SZERER LAW: 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.
SZERER LAW
Largest movements
- Receivables after one year +€150,527
up €150,527 (+36.5%), from €412,055 to €562,582
- Cash +€28,321
up €28,321 (+31.2%), from €90,824 to €119,145
mainly Net result for the year (+€143,537) and Tax, wage and social debts (+€36,736)
- Reserves +€143,537
up €143,537 (+34.4%), from €417,433 to €560,970
- Tax, wage and social debts +€36,736
up €36,736 (+41.2%), from €89,161 to €125,897
of which Taxes: +€36,673
- Current portion of long-term debt -€15,064
no longer reported in 2025 (was €15,064)
- Depreciation -€21,231
down €21,231 (-73.5%), from €28,875 to €7,644
- Gross operating margin +€16,040
up €16,040 (+7.6%), from €211,087 to €227,126
- Taxes +€12,158
up €12,158 (+19.9%), from €61,142 to €73,299
- Other operating charges -€2,745
down €2,745 (-79.8%), from €3,439 to €694
- Financial income +€2,472
up €2,472 (+13.3%), from €18,559 to €21,031
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 | €544,191 | €708,521 | +€164,329 | +30.2% |
| Fixed assets | 21/28 | €8,106 | €1,661 | -€6,445 | -79.5% |
| Tangible fixed assets | 22/27 | €8,106 | €1,661 | -€6,445 | -79.5% |
| Furniture and vehicles | 24 | €8,106 | €1,661 | -€6,445 | -79.5% |
| Current assets | 29/58 | €536,085 | €706,859 | +€170,774 | +31.9% |
| Amounts receivable after more than one year | 29 | €412,055 | €562,582 | +€150,527 | +36.5% |
| Trade receivables | 290 | €412,055 | €562,582 | +€150,527 | +36.5% |
| Amounts receivable within one year | 40/41 | €26,826 | €23,942 | -€2,884 | -10.8% |
| Trade receivables | 40 | €26,810 | €23,940 | -€2,870 | -10.7% |
| Other amounts receivable | 41 | €16 | €2 | -€14 | -87.6% |
| Cash at bank and in hand | 54/58 | €90,824 | €119,145 | +€28,321 | +31.2% |
| Deferred charges and accrued income | 490/1 | €6,380 | €1,190 | -€5,190 | -81.3% |
| Total equity and liabilities | 10/49 | €544,191 | €708,521 | +€164,329 | +30.2% |
| Equity | 10/15 | €427,433 | €570,970 | +€143,537 | +33.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €417,433 | €560,970 | +€143,537 | +34.4% |
| Distributable reserves | 133 | €417,433 | €560,970 | +€143,537 | +34.4% |
| Amounts payable | 17/49 | €116,758 | €137,550 | +€20,792 | +17.8% |
| Amounts payable within one year | 42/48 | €116,758 | €137,550 | +€20,792 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €15,064 | - | -€15,064 | |
| Trade debts | 44 | €3,925 | €3,282 | -€643 | -16.4% |
| Suppliers | 440/4 | €3,925 | €3,282 | -€643 | -16.4% |
| Advances received on contracts in progress | 46 | €8,371 | €8,371 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €89,161 | €125,897 | +€36,736 | +41.2% |
| Taxes | 450/3 | €87,197 | €123,870 | +€36,673 | +42.1% |
| Remuneration and social security | 454/9 | €1,964 | €2,027 | +€63 | +3.2% |
| Other amounts payable | 47/48 | €236 | - | -€236 | |
| Remuneration, social security and pensions | 62 | €21,429 | €22,106 | +€677 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,875 | €7,644 | -€21,231 | -73.5% |
| Other operating charges | 640/8 | €3,439 | €694 | -€2,745 | -79.8% |
| Gross operating margin | 9900 | €211,087 | €227,126 | +€16,040 | +7.6% |
| Operating profit (loss) | 9901 | €157,344 | €196,683 | +€39,339 | +25.0% |
| Financial income | 75/76B | €18,559 | €21,031 | +€2,472 | +13.3% |
| Recurring financial income | 75 | €18,559 | €21,031 | +€2,472 | +13.3% |
| Financial charges | 65/66B | €1,467 | €878 | -€589 | -40.2% |
| Recurring financial charges | 65 | €1,467 | €878 | -€589 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €174,436 | €216,836 | +€42,401 | +24.3% |
| Income taxes | 67/77 | €61,142 | €73,299 | +€12,158 | +19.9% |
| Profit (loss) for the period | 9904 | €113,294 | €143,537 | +€30,243 | +26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,294 | €143,537 | +€30,243 | +26.7% |
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 26 October 2026 via checked.be.