SERNEELS: 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.
SERNEELS
Largest movements
- Receivables within one year -€558,448
down €558,448 (-65.0%), from €858,942 to €300,494
of which Other amounts receivable: -€531,288
- Cash +€448,833
up €448,833 (+77.6%), from €578,155 to €1.0m
mainly Receivables within one year (+€558,448) and Current investments (+€100,000)
- Current investments -€100,000
down €100,000 (-20.0%), from €500,000 to €400,000
- Other debts -€250,000
down €250,000 (-23.9%), from €1.0m to €797,508
- Reserves +€52,603
up €52,603 (+2.9%), from €1.8m to €1.9m
of which Distributable reserves: +€52,603
- Gross operating margin +€9,315
up €9,315 (+13.5%), from €69,105 to €78,420
- Taxes +€4,353
up €4,353 (+33.0%), from €13,181 to €17,534
- Depreciation -€2,423
no longer reported in 2025 (was €2,423)
- Financial income -€1,077
down €1,077 (-6.8%), from €15,814 to €14,737
- Other operating charges +€899
up €899 (+4.2%), from €21,175 to €22,075
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 | €3,019,352 | €2,806,738 | -€212,613 | -7.0% |
| Fixed assets | 21/28 | €1,068,834 | €1,068,834 | = | 0.0% |
| Tangible fixed assets | 22/27 | €63,069 | €63,069 | = | 0.0% |
| Land and buildings | 22 | €63,069 | €63,069 | = | 0.0% |
| Financial fixed assets | 28 | €1,005,765 | €1,005,765 | = | 0.0% |
| Current assets | 29/58 | €1,950,517 | €1,737,904 | -€212,613 | -10.9% |
| Stocks and contracts in progress | 3 | €7,000 | €4,000 | -€3,000 | -42.9% |
| Stocks | 30/36 | €7,000 | €4,000 | -€3,000 | -42.9% |
| Amounts receivable within one year | 40/41 | €858,942 | €300,494 | -€558,448 | -65.0% |
| Trade receivables | 40 | €51,910 | €24,750 | -€27,160 | -52.3% |
| Other amounts receivable | 41 | €807,033 | €275,744 | -€531,288 | -65.8% |
| Current investments | 50/53 | €500,000 | €400,000 | -€100,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €578,155 | €1,026,987 | +€448,833 | +77.6% |
| Deferred charges and accrued income | 490/1 | €6,421 | €6,423 | +€2 | 0.0% |
| Total equity and liabilities | 10/49 | €3,019,352 | €2,806,738 | -€212,613 | -7.0% |
| Equity | 10/15 | €1,939,390 | €1,991,992 | +€52,603 | +2.7% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €1,814,390 | €1,866,992 | +€52,603 | +2.9% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €1,801,890 | €1,854,492 | +€52,603 | +2.9% |
| Amounts payable | 17/49 | €1,079,962 | €814,746 | -€265,216 | -24.6% |
| Amounts payable within one year | 42/48 | €1,079,863 | €811,631 | -€268,232 | -24.8% |
| Trade debts | 44 | €25,116 | €5,125 | -€19,991 | -79.6% |
| Suppliers | 440/4 | €25,116 | €5,125 | -€19,991 | -79.6% |
| Taxes, remuneration and social security | 45 | €7,239 | €8,998 | +€1,759 | +24.3% |
| Taxes | 450/3 | €7,239 | €8,998 | +€1,759 | +24.3% |
| Other amounts payable | 47/48 | €1,047,508 | €797,508 | -€250,000 | -23.9% |
| Accrued charges and deferred income | 492/3 | €99 | €3,115 | +€3,016 | +3,042% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,423 | - | -€2,423 | |
| Other operating charges | 640/8 | €21,175 | €22,075 | +€899 | +4.2% |
| Non-recurring operating charges | 66A | €6,665 | - | -€6,665 | |
| Gross operating margin | 9900 | €69,105 | €78,420 | +€9,315 | +13.5% |
| Operating profit (loss) | 9901 | €38,842 | €56,345 | +€17,504 | +45.1% |
| Financial income | 75/76B | €15,814 | €14,737 | -€1,077 | -6.8% |
| Recurring financial income | 75 | €15,814 | €14,737 | -€1,077 | -6.8% |
| Financial charges | 65/66B | €206 | €946 | +€740 | +359% |
| Recurring financial charges | 65 | €206 | €946 | +€740 | +359% |
| Profit (loss) for the period before taxes | 9903 | €54,450 | €70,137 | +€15,687 | +28.8% |
| Income taxes | 67/77 | €13,181 | €17,534 | +€4,353 | +33.0% |
| Profit (loss) for the period | 9904 | €41,269 | €52,603 | +€11,334 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €41,269 | €52,603 | +€11,334 | +27.5% |
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.