SERPALEA: 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.
SERPALEA
Largest movements
- Tangible fixed assets -€28,958
down €28,958 (-3.6%), from €801,119 to €772,161
of which Land and buildings: -€23,581
- Cash +€9,897
up €9,897 (+57.9%), from €17,079 to €26,976
mainly Net result for the year (+€30,352) and Depreciation (+€28,958)
- Debts after one year -€33,347
down €33,347 (-49.5%), from €67,428 to €34,081
- Profit (loss) carried forward +€30,352
up €30,352 (+61.1%), from -€49,684 to -€19,332
- Gross operating margin +€10,376
up €10,376 (+16.6%), from €62,531 to €72,907
- Taxes +€2,234
new in 2025: €2,234
- Depreciation +€983
up €983 (+3.5%), from €27,975 to €28,958
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 | €836,998 | €828,533 | -€8,465 | -1.0% |
| Fixed assets | 21/28 | €801,119 | €772,161 | -€28,958 | -3.6% |
| Tangible fixed assets | 22/27 | €801,119 | €772,161 | -€28,958 | -3.6% |
| Land and buildings | 22 | €761,811 | €738,230 | -€23,581 | -3.1% |
| Plant, machinery and equipment | 23 | €38,769 | €33,577 | -€5,192 | -13.4% |
| Furniture and vehicles | 24 | €539 | €353 | -€185 | -34.4% |
| Current assets | 29/58 | €35,879 | €56,373 | +€20,494 | +57.1% |
| Amounts receivable within one year | 40/41 | - | €2,250 | +€2,250 | |
| Other amounts receivable | 41 | - | €2,250 | +€2,250 | |
| Cash at bank and in hand | 54/58 | €17,079 | €26,976 | +€9,897 | +57.9% |
| Deferred charges and accrued income | 490/1 | €18,800 | €27,147 | +€8,347 | +44.4% |
| Total equity and liabilities | 10/49 | €836,998 | €828,533 | -€8,465 | -1.0% |
| Equity | 10/15 | €587,816 | €618,168 | +€30,352 | +5.2% |
| Contributions | 10/11 | €637,500 | €637,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,684 | -€19,332 | +€30,352 | +61.1% |
| Amounts payable | 17/49 | €249,182 | €210,366 | -€38,816 | -15.6% |
| Amounts payable after more than one year | 17 | €67,428 | €34,081 | -€33,347 | -49.5% |
| Financial debts | 170/4 | €67,428 | €34,081 | -€33,347 | -49.5% |
| Amounts payable within one year | 42/48 | €178,801 | €176,207 | -€2,594 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €32,629 | €33,347 | +€718 | +2.2% |
| Trade debts | 44 | €6,077 | €5,500 | -€577 | -9.5% |
| Suppliers | 440/4 | €6,077 | €5,500 | -€577 | -9.5% |
| Taxes, remuneration and social security | 45 | - | €2,234 | +€2,234 | |
| Taxes | 450/3 | - | €2,234 | +€2,234 | |
| Other amounts payable | 47/48 | €140,095 | €135,126 | -€4,970 | -3.5% |
| Accrued charges and deferred income | 492/3 | €2,953 | €78 | -€2,875 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,975 | €28,958 | +€983 | +3.5% |
| Other operating charges | 640/8 | €9,752 | €9,429 | -€323 | -3.3% |
| Gross operating margin | 9900 | €62,531 | €72,907 | +€10,376 | +16.6% |
| Operating profit (loss) | 9901 | €24,805 | €34,520 | +€9,715 | +39.2% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €2,642 | €1,940 | -€702 | -26.6% |
| Recurring financial charges | 65 | €2,642 | €1,940 | -€702 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €22,163 | €32,585 | +€10,423 | +47.0% |
| Income taxes | 67/77 | - | €2,234 | +€2,234 | |
| Profit (loss) for the period | 9904 | €22,163 | €30,352 | +€8,189 | +36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,163 | €30,352 | +€8,189 | +36.9% |
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 2 October 2026 via checked.be.