IndependenSea: 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.
IndependenSea
Largest movements
- Cash +€90,161
up €90,161 (+193%), from €46,632 to €136,793
mainly Net result for the year (+€63,710) and Tax, wage and social debts (+€17,219)
- Current investments +€5,000
new in 2025: €5,000
- Tangible fixed assets -€4,140
down €4,140 (-25.9%), from €16,009 to €11,868
- Receivables within one year -€3,374
down €3,374 (-10.8%), from €31,351 to €27,977
- Reserves +€63,710
up €63,710 (+119%), from €53,631 to €117,341
- Tax, wage and social debts +€17,219
up €17,219 (+88.1%), from €19,547 to €36,766
- Trade debts +€15,507
up €15,507 (+228%), from €6,813 to €22,320
- Other debts -€8,931
down €8,931 (-77.7%), from €11,501 to €2,570
- Gross operating margin +€12,057
up €12,057 (+15.7%), from €76,962 to €89,018
- Taxes +€2,577
up €2,577 (+17.2%), from €15,008 to €17,585
- Depreciation +€1,101
up €1,101 (+36.2%), from €3,040 to €4,140
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 | €94,492 | €181,998 | +€87,506 | +92.6% |
| Fixed assets | 21/28 | €16,009 | €11,868 | -€4,140 | -25.9% |
| Tangible fixed assets | 22/27 | €16,009 | €11,868 | -€4,140 | -25.9% |
| Furniture and vehicles | 24 | €16,009 | €11,868 | -€4,140 | -25.9% |
| Current assets | 29/58 | €78,483 | €170,130 | +€91,646 | +117% |
| Amounts receivable within one year | 40/41 | €31,351 | €27,977 | -€3,374 | -10.8% |
| Trade receivables | 40 | €31,351 | €27,977 | -€3,374 | -10.8% |
| Current investments | 50/53 | - | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €46,632 | €136,793 | +€90,161 | +193% |
| Deferred charges and accrued income | 490/1 | €501 | €360 | -€141 | -28.2% |
| Total equity and liabilities | 10/49 | €94,492 | €181,998 | +€87,506 | +92.6% |
| Equity | 10/15 | €56,631 | €120,341 | +€63,710 | +112% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €53,631 | €117,341 | +€63,710 | +119% |
| Distributable reserves | 133 | €53,631 | €117,341 | +€63,710 | +119% |
| Amounts payable | 17/49 | €37,861 | €61,657 | +€23,796 | +62.9% |
| Amounts payable within one year | 42/48 | €37,861 | €61,657 | +€23,796 | +62.9% |
| Trade debts | 44 | €6,813 | €22,320 | +€15,507 | +228% |
| Suppliers | 440/4 | €6,813 | €22,320 | +€15,507 | +228% |
| Taxes, remuneration and social security | 45 | €19,547 | €36,766 | +€17,219 | +88.1% |
| Taxes | 450/3 | €19,547 | €36,766 | +€17,219 | +88.1% |
| Other amounts payable | 47/48 | €11,501 | €2,570 | -€8,931 | -77.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,040 | €4,140 | +€1,101 | +36.2% |
| Other operating charges | 640/8 | €258 | €407 | +€149 | +58.0% |
| Gross operating margin | 9900 | €76,962 | €89,018 | +€12,057 | +15.7% |
| Operating profit (loss) | 9901 | €73,664 | €84,471 | +€10,807 | +14.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,359 | €3,176 | -€183 | -5.4% |
| Recurring financial charges | 65 | €3,359 | €3,176 | -€183 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €70,305 | €81,295 | +€10,990 | +15.6% |
| Income taxes | 67/77 | €15,008 | €17,585 | +€2,577 | +17.2% |
| Profit (loss) for the period | 9904 | €55,297 | €63,710 | +€8,413 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,297 | €63,710 | +€8,413 | +15.2% |
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 17 October 2026 via checked.be.