SERQUAL: 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.
SERQUAL
Largest movements
- Tangible fixed assets -€94,457
down €94,457 (-12.6%), from €748,647 to €654,190
of which Plant, machinery and equipment: -€82,263
- Cash +€54,870
up €54,870 (+34.8%), from €157,481 to €212,351
mainly Depreciation (+€97,586) and Net result for the year (+€95,066)
- Stocks and contracts -€23,015
down €23,015 (-9.9%), from €232,998 to €209,983
- Debts after one year -€123,889
down €123,889 (-13.4%), from €923,208 to €799,320
of which Financial debts: -€88,889
- Profit (loss) carried forward +€95,066
up €95,066 (+20.7%), from -€459,334 to -€364,268
- Trade debts -€46,783
down €46,783 (-10.6%), from €442,081 to €395,297
- Tax, wage and social debts +€12,932
up €12,932 (+21.8%), from €59,185 to €72,117
of which Remuneration and social security: +€9,961
- Purchases and services -€228,444
down €228,444 (-5.4%), from €4.2m to €4.0m
- Turnover -€157,940
down €157,940 (-3.3%), from €4.7m to €4.6m
- Gross operating margin +€77,541
up €77,541 (+15.4%), from €503,404 to €580,945
- Staff costs +€72,975
up €72,975 (+28.2%), from €258,330 to €331,305
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 | €1,162,375 | €1,099,566 | -€62,809 | -5.4% |
| Fixed assets | 21/28 | €751,445 | €656,988 | -€94,457 | -12.6% |
| Tangible fixed assets | 22/27 | €748,647 | €654,190 | -€94,457 | -12.6% |
| Land and buildings | 22 | €132,828 | €122,692 | -€10,136 | -7.6% |
| Plant, machinery and equipment | 23 | €609,966 | €527,703 | -€82,263 | -13.5% |
| Furniture and vehicles | 24 | €5,853 | €3,795 | -€2,058 | -35.2% |
| Financial fixed assets | 28 | €2,798 | €2,798 | = | 0.0% |
| Current assets | 29/58 | €410,930 | €442,578 | +€31,648 | +7.7% |
| Stocks and contracts in progress | 3 | €232,998 | €209,983 | -€23,015 | -9.9% |
| Stocks | 30/36 | €232,998 | €209,983 | -€23,015 | -9.9% |
| Amounts receivable within one year | 40/41 | €14,877 | €13,922 | -€955 | -6.4% |
| Trade receivables | 40 | €2,030 | €5,730 | +€3,700 | +182.3% |
| Other amounts receivable | 41 | €12,847 | €8,192 | -€4,655 | -36.2% |
| Cash at bank and in hand | 54/58 | €157,481 | €212,351 | +€54,870 | +34.8% |
| Deferred charges and accrued income | 490/1 | €5,575 | €6,322 | +€747 | +13.4% |
| Total equity and liabilities | 10/49 | €1,162,375 | €1,099,566 | -€62,809 | -5.4% |
| Equity | 10/15 | -€359,334 | -€264,268 | +€95,066 | +26.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€459,334 | -€364,268 | +€95,066 | +20.7% |
| Amounts payable | 17/49 | €1,521,709 | €1,363,834 | -€157,875 | -10.4% |
| Amounts payable after more than one year | 17 | €923,208 | €799,320 | -€123,889 | -13.4% |
| Financial debts | 170/4 | €674,074 | €585,185 | -€88,889 | -13.2% |
| Other amounts payable | 178/9 | €249,134 | €214,134 | -€35,000 | -14.0% |
| Amounts payable within one year | 42/48 | €598,500 | €564,514 | -€33,986 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €88,889 | €88,889 | = | 0.0% |
| Trade debts | 44 | €442,081 | €395,297 | -€46,783 | -10.6% |
| Suppliers | 440/4 | €442,081 | €395,297 | -€46,783 | -10.6% |
| Taxes, remuneration and social security | 45 | €59,185 | €72,117 | +€12,932 | +21.8% |
| Taxes | 450/3 | €4,734 | €7,705 | +€2,971 | +62.8% |
| Remuneration and social security | 454/9 | €54,451 | €64,412 | +€9,961 | +18.3% |
| Other amounts payable | 47/48 | €8,346 | €8,211 | -€135 | -1.6% |
| Turnover | 70 | €4,743,664 | €4,585,724 | -€157,940 | -3.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €4,246,809 | €4,018,365 | -€228,444 | -5.4% |
| Remuneration, social security and pensions | 62 | €258,330 | €331,305 | +€72,975 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,321 | €97,586 | +€1,265 | +1.3% |
| Other operating charges | 640/8 | €3,006 | €4,053 | +€1,047 | +34.8% |
| Gross operating margin | 9900 | €503,404 | €580,945 | +€77,541 | +15.4% |
| Operating profit (loss) | 9901 | €145,747 | €148,001 | +€2,254 | +1.5% |
| Financial income | 75/76B | €269 | €285 | +€16 | +5.9% |
| Recurring financial income | 75 | €269 | €285 | +€16 | +5.9% |
| Financial charges | 65/66B | €61,139 | €53,051 | -€8,088 | -13.2% |
| Recurring financial charges | 65 | €61,139 | €53,051 | -€8,088 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €84,877 | €95,235 | +€10,358 | +12.2% |
| Income taxes | 67/77 | €129 | €169 | +€40 | +31.3% |
| Profit (loss) for the period | 9904 | €84,748 | €95,066 | +€10,318 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €84,748 | €95,066 | +€10,318 | +12.2% |
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 7 October 2026 via checked.be.