SERLESCO: 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.
SERLESCO
Largest movements
- Tangible fixed assets +€269,196
up €269,196 (+43.2%), from €623,675 to €892,871
of which Land and buildings: +€256,565
- Cash +€89,918
up €89,918 (+418.8%), from €21,468 to €111,386
mainly Net result for the year (+€319,239) and Provisions (+€110,538)
- Receivables within one year +€49,379
up €49,379 (+482.8%), from €10,228 to €59,607
of which Trade receivables: +€49,775
- Reserves +€302,239
up €302,239 (+186.4%), from €162,159 to €464,397
of which Tax-exempt reserves: +€331,613
- Provisions +€110,538
new in 2025: €110,538
- Current portion of long-term debt +€47,443
up €47,443 (+112.0%), from €42,364 to €89,807
- Debts after one year -€43,107
down €43,107 (-12.2%), from €352,662 to €309,555
- Short-term financial debts -€12,500
down €12,500 (-100.0%), from €12,500 to €0
- Gross operating margin +€388,407
up €388,407 (+409.8%), from €94,782 to €483,189
- Depreciation -€9,260
down €9,260 (-30.0%), from €30,840 to €21,581
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 | €655,895 | €1,068,667 | +€412,772 | +62.9% |
| Fixed assets | 21/28 | €623,675 | €892,871 | +€269,196 | +43.2% |
| Tangible fixed assets | 22/27 | €623,675 | €892,871 | +€269,196 | +43.2% |
| Land and buildings | 22 | €601,529 | €858,094 | +€256,565 | +42.7% |
| Plant, machinery and equipment | 23 | €22,147 | €15,788 | -€6,359 | -28.7% |
| Furniture and vehicles | 24 | - | €18,990 | +€18,990 | |
| Current assets | 29/58 | €32,220 | €175,796 | +€143,575 | +445.6% |
| Amounts receivable within one year | 40/41 | €10,228 | €59,607 | +€49,379 | +482.8% |
| Trade receivables | 40 | - | €49,775 | +€49,775 | |
| Other amounts receivable | 41 | €10,228 | €9,832 | -€396 | -3.9% |
| Cash at bank and in hand | 54/58 | €21,468 | €111,386 | +€89,918 | +418.8% |
| Deferred charges and accrued income | 490/1 | €524 | €4,802 | +€4,278 | +816.3% |
| Total equity and liabilities | 10/49 | €655,895 | €1,068,667 | +€412,772 | +62.9% |
| Equity | 10/15 | €224,159 | €526,397 | +€302,239 | +134.8% |
| 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 | €162,159 | €464,397 | +€302,239 | +186.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €331,613 | +€331,613 | |
| Distributable reserves | 133 | €155,959 | €126,584 | -€29,374 | -18.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €110,538 | +€110,538 | |
| Deferred taxes | 168 | - | €110,538 | +€110,538 | |
| Amounts payable | 17/49 | €431,737 | €431,732 | -€5 | 0.0% |
| Amounts payable after more than one year | 17 | €352,662 | €309,555 | -€43,107 | -12.2% |
| Financial debts | 170/4 | €352,662 | €309,555 | -€43,107 | -12.2% |
| Amounts payable within one year | 42/48 | €77,639 | €122,177 | +€44,538 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €42,364 | €89,807 | +€47,443 | +112.0% |
| Financial debts | 43 | €12,500 | €0 | -€12,500 | -100.0% |
| Credit institutions | 430/8 | €12,500 | €0 | -€12,500 | -100.0% |
| Trade debts | 44 | €8,775 | €12,078 | +€3,303 | +37.6% |
| Suppliers | 440/4 | €8,775 | €12,078 | +€3,303 | +37.6% |
| Taxes, remuneration and social security | 45 | €0 | €3,292 | +€3,292 | |
| Taxes | 450/3 | €0 | €3,292 | +€3,292 | |
| Other amounts payable | 47/48 | €14,000 | €17,000 | +€3,000 | +21.4% |
| Accrued charges and deferred income | 492/3 | €1,436 | €0 | -€1,436 | -100.0% |
| Non-recurring operating income | 76A | - | €446,923 | +€446,923 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,840 | €21,581 | -€9,260 | -30.0% |
| Other operating charges | 640/8 | €9,924 | €13,055 | +€3,132 | +31.6% |
| Gross operating margin | 9900 | €94,782 | €483,189 | +€388,407 | +409.8% |
| Operating profit (loss) | 9901 | €54,018 | €448,553 | +€394,535 | +730.4% |
| Financial income | 75/76B | €495 | €591 | +€96 | +19.3% |
| Recurring financial income | 75 | €495 | €591 | +€96 | +19.3% |
| Financial charges | 65/66B | €7,750 | €8,575 | +€825 | +10.6% |
| Recurring financial charges | 65 | €7,750 | €8,575 | +€825 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €46,763 | €440,569 | +€393,805 | +842.1% |
| Transfer from deferred taxes | 780 | - | €1,193 | +€1,193 | |
| Transfer to deferred taxes | 680 | - | €111,731 | +€111,731 | |
| Income taxes | 67/77 | €15,000 | €10,792 | -€4,208 | -28.1% |
| Profit (loss) for the period | 9904 | €31,763 | €319,239 | +€287,475 | +905.1% |
| Transfer from tax-exempt reserves | 789 | - | €3,579 | +€3,579 | |
| Transfer to tax-exempt reserves | 689 | - | €335,192 | +€335,192 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,763 | -€12,374 | -€44,137 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.