SERLET: what changed
SERLET
Largest movements
- Cash +€31,107
up €31,107 (+13.4%), from €231,657 to €262,764
mainly Depreciation (+€20,880) and Net result for the year (+€17,329)
- Receivables within one year +€27,012
up €27,012 (+93.7%), from €28,836 to €55,849
of which Trade receivables: +€22,761
- Tangible fixed assets -€19,141
down €19,141 (-23.3%), from €82,278 to €63,137
of which Plant, machinery and equipment: -€14,665
- Stocks and contracts -€15,070
no longer reported in 2025 (was €15,070)
- Reserves +€19,189
up €19,189 (+6.2%), from €310,420 to €329,609
of which Distributable reserves: +€19,189
- Trade debts +€11,079
up €11,079 (+78.6%), from €14,099 to €25,178
- Tax, wage and social debts -€6,502
down €6,502 (-76.3%), from €8,523 to €2,022
of which Taxes: -€6,288
- Other operating charges +€27,233
up €27,233 (+2,137%), from €1,275 to €28,507
- Taxes -€22,514
down €22,514 (-66.8%), from €33,717 to €11,203
- Staff costs -€10,339
no longer reported in 2025 (was €10,339)
- Depreciation -€6,467
down €6,467 (-23.6%), from €27,347 to €20,880
- Financial income +€961
up €961 (+101%), from €952 to €1,913
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €361,507 | €386,039 | +€24,532 | +6.8% |
| Fixed assets | 21/28 | €82,278 | €63,137 | -€19,141 | -23.3% |
| Tangible fixed assets | 22/27 | €82,278 | €63,137 | -€19,141 | -23.3% |
| Land and buildings | 22 | €28,334 | €25,231 | -€3,103 | -11.0% |
| Plant, machinery and equipment | 23 | €47,375 | €32,710 | -€14,665 | -31.0% |
| Furniture and vehicles | 24 | €6,569 | €5,196 | -€1,374 | -20.9% |
| Current assets | 29/58 | €279,228 | €322,902 | +€43,674 | +15.6% |
| Stocks and contracts in progress | 3 | €15,070 | - | -€15,070 | |
| Contracts in progress | 37 | €15,070 | - | -€15,070 | |
| Amounts receivable within one year | 40/41 | €28,836 | €55,849 | +€27,012 | +93.7% |
| Trade receivables | 40 | €19,613 | €42,374 | +€22,761 | +116% |
| Other amounts receivable | 41 | €9,223 | €13,474 | +€4,252 | +46.1% |
| Cash at bank and in hand | 54/58 | €231,657 | €262,764 | +€31,107 | +13.4% |
| Deferred charges and accrued income | 490/1 | €3,665 | €4,289 | +€625 | +17.1% |
| Total equity and liabilities | 10/49 | €361,507 | €386,039 | +€24,532 | +6.8% |
| Equity | 10/15 | €330,880 | €348,209 | +€17,329 | +5.2% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Reserves | 13 | €310,420 | €329,609 | +€19,189 | +6.2% |
| Tax-exempt reserves | 132 | €80 | €80 | = | 0.0% |
| Distributable reserves | 133 | €310,340 | €329,529 | +€19,189 | +6.2% |
| Amounts payable | 17/49 | €30,627 | €37,830 | +€7,203 | +23.5% |
| Amounts payable within one year | 42/48 | €30,627 | €37,830 | +€7,203 | +23.5% |
| Trade debts | 44 | €14,099 | €25,178 | +€11,079 | +78.6% |
| Suppliers | 440/4 | €14,099 | €25,178 | +€11,079 | +78.6% |
| Taxes, remuneration and social security | 45 | €8,523 | €2,022 | -€6,502 | -76.3% |
| Taxes | 450/3 | €8,310 | €2,022 | -€6,288 | -75.7% |
| Remuneration and social security | 454/9 | €214 | - | -€214 | |
| Other amounts payable | 47/48 | €8,005 | €10,630 | +€2,625 | +32.8% |
| Remuneration, social security and pensions | 62 | €10,339 | - | -€10,339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,347 | €20,880 | -€6,467 | -23.6% |
| Other operating charges | 640/8 | €1,275 | €28,507 | +€27,233 | +2,137% |
| Gross operating margin | 9900 | €75,714 | €76,562 | +€848 | +1.1% |
| Operating profit (loss) | 9901 | €36,753 | €27,174 | -€9,579 | -26.1% |
| Financial income | 75/76B | €952 | €1,913 | +€961 | +101% |
| Recurring financial income | 75 | €952 | €1,913 | +€961 | +101% |
| Financial charges | 65/66B | €226 | €555 | +€328 | +145% |
| Recurring financial charges | 65 | €226 | €555 | +€328 | +145% |
| Profit (loss) for the period before taxes | 9903 | €37,479 | €28,533 | -€8,946 | -23.9% |
| Income taxes | 67/77 | €33,717 | €11,203 | -€22,514 | -66.8% |
| Profit (loss) for the period | 9904 | €3,762 | €17,329 | +€13,568 | +361% |
| Profit (loss) for the period to be appropriated | 9905 | €3,762 | €17,329 | +€13,568 | +361% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.