SERSAU: 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.
SERSAU
Largest movements
- Tangible fixed assets -€76,626
down €76,626 (-4.5%), from €1.7m to €1.6m
of which Land and buildings: -€75,104
- Other debts -€47,544
down €47,544 (-4.0%), from €1.2m to €1.2m
- Profit (loss) carried forward -€24,465
down €24,465 (-1.8%), from -€1.3m to -€1.4m
- Depreciation -€10,366
down €10,366 (-11.9%), from €86,993 to €76,626
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 | €1,804,068 | €1,732,204 | -€71,865 | -4.0% |
| Fixed assets | 21/28 | €1,794,650 | €1,718,024 | -€76,626 | -4.3% |
| Tangible fixed assets | 22/27 | €1,691,112 | €1,614,485 | -€76,626 | -4.5% |
| Land and buildings | 22 | €1,670,858 | €1,595,754 | -€75,104 | -4.5% |
| Furniture and vehicles | 24 | €20,254 | €18,731 | -€1,523 | -7.5% |
| Financial fixed assets | 28 | €103,539 | €103,539 | = | 0.0% |
| Current assets | 29/58 | €9,418 | €14,180 | +€4,762 | +50.6% |
| Amounts receivable within one year | 40/41 | €533 | €1,133 | +€600 | +112.6% |
| Trade receivables | 40 | - | €300 | +€300 | |
| Other amounts receivable | 41 | €533 | €833 | +€300 | +56.3% |
| Cash at bank and in hand | 54/58 | €4,931 | €9,006 | +€4,075 | +82.6% |
| Deferred charges and accrued income | 490/1 | €3,954 | €4,041 | +€87 | +2.2% |
| Total equity and liabilities | 10/49 | €1,804,068 | €1,732,204 | -€71,865 | -4.0% |
| Equity | 10/15 | -€577,108 | -€601,572 | -€24,465 | -4.2% |
| Contributions | 10/11 | €412,000 | €412,000 | = | 0.0% |
| Capital | 10 | €412,000 | €412,000 | = | 0.0% |
| Issued capital | 100 | €412,000 | €412,000 | = | 0.0% |
| Revaluation surpluses | 12 | €350,000 | €350,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,339,108 | -€1,363,572 | -€24,465 | -1.8% |
| Amounts payable | 17/49 | €2,381,176 | €2,333,776 | -€47,400 | -2.0% |
| Amounts payable after more than one year | 17 | €1,176,050 | €1,176,050 | = | 0.0% |
| Financial debts | 170/4 | €1,176,050 | €1,176,050 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,205,126 | €1,157,726 | -€47,400 | -3.9% |
| Trade debts | 44 | €4,813 | €4,957 | +€144 | +3.0% |
| Suppliers | 440/4 | €4,813 | €4,957 | +€144 | +3.0% |
| Taxes, remuneration and social security | 45 | €318 | €318 | -€0 | -0.1% |
| Taxes | 450/3 | €318 | €318 | -€0 | -0.1% |
| Other amounts payable | 47/48 | €1,199,995 | €1,152,451 | -€47,544 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,993 | €76,626 | -€10,366 | -11.9% |
| Other operating charges | 640/8 | €12,192 | €12,609 | +€417 | +3.4% |
| Gross operating margin | 9900 | €91,221 | €90,909 | -€312 | -0.3% |
| Operating profit (loss) | 9901 | -€7,964 | €1,674 | +€9,637 | |
| Financial income | 75/76B | €1 | €37 | +€36 | +4782.9% |
| Recurring financial income | 75 | €1 | €37 | +€36 | +4782.9% |
| Financial charges | 65/66B | €25,788 | €25,846 | +€58 | +0.2% |
| Recurring financial charges | 65 | €25,788 | €25,846 | +€58 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€33,751 | -€24,136 | +€9,616 | +28.5% |
| Income taxes | 67/77 | €318 | €329 | +€11 | +3.4% |
| Profit (loss) for the period | 9904 | -€34,070 | -€24,465 | +€9,605 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,070 | -€24,465 | +€9,605 | +28.2% |
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 29 September 2026 via checked.be.