SERLIE: 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.
SERLIE
Largest movements
- Receivables within one year +€71,519
up €71,519 (+27.1%), from €264,268 to €335,787
of which Other amounts receivable: +€67,531
- Deferred charges and accrued income -€11,650
down €11,650 (-85.3%), from €13,656 to €2,007
- Cash +€8,895
up €8,895 (+94.0%), from €9,465 to €18,361
mainly Net result for the year (+€56,487) and Tax, wage and social debts (+€15,847)
- Reserves +€56,487
up €56,487 (+21.1%), from €267,359 to €323,846
of which Distributable reserves: +€58,347
- Tax, wage and social debts +€15,847
up €15,847 (+613.6%), from €2,583 to €18,430
- Trade debts -€3,686
down €3,686 (-86.3%), from €4,273 to €587
- Gross operating margin +€41,073
up €41,073 (+84.4%), from €48,692 to €89,765
- Taxes +€13,264
up €13,264 (+91.0%), from €14,583 to €27,847
- Financial charges +€1,336
up €1,336 (+68.6%), from €1,949 to €3,285
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 | €290,081 | €358,729 | +€68,648 | +23.7% |
| Fixed assets | 21/28 | €1,556 | €554 | -€1,002 | -64.4% |
| Tangible fixed assets | 22/27 | €1,556 | €554 | -€1,002 | -64.4% |
| Plant, machinery and equipment | 23 | €1,556 | €554 | -€1,002 | -64.4% |
| Current assets | 29/58 | €288,525 | €358,175 | +€69,650 | +24.1% |
| Stocks and contracts in progress | 3 | €1,136 | €2,021 | +€885 | +77.9% |
| Stocks | 30/36 | €1,136 | €2,021 | +€885 | +77.9% |
| Amounts receivable within one year | 40/41 | €264,268 | €335,787 | +€71,519 | +27.1% |
| Trade receivables | 40 | €63,928 | €67,916 | +€3,988 | +6.2% |
| Other amounts receivable | 41 | €200,340 | €267,871 | +€67,531 | +33.7% |
| Cash at bank and in hand | 54/58 | €9,465 | €18,361 | +€8,895 | +94.0% |
| Deferred charges and accrued income | 490/1 | €13,656 | €2,007 | -€11,650 | -85.3% |
| Total equity and liabilities | 10/49 | €290,081 | €358,729 | +€68,648 | +23.7% |
| Equity | 10/15 | €273,559 | €330,046 | +€56,487 | +20.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €267,359 | €323,846 | +€56,487 | +21.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €265,499 | €323,846 | +€58,347 | +22.0% |
| Amounts payable | 17/49 | €16,522 | €28,683 | +€12,161 | +73.6% |
| Amounts payable within one year | 42/48 | €16,522 | €28,683 | +€12,161 | +73.6% |
| Financial debts | 43 | €9,667 | €9,667 | +€0 | 0.0% |
| Credit institutions | 430/8 | €9,667 | €9,667 | +€0 | 0.0% |
| Trade debts | 44 | €4,273 | €587 | -€3,686 | -86.3% |
| Suppliers | 440/4 | €4,273 | €587 | -€3,686 | -86.3% |
| Taxes, remuneration and social security | 45 | €2,583 | €18,430 | +€15,847 | +613.6% |
| Taxes | 450/3 | €2,583 | €18,430 | +€15,847 | +613.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,002 | €1,002 | = | 0.0% |
| Other operating charges | 640/8 | €1,482 | €1,146 | -€336 | -22.7% |
| Gross operating margin | 9900 | €48,692 | €89,765 | +€41,073 | +84.4% |
| Operating profit (loss) | 9901 | €46,208 | €87,618 | +€41,410 | +89.6% |
| Financial income | 75/76B | €98 | €1 | -€97 | -98.9% |
| Recurring financial income | 75 | €98 | €1 | -€97 | -98.9% |
| Financial charges | 65/66B | €1,949 | €3,285 | +€1,336 | +68.6% |
| Recurring financial charges | 65 | €1,949 | €3,285 | +€1,336 | +68.6% |
| Profit (loss) for the period before taxes | 9903 | €44,358 | €84,334 | +€39,976 | +90.1% |
| Income taxes | 67/77 | €14,583 | €27,847 | +€13,264 | +91.0% |
| Profit (loss) for the period | 9904 | €29,775 | €56,487 | +€26,712 | +89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,775 | €56,487 | +€26,712 | +89.7% |
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 11 October 2026 via checked.be.