SERPAK: what changed
Two fiscal 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.
SERPAK
Largest movements
- Receivables within one year +€89,754
up €89,754 (+78.0%), from €115,115 to €204,869
of which Trade receivables: +€89,635
- Cash +€18,243
up €18,243 (+1112.4%), from €1,640 to €19,883
mainly Debts after one year (+€75,250) and Net result for the year (+€25,961)
- Tangible fixed assets +€8,792
new in 2025: €8,792
- Stocks and contracts -€3,100
down €3,100 (-16.7%), from €18,600 to €15,500
- Debts after one year +€75,250
up €75,250 (+235.9%), from €31,899 to €107,149
- Profit (loss) carried forward +€25,961
up €25,961 (+170.6%), from €15,221 to €41,183
- Trade debts -€24,853
down €24,853 (-81.3%), from €30,563 to €5,710
- Other debts +€19,672
up €19,672 (+9855.8%), from €200 to €19,872
- Tax, wage and social debts +€16,348
up €16,348 (+61.7%), from €26,495 to €42,844
of which Taxes: +€15,459
- Gross operating margin +€41,775
up €41,775 (+178.0%), from €23,469 to €65,244
- Staff costs +€27,725
new in 2025: €27,725
- Taxes +€2,587
up €2,587 (+65.5%), from €3,947 to €6,534
- Other operating charges -€1,145
down €1,145 (-72.7%), from €1,573 to €429
- Financial charges +€1,127
up €1,127 (+42.1%), from €2,675 to €3,801
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 | €137,549 | €251,759 | +€114,210 | +83.0% |
| Fixed assets | 21/28 | €1,193 | €9,900 | +€8,707 | +729.7% |
| Intangible fixed assets | 21 | €793 | €708 | -€85 | -10.7% |
| Tangible fixed assets | 22/27 | - | €8,792 | +€8,792 | |
| Furniture and vehicles | 24 | - | €8,792 | +€8,792 | |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €136,356 | €241,859 | +€105,503 | +77.4% |
| Stocks and contracts in progress | 3 | €18,600 | €15,500 | -€3,100 | -16.7% |
| Stocks | 30/36 | €18,600 | €15,500 | -€3,100 | -16.7% |
| Amounts receivable within one year | 40/41 | €115,115 | €204,869 | +€89,754 | +78.0% |
| Trade receivables | 40 | €115,115 | €204,751 | +€89,635 | +77.9% |
| Other amounts receivable | 41 | - | €119 | +€119 | |
| Cash at bank and in hand | 54/58 | €1,640 | €19,883 | +€18,243 | +1112.4% |
| Deferred charges and accrued income | 490/1 | €1,000 | €1,607 | +€606 | +60.6% |
| Total equity and liabilities | 10/49 | €137,549 | €251,759 | +€114,210 | +83.0% |
| Equity | 10/15 | €35,291 | €61,252 | +€25,961 | +73.6% |
| Contributions | 10/11 | €20,069 | €20,069 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,221 | €41,183 | +€25,961 | +170.6% |
| Amounts payable | 17/49 | €102,258 | €190,507 | +€88,249 | +86.3% |
| Amounts payable after more than one year | 17 | €31,899 | €107,149 | +€75,250 | +235.9% |
| Financial debts | 170/4 | €31,899 | €107,149 | +€75,250 | +235.9% |
| Amounts payable within one year | 42/48 | €70,359 | €83,358 | +€12,999 | +18.5% |
| Financial debts | 43 | €13,101 | €14,933 | +€1,832 | +14.0% |
| Credit institutions | 430/8 | €13,101 | €14,933 | +€1,832 | +14.0% |
| Trade debts | 44 | €30,563 | €5,710 | -€24,853 | -81.3% |
| Suppliers | 440/4 | €30,563 | €5,710 | -€24,853 | -81.3% |
| Taxes, remuneration and social security | 45 | €26,495 | €42,844 | +€16,348 | +61.7% |
| Taxes | 450/3 | €22,995 | €38,454 | +€15,459 | +67.2% |
| Remuneration and social security | 454/9 | €3,500 | €4,389 | +€889 | +25.4% |
| Other amounts payable | 47/48 | €200 | €19,872 | +€19,672 | +9855.8% |
| Remuneration, social security and pensions | 62 | - | €27,725 | +€27,725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57 | €793 | +€736 | +1295.5% |
| Other operating charges | 640/8 | €1,573 | €429 | -€1,145 | -72.7% |
| Gross operating margin | 9900 | €23,469 | €65,244 | +€41,775 | +178.0% |
| Operating profit (loss) | 9901 | €21,838 | €36,297 | +€14,459 | +66.2% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €2,675 | €3,801 | +€1,127 | +42.1% |
| Recurring financial charges | 65 | €2,675 | €3,801 | +€1,127 | +42.1% |
| Profit (loss) for the period before taxes | 9903 | €19,169 | €32,496 | +€13,327 | +69.5% |
| Income taxes | 67/77 | €3,947 | €6,534 | +€2,587 | +65.5% |
| Profit (loss) for the period | 9904 | €15,221 | €25,961 | +€10,740 | +70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,221 | €25,961 | +€10,740 | +70.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.