SEROZA: 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.
SEROZA
Largest movements
- Cash -€126,131
down €126,131 (-74.1%), from €170,284 to €44,152
mainly Stocks and contracts (-€123,464) and Debts after one year (-€103,955)
- Stocks and contracts +€123,464
up €123,464 (+81.1%), from €152,277 to €275,741
- Tangible fixed assets -€86,119
down €86,119 (-6.7%), from €1.3m to €1.2m
- Receivables within one year -€21,142
down €21,142 (-53.6%), from €39,431 to €18,289
of which Trade receivables: -€21,366
- Debts after one year -€103,955
down €103,955 (-11.2%), from €927,883 to €823,928
- Short-term financial debts +€72,082
up €72,082 (+47.0%), from €153,398 to €225,480
- Reserves -€50,000
down €50,000 (-48.3%), from €103,500 to €53,500
- Other debts +€48,752
up €48,752, from €0 to €48,752
- Profit (loss) carried forward -€29,370
down €29,370 (-45.0%), from €65,208 to €35,838
- Gross operating margin -€78,822
down €78,822 (-32.6%), from €242,131 to €163,309
- Depreciation +€15,897
up €15,897 (+10.7%), from €149,018 to €164,915
- Other operating charges -€13,552
down €13,552 (-53.0%), from €25,590 to €12,039
- Financial charges +€11,071
up €11,071 (+70.3%), from €15,740 to €26,811
- Taxes -€4,523
down €4,523 (-87.8%), from €5,150 to €627
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 | €1,646,586 | €1,530,442 | -€116,144 | -7.1% |
| Fixed assets | 21/28 | €1,278,746 | €1,192,227 | -€86,519 | -6.8% |
| Intangible fixed assets | 21 | €936 | €536 | -€400 | -42.7% |
| Tangible fixed assets | 22/27 | €1,277,810 | €1,191,691 | -€86,119 | -6.7% |
| Land and buildings | 22 | €835,946 | €797,679 | -€38,267 | -4.6% |
| Plant, machinery and equipment | 23 | €280,640 | €266,118 | -€14,522 | -5.2% |
| Furniture and vehicles | 24 | €161,223 | €127,893 | -€33,330 | -20.7% |
| Current assets | 29/58 | €367,840 | €338,215 | -€29,625 | -8.1% |
| Stocks and contracts in progress | 3 | €152,277 | €275,741 | +€123,464 | +81.1% |
| Stocks | 30/36 | €152,277 | €275,741 | +€123,464 | +81.1% |
| Amounts receivable within one year | 40/41 | €39,431 | €18,289 | -€21,142 | -53.6% |
| Trade receivables | 40 | €29,258 | €7,892 | -€21,366 | -73.0% |
| Other amounts receivable | 41 | €10,173 | €10,397 | +€224 | +2.2% |
| Cash at bank and in hand | 54/58 | €170,284 | €44,152 | -€126,131 | -74.1% |
| Deferred charges and accrued income | 490/1 | €5,848 | €33 | -€5,815 | -99.4% |
| Total equity and liabilities | 10/49 | €1,646,586 | €1,530,442 | -€116,144 | -7.1% |
| Equity | 10/15 | €386,409 | €295,394 | -€91,014 | -23.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €103,500 | €53,500 | -€50,000 | -48.3% |
| Distributable reserves | 133 | €103,500 | €53,500 | -€50,000 | -48.3% |
| Profit (loss) carried forward | 14 | €65,208 | €35,838 | -€29,370 | -45.0% |
| Investment grants | 15 | €197,701 | €186,057 | -€11,644 | -5.9% |
| Amounts payable | 17/49 | €1,260,177 | €1,235,048 | -€25,130 | -2.0% |
| Amounts payable after more than one year | 17 | €927,883 | €823,928 | -€103,955 | -11.2% |
| Financial debts | 170/4 | €927,883 | €823,928 | -€103,955 | -11.2% |
| Amounts payable within one year | 42/48 | €332,294 | €411,119 | +€78,825 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €111,785 | €105,461 | -€6,324 | -5.7% |
| Financial debts | 43 | €153,398 | €225,480 | +€72,082 | +47.0% |
| Other loans | 439 | €153,398 | €225,480 | +€72,082 | +47.0% |
| Trade debts | 44 | €42,750 | €17,007 | -€25,743 | -60.2% |
| Suppliers | 440/4 | €42,750 | €17,007 | -€25,743 | -60.2% |
| Taxes, remuneration and social security | 45 | €24,360 | €14,418 | -€9,942 | -40.8% |
| Taxes | 450/3 | €11,860 | €1,918 | -€9,942 | -83.8% |
| Remuneration and social security | 454/9 | €12,500 | €12,500 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €48,752 | +€48,752 | |
| Non-recurring operating income | 76A | €2,914 | €0 | -€2,914 | -100% |
| Remuneration, social security and pensions | 62 | €2,106 | €188 | -€1,918 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,018 | €164,915 | +€15,897 | +10.7% |
| Other operating charges | 640/8 | €25,590 | €12,039 | -€13,552 | -53.0% |
| Non-recurring operating charges | 66A | €4,502 | €0 | -€4,502 | -100% |
| Gross operating margin | 9900 | €242,131 | €163,309 | -€78,822 | -32.6% |
| Operating profit (loss) | 9901 | €60,915 | -€13,833 | -€74,748 | |
| Financial income | 75/76B | €11,678 | €11,901 | +€223 | +1.9% |
| Recurring financial income | 75 | €11,678 | €11,901 | +€223 | +1.9% |
| Financial charges | 65/66B | €15,740 | €26,811 | +€11,071 | +70.3% |
| Recurring financial charges | 65 | €15,740 | €26,811 | +€11,071 | +70.3% |
| Profit (loss) for the period before taxes | 9903 | €56,853 | -€28,743 | -€85,596 | |
| Income taxes | 67/77 | €5,150 | €627 | -€4,523 | -87.8% |
| Profit (loss) for the period | 9904 | €51,703 | -€29,370 | -€81,073 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,703 | -€29,370 | -€81,073 |
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 19 October 2026 via checked.be.