SERLEX: 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.
SERLEX
Largest movements
- Receivables within one year +€98,166
up €98,166 (+845.8%), from €11,606 to €109,772
- Tangible fixed assets -€11,263
down €11,263 (-6.2%), from €182,573 to €171,310
of which Plant, machinery and equipment: -€6,109
- Trade debts +€119,716
up €119,716 (+92.6%), from €129,229 to €248,945
- Debts after one year -€48,281
down €48,281 (-11.6%), from €415,174 to €366,894
- Profit (loss) carried forward +€9,451
up €9,451 (+83.6%), from €11,310 to €20,760
- Gross operating margin -€5,565
down €5,565 (-11.6%), from €48,128 to €42,563
- Financial income +€5,109
up €5,109 (+748.4%), from €683 to €5,792
- Financial charges -€1,320
down €1,320 (-9.2%), from €14,413 to €13,093
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 | €822,774 | €908,586 | +€85,812 | +10.4% |
| Fixed assets | 21/28 | €807,906 | €796,643 | -€11,263 | -1.4% |
| Tangible fixed assets | 22/27 | €182,573 | €171,310 | -€11,263 | -6.2% |
| Land and buildings | 22 | €96,913 | €92,180 | -€4,733 | -4.9% |
| Plant, machinery and equipment | 23 | €82,398 | €76,289 | -€6,109 | -7.4% |
| Furniture and vehicles | 24 | €3,262 | €2,841 | -€421 | -12.9% |
| Financial fixed assets | 28 | €625,333 | €625,333 | = | 0.0% |
| Current assets | 29/58 | €14,868 | €111,943 | +€97,076 | +652.9% |
| Amounts receivable within one year | 40/41 | €11,606 | €109,772 | +€98,166 | +845.8% |
| Other amounts receivable | 41 | €11,606 | €109,772 | +€98,166 | +845.8% |
| Cash at bank and in hand | 54/58 | €3,262 | €2,171 | -€1,091 | -33.4% |
| Total equity and liabilities | 10/49 | €822,774 | €908,586 | +€85,812 | +10.4% |
| Equity | 10/15 | €226,770 | €236,220 | +€9,451 | +4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €196,860 | €196,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €195,000 | €195,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,310 | €20,760 | +€9,451 | +83.6% |
| Amounts payable | 17/49 | €596,004 | €672,366 | +€76,362 | +12.8% |
| Amounts payable after more than one year | 17 | €415,174 | €366,894 | -€48,281 | -11.6% |
| Financial debts | 170/4 | €415,174 | €366,894 | -€48,281 | -11.6% |
| Amounts payable within one year | 42/48 | €180,830 | €305,473 | +€124,643 | +68.9% |
| Current portion of amounts payable after more than one year | 42 | €46,859 | €48,281 | +€1,422 | +3.0% |
| Trade debts | 44 | €129,229 | €248,945 | +€119,716 | +92.6% |
| Suppliers | 440/4 | €129,229 | €248,945 | +€119,716 | +92.6% |
| Taxes, remuneration and social security | 45 | €4,743 | €8,247 | +€3,504 | +73.9% |
| Taxes | 450/3 | €4,743 | €8,247 | +€3,504 | +73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,263 | €11,263 | = | 0.0% |
| Other operating charges | 640/8 | €10,707 | €11,044 | +€337 | +3.1% |
| Gross operating margin | 9900 | €48,128 | €42,563 | -€5,565 | -11.6% |
| Operating profit (loss) | 9901 | €26,158 | €20,256 | -€5,902 | -22.6% |
| Financial income | 75/76B | €683 | €5,792 | +€5,109 | +748.4% |
| Recurring financial income | 75 | €683 | €5,792 | +€5,109 | +748.4% |
| Financial charges | 65/66B | €14,413 | €13,093 | -€1,320 | -9.2% |
| Recurring financial charges | 65 | €14,413 | €13,093 | -€1,320 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €12,428 | €12,955 | +€527 | +4.2% |
| Income taxes | 67/77 | €3,287 | €3,504 | +€217 | +6.6% |
| Profit (loss) for the period | 9904 | €9,141 | €9,451 | +€310 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,141 | €9,451 | +€310 | +3.4% |
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 29 September 2026 via checked.be.