771
up €1,771 (+1,285%), from €138 to €1,908
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 | €191,642 | €154,741 | -€36,901 | -19.3% |
| Fixed assets | 21/28 | €40,386 | €28,904 | -€11,482 | -28.4% |
| Tangible fixed assets | 22/27 | €37,286 | €25,804 | -€11,482 | -30.8% |
| Land and buildings | 22 | €3,643 | €2,872 | -€772 | -21.2% |
| Plant, machinery and equipment | 23 | €329 | €1,227 | +€898 | +273% |
| Furniture and vehicles | 24 | €33,313 | €21,705 | -€11,608 | -34.8% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €151,257 | €125,837 | -€25,419 | -16.8% |
| Amounts receivable within one year | 40/41 | €28,306 | €25,364 | -€2,942 | -10.4% |
| Trade receivables | 40 | €5,894 | €9,637 | +€3,743 | +63.5% |
| Other amounts receivable | 41 | €22,412 | €15,727 | -€6,685 | -29.8% |
| Current investments | 50/53 | €90 | €90 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €122,777 | €99,357 | -€23,419 | -19.1% |
| Deferred charges and accrued income | 490/1 | €84 | €1,026 | +€942 | +1,115% |
| Total equity and liabilities | 10/49 | €191,642 | €154,741 | -€36,901 | -19.3% |
| Equity | 10/15 | €160,555 | €92,783 | -€67,772 | -42.2% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €169,491 | €95,252 | -€74,239 | -43.8% |
| Distributable reserves | 133 | €169,491 | €95,252 | -€74,239 | -43.8% |
| Profit (loss) carried forward | 14 | -€15,337 | -€8,869 | +€6,467 | +42.2% |
| Amounts payable | 17/49 | €31,088 | €61,958 | +€30,870 | +99.3% |
| Amounts payable after more than one year | 17 | €12,106 | €6,071 | -€6,035 | -49.9% |
| Financial debts | 170/4 | €12,106 | €6,071 | -€6,035 | -49.9% |
| Amounts payable within one year | 42/48 | €18,982 | €55,887 | +€36,906 | +194% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €6,035 | +€35 | +0.6% |
| Trade debts | 44 | €1,559 | €1,405 | -€153 | -9.8% |
| Suppliers | 440/4 | €1,559 | €1,405 | -€153 | -9.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €11,423 | €48,447 | +€37,024 | +324% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,756 | €12,681 | -€75 | -0.6% |
| Other operating charges | 640/8 | €632 | €544 | -€88 | -13.9% |
| Gross operating margin | 9900 | €4,589 | €21,713 | +€17,124 | +373% |
| Operating profit (loss) | 9901 | -€8,798 | €8,488 | +€17,286 | |
| Financial income | 75/76B | €431 | €228 | -€203 | -47.0% |
| Recurring financial income | 75 | €431 | €228 | -€203 | -47.0% |
| Financial charges | 65/66B | €218 | €341 | +€122 | +56.0% |
| Recurring financial charges | 65 | €218 | €341 | +€122 | +56.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,585 | €8,376 | +€16,961 | |
| Income taxes | 67/77 | €138 | €1,908 | +€1,771 | +1,285% |
| Profit (loss) for the period | 9904 | -€8,723 | €6,467 | +€15,191 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,723 | €6,467 | +€15,191 |
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 21 October 2026 via checked.be.