SEA ++: 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.
SEA ++
Largest movements
- Tangible fixed assets +€340,653
up €340,653 (+929.6%), from €36,646 to €377,298
of which Land and buildings: +€320,000
- Cash -€39,722
down €39,722 (-45.9%), from €86,514 to €46,792
mainly Investment in fixed assets (net) (-€386,727) and Net result for the year (-€8,974)
- Intangible fixed assets -€30,000
down €30,000 (-14.3%), from €210,000 to €180,000
- Debts after one year +€266,479
up €266,479 (+81.5%), from €327,133 to €593,612
of which Other amounts payable: +€281,000
- Profit (loss) carried forward -€8,974
down €8,974 (-9.4%), from -€95,171 to -€104,145
- Other debts +€8,912
up €8,912 (+923.3%), from €965 to €9,877
- Tax, wage and social debts -€8,292
down €8,292 (-48.7%), from €17,037 to €8,746
of which Taxes: -€9,571
- Depreciation +€40,322
up €40,322 (+112.8%), from €35,752 to €76,074
- Write-downs -€24,133
no longer reported in 2025 (was €24,133)
- Financial charges +€14,842
up €14,842 (+578.9%), from €2,564 to €17,405
of which Non-recurring financial charges: +€9,711
- Gross operating margin -€7,547
down €7,547 (-5.6%), from €135,093 to €127,546
- Taxes -€3,026
down €3,026 (-84.3%), from €3,588 to €563
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 | €389,692 | €660,573 | +€270,881 | +69.5% |
| Fixed assets | 21/28 | €246,698 | €557,350 | +€310,653 | +125.9% |
| Intangible fixed assets | 21 | €210,000 | €180,000 | -€30,000 | -14.3% |
| Tangible fixed assets | 22/27 | €36,646 | €377,298 | +€340,653 | +929.6% |
| Land and buildings | 22 | €18,344 | €338,344 | +€320,000 | +1744.4% |
| Plant, machinery and equipment | 23 | €8,317 | €6,065 | -€2,252 | -27.1% |
| Furniture and vehicles | 24 | €9,985 | €32,889 | +€22,905 | +229.4% |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €142,995 | €103,223 | -€39,772 | -27.8% |
| Stocks and contracts in progress | 3 | €9,000 | €9,000 | = | 0.0% |
| Stocks | 30/36 | €9,000 | €9,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €42,626 | €38,870 | -€3,757 | -8.8% |
| Trade receivables | 40 | €28,233 | €27,999 | -€234 | -0.8% |
| Other amounts receivable | 41 | €14,393 | €10,871 | -€3,523 | -24.5% |
| Cash at bank and in hand | 54/58 | €86,514 | €46,792 | -€39,722 | -45.9% |
| Deferred charges and accrued income | 490/1 | €4,855 | €8,561 | +€3,707 | +76.3% |
| Total equity and liabilities | 10/49 | €389,692 | €660,573 | +€270,881 | +69.5% |
| Equity | 10/15 | €7,021 | -€1,953 | -€8,974 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,592 | €83,592 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,500 | €15,500 | = | 0.0% |
| Distributable reserves | 133 | €68,092 | €68,092 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,171 | -€104,145 | -€8,974 | -9.4% |
| Amounts payable | 17/49 | €382,671 | €662,526 | +€279,855 | +73.1% |
| Amounts payable after more than one year | 17 | €327,133 | €593,612 | +€266,479 | +81.5% |