SERNAT: 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.
What changed
SERNAT
NACE 56.111, Full-service restaurants
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4,239
2024 · -€6,616+€10,856
Equity
€288,936
2024 · €284,696+€4,239
Cash
€112,584
2024 · €110,925+€1,659
Balance sheet total
€472,791
2024 · €489,781-€16,990
Largest movements
Assets
- Tangible fixed assets -€20,361
down €20,361 (-6.3%), from €325,449 to €305,088
of which Land and buildings: -€13,613
- Deferred charges and accrued income +€5,000
up €5,000 (+173.1%), from €2,888 to €7,888
Equity and liabilities
- Debts after one year -€23,901
down €23,901 (-23.1%), from €103,299 to €79,398
- Tax, wage and social debts +€13,386
up €13,386 (+45.3%), from €29,537 to €42,923
of which Remuneration and social security: +€18,969
- Trade debts -€6,489
down €6,489 (-16.7%), from €38,868 to €32,379
Income statement
- Gross operating margin +€22,816
up €22,816 (+7.2%), from €315,760 to €338,576
- Staff costs +€10,977
up €10,977 (+4.0%), from €272,385 to €283,362
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.
Result 2024
-€6,616
Gross operating margin
+€22,816
Staff costs
-€10,977
Depreciation
-€1,040
Other operating charges
+€362
Financial income
+€454
Financial charges
+€2,362
Taxes
-€3,121
Result 2025
€4,239
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.
From operations
+€37,849
Investment
-€12,831
Financing
-€23,360
Cash 2024
€110,925
From operations (derived)
+€37,849
Net result for the year
+€4,239
Depreciation
+€33,192
Stocks and contracts
-€1,490
Receivables within one year
+€4,777
Deferred charges and accrued income
-€5,000
Trade debts
-€6,489
Tax, wage and social debts
+€13,386
Other debts
-€485
Accrued charges and deferred income
-€4,283
Investment (derived)
-€12,831
Investment in fixed assets (net)
-€12,831
Financing
-€23,360
Debts after one year
-€23,901
Current portion of long-term debt
+€541
Cash 2025
€112,584
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €489,781 | €472,791 | -€16,990 | -3.5% |
| Fixed assets | 21/28 | €325,699 | €305,338 | -€20,361 | -6.3% |
| Tangible fixed assets | 22/27 | €325,449 | €305,088 | -€20,361 | -6.3% |
| Land and buildings | 22 | €259,875 | €246,263 | -€13,613 | -5.2% |
| Plant, machinery and equipment | 23 | €48,752 | €41,870 | -€6,882 | -14.1% |
| Furniture and vehicles | 24 | €1,890 | €4,862 | +€2,972 | +157.3% |
| Other tangible fixed assets | 26 | €14,932 | €12,094 | -€2,839 | -19.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €164,082 | €167,453 | +€3,371 | +2.1% |
| Stocks and contracts in progress | 3 | €36,625 | €38,115 | +€1,490 | +4.1% |
| Stocks | 30/36 | €36,625 | €38,115 | +€1,490 | +4.1% |
| Amounts receivable within one year | 40/41 | €13,643 | €8,866 | -€4,777 | -35.0% |
| Trade receivables | 40 | €3,525 | €3,287 | -€238 | -6.7% |
| Other amounts receivable | 41 | €10,118 | €5,578 | -€4,539 | -44.9% |
| Cash at bank and in hand | 54/58 | €110,925 | €112,584 | +€1,659 | +1.5% |
| Deferred charges and accrued income | 490/1 | €2,888 | €7,888 | +€5,000 | +173.1% |
| Total equity and liabilities | 10/49 | €489,781 | €472,791 | -€16,990 | -3.5% |
| Equity | 10/15 | €284,696 | €288,936 | +€4,239 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €272,713 | €272,713 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €272,713 | €272,713 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,616 | -€2,377 | +€4,239 | +64.1% |
| Amounts payable | 17/49 | €205,084 | €183,855 | -€21,230 | -10.4% |
| Amounts payable after more than one year | 17 | €103,299 | €79,398 | -€23,901 | -23.1% |
| Financial debts | 170/4 | €103,299 | €79,398 | -€23,901 | -23.1% |
| Amounts payable within one year | 42/48 | €97,267 | €104,221 | +€6,954 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €23,360 | €23,901 | +€541 | +2.3% |
| Trade debts | 44 | €38,868 | €32,379 | -€6,489 | -16.7% |
| Suppliers | 440/4 | €38,868 | €32,379 | -€6,489 | -16.7% |
| Advances received on contracts in progress | 46 | €2,025 | €2,025 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €29,537 | €42,923 | +€13,386 | +45.3% |
| Taxes | 450/3 | €13,872 | €8,289 | -€5,583 | -40.2% |
| Remuneration and social security | 454/9 | €15,665 | €34,634 | +€18,969 | +121.1% |
| Other amounts payable | 47/48 | €3,477 | €2,993 | -€485 | -13.9% |
| Accrued charges and deferred income | 492/3 | €4,518 | €236 | -€4,283 | -94.8% |
| Non-recurring operating income | 76A | €20,095 | €0 | -€20,095 | -100.0% |
| Remuneration, social security and pensions | 62 | €272,385 | €283,362 | +€10,977 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,152 | €33,192 | +€1,040 | +3.2% |
| Other operating charges | 640/8 | €6,841 | €6,479 | -€362 | -5.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €315,760 | €338,576 | +€22,816 | +7.2% |
| Operating profit (loss) | 9901 | €4,383 | €15,544 | +€11,161 | +254.7% |
| Financial income | 75/76B | €38 | €492 | +€454 | +1200.2% |
| Recurring financial income | 75 | €38 | €492 | +€454 | +1200.2% |
| Financial charges | 65/66B | €9,798 | €7,436 | -€2,362 | -24.1% |
| Recurring financial charges | 65 | €9,798 | €7,436 | -€2,362 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,377 | €8,600 | +€13,977 | |
| Income taxes | 67/77 | €1,239 | €4,360 | +€3,121 | +251.9% |
| Profit (loss) for the period | 9904 | -€6,616 | €4,239 | +€10,856 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,616 | €4,239 | +€10,856 |
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 6 October 2026 via checked.be.