Serpo: 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
Serpo
NACE 20.110, Manufacture of chemicals and chemical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€713,868
2024 · €467,894+€245,974
Equity
€7.0m
2024 · €6.7m+€263,019
Cash
€945,691
2024 · €999,070-€53,379
Balance sheet total
€8.9m
2024 · €8.2m+€675,863
Largest movements
Assets
- Receivables within one year +€395,523
up €395,523 (+60.2%), from €657,406 to €1.1m
of which Trade receivables: +€477,597
- Current investments +€250,000
up €250,000 (+41.7%), from €600,000 to €850,000
- Stocks and contracts +€129,644
up €129,644 (+32.8%), from €395,432 to €525,076
Equity and liabilities
- Profit (loss) carried forward +€263,670
up €263,670 (+68.8%), from €383,444 to €647,114
- Trade debts +€225,198
up €225,198 (+178.8%), from €125,920 to €351,118
- Other debts +€152,186
up €152,186 (+51.0%), from €298,663 to €450,849
Income statement
- Turnover +€1.3m
up €1.3m (+26.4%), from €5.1m to €6.4m
- Goods and materials +€978,291
up €978,291 (+47.8%), from €2.0m to €3.0m
of which Purchases: +€1.1m
- Financial charges +€198,094
up €198,094 (+984.4%), from €20,124 to €218,218
of which Non-recurring financial charges: +€197,862
- Staff costs -€171,847
down €171,847 (-10.3%), from €1.7m to €1.5m
- Services and other goods +€159,170
up €159,170 (+22.6%), from €703,814 to €862,984
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
€467,894
Turnover
+€1.3m
Other operating income
-€23,008
Goods and materials
-€978,291
Services and other goods
-€159,170
Staff costs
+€171,847
Depreciation
+€40,894
Write-downs
+€139,166
Other operating charges
-€34,779
Other operating items
+€52,940
Financial income
+€42,496
Financial charges
-€198,094
Taxes
-€139,032
Deferred taxes and other
-€918
Result 2025
€713,868
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
+€749,694
Investment
-€352,223
Financing
-€450,849
Cash 2024
€999,070
From operations (derived)
+€749,694
Net result for the year
+€713,868
Depreciation
+€146,905
Stocks and contracts
-€129,644
Receivables within one year
-€395,523
Smaller working-capital items
+€1,027
Trade debts
+€225,198
Tax, wage and social debts
+€29,362
Other debts
+€152,186
Accrued charges and deferred income
+€6,316
Investment (derived)
-€352,223
Investment in fixed assets (net)
-€102,223
Current investments
-€250,000
Financing
-€450,849
Contributions, distributions and other
-€450,849
Cash 2025
€945,691
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,177,739 | €8,853,601 | +€675,863 | +8.3% |
| Fixed assets | 21/28 | €5,524,278 | €5,479,597 | -€44,681 | -0.8% |
| Tangible fixed assets | 22/27 | €2,562,519 | €2,517,837 | -€44,681 | -1.7% |
| Land and buildings | 22 | €1,681,386 | €1,666,823 | -€14,563 | -0.9% |
| Plant, machinery and equipment | 23 | €607,435 | €624,416 | +€16,980 | +2.8% |
| Furniture and vehicles | 24 | €91,930 | €60,011 | -€31,919 | -34.7% |
| Other tangible fixed assets | 26 | €181,767 | €166,588 | -€15,179 | -8.4% |
| Financial fixed assets | 28 | €2,961,759 | €2,961,759 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,961,759 | €2,961,759 | = | 0.0% |
| Shares | 284 | €2,961,660 | €2,961,660 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €2,653,461 | €3,374,005 | +€720,544 | +27.2% |
| Stocks and contracts in progress | 3 | €395,432 | €525,076 | +€129,644 | +32.8% |
| Stocks | 30/36 | €395,432 | €525,076 | +€129,644 | +32.8% |
| Raw materials and consumables | 30/31 | €339,181 | €436,379 | +€97,198 | +28.7% |
| Work in progress | 32 | €9,099 | €7,128 | -€1,971 | -21.7% |
| Finished goods | 33 | €47,152 | €81,569 | +€34,416 | +73.0% |
| Amounts receivable within one year | 40/41 | €657,406 | €1,052,929 | +€395,523 | +60.2% |
| Trade receivables | 40 | €563,139 | €1,040,736 | +€477,597 | +84.8% |
| Other amounts receivable | 41 | €94,267 | €12,194 | -€82,073 | -87.1% |
| Current investments | 50/53 | €600,000 | €850,000 | +€250,000 | +41.7% |
| Other investments | 51/53 | €600,000 | €850,000 | +€250,000 | +41.7% |
| Cash at bank and in hand | 54/58 | €999,070 | €945,691 | -€53,379 | -5.3% |
| Deferred charges and accrued income | 490/1 | €1,552 | €308 | -€1,244 | -80.2% |
