SerX: 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.
SerX
Largest movements
- Receivables within one year -€34,657
down €34,657 (-18.2%), from €190,561 to €155,904
of which Other amounts receivable: -€23,331
- Cash -€5,463
down €5,463 (-12.5%), from €43,654 to €38,191
mainly Contributions, distributions and other (-€64,327) and Tax, wage and social debts (-€26,001)
- Deferred charges and accrued income +€2,517
up €2,517 (+962.0%), from €262 to €2,778
- Tax, wage and social debts -€26,001
down €26,001 (-72.4%), from €35,896 to €9,895
of which Taxes: -€27,601
- Reserves -€14,691
down €14,691 (-7.4%), from €199,073 to €184,382
- Gross operating margin -€26,966
down €26,966 (-31.6%), from €85,268 to €58,302
- Depreciation -€5,379
down €5,379 (-79.9%), from €6,736 to €1,357
- Taxes -€4,152
down €4,152 (-23.3%), from €17,822 to €13,670
- Financial income +€2,199
up €2,199 (+40.9%), from €5,381 to €7,580
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 | €238,652 | €200,491 | -€38,162 | -16.0% |
| Fixed assets | 21/28 | €4,175 | €3,617 | -€559 | -13.4% |
| Tangible fixed assets | 22/27 | €4,175 | €3,617 | -€559 | -13.4% |
| Plant, machinery and equipment | 23 | €2,153 | €2,062 | -€92 | -4.3% |
| Furniture and vehicles | 24 | €2,022 | €1,555 | -€467 | -23.1% |
| Current assets | 29/58 | €234,477 | €196,874 | -€37,603 | -16.0% |
| Amounts receivable within one year | 40/41 | €190,561 | €155,904 | -€34,657 | -18.2% |
| Trade receivables | 40 | €45,932 | €34,606 | -€11,326 | -24.7% |
| Other amounts receivable | 41 | €144,629 | €121,298 | -€23,331 | -16.1% |
| Cash at bank and in hand | 54/58 | €43,654 | €38,191 | -€5,463 | -12.5% |
| Deferred charges and accrued income | 490/1 | €262 | €2,778 | +€2,517 | +962.0% |
| Total equity and liabilities | 10/49 | €238,652 | €200,491 | -€38,162 | -16.0% |
| Equity | 10/15 | €201,573 | €186,882 | -€14,691 | -7.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €199,073 | €184,382 | -€14,691 | -7.4% |
| Distributable reserves | 133 | €199,073 | €184,382 | -€14,691 | -7.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €37,079 | €13,608 | -€23,470 | -63.3% |
| Amounts payable within one year | 42/48 | €37,079 | €13,408 | -€23,670 | -63.8% |
| Trade debts | 44 | €1,182 | €3,513 | +€2,331 | +197.1% |
| Suppliers | 440/4 | €1,182 | €3,513 | +€2,331 | +197.1% |
| Taxes, remuneration and social security | 45 | €35,896 | €9,895 | -€26,001 | -72.4% |
| Taxes | 450/3 | €35,896 | €8,295 | -€27,601 | -76.9% |
| Remuneration and social security | 454/9 | - | €1,600 | +€1,600 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,736 | €1,357 | -€5,379 | -79.9% |
| Other operating charges | 640/8 | €1,495 | €970 | -€525 | -35.1% |
| Gross operating margin | 9900 | €85,268 | €58,302 | -€26,966 | -31.6% |
| Operating profit (loss) | 9901 | €77,037 | €55,975 | -€21,062 | -27.3% |
| Financial income | 75/76B | €5,381 | €7,580 | +€2,199 | +40.9% |
| Recurring financial income | 75 | €5,381 | €7,580 | +€2,199 | +40.9% |
| Financial charges | 65/66B | €269 | €249 | -€20 | -7.4% |
| Recurring financial charges | 65 | €269 | €249 | -€20 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €82,149 | €63,306 | -€18,843 | -22.9% |
| Income taxes | 67/77 | €17,822 | €13,670 | -€4,152 | -23.3% |
| Profit (loss) for the period | 9904 | €64,327 | €49,636 | -€14,691 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €64,327 | €49,636 | -€14,691 | -22.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.