SERUM: 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.
SERUM
Largest movements
- Financial fixed assets +€94,800
up €94,800 (+700%), from €13,548 to €108,348
- Cash -€45,618
down €45,618 (-72.0%), from €63,390 to €17,772
mainly Investment in fixed assets (net) (-€94,800) and Other debts (-€10,050)
- Current investments -€11,962
down €11,962 (-15.5%), from €77,231 to €65,269
- Receivables within one year +€3,891
up €3,891 (+21.2%), from €18,317 to €22,208
of which Trade receivables: +€3,891
- Deferred charges and accrued income -€3,578
down €3,578 (-20.9%), from €17,143 to €13,565
- Reserves +€43,496
up €43,496 (+31.9%), from €136,507 to €180,002
- Other debts -€10,050
down €10,050 (-90.7%), from €11,076 to €1,026
- Financial income +€15,818
up €15,818 (+2,599%), from €609 to €16,427
- Gross operating margin -€3,826
down €3,826 (-7.5%), from €51,077 to €47,251
- Taxes +€923
up €923 (+5.4%), from €17,028 to €17,951
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 | €194,244 | €230,371 | +€36,127 | +18.6% |
| Fixed assets | 21/28 | €18,163 | €111,558 | +€93,395 | +514% |
| Tangible fixed assets | 22/27 | €4,614 | €3,209 | -€1,405 | -30.5% |
| Plant, machinery and equipment | 23 | €1,188 | €686 | -€502 | -42.3% |
| Furniture and vehicles | 24 | €3,426 | €2,523 | -€903 | -26.4% |
| Financial fixed assets | 28 | €13,548 | €108,348 | +€94,800 | +700% |
| Current assets | 29/58 | €176,081 | €118,814 | -€57,268 | -32.5% |
| Amounts receivable within one year | 40/41 | €18,317 | €22,208 | +€3,891 | +21.2% |
| Trade receivables | 40 | €18,317 | €22,208 | +€3,891 | +21.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €77,231 | €65,269 | -€11,962 | -15.5% |
| Cash at bank and in hand | 54/58 | €63,390 | €17,772 | -€45,618 | -72.0% |
| Deferred charges and accrued income | 490/1 | €17,143 | €13,565 | -€3,578 | -20.9% |
| Total equity and liabilities | 10/49 | €194,244 | €230,371 | +€36,127 | +18.6% |
| Equity | 10/15 | €161,507 | €205,002 | +€43,496 | +26.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €136,507 | €180,002 | +€43,496 | +31.9% |
| Distributable reserves | 133 | €136,507 | €180,002 | +€43,496 | +31.9% |
| Amounts payable | 17/49 | €32,737 | €25,369 | -€7,368 | -22.5% |
| Amounts payable within one year | 42/48 | €32,675 | €25,317 | -€7,358 | -22.5% |
| Financial debts | 43 | €1,439 | €1,693 | +€254 | +17.7% |
| Credit institutions | 430/8 | €1,439 | €1,693 | +€254 | +17.7% |
| Trade debts | 44 | €7,509 | €9,790 | +€2,281 | +30.4% |
| Suppliers | 440/4 | €7,509 | €9,790 | +€2,281 | +30.4% |
| Taxes, remuneration and social security | 45 | €12,650 | €12,807 | +€157 | +1.2% |
| Taxes | 450/3 | €12,650 | €12,807 | +€157 | +1.2% |
| Other amounts payable | 47/48 | €11,076 | €1,026 | -€10,050 | -90.7% |
| Accrued charges and deferred income | 492/3 | €62 | €52 | -€10 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,221 | €1,405 | +€184 | +15.1% |
| Other operating charges | 640/8 | €898 | €520 | -€378 | -42.1% |
| Gross operating margin | 9900 | €51,077 | €47,251 | -€3,826 | -7.5% |
| Operating profit (loss) | 9901 | €48,957 | €45,326 | -€3,631 | -7.4% |
| Financial income | 75/76B | €609 | €16,427 | +€15,818 | +2,599% |
| Recurring financial income | 75 | €609 | €16,427 | +€15,818 | +2,599% |
| Financial charges | 65/66B | €223 | €306 | +€83 | +37.3% |
| Recurring financial charges | 65 | €223 | €306 | +€83 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | €49,343 | €61,447 | +€12,104 | +24.5% |
| Income taxes | 67/77 | €17,028 | €17,951 | +€923 | +5.4% |
| Profit (loss) for the period | 9904 | €32,315 | €43,496 | +€11,181 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,315 | €43,496 | +€11,181 | +34.6% |
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 14 October 2026 via checked.be.