SERPIETERS: 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.
SERPIETERS
Largest movements
- Tangible fixed assets -€421,862
down €421,862 (-99.7%), from €423,058 to €1,196
of which Land and buildings: -€393,525
- Stocks and contracts -€317,334
down €317,334 (-100%), from €317,334 to €0
- Financial fixed assets +€252,570
up €252,570 (+3,317%), from €7,614 to €260,183
- Receivables within one year +€199,314
up €199,314 (+89.4%), from €223,013 to €422,327
of which Trade receivables: +€170,742
- Cash +€166,998
up €166,998 (+735%), from €22,715 to €189,713
mainly Net result for the year (+€847,119) and Stocks and contracts (+€317,334)
- Profit (loss) carried forward +€547,119
up €547,119, from -€392,684 to €154,435
- Debts after one year -€511,738
down €511,738 (-100%), from €511,738 to €0
- Reserves +€300,000
up €300,000 (+1,159%), from €25,883 to €325,883
of which Distributable reserves: +€300,000
- Other debts -€240,187
down €240,187 (-84.7%), from €283,490 to €43,302
- Trade debts -€235,721
down €235,721 (-85.5%), from €275,785 to €40,064
- Gross operating margin +€860,515
up €860,515 (+186%), from €461,604 to €1.3m
- Taxes +€199,432
new in 2025: €199,432
- Staff costs -€106,511
down €106,511 (-30.4%), from €349,926 to €243,415
- Depreciation -€64,781
down €64,781 (-96.9%), from €66,872 to €2,091
- Write-downs -€19,950
down €19,950 (-87.1%), from €22,905 to €2,955
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 | €1,054,165 | €874,537 | -€179,629 | -17.0% |
| Fixed assets | 21/28 | €430,672 | €261,380 | -€169,292 | -39.3% |
| Tangible fixed assets | 22/27 | €423,058 | €1,196 | -€421,862 | -99.7% |
| Land and buildings | 22 | €393,525 | €0 | -€393,525 | -100% |
| Plant, machinery and equipment | 23 | €21,049 | €1,196 | -€19,852 | -94.3% |
| Furniture and vehicles | 24 | €8,484 | €0 | -€8,484 | -100% |
| Financial fixed assets | 28 | €7,614 | €260,183 | +€252,570 | +3,317% |
| Current assets | 29/58 | €623,493 | €613,157 | -€10,336 | -1.7% |
| Stocks and contracts in progress | 3 | €317,334 | €0 | -€317,334 | -100% |
| Stocks | 30/36 | €317,334 | €0 | -€317,334 | -100% |
| Amounts receivable within one year | 40/41 | €223,013 | €422,327 | +€199,314 | +89.4% |
| Trade receivables | 40 | €223,013 | €393,755 | +€170,742 | +76.6% |
| Other amounts receivable | 41 | - | €28,573 | +€28,573 | |
| Cash at bank and in hand | 54/58 | €22,715 | €189,713 | +€166,998 | +735% |
| Deferred charges and accrued income | 490/1 | €60,432 | €1,117 | -€59,315 | -98.2% |
| Total equity and liabilities | 10/49 | €1,054,165 | €874,537 | -€179,629 | -17.0% |
| Equity | 10/15 | -€160,801 | €686,318 | +€847,119 | |
| Contributions | 10/11 | €206,000 | €206,000 | = | 0.0% |
| Reserves | 13 | €25,883 | €325,883 | +€300,000 | +1,159% |
| Non-distributable reserves | 130/1 | €5,883 | €5,883 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,883 | €5,883 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €320,000 | +€300,000 | +1,500% |
| Profit (loss) carried forward | 14 | -€392,684 | €154,435 | +€547,119 | |
| Amounts payable | 17/49 | €1,214,966 | €188,219 | -€1.0m | -84.5% |
| Amounts payable after more than one year | 17 | €511,738 | €0 | -€511,738 | -100% |
| Financial debts | 170/4 | €511,738 | €0 | -€511,738 | -100% |
| Amounts payable within one year | 42/48 | €700,968 | €186,007 | -€514,961 | -73.5% |
| Current portion of amounts payable after more than one year | 42 | €48,141 | €0 | -€48,141 | -100% |
| Trade debts | 44 | €275,785 | €40,064 | -€235,721 | -85.5% |
| Suppliers | 440/4 | €275,785 | €40,064 | -€235,721 | -85.5% |
| Taxes, remuneration and social security | 45 | €93,552 | €102,641 | +€9,089 | +9.7% |
| Taxes | 450/3 | €28,035 | €82,805 | +€54,770 | +195% |
| Remuneration and social security | 454/9 | €65,517 | €19,835 | -€45,682 | -69.7% |
| Other amounts payable | 47/48 | €283,490 | €43,302 | -€240,187 | -84.7% |
| Accrued charges and deferred income | 492/3 | €2,260 | €2,212 | -€49 | -2.2% |
| Non-recurring operating income | 76A | - | €1,194,410 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €349,926 | €243,415 | -€106,511 | -30.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,872 | €2,091 | -€64,781 | -96.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,905 | €2,955 | -€19,950 | -87.1% |
| Other operating charges | 640/8 | €14,612 | €15,873 | +€1,261 | +8.6% |
| Non-recurring operating charges | 66A | - | €765 | +€765 | |
| Gross operating margin | 9900 | €461,604 | €1,322,119 | +€860,515 | +186% |
| Operating profit (loss) | 9901 | €7,289 | €1,057,021 | +€1.0m | +14,401% |
| Financial income | 75/76B | - | €2,746 | +€2,746 | |
| Recurring financial income | 75 | - | €2,746 | +€2,746 | |
| Financial charges | 65/66B | €4,523 | €13,215 | +€8,693 | +192% |
| Recurring financial charges | 65 | €4,523 | €13,215 | +€8,693 | +192% |
| Profit (loss) for the period before taxes | 9903 | €2,767 | €1,046,551 | +€1.0m | +37,727% |
| Income taxes | 67/77 | - | €199,432 | +€199,432 | |
| Profit (loss) for the period | 9904 | €2,767 | €847,119 | +€844,352 | +30,519% |
| Profit (loss) for the period to be appropriated | 9905 | €2,767 | €847,119 | +€844,352 | +30,519% |
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.