SERRUS: 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.
SERRUS
Largest movements
- Tangible fixed assets +€366,473
up €366,473 (+13.5%), from €2.7m to €3.1m
of which Land and buildings: +€367,790
- Receivables within one year +€171,360
up €171,360 (+280.2%), from €61,163 to €232,523
of which Trade receivables: +€180,018
- Cash -€88,609
down €88,609 (-32.8%), from €269,756 to €181,147
mainly Investment in fixed assets (net) (-€609,663) and Receivables within one year (-€171,360)
- Debts after one year +€320,381
up €320,381 (+21.4%), from €1.5m to €1.8m
- Other debts +€86,847
up €86,847, from €0 to €86,847
- Depreciation +€68,955
up €68,955 (+39.6%), from €174,235 to €243,190
- Gross operating margin +€62,781
up €62,781 (+17.0%), from €369,254 to €432,035
- Financial charges +€8,333
up €8,333 (+32.4%), from €25,700 to €34,033
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 | €3,139,347 | €3,588,694 | +€449,347 | +14.3% |
| Fixed assets | 21/28 | €2,804,339 | €3,170,812 | +€366,473 | +13.1% |
| Tangible fixed assets | 22/27 | €2,710,965 | €3,077,438 | +€366,473 | +13.5% |
| Land and buildings | 22 | €2,707,963 | €3,075,753 | +€367,790 | +13.6% |
| Furniture and vehicles | 24 | €3,002 | €1,685 | -€1,317 | -43.9% |
| Financial fixed assets | 28 | €93,374 | €93,374 | = | 0.0% |
| Current assets | 29/58 | €335,008 | €417,882 | +€82,874 | +24.7% |
| Amounts receivable within one year | 40/41 | €61,163 | €232,523 | +€171,360 | +280.2% |
| Trade receivables | 40 | €37,730 | €217,748 | +€180,018 | +477.1% |
| Other amounts receivable | 41 | €23,433 | €14,775 | -€8,658 | -36.9% |
| Cash at bank and in hand | 54/58 | €269,756 | €181,147 | -€88,609 | -32.8% |
| Deferred charges and accrued income | 490/1 | €4,090 | €4,212 | +€122 | +3.0% |
| Total equity and liabilities | 10/49 | €3,139,347 | €3,588,694 | +€449,347 | +14.3% |
| Equity | 10/15 | €1,440,716 | €1,466,708 | +€25,992 | +1.8% |
| Contributions | 10/11 | €466,569 | €466,569 | = | 0.0% |
| Capital | 10 | €466,569 | €466,569 | = | 0.0% |
| Issued capital | 100 | €466,569 | €466,569 | = | 0.0% |
| Reserves | 13 | €715,168 | €741,160 | +€25,992 | +3.6% |
| Non-distributable reserves | 130/1 | €46,657 | €46,657 | = | 0.0% |
| Legal reserve | 130 | €46,657 | €46,657 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,290 | €21,290 | = | 0.0% |
| Distributable reserves | 133 | €647,222 | €673,213 | +€25,992 | +4.0% |
| Profit (loss) carried forward | 14 | €258,979 | €258,979 | = | 0.0% |
| Amounts payable | 17/49 | €1,698,631 | €2,121,986 | +€423,355 | +24.9% |
| Amounts payable after more than one year | 17 | €1,496,036 | €1,816,417 | +€320,381 | +21.4% |
| Financial debts | 170/4 | €1,496,036 | €1,816,417 | +€320,381 | +21.4% |
| Amounts payable within one year | 42/48 | €202,594 | €305,569 | +€102,974 | +50.8% |
| Current portion of amounts payable after more than one year | 42 | €196,517 | €212,009 | +€15,493 | +7.9% |
| Trade debts | 44 | €5,058 | €5,995 | +€937 | +18.5% |
| Suppliers | 440/4 | €5,058 | €5,995 | +€937 | +18.5% |
| Taxes, remuneration and social security | 45 | €1,020 | €717 | -€303 | -29.7% |
| Taxes | 450/3 | €303 | €0 | -€303 | -100.0% |
| Remuneration and social security | 454/9 | €717 | €717 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €86,847 | +€86,847 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,235 | €243,190 | +€68,955 | +39.6% |
| Other operating charges | 640/8 | €22,516 | €23,796 | +€1,281 | +5.7% |
| Gross operating margin | 9900 | €369,254 | €432,035 | +€62,781 | +17.0% |
| Operating profit (loss) | 9901 | €172,504 | €165,049 | -€7,455 | -4.3% |
| Financial income | 75/76B | €15,468 | €13,301 | -€2,167 | -14.0% |
| Recurring financial income | 75 | €15,468 | €13,301 | -€2,167 | -14.0% |
| Financial charges | 65/66B | €25,700 | €34,033 | +€8,333 | +32.4% |
| Recurring financial charges | 65 | €25,700 | €34,033 | +€8,333 | +32.4% |
| Profit (loss) for the period before taxes | 9903 | €162,272 | €144,317 | -€17,955 | -11.1% |
| Income taxes | 67/77 | €27,156 | €23,859 | -€3,296 | -12.1% |
| Profit (loss) for the period | 9904 | €135,117 | €120,458 | -€14,659 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €135,117 | €120,458 | -€14,659 | -10.8% |
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.