Sceat: 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.
Sceat
Largest movements
- Stocks and contracts +€616,385
new in 2025: €616,385
- Receivables within one year -€61,294
down €61,294 (-55.3%), from €110,898 to €49,604
of which Other amounts receivable: -€84,580
- Cash -€45,947
down €45,947 (-72.6%), from €63,293 to €17,346
mainly Stocks and contracts (-€616,385) and Investment in fixed assets (net) (-€38,700)
- Tangible fixed assets +€14,437
up €14,437 (+25.7%), from €56,251 to €70,688
- Short-term financial debts +€350,000
new in 2025: €350,000
- Debts after one year +€153,894
up €153,894 (+665%), from €23,134 to €177,028
- Reserves +€19,472
up €19,472 (+11.0%), from €176,727 to €196,199
- Current portion of long-term debt +€7,884
up €7,884 (+85.6%), from €9,207 to €17,091
- Depreciation +€7,167
up €7,167 (+41.9%), from €17,096 to €24,263
- Gross operating margin -€3,935
down €3,935 (-6.8%), from €58,229 to €54,295
- Taxes -€3,613
down €3,613 (-41.8%), from €8,636 to €5,023
- Financial charges +€2,307
up €2,307 (+136%), from €1,691 to €3,998
- Financial income -€1,694
down €1,694 (-100.0%), from €1,694 to €0
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 | €233,401 | €759,771 | +€526,370 | +226% |
| Fixed assets | 21/28 | €56,251 | €70,688 | +€14,437 | +25.7% |
| Tangible fixed assets | 22/27 | €56,251 | €70,688 | +€14,437 | +25.7% |
| Furniture and vehicles | 24 | €56,251 | €70,688 | +€14,437 | +25.7% |
| Current assets | 29/58 | €177,149 | €689,082 | +€511,933 | +289% |
| Stocks and contracts in progress | 3 | - | €616,385 | +€616,385 | |
| Stocks | 30/36 | - | €616,385 | +€616,385 | |
| Amounts receivable within one year | 40/41 | €110,898 | €49,604 | -€61,294 | -55.3% |
| Trade receivables | 40 | €10,318 | €33,604 | +€23,286 | +226% |
| Other amounts receivable | 41 | €100,580 | €16,000 | -€84,580 | -84.1% |
| Cash at bank and in hand | 54/58 | €63,293 | €17,346 | -€45,947 | -72.6% |
| Deferred charges and accrued income | 490/1 | €2,958 | €5,747 | +€2,789 | +94.3% |
| Total equity and liabilities | 10/49 | €233,401 | €759,771 | +€526,370 | +226% |
| Equity | 10/15 | €181,727 | €201,199 | +€19,472 | +10.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €176,727 | €196,199 | +€19,472 | +11.0% |
| Distributable reserves | 133 | €176,727 | €196,199 | +€19,472 | +11.0% |
| Amounts payable | 17/49 | €51,674 | €558,572 | +€506,898 | +981% |
| Amounts payable after more than one year | 17 | €23,134 | €177,028 | +€153,894 | +665% |
| Financial debts | 170/4 | €23,134 | €177,028 | +€153,894 | +665% |
| Amounts payable within one year | 42/48 | €27,933 | €380,936 | +€353,004 | +1,264% |
| Current portion of amounts payable after more than one year | 42 | €9,207 | €17,091 | +€7,884 | +85.6% |
| Financial debts | 43 | - | €350,000 | +€350,000 | |
| Credit institutions | 430/8 | - | €350,000 | +€350,000 | |
| Trade debts | 44 | €3,683 | €2,527 | -€1,156 | -31.4% |
| Suppliers | 440/4 | €3,683 | €2,527 | -€1,156 | -31.4% |
| Taxes, remuneration and social security | 45 | €15,043 | €11,319 | -€3,724 | -24.8% |
| Taxes | 450/3 | €13,643 | €9,919 | -€3,724 | -27.3% |
| Remuneration and social security | 454/9 | €1,400 | €1,400 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €608 | €608 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,096 | €24,263 | +€7,167 | +41.9% |
| Other operating charges | 640/8 | €449 | €1,539 | +€1,090 | +243% |
| Gross operating margin | 9900 | €58,229 | €54,295 | -€3,935 | -6.8% |
| Operating profit (loss) | 9901 | €40,685 | €28,492 | -€12,192 | -30.0% |
| Financial income | 75/76B | €1,694 | €0 | -€1,694 | -100.0% |
| Recurring financial income | 75 | €1,694 | €0 | -€1,694 | -100.0% |
| Financial charges | 65/66B | €1,691 | €3,998 | +€2,307 | +136% |
| Recurring financial charges | 65 | €1,691 | €3,998 | +€2,307 | +136% |
| Profit (loss) for the period before taxes | 9903 | €40,688 | €24,495 | -€16,193 | -39.8% |
| Income taxes | 67/77 | €8,636 | €5,023 | -€3,613 | -41.8% |
| Profit (loss) for the period | 9904 | €32,052 | €19,472 | -€12,581 | -39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €32,052 | €19,472 | -€12,581 | -39.2% |
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 13 October 2026 via checked.be.