SERWEB: 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.
What changed
SERWEB
NACE 33.110, Repair and maintenance of fabricated metal products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€978
2024 · €15,263-€14,284
Equity
€5,138
2024 · €4,160+€978
Cash
€58,502
2024 · €57,657+€845
Balance sheet total
€367,230
2024 · €398,177-€30,947
Largest movements
Assets
- Tangible fixed assets -€35,710
down €35,710 (-10.9%), from €327,450 to €291,740
of which Land and buildings: -€18,311
Equity and liabilities
- Debts after one year -€17,440
down €17,440 (-9.8%), from €178,591 to €161,151
- Other debts -€12,343
down €12,343 (-6.5%), from €191,143 to €178,800
Income statement
- Gross operating margin -€11,570
down €11,570 (-15.2%), from €75,888 to €64,317
- Staff costs +€4,119
up €4,119 (+27.6%), from €14,922 to €19,041
- Financial charges -€1,064
down €1,064 (-16.0%), from €6,648 to €5,584
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.
Result 2024
€15,263
Gross operating margin
-€11,570
Staff costs
-€4,119
Depreciation
-€0
Other operating charges
-€228
Financial income
+€54
Financial charges
+€1,064
Taxes
+€515
Result 2025
€978
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.
From operations
+€17,669
Investment
€0
Financing
-€16,823
Cash 2024
€57,657
From operations (derived)
+€17,669
Net result for the year
+€978
Depreciation
+€35,710
Stocks and contracts
-€1,581
Receivables within one year
-€3,592
Deferred charges and accrued income
+€1,254
Trade debts
-€2,759
Other debts
-€12,343
Financing
-€16,823
Debts after one year
-€17,440
Current portion of long-term debt
+€617
Cash 2025
€58,502
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €398,177 | €367,230 | -€30,947 | -7.8% |
| Fixed assets | 21/28 | €327,450 | €291,740 | -€35,710 | -10.9% |
| Tangible fixed assets | 22/27 | €327,450 | €291,740 | -€35,710 | -10.9% |
| Land and buildings | 22 | €275,265 | €256,954 | -€18,311 | -6.7% |
| Plant, machinery and equipment | 23 | €1,186 | €0 | -€1,186 | -100.0% |
| Furniture and vehicles | 24 | €50,998 | €34,786 | -€16,212 | -31.8% |
| Current assets | 29/58 | €70,727 | €75,490 | +€4,763 | +6.7% |
| Stocks and contracts in progress | 3 | €5,359 | €6,939 | +€1,581 | +29.5% |
| Stocks | 30/36 | €5,359 | €6,939 | +€1,581 | +29.5% |
| Amounts receivable within one year | 40/41 | €4,100 | €7,692 | +€3,592 | +87.6% |
| Trade receivables | 40 | €3,060 | €3,915 | +€856 | +28.0% |
| Other amounts receivable | 41 | €1,040 | €3,776 | +€2,736 | +263.0% |
| Cash at bank and in hand | 54/58 | €57,657 | €58,502 | +€845 | +1.5% |
| Deferred charges and accrued income | 490/1 | €3,611 | €2,357 | -€1,254 | -34.7% |
| Total equity and liabilities | 10/49 | €398,177 | €367,230 | -€30,947 | -7.8% |
| Equity | 10/15 | €4,160 | €5,138 | +€978 | +23.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €145 | €145 | = | 0.0% |
| Non-distributable reserves | 130/1 | €145 | €145 | = | 0.0% |
| Reserves not available under the articles | 1311 | €145 | €145 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,985 | -€20,007 | +€978 | +4.7% |
| Amounts payable | 17/49 | €394,017 | €362,092 | -€31,925 | -8.1% |
| Amounts payable after more than one year | 17 | €178,591 | €161,151 | -€17,440 | -9.8% |
| Financial debts | 170/4 | €178,591 | €161,151 | -€17,440 | -9.8% |
| Amounts payable within one year | 42/48 | €215,426 | €200,941 | -€14,485 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €16,823 | €17,440 | +€617 | +3.7% |
| Trade debts | 44 | €5,635 | €2,875 | -€2,759 | -49.0% |
| Suppliers | 440/4 | €5,635 | €2,875 | -€2,759 | -49.0% |
| Taxes, remuneration and social security | 45 | €1,826 | €1,826 | = | 0.0% |
| Taxes | 450/3 | €1,826 | €1,826 | = | 0.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €191,143 | €178,800 | -€12,343 | -6.5% |
| Remuneration, social security and pensions | 62 | €14,922 | €19,041 | +€4,119 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,710 | €35,710 | +€0 | 0.0% |
| Other operating charges | 640/8 | €2,017 | €2,245 | +€228 | +11.3% |
| Gross operating margin | 9900 | €75,888 | €64,317 | -€11,570 | -15.2% |
| Operating profit (loss) | 9901 | €23,239 | €7,322 | -€15,917 | -68.5% |
| Financial income | 75/76B | €125 | €179 | +€54 | +43.4% |
| Recurring financial income | 75 | €125 | €179 | +€54 | +43.4% |
| Financial charges | 65/66B | €6,648 | €5,584 | -€1,064 | -16.0% |
| Recurring financial charges | 65 | €6,648 | €5,584 | -€1,064 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €16,716 | €1,918 | -€14,799 | -88.5% |
| Income taxes | 67/77 | €1,454 | €939 | -€515 | -35.4% |
| Profit (loss) for the period | 9904 | €15,263 | €978 | -€14,284 | -93.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,263 | €978 | -€14,284 | -93.6% |
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 4 October 2026 via checked.be.