SERRO: 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.
SERRO
Largest movements
- Current investments -€240,000
down €240,000 (-92.3%), from €260,000 to €20,000
- Tangible fixed assets -€37,098
down €37,098 (-6.1%), from €610,352 to €573,254
of which Land and buildings: -€18,913
- Other debts -€253,018
down €253,018 (-99.9%), from €253,327 to €309
- Reserves -€9,320
down €9,320 (-2.3%), from €413,638 to €404,318
of which Tax-exempt reserves: -€9,320
- Gross operating margin +€29,970
up €29,970 (+172%), from €17,411 to €47,381
- Financial charges -€8,598
down €8,598 (-36.7%), from €23,444 to €14,846
- Taxes +€8,460
up €8,460 (+370%), from €2,287 to €10,747
- Other operating charges -€5,187
down €5,187 (-33.7%), from €15,394 to €10,207
- Depreciation -€3,024
down €3,024 (-9.1%), from €33,323 to €30,299
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 | €876,151 | €599,272 | -€276,879 | -31.6% |
| Fixed assets | 21/28 | €610,352 | €573,254 | -€37,098 | -6.1% |
| Tangible fixed assets | 22/27 | €610,352 | €573,254 | -€37,098 | -6.1% |
| Land and buildings | 22 | €425,164 | €406,251 | -€18,913 | -4.4% |
| Furniture and vehicles | 24 | €7,548 | - | -€7,548 | |
| Leasing and similar rights | 25 | €177,640 | €167,003 | -€10,637 | -6.0% |
| Current assets | 29/58 | €265,799 | €26,018 | -€239,781 | -90.2% |
| Amounts receivable within one year | 40/41 | €390 | €806 | +€416 | +107% |
| Other amounts receivable | 41 | €390 | €806 | +€416 | +107% |
| Current investments | 50/53 | €260,000 | €20,000 | -€240,000 | -92.3% |
| Cash at bank and in hand | 54/58 | €5,366 | €4,974 | -€392 | -7.3% |
| Deferred charges and accrued income | 490/1 | €43 | €238 | +€195 | +453% |
| Total equity and liabilities | 10/49 | €876,151 | €599,272 | -€276,879 | -31.6% |
| Equity | 10/15 | €511,672 | €498,988 | -€12,684 | -2.5% |
| Contributions | 10/11 | €247,070 | €247,070 | = | 0.0% |
| Capital | 10 | €247,070 | €247,070 | = | 0.0% |
| Issued capital | 100 | €247,070 | €247,070 | = | 0.0% |
| Reserves | 13 | €413,638 | €404,318 | -€9,320 | -2.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €335,986 | €326,666 | -€9,320 | -2.8% |
| Distributable reserves | 133 | €75,652 | €75,652 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€149,036 | -€152,400 | -€3,364 | -2.3% |
| Provisions and deferred taxes | 16 | €100,469 | €95,670 | -€4,799 | -4.8% |
| Deferred taxes | 168 | €100,469 | €95,670 | -€4,799 | -4.8% |
| Amounts payable | 17/49 | €264,010 | €4,614 | -€259,396 | -98.3% |
| Amounts payable within one year | 42/48 | €264,010 | €4,614 | -€259,396 | -98.3% |
| Trade debts | 44 | €5,379 | - | -€5,379 | |
| Suppliers | 440/4 | €5,379 | - | -€5,379 | |
| Taxes, remuneration and social security | 45 | €5,304 | €4,305 | -€999 | -18.8% |
| Taxes | 450/3 | €5,304 | €4,305 | -€999 | -18.8% |
| Other amounts payable | 47/48 | €253,327 | €309 | -€253,018 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,323 | €30,299 | -€3,024 | -9.1% |
| Other operating charges | 640/8 | €15,394 | €10,207 | -€5,187 | -33.7% |
| Gross operating margin | 9900 | €17,411 | €47,381 | +€29,970 | +172% |
| Operating profit (loss) | 9901 | -€31,306 | €6,875 | +€38,181 | |
| Financial income | 75/76B | €438 | €1,235 | +€797 | +182% |
| Recurring financial income | 75 | €438 | €1,235 | +€797 | +182% |
| Financial charges | 65/66B | €23,444 | €14,846 | -€8,598 | -36.7% |
| Recurring financial charges | 65 | €23,444 | €14,846 | -€8,598 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | -€54,312 | -€6,736 | +€47,576 | +87.6% |
| Transfer from deferred taxes | 780 | €4,799 | €4,799 | = | 0.0% |
| Income taxes | 67/77 | €2,287 | €10,747 | +€8,460 | +370% |
| Profit (loss) for the period | 9904 | -€51,800 | -€12,684 | +€39,116 | +75.5% |
| Transfer from tax-exempt reserves | 789 | €9,320 | €9,320 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,480 | -€3,364 | +€39,116 | +92.1% |
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 13 October 2026 via checked.be.