SERWOLAR: 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.
SERWOLAR
Largest movements
- Current investments -€25,000
no longer reported in 2025 (was €25,000)
- Cash -€23,725
down €23,725 (-71.2%), from €33,302 to €9,577
mainly Net result for the year (-€17,881) and Receivables within one year (-€14,538)
- Receivables within one year +€14,538
up €14,538 (+38.1%), from €38,184 to €52,722
of which Trade receivables: +€14,538
- Tangible fixed assets -€3,176
down €3,176 (-34.4%), from €9,247 to €6,070
- Reserves -€17,881
down €17,881 (-33.8%), from €52,900 to €35,019
- Tax, wage and social debts -€13,097
down €13,097 (-70.0%), from €18,705 to €5,608
- Trade debts -€6,489
down €6,489 (-81.5%), from €7,958 to €1,469
- Financial income +€2,053
up €2,053 (+8460.9%), from €24 to €2,077
of which Non-recurring financial income: +€2,072
- Gross operating margin -€1,975
down €1,975 (-24.2%), from -€8,153 to -€10,128
- Financial charges +€417
up €417 (+228.8%), from €182 to €600
- Other operating charges -€289
down €289 (-7.5%), from €3,823 to €3,535
- Depreciation +€117
up €117 (+2.3%), from €5,024 to €5,141
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 | €107,756 | €70,466 | -€37,290 | -34.6% |
| Fixed assets | 21/28 | €9,417 | €6,510 | -€2,906 | -30.9% |
| Tangible fixed assets | 22/27 | €9,247 | €6,070 | -€3,176 | -34.4% |
| Furniture and vehicles | 24 | €9,247 | €6,070 | -€3,176 | -34.4% |
| Financial fixed assets | 28 | €170 | €440 | +€270 | +158.8% |
| Current assets | 29/58 | €98,339 | €63,956 | -€34,384 | -35.0% |
| Amounts receivable within one year | 40/41 | €38,184 | €52,722 | +€14,538 | +38.1% |
| Trade receivables | 40 | €38,183 | €52,722 | +€14,538 | +38.1% |
| Other amounts receivable | 41 | €0 | - | -€0 | |
| Current investments | 50/53 | €25,000 | - | -€25,000 | |
| Cash at bank and in hand | 54/58 | €33,302 | €9,577 | -€23,725 | -71.2% |
| Deferred charges and accrued income | 490/1 | €1,853 | €1,657 | -€197 | -10.6% |
| Total equity and liabilities | 10/49 | €107,756 | €70,466 | -€37,290 | -34.6% |
| Equity | 10/15 | €59,100 | €41,219 | -€17,881 | -30.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €52,900 | €35,019 | -€17,881 | -33.8% |
| Distributable reserves | 133 | €52,900 | €35,019 | -€17,881 | -33.8% |
| Amounts payable | 17/49 | €48,656 | €29,247 | -€19,409 | -39.9% |
| Amounts payable within one year | 42/48 | €48,656 | €29,247 | -€19,409 | -39.9% |
| Trade debts | 44 | €7,958 | €1,469 | -€6,489 | -81.5% |
| Suppliers | 440/4 | €7,958 | €1,469 | -€6,489 | -81.5% |
| Taxes, remuneration and social security | 45 | €18,705 | €5,608 | -€13,097 | -70.0% |
| Taxes | 450/3 | €18,705 | €5,608 | -€13,097 | -70.0% |
| Other amounts payable | 47/48 | €21,992 | €22,170 | +€178 | +0.8% |
| Non-recurring operating income | 76A | - | €7,012 | +€7,012 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,024 | €5,141 | +€117 | +2.3% |
| Other operating charges | 640/8 | €3,823 | €3,535 | -€289 | -7.5% |
| Gross operating margin | 9900 | -€8,153 | -€10,128 | -€1,975 | -24.2% |
| Operating profit (loss) | 9901 | -€17,001 | -€18,804 | -€1,803 | -10.6% |
| Financial income | 75/76B | €24 | €2,077 | +€2,053 | +8460.9% |
| Recurring financial income | 75 | €24 | €5 | -€20 | -81.3% |
| Non-recurring financial income | 76B | - | €2,072 | +€2,072 | |
| Financial charges | 65/66B | €182 | €600 | +€417 | +228.8% |
| Recurring financial charges | 65 | €182 | €600 | +€417 | +228.8% |
| Profit (loss) for the period before taxes | 9903 | -€17,159 | -€17,327 | -€168 | -1.0% |
| Income taxes | 67/77 | €636 | €555 | -€81 | -12.8% |
| Profit (loss) for the period | 9904 | -€17,795 | -€17,881 | -€86 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,795 | -€17,881 | -€86 | -0.5% |
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 11 October 2026 via checked.be.