Serneels & Cie: 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 & Cie
Largest movements
- Stocks and contracts -€628,611
down €628,611 (-71.8%), from €874,919 to €246,308
- Cash +€28,348
up €28,348 (+340.2%), from €8,332 to €36,679
mainly Stocks and contracts (+€628,611) and Other debts (+€62,422)
- Debts after one year -€708,450
down €708,450 (-78.0%), from €908,450 to €200,000
of which Financial debts: -€406,046
- Other debts +€62,422
new in 2025: €62,422
- Reserves +€27,639
new in 2025: €27,639
- Tax, wage and social debts +€14,708
new in 2025: €14,708
- Gross operating margin +€62,231
up €62,231 (+488.5%), from €12,739 to €74,970
- Financial charges +€18,408
up €18,408 (+221.5%), from €8,312 to €26,720
- Taxes +€10,824
new in 2025: €10,824
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 | €913,492 | €307,769 | -€605,723 | -66.3% |
| Fixed assets | 21/28 | €4,451 | €2,276 | -€2,175 | -48.9% |
| Tangible fixed assets | 22/27 | €2,451 | €2,276 | -€175 | -7.1% |
| Plant, machinery and equipment | 23 | €2,451 | €2,276 | -€175 | -7.1% |
| Financial fixed assets | 28 | €2,000 | - | -€2,000 | |
| Current assets | 29/58 | €909,041 | €305,493 | -€603,548 | -66.4% |
| Stocks and contracts in progress | 3 | €874,919 | €246,308 | -€628,611 | -71.8% |
| Stocks | 30/36 | €874,919 | €246,308 | -€628,611 | -71.8% |
| Amounts receivable within one year | 40/41 | €25,791 | €22,506 | -€3,285 | -12.7% |
| Trade receivables | 40 | €25,791 | €22,506 | -€3,285 | -12.7% |
| Cash at bank and in hand | 54/58 | €8,332 | €36,679 | +€28,348 | +340.2% |
| Total equity and liabilities | 10/49 | €913,492 | €307,769 | -€605,723 | -66.3% |
| Equity | 10/15 | -€2,901 | €30,639 | +€33,541 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €27,639 | +€27,639 | |
| Distributable reserves | 133 | - | €27,639 | +€27,639 | |
| Profit (loss) carried forward | 14 | -€5,901 | - | +€5,901 | |
| Amounts payable | 17/49 | €916,394 | €277,130 | -€639,264 | -69.8% |
| Amounts payable after more than one year | 17 | €908,450 | €200,000 | -€708,450 | -78.0% |
| Financial debts | 170/4 | €406,046 | - | -€406,046 | |
| Other amounts payable | 178/9 | €502,404 | €200,000 | -€302,404 | -60.2% |
| Amounts payable within one year | 42/48 | €7,943 | €77,130 | +€69,187 | +871.0% |
| Current portion of amounts payable after more than one year | 42 | €6,374 | - | -€6,374 | |
| Trade debts | 44 | €1,569 | - | -€1,569 | |
| Suppliers | 440/4 | €1,569 | - | -€1,569 | |
| Taxes, remuneration and social security | 45 | - | €14,708 | +€14,708 | |
| Taxes | 450/3 | - | €14,708 | +€14,708 | |
| Other amounts payable | 47/48 | - | €62,422 | +€62,422 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175 | €175 | = | 0.0% |
| Other operating charges | 640/8 | €2,010 | €2,044 | +€34 | +1.7% |
| Gross operating margin | 9900 | €12,739 | €74,970 | +€62,231 | +488.5% |
| Operating profit (loss) | 9901 | €10,554 | €72,751 | +€62,197 | +589.3% |
| Financial charges | 65/66B | €8,312 | €26,720 | +€18,408 | +221.5% |
| Recurring financial charges | 65 | €8,312 | €26,720 | +€18,408 | +221.5% |
| Profit (loss) for the period before taxes | 9903 | €2,241 | €46,031 | +€43,789 | +1953.7% |
| Income taxes | 67/77 | - | €10,824 | +€10,824 | |
| Profit (loss) for the period | 9904 | €2,241 | €35,207 | +€32,965 | +1470.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,241 | €35,207 | +€32,965 | +1470.8% |
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 12 October 2026 via checked.be.