SERRALUX: 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.
SERRALUX
Largest movements
- Tangible fixed assets +€281,924
up €281,924 (+141.4%), from €199,312 to €481,236
of which Plant, machinery and equipment: +€288,602
- Stocks and contracts +€174,956
up €174,956 (+43.8%), from €399,889 to €574,846
- Cash -€47,332
down €47,332 (-63.6%), from €74,420 to €27,088
mainly Investment in fixed assets (net) (-€340,210) and Stocks and contracts (-€174,956)
- Receivables within one year +€11,551
up €11,551 (+73.7%), from €15,674 to €27,225
of which Other amounts receivable: +€10,979
- Debts after one year +€216,551
up €216,551 (+147.3%), from €147,050 to €363,600
- Profit (loss) carried forward +€208,188
up €208,188 (+88.2%), from €236,146 to €444,334
- Tax, wage and social debts +€56,099
up €56,099 (+168.9%), from €33,208 to €89,307
of which Taxes: +€56,891
- Other debts -€54,454
down €54,454 (-43.8%), from €124,454 to €70,000
- Trade debts -€33,868
down €33,868 (-37.6%), from €90,066 to €56,198
- Gross operating margin +€314,505
up €314,505 (+118.3%), from €265,816 to €580,322
- Taxes +€43,167
up €43,167 (+2085341.1%), from €2 to €43,169
- Depreciation +€20,927
up €20,927 (+56.1%), from €37,271 to €58,198
- Staff costs -€10,220
down €10,220 (-4.0%), from €252,423 to €242,203
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 | €704,863 | €1,120,407 | +€415,544 | +59.0% |
| Fixed assets | 21/28 | €199,562 | €481,574 | +€282,012 | +141.3% |
| Tangible fixed assets | 22/27 | €199,312 | €481,236 | +€281,924 | +141.4% |
| Land and buildings | 22 | €77,608 | €76,276 | -€1,332 | -1.7% |
| Plant, machinery and equipment | 23 | €91,273 | €379,875 | +€288,602 | +316.2% |
| Furniture and vehicles | 24 | €30,431 | €25,086 | -€5,346 | -17.6% |
| Financial fixed assets | 28 | €250 | €338 | +€88 | +35.3% |
| Current assets | 29/58 | €505,301 | €638,833 | +€133,532 | +26.4% |
| Stocks and contracts in progress | 3 | €399,889 | €574,846 | +€174,956 | +43.8% |
| Stocks | 30/36 | €399,889 | €574,846 | +€174,956 | +43.8% |
| Amounts receivable within one year | 40/41 | €15,674 | €27,225 | +€11,551 | +73.7% |
| Trade receivables | 40 | €2,216 | €2,788 | +€572 | +25.8% |
| Other amounts receivable | 41 | €13,458 | €24,438 | +€10,979 | +81.6% |
| Cash at bank and in hand | 54/58 | €74,420 | €27,088 | -€47,332 | -63.6% |
| Deferred charges and accrued income | 490/1 | €15,318 | €9,674 | -€5,644 | -36.8% |
| Total equity and liabilities | 10/49 | €704,863 | €1,120,407 | +€415,544 | +59.0% |
| Equity | 10/15 | €256,605 | €464,793 | +€208,188 | +81.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €236,146 | €444,334 | +€208,188 | +88.2% |
| Amounts payable | 17/49 | €448,258 | €655,613 | +€207,355 | +46.3% |
| Amounts payable after more than one year | 17 | €147,050 | €363,600 | +€216,551 | +147.3% |
| Financial debts | 170/4 | €147,050 | €363,600 | +€216,551 | +147.3% |
| Amounts payable within one year | 42/48 | €301,208 | €292,013 | -€9,195 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €53,480 | €76,138 | +€22,658 | +42.4% |
| Trade debts | 44 | €90,066 | €56,198 | -€33,868 | -37.6% |
| Suppliers | 440/4 | €90,066 | €56,198 | -€33,868 | -37.6% |
| Advances received on contracts in progress | 46 | - | €370 | +€370 | |
| Taxes, remuneration and social security | 45 | €33,208 | €89,307 | +€56,099 | +168.9% |
| Taxes | 450/3 | €305 | €57,195 | +€56,891 | +18677.2% |
| Remuneration and social security | 454/9 | €32,904 | €32,112 | -€792 | -2.4% |
| Other amounts payable | 47/48 | €124,454 | €70,000 | -€54,454 | -43.8% |
| Remuneration, social security and pensions | 62 | €252,423 | €242,203 | -€10,220 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,271 | €58,198 | +€20,927 | +56.1% |
| Other operating charges | 640/8 | €9,559 | €10,210 | +€651 | +6.8% |
| Gross operating margin | 9900 | €265,816 | €580,322 | +€314,505 | +118.3% |
| Operating profit (loss) | 9901 | -€33,436 | €269,711 | +€303,148 | |
| Financial income | 75/76B | €642 | €1,832 | +€1,190 | +185.3% |
| Recurring financial income | 75 | €642 | €1,832 | +€1,190 | +185.3% |
| Financial charges | 65/66B | €16,891 | €20,186 | +€3,295 | +19.5% |
| Recurring financial charges | 65 | €16,891 | €20,186 | +€3,295 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | -€49,685 | €251,357 | +€301,042 | |
| Income taxes | 67/77 | €2 | €43,169 | +€43,167 | +2085341.1% |
| Profit (loss) for the period | 9904 | -€49,687 | €208,188 | +€257,875 | |
| Profit (loss) for the period to be appropriated | 9905 | -€49,687 | €208,188 | +€257,875 |
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.