SERLET: 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.
SERLET
Largest movements
- Cash -€9,709
down €9,709 (-96.4%), from €10,076 to €367
mainly Net result for the year (-€20,341) and Receivables within one year (-€5,131)
- Receivables within one year +€5,131
up €5,131 (+333%), from €1,540 to €6,672
of which Trade receivables: +€4,008
- Trade debts +€17,582
up €17,582 (+2,206%), from €797 to €18,379
- Profit (loss) carried forward -€15,090
new in 2025: -€15,090
- Reserves -€5,251
down €5,251 (-100%), from €5,251 to €0
- Tax, wage and social debts -€1,284
down €1,284 (-42.3%), from €3,034 to €1,750
- Other debts -€664
down €664 (-100%), from €664 to €0
- Gross operating margin -€27,520
down €27,520, from €7,634 to -€19,886
- Taxes -€1,750
down €1,750 (-100%), from €1,750 to €0
- Depreciation -€471
down €471 (-81.2%), from €581 to €109
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 | €11,746 | €7,039 | -€4,707 | -40.1% |
| Formation expenses | 20 | €109 | €0 | -€109 | -100% |
| Current assets | 29/58 | €11,636 | €7,039 | -€4,598 | -39.5% |
| Amounts receivable within one year | 40/41 | €1,540 | €6,672 | +€5,131 | +333% |
| Trade receivables | 40 | €1,540 | €5,549 | +€4,008 | +260% |
| Other amounts receivable | 41 | - | €1,123 | +€1,123 | |
| Cash at bank and in hand | 54/58 | €10,076 | €367 | -€9,709 | -96.4% |
| Deferred charges and accrued income | 490/1 | €21 | €0 | -€21 | -100% |
| Total equity and liabilities | 10/49 | €11,746 | €7,039 | -€4,707 | -40.1% |
| Equity | 10/15 | €7,251 | -€13,090 | -€20,341 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €5,251 | €0 | -€5,251 | -100% |
| Distributable reserves | 133 | €5,251 | €0 | -€5,251 | -100% |
| Profit (loss) carried forward | 14 | - | -€15,090 | -€15,090 | |
| Amounts payable | 17/49 | €4,495 | €20,129 | +€15,634 | +348% |
| Amounts payable within one year | 42/48 | €4,495 | €20,129 | +€15,634 | +348% |
| Trade debts | 44 | €797 | €18,379 | +€17,582 | +2,206% |
| Suppliers | 440/4 | €797 | €18,379 | +€17,582 | +2,206% |
| Taxes, remuneration and social security | 45 | €3,034 | €1,750 | -€1,284 | -42.3% |
| Taxes | 450/3 | €3,034 | €1,750 | -€1,284 | -42.3% |
| Other amounts payable | 47/48 | €664 | €0 | -€664 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €581 | €109 | -€471 | -81.2% |
| Other operating charges | 640/8 | - | €170 | +€170 | |
| Gross operating margin | 9900 | €7,634 | -€19,886 | -€27,520 | |
| Operating profit (loss) | 9901 | €7,053 | -€20,165 | -€27,218 | |
| Financial income | 75/76B | €13 | €14 | +€2 | +12.7% |
| Recurring financial income | 75 | €13 | €14 | +€2 | +12.7% |
| Financial charges | 65/66B | €65 | €190 | +€125 | +193% |
| Recurring financial charges | 65 | €65 | €190 | +€125 | +193% |
| Profit (loss) for the period before taxes | 9903 | €7,001 | -€20,341 | -€27,342 | |
| Income taxes | 67/77 | €1,750 | €0 | -€1,750 | -100% |
| Profit (loss) for the period | 9904 | €5,251 | -€20,341 | -€25,592 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,251 | -€20,341 | -€25,592 |
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 13 October 2026 via checked.be.