S.E.A.D.E.X: 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.
S.E.A.D.E.X
Largest movements
- Receivables within one year +€219,180
up €219,180 (+747.0%), from €29,343 to €248,524
of which Trade receivables: +€219,836
- Stocks and contracts +€150,018
new in 2025: €150,018
- Cash -€138,317
down €138,317 (-57.0%), from €242,739 to €104,422
mainly Receivables within one year (-€219,180) and Stocks and contracts (-€150,018)
- Trade debts +€206,375
up €206,375 (+106.8%), from €193,178 to €399,553
- Other debts +€30,012
up €30,012 (+100.0%), from €30,000 to €60,012
- Profit (loss) carried forward -€9,373
down €9,373 (-38.1%), from €24,569 to €15,196
- Gross operating margin -€27,520
down €27,520 (-44.9%), from €61,303 to €33,783
- Taxes -€6,370
down €6,370 (-44.5%), from €14,326 to €7,956
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 | €272,533 | €503,414 | +€230,881 | +84.7% |
| Fixed assets | 21/28 | €450 | €450 | = | 0.0% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €272,083 | €502,964 | +€230,881 | +84.9% |
| Stocks and contracts in progress | 3 | - | €150,018 | +€150,018 | |
| Stocks | 30/36 | - | €150,018 | +€150,018 | |
| Amounts receivable within one year | 40/41 | €29,343 | €248,524 | +€219,180 | +747.0% |
| Trade receivables | 40 | €27,876 | €247,712 | +€219,836 | +788.6% |
| Other amounts receivable | 41 | €1,467 | €811 | -€656 | -44.7% |
| Cash at bank and in hand | 54/58 | €242,739 | €104,422 | -€138,317 | -57.0% |
| Total equity and liabilities | 10/49 | €272,533 | €503,414 | +€230,881 | +84.7% |
| Equity | 10/15 | €45,029 | €35,656 | -€9,373 | -20.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,569 | €15,196 | -€9,373 | -38.1% |
| Amounts payable | 17/49 | €227,504 | €467,758 | +€240,254 | +105.6% |
| Amounts payable within one year | 42/48 | €227,504 | €467,521 | +€240,017 | +105.5% |
| Trade debts | 44 | €193,178 | €399,553 | +€206,375 | +106.8% |
| Suppliers | 440/4 | €193,178 | €399,553 | +€206,375 | +106.8% |
| Taxes, remuneration and social security | 45 | €4,326 | €7,956 | +€3,630 | +83.9% |
| Taxes | 450/3 | €4,326 | €7,956 | +€3,630 | +83.9% |
| Other amounts payable | 47/48 | €30,000 | €60,012 | +€30,012 | +100.0% |
| Accrued charges and deferred income | 492/3 | - | €237 | +€237 | |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €61,303 | €33,783 | -€27,520 | -44.9% |
| Operating profit (loss) | 9901 | €60,919 | €33,396 | -€27,523 | -45.2% |
| Financial charges | 65/66B | €4,201 | €4,201 | = | 0.0% |
| Recurring financial charges | 65 | €4,201 | €4,201 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €56,718 | €29,195 | -€27,523 | -48.5% |
| Income taxes | 67/77 | €14,326 | €7,956 | -€6,370 | -44.5% |
| Profit (loss) for the period | 9904 | €42,392 | €21,240 | -€21,152 | -49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,392 | €21,240 | -€21,152 | -49.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.