| Total equity and liabilities | 10/49 | €8,177,739 | €8,853,601 | +€675,863 | +8.3% |
| Equity | 10/15 | €6,736,633 | €6,999,652 | +€263,019 | +3.9% |
| Contributions | 10/11 | €500,248 | €500,248 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Outside capital | 11 | €248 | €248 | = | 0.0% |
| Share premium | 1100/10 | €248 | €248 | = | 0.0% |
| Reserves | 13 | €5,852,942 | €5,852,290 | -€652 | 0.0% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,942 | €2,290 | -€652 | -22.2% |
| Distributable reserves | 133 | €5,800,000 | €5,800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €383,444 | €647,114 | +€263,670 | +68.8% |
| Provisions and deferred taxes | 16 | €700,981 | €700,763 | -€217 | 0.0% |
| Provisions for liabilities and charges | 160/5 | €700,000 | €700,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €700,000 | €700,000 | = | 0.0% |
| Deferred taxes | 168 | €981 | €763 | -€217 | -22.2% |
| Amounts payable | 17/49 | €740,125 | €1,153,186 | +€413,061 | +55.8% |
| Amounts payable after more than one year | 17 | €41,667 | €41,667 | = | 0.0% |
| Other amounts payable | 178/9 | €41,667 | €41,667 | = | 0.0% |
| Amounts payable within one year | 42/48 | €689,532 | €1,096,277 | +€406,745 | +59.0% |
| Trade debts | 44 | €125,920 | €351,118 | +€225,198 | +178.8% |
| Suppliers | 440/4 | €125,920 | €351,118 | +€225,198 | +178.8% |
| Taxes, remuneration and social security | 45 | €264,948 | €294,310 | +€29,362 | +11.1% |
| Taxes | 450/3 | €75,624 | €91,125 | +€15,501 | +20.5% |
| Remuneration and social security | 454/9 | €189,325 | €203,185 | +€13,860 | +7.3% |
| Other amounts payable | 47/48 | €298,663 | €450,849 | +€152,186 | +51.0% |
| Accrued charges and deferred income | 492/3 | €8,926 | €15,242 | +€6,316 | +70.8% |
| Operating income | 70/76A | €5,328,799 | €6,690,654 | +€1.4m | +25.6% |
| Turnover | 70 | €5,050,071 | €6,381,993 | +€1.3m | +26.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€20,495 | €32,445 | +€52,940 | |
| Other operating income | 74 | €299,223 | €276,215 | -€23,008 | -7.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €4,740,515 | €5,560,848 | +€820,333 | +17.3% |
| Goods for resale, raw materials and consumables | 60 | €2,046,804 | €3,025,095 | +€978,291 | +47.8% |
| Purchases | 600/8 | €2,042,187 | €3,122,293 | +€1.1m | +52.9% |
| Change in stocks: decrease (increase) | 609 | €4,616 | -€97,198 | -€101,815 | |
| Services and other goods | 61 | €703,814 | €862,984 | +€159,170 | +22.6% |
| Remuneration, social security and pensions | 62 | €1,662,302 | €1,490,455 | -€171,847 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187,798 | €146,905 | -€40,894 | -21.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €76,701 | -€62,466 | -€139,166 | |
| Other operating charges | 640/8 | €63,096 | €97,875 | +€34,779 | +55.1% |
| Operating profit (loss) | 9901 | €588,284 | €1,129,806 | +€541,521 | +92.1% |
| Financial income | 75/76B | €68,335 | €110,832 | +€42,496 | +62.2% |
| Recurring financial income | 75 | €68,335 | €110,832 | +€42,496 | +62.2% |
| Income from financial fixed assets | 750 | €15,647 | €70,404 | +€54,758 | +350.0% |
| Income from current assets | 751 | €22,886 | €11,538 | -€11,348 | -49.6% |
| Other financial income | 752/9 | €29,803 | €28,890 | -€913 | -3.1% |
| Financial charges | 65/66B | €20,124 | €218,218 | +€198,094 | +984.4% |
| Recurring financial charges | 65 | €10,485 | €10,718 | +€233 | +2.2% |
| Debt charges | 650 | €0 | - | = | |
| Other financial charges | 652/9 | €10,485 | €10,718 | +€233 | +2.2% |
| Non-recurring financial charges | 66B | €9,638 | €207,500 | +€197,862 | +2052.9% |
| Profit (loss) for the period before taxes | 9903 | €636,496 | €1,022,419 | +€385,923 | +60.6% |
| Transfer from deferred taxes | 780 | €1,135 | €217 | -€918 | -80.9% |
| Income taxes | 67/77 | €169,737 | €308,769 | +€139,032 | +81.9% |
| Taxes | 670/3 | €169,737 | €308,769 | +€139,032 | +81.9% |
| Profit (loss) for the period | 9904 | €467,894 | €713,868 | +€245,974 | +52.6% |
| Transfer from tax-exempt reserves | 789 | €3,406 | €652 | -€2,754 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €471,300 | €714,519 | +€243,220 | +51.6% |
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.