SERP1: 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.
SERP1
Largest movements
- Current investments +€123,247
up €123,247 (+14.1%), from €872,114 to €995,361
- Cash -€85,012
down €85,012 (-10.8%), from €785,216 to €700,204
mainly Contributions, distributions and other (-€164,356) and Current investments (-€123,247)
- Receivables within one year +€27,851
up €27,851 (+73.7%), from €37,767 to €65,618
of which Trade receivables: +€30,902
- Other debts +€146,446
up €146,446 (+2,721%), from €5,383 to €151,829
- Profit (loss) carried forward -€80,352
down €80,352 (-94.8%), from €84,759 to €4,408
- Reserves -€29,356
down €29,356 (-1.7%), from €1.8m to €1.7m
- Gross operating margin +€111,048
up €111,048, from -€69,504 to €41,544
- Financial income -€16,781
down €16,781 (-33.6%), from €49,978 to €33,198
- Depreciation +€888
up €888 (+5.1%), from €17,257 to €18,145
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 | €1,903,342 | €1,953,714 | +€50,371 | +2.6% |
| Fixed assets | 21/28 | €39,861 | €26,846 | -€13,015 | -32.7% |
| Tangible fixed assets | 22/27 | €35,301 | €22,286 | -€13,015 | -36.9% |
| Plant, machinery and equipment | 23 | €5,494 | €6,911 | +€1,416 | +25.8% |
| Furniture and vehicles | 24 | €29,806 | €15,375 | -€14,431 | -48.4% |
| Financial fixed assets | 28 | €4,560 | €4,560 | = | 0.0% |
| Current assets | 29/58 | €1,863,482 | €1,926,868 | +€63,386 | +3.4% |
| Amounts receivable after more than one year | 29 | €156,960 | €156,960 | = | 0.0% |
| Other amounts receivable | 291 | €156,960 | €156,960 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,767 | €65,618 | +€27,851 | +73.7% |
| Trade receivables | 40 | €7,698 | €38,600 | +€30,902 | +401% |
| Other amounts receivable | 41 | €30,069 | €27,018 | -€3,051 | -10.1% |
| Current investments | 50/53 | €872,114 | €995,361 | +€123,247 | +14.1% |
| Cash at bank and in hand | 54/58 | €785,216 | €700,204 | -€85,012 | -10.8% |
| Deferred charges and accrued income | 490/1 | €11,425 | €8,725 | -€2,701 | -23.6% |
| Total equity and liabilities | 10/49 | €1,903,342 | €1,953,714 | +€50,371 | +2.6% |
| Equity | 10/15 | €1,879,631 | €1,769,924 | -€109,707 | -5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,776,272 | €1,746,916 | -€29,356 | -1.7% |
| Distributable reserves | 133 | €1,776,272 | €1,746,916 | -€29,356 | -1.7% |
| Profit (loss) carried forward | 14 | €84,759 | €4,408 | -€80,352 | -94.8% |
| Amounts payable | 17/49 | €23,711 | €183,790 | +€160,079 | +675% |
| Amounts payable within one year | 42/48 | €23,711 | €183,790 | +€160,079 | +675% |
| Trade debts | 44 | €17,028 | €20,193 | +€3,165 | +18.6% |
| Suppliers | 440/4 | €17,028 | €20,193 | +€3,165 | +18.6% |
| Taxes, remuneration and social security | 45 | €1,300 | €11,768 | +€10,468 | +805% |
| Taxes | 450/3 | €300 | €10,768 | +€10,468 | +3,489% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €5,383 | €151,829 | +€146,446 | +2,721% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,257 | €18,145 | +€888 | +5.1% |
| Other operating charges | 640/8 | €1,537 | €1,580 | +€43 | +2.8% |
| Gross operating margin | 9900 | -€69,504 | €41,544 | +€111,048 | |
| Operating profit (loss) | 9901 | -€88,298 | €21,820 | +€110,118 | |
| Financial income | 75/76B | €49,978 | €33,198 | -€16,781 | -33.6% |
| Recurring financial income | 75 | €49,978 | €33,198 | -€16,781 | -33.6% |
| Financial charges | 65/66B | €203 | €131 | -€71 | -35.1% |
| Recurring financial charges | 65 | €203 | €131 | -€71 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | -€38,522 | €54,886 | +€93,408 | |
| Income taxes | 67/77 | €205 | €238 | +€33 | +15.9% |
| Profit (loss) for the period | 9904 | -€38,727 | €54,648 | +€93,375 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,727 | €54,648 | +€93,375 |
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 24 October 2026 via checked.be.