SERNO & CO: 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.
SERNO & CO
Largest movements
- Tangible fixed assets -€30,879
down €30,879 (-56.6%), from €54,600 to €23,721
of which Furniture and vehicles: -€30,879
- Reserves -€189,190
down €189,190 (-59.6%), from €317,512 to €128,322
- Other debts +€158,589
new in 2025: €158,589
- Tax, wage and social debts +€13,664
up €13,664 (+105%), from €13,015 to €26,680
- Debts after one year -€11,592
down €11,592 (-48.7%), from €23,784 to €12,191
- Financial income -€37,510
down €37,510 (-99.9%), from €37,530 to €20
- Taxes -€2,596
down €2,596 (-15.4%), from €16,802 to €14,207
- Depreciation -€1,896
down €1,896 (-5.8%), from €32,775 to €30,879
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 | €425,124 | €395,270 | -€29,854 | -7.0% |
| Fixed assets | 21/28 | €54,600 | €23,721 | -€30,879 | -56.6% |
| Tangible fixed assets | 22/27 | €54,600 | €23,721 | -€30,879 | -56.6% |
| Furniture and vehicles | 24 | €39,454 | €8,574 | -€30,879 | -78.3% |
| Other tangible fixed assets | 26 | €15,147 | €15,147 | = | 0.0% |
| Current assets | 29/58 | €370,523 | €371,549 | +€1,026 | +0.3% |
| Amounts receivable within one year | 40/41 | €19,544 | €19,691 | +€147 | +0.8% |
| Trade receivables | 40 | €17,138 | €17,242 | +€104 | +0.6% |
| Other amounts receivable | 41 | €2,405 | €2,449 | +€44 | +1.8% |
| Current investments | 50/53 | €315,800 | €315,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,180 | €35,068 | -€112 | -0.3% |
| Deferred charges and accrued income | 490/1 | - | €990 | +€990 | |
| Total equity and liabilities | 10/49 | €425,124 | €395,270 | -€29,854 | -7.0% |
| Equity | 10/15 | €372,682 | €183,492 | -€189,190 | -50.8% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €317,512 | €128,322 | -€189,190 | -59.6% |
| Distributable reserves | 133 | €317,512 | €128,322 | -€189,190 | -59.6% |
| Profit (loss) carried forward | 14 | €33,170 | €33,170 | = | 0.0% |
| Amounts payable | 17/49 | €52,441 | €211,778 | +€159,337 | +304% |
| Amounts payable after more than one year | 17 | €23,784 | €12,191 | -€11,592 | -48.7% |
| Financial debts | 170/4 | €23,784 | €12,191 | -€11,592 | -48.7% |
| Amounts payable within one year | 42/48 | €28,658 | €199,587 | +€170,929 | +596% |
| Current portion of amounts payable after more than one year | 42 | €10,543 | €11,153 | +€609 | +5.8% |
| Financial debts | 43 | €1,184 | €1,306 | +€122 | +10.3% |
| Credit institutions | 430/8 | €1,184 | €1,306 | +€122 | +10.3% |
| Trade debts | 44 | €3,915 | €1,860 | -€2,055 | -52.5% |
| Suppliers | 440/4 | €3,915 | €1,860 | -€2,055 | -52.5% |
| Taxes, remuneration and social security | 45 | €13,015 | €26,680 | +€13,664 | +105% |
| Taxes | 450/3 | €13,015 | €26,680 | +€13,664 | +105% |
| Other amounts payable | 47/48 | - | €158,589 | +€158,589 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,775 | €30,879 | -€1,896 | -5.8% |
| Other operating charges | 640/8 | €2,249 | €2,317 | +€69 | +3.1% |
| Gross operating margin | 9900 | €62,306 | €62,485 | +€179 | +0.3% |
| Operating profit (loss) | 9901 | €27,282 | €29,289 | +€2,007 | +7.4% |
| Financial income | 75/76B | €37,530 | €20 | -€37,510 | -99.9% |
| Recurring financial income | 75 | €37,530 | €20 | -€37,510 | -99.9% |
| Financial charges | 65/66B | €2,038 | €1,670 | -€368 | -18.0% |
| Recurring financial charges | 65 | €2,038 | €1,670 | -€368 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €62,774 | €27,639 | -€35,135 | -56.0% |
| Income taxes | 67/77 | €16,802 | €14,207 | -€2,596 | -15.4% |
| Profit (loss) for the period | 9904 | €45,971 | €13,432 | -€32,540 | -70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €45,971 | €13,432 | -€32,540 | -70.8% |
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 18 October 2026 via checked.be.