SERRY KOEN: 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.
SERRY KOEN
Largest movements
- Cash -€42,512
down €42,512 (-13.5%), from €315,246 to €272,734
mainly Other debts (-€46,350) and Accrued charges and deferred income (-€19,840)
- Receivables within one year -€41,476
down €41,476 (-63.5%), from €65,308 to €23,832
of which Trade receivables: -€38,961
- Tangible fixed assets +€4,296
up €4,296 (+35.8%), from €12,001 to €16,297
- Other debts -€46,350
down €46,350 (-40.7%), from €114,020 to €67,671
- Accrued charges and deferred income -€19,840
no longer reported in 2025 (was €19,840)
- Reserves -€17,434
down €17,434 (-7.8%), from €224,510 to €207,076
- Other operating charges +€25,302
up €25,302 (+888.3%), from €2,848 to €28,150
- Gross operating margin -€25,121
down €25,121 (-60.2%), from €41,737 to €16,616
- Financial charges -€13,379
down €13,379 (-98.1%), from €13,643 to €264
- Depreciation -€6,428
down €6,428 (-39.8%), from €16,132 to €9,704
- Taxes -€4,049
down €4,049 (-94.2%), from €4,300 to €251
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 | €404,544 | €324,426 | -€80,117 | -19.8% |
| Fixed assets | 21/28 | €12,001 | €16,297 | +€4,296 | +35.8% |
| Tangible fixed assets | 22/27 | €12,001 | €16,297 | +€4,296 | +35.8% |
| Plant, machinery and equipment | 23 | €12,001 | €16,297 | +€4,296 | +35.8% |
| Current assets | 29/58 | €392,543 | €308,129 | -€84,413 | -21.5% |
| Stocks and contracts in progress | 3 | €9,629 | €9,164 | -€465 | -4.8% |
| Stocks | 30/36 | €8,879 | €6,435 | -€2,444 | -27.5% |
| Contracts in progress | 37 | €750 | €2,729 | +€1,979 | +263.8% |
| Amounts receivable within one year | 40/41 | €65,308 | €23,832 | -€41,476 | -63.5% |
| Trade receivables | 40 | €48,694 | €9,733 | -€38,961 | -80.0% |
| Other amounts receivable | 41 | €16,614 | €14,098 | -€2,516 | -15.1% |
| Cash at bank and in hand | 54/58 | €315,246 | €272,734 | -€42,512 | -13.5% |
| Deferred charges and accrued income | 490/1 | €2,360 | €2,400 | +€41 | +1.7% |
| Total equity and liabilities | 10/49 | €404,544 | €324,426 | -€80,117 | -19.8% |
| Equity | 10/15 | €236,910 | €219,476 | -€17,434 | -7.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €224,510 | €207,076 | -€17,434 | -7.8% |
| Distributable reserves | 133 | €224,510 | €207,076 | -€17,434 | -7.8% |
| Amounts payable | 17/49 | €167,634 | €104,951 | -€62,684 | -37.4% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Other amounts payable | 178/9 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €122,794 | €79,951 | -€42,844 | -34.9% |
| Trade debts | 44 | €7,259 | €10,835 | +€3,576 | +49.3% |
| Suppliers | 440/4 | €7,259 | €10,835 | +€3,576 | +49.3% |
| Taxes, remuneration and social security | 45 | €1,515 | €1,445 | -€70 | -4.6% |
| Taxes | 450/3 | €1,515 | €1,445 | -€70 | -4.6% |
| Other amounts payable | 47/48 | €114,020 | €67,671 | -€46,350 | -40.7% |
| Accrued charges and deferred income | 492/3 | €19,840 | - | -€19,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,132 | €9,704 | -€6,428 | -39.8% |
| Other operating charges | 640/8 | €2,848 | €28,150 | +€25,302 | +888.3% |
| Gross operating margin | 9900 | €41,737 | €16,616 | -€25,121 | -60.2% |
| Operating profit (loss) | 9901 | €22,756 | -€21,239 | -€43,995 | |
| Financial income | 75/76B | €4,384 | €4,733 | +€349 | +8.0% |
| Recurring financial income | 75 | €4,384 | €4,733 | +€349 | +8.0% |
| Financial charges | 65/66B | €13,643 | €264 | -€13,379 | -98.1% |
| Recurring financial charges | 65 | €13,643 | €264 | -€13,379 | -98.1% |
| Profit (loss) for the period before taxes | 9903 | €13,498 | -€16,770 | -€30,267 | |
| Income taxes | 67/77 | €4,300 | €251 | -€4,049 | -94.2% |
| Profit (loss) for the period | 9904 | €9,197 | -€17,021 | -€26,219 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,197 | -€17,021 | -€26,219 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.