Servaes: 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.
Servaes
Largest movements
- Tangible fixed assets +€259,739
up €259,739 (+161.0%), from €161,311 to €421,049
of which Other tangible fixed assets: +€245,072
- Stocks and contracts -€219,903
down €219,903 (-8.3%), from €2.6m to €2.4m
- Cash +€156,265
up €156,265 (+155.2%), from €100,682 to €256,947
- Receivables within one year +€59,531
up €59,531 (+4.5%), from €1.3m to €1.4m
of which Trade receivables: +€42,389
- Receivables after one year -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Short-term financial debts -€426,281
down €426,281 (-81.0%), from €526,281 to €100,000
- Reserves +€363,799
up €363,799 (+20.2%), from €1.8m to €2.2m
of which Tax-exempt reserves: +€273,650
- Trade debts +€346,491
up €346,491 (+22.0%), from €1.6m to €1.9m
- Contributions -€180,000
down €180,000 (-78.4%), from €229,600 to €49,600
- Other debts +€64,334
up €64,334 (+2715.9%), from €2,369 to €66,703
- Gross operating margin +€996,299
up €996,299 (+128.0%), from €778,549 to €1.8m
- Staff costs +€466,332
up €466,332 (+106.8%), from €436,449 to €902,780
- Taxes +€144,762
up €144,762 (+254.3%), from €56,926 to €201,689
- Depreciation +€27,202
up €27,202 (+29.8%), from €91,431 to €118,633
- Financial income +€20,386
up €20,386 (+662.0%), from €3,080 to €23,465
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,312,728 | €4,534,252 | +€221,524 | +5.1% |
| Fixed assets | 21/28 | €168,751 | €439,635 | +€270,885 | +160.5% |
| Intangible fixed assets | 21 | - | €10,296 | +€10,296 | |
| Tangible fixed assets | 22/27 | €161,311 | €421,049 | +€259,739 | +161.0% |
| Land and buildings | 22 | €112,600 | €136,658 | +€24,058 | +21.4% |
| Plant, machinery and equipment | 23 | €21,921 | €21,250 | -€672 | -3.1% |
| Furniture and vehicles | 24 | €26,790 | €18,070 | -€8,720 | -32.5% |
| Other tangible fixed assets | 26 | - | €245,072 | +€245,072 | |
| Financial fixed assets | 28 | €7,440 | €8,290 | +€850 | +11.4% |
| Current assets | 29/58 | €4,143,977 | €4,094,617 | -€49,360 | -1.2% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100.0% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100.0% |
| Stocks and contracts in progress | 3 | €2,649,853 | €2,429,950 | -€219,903 | -8.3% |
| Stocks | 30/36 | €2,649,853 | €2,429,950 | -€219,903 | -8.3% |
| Amounts receivable within one year | 40/41 | €1,336,984 | €1,396,515 | +€59,531 | +4.5% |
| Trade receivables | 40 | €1,292,542 | €1,334,931 | +€42,389 | +3.3% |
| Other amounts receivable | 41 | €44,442 | €61,583 | +€17,141 | +38.6% |
| Cash at bank and in hand | 54/58 | €100,682 | €256,947 | +€156,265 | +155.2% |
| Deferred charges and accrued income | 490/1 | €6,458 | €11,205 | +€4,747 | +73.5% |
| Total equity and liabilities | 10/49 | €4,312,728 | €4,534,252 | +€221,524 | +5.1% |
| Equity | 10/15 | €2,028,297 | €2,212,096 | +€183,799 | +9.1% |
| Contributions | 10/11 | €229,600 | €49,600 | -€180,000 | -78.4% |
| Reserves | 13 | €1,798,697 | €2,162,496 | +€363,799 | +20.2% |
| Non-distributable reserves | 130/1 | €20,601 | €20,601 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,601 | €20,601 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,507 | €289,157 | +€273,650 | +1764.7% |
| Distributable reserves | 133 | €1,762,589 | €1,852,738 | +€90,149 | +5.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €10,800 | €15,750 | +€4,950 | +45.8% |
| Provisions for liabilities and charges | 160/5 | €10,800 | €15,750 | +€4,950 | +45.8% |
| Other liabilities and charges | 164/5 | €10,800 | €15,750 | +€4,950 | +45.8% |
| Amounts payable | 17/49 | €2,273,631 | €2,306,406 | +€32,775 | +1.4% |
| Amounts payable after more than one year | 17 | €29,999 | €40,245 | +€10,246 | +34.2% |
| Financial debts | 170/4 | €29,999 | €40,245 | +€10,246 | +34.2% |
| Amounts payable within one year | 42/48 | €2,243,632 | €2,266,161 | +€22,529 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €59,844 | €64,282 | +€4,438 | +7.4% |
| Financial debts | 43 | €526,281 | €100,000 | -€426,281 | -81.0% |
| Credit institutions | 430/8 | €526,281 | €100,000 | -€426,281 | -81.0% |
| Trade debts | 44 | €1,576,353 | €1,922,843 | +€346,491 | +22.0% |
| Suppliers | 440/4 | €1,576,353 | €1,922,843 | +€346,491 | +22.0% |
| Taxes, remuneration and social security | 45 | €78,786 | €112,334 | +€33,548 | +42.6% |
| Taxes | 450/3 | €31,926 | €8,035 | -€23,892 | -74.8% |
| Remuneration and social security | 454/9 | €46,860 | €104,299 | +€57,439 | +122.6% |
| Other amounts payable | 47/48 | €2,369 | €66,703 | +€64,334 | +2715.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €436,449 | €902,780 | +€466,332 | +106.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,431 | €118,633 | +€27,202 | +29.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | €4,950 | +€4,950 | |
| Other operating charges | 640/8 | €15,588 | €28,222 | +€12,634 | +81.1% |
| Non-recurring operating charges | 66A | - | €4,800 | +€4,800 | |
| Gross operating margin | 9900 | €778,549 | €1,774,847 | +€996,299 | +128.0% |
| Operating profit (loss) | 9901 | €235,082 | €715,462 | +€480,380 | +204.3% |
| Financial income | 75/76B | €3,080 | €23,465 | +€20,386 | +662.0% |
| Recurring financial income | 75 | €3,080 | €23,465 | +€20,386 | +662.0% |
| Financial charges | 65/66B | €55,292 | €67,567 | +€12,275 | +22.2% |
| Recurring financial charges | 65 | €55,292 | €67,567 | +€12,275 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €182,870 | €671,361 | +€488,491 | +267.1% |
| Income taxes | 67/77 | €56,926 | €201,689 | +€144,762 | +254.3% |
| Profit (loss) for the period | 9904 | €125,944 | €469,672 | +€343,729 | +272.9% |
| Transfer to tax-exempt reserves | 689 | - | €273,650 | +€273,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €125,944 | €196,022 | +€70,079 | +55.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.