SERRAN: 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.
SERRAN
Largest movements
- Tangible fixed assets +€27,520
up €27,520 (+434.0%), from €6,341 to €33,861
of which Furniture and vehicles: +€26,047
- Stocks and contracts -€7,831
down €7,831 (-2.9%), from €270,641 to €262,810
- Other debts +€29,954
up €29,954 (+123.4%), from €24,269 to €54,223
- Current portion of long-term debt -€18,262
down €18,262 (-65.8%), from €27,738 to €9,476
- Debts after one year +€11,467
up €11,467, from €0 to €11,467
- Short-term financial debts +€6,109
up €6,109 (+35.5%), from €17,207 to €23,316
- Trade debts -€4,887
down €4,887 (-24.4%), from €20,028 to €15,141
- Gross operating margin -€46,797
down €46,797 (-58.6%), from €79,826 to €33,028
- Write-downs -€21,938
down €21,938 (-86.6%), from €25,338 to €3,400
- Staff costs -€14,323
down €14,323 (-44.3%), from €32,357 to €18,035
- Depreciation +€6,132
up €6,132 (+588.5%), from €1,042 to €7,173
- Taxes -€5,059
down €5,059 (-77.2%), from €6,551 to €1,493
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 | €295,432 | €318,019 | +€22,587 | +7.6% |
| Fixed assets | 21/28 | €7,052 | €34,982 | +€27,930 | +396.1% |
| Tangible fixed assets | 22/27 | €6,341 | €33,861 | +€27,520 | +434.0% |
| Plant, machinery and equipment | 23 | €704 | €2,177 | +€1,473 | +209.3% |
| Furniture and vehicles | 24 | €5,637 | €31,684 | +€26,047 | +462.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €711 | €1,121 | +€410 | +57.7% |
| Current assets | 29/58 | €288,381 | €283,037 | -€5,343 | -1.9% |
| Stocks and contracts in progress | 3 | €270,641 | €262,810 | -€7,831 | -2.9% |
| Stocks | 30/36 | €270,641 | €262,810 | -€7,831 | -2.9% |
| Amounts receivable within one year | 40/41 | €10,829 | €13,872 | +€3,043 | +28.1% |
| Trade receivables | 40 | €10,829 | €12,372 | +€1,543 | +14.2% |
| Other amounts receivable | 41 | €0 | €1,500 | +€1,500 | |
| Cash at bank and in hand | 54/58 | €519 | €1,403 | +€884 | +170.5% |
| Deferred charges and accrued income | 490/1 | €6,392 | €4,953 | -€1,439 | -22.5% |
| Total equity and liabilities | 10/49 | €295,432 | €318,019 | +€22,587 | +7.6% |
| Equity | 10/15 | €159,085 | €160,147 | +€1,062 | +0.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €146,685 | €147,747 | +€1,062 | +0.7% |
| Distributable reserves | 133 | €146,685 | €147,747 | +€1,062 | +0.7% |
| Amounts payable | 17/49 | €136,348 | €157,872 | +€21,525 | +15.8% |
| Amounts payable after more than one year | 17 | €0 | €11,467 | +€11,467 | |
| Financial debts | 170/4 | €0 | €11,467 | +€11,467 | |
| Amounts payable within one year | 42/48 | €135,423 | €143,572 | +€8,149 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €27,738 | €9,476 | -€18,262 | -65.8% |
| Financial debts | 43 | €17,207 | €23,316 | +€6,109 | +35.5% |
| Credit institutions | 430/8 | €17,207 | €23,316 | +€6,109 | +35.5% |
| Trade debts | 44 | €20,028 | €15,141 | -€4,887 | -24.4% |
| Suppliers | 440/4 | €20,028 | €15,141 | -€4,887 | -24.4% |
| Taxes, remuneration and social security | 45 | €46,180 | €41,416 | -€4,764 | -10.3% |
| Taxes | 450/3 | €37,329 | €30,870 | -€6,459 | -17.3% |
| Remuneration and social security | 454/9 | €8,851 | €10,546 | +€1,695 | +19.2% |
| Other amounts payable | 47/48 | €24,269 | €54,223 | +€29,954 | +123.4% |
| Accrued charges and deferred income | 492/3 | €925 | €2,833 | +€1,908 | +206.4% |
| Remuneration, social security and pensions | 62 | €32,357 | €18,035 | -€14,323 | -44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,042 | €7,173 | +€6,132 | +588.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,338 | €3,400 | -€21,938 | -86.6% |
| Other operating charges | 640/8 | €2,445 | €2,833 | +€389 | +15.9% |
| Gross operating margin | 9900 | €79,826 | €33,028 | -€46,797 | -58.6% |
| Operating profit (loss) | 9901 | €18,643 | €1,586 | -€17,057 | -91.5% |
| Financial income | 75/76B | €4,807 | €7,662 | +€2,855 | +59.4% |
| Recurring financial income | 75 | €4,807 | €7,662 | +€2,855 | +59.4% |
| Financial charges | 65/66B | €4,407 | €6,693 | +€2,287 | +51.9% |
| Recurring financial charges | 65 | €4,407 | €6,693 | +€2,287 | +51.9% |
| Profit (loss) for the period before taxes | 9903 | €19,044 | €2,555 | -€16,489 | -86.6% |
| Income taxes | 67/77 | €6,551 | €1,493 | -€5,059 | -77.2% |
| Profit (loss) for the period | 9904 | €12,493 | €1,062 | -€11,431 | -91.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,493 | €1,062 | -€11,431 | -91.5% |
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 6 October 2026 via checked.be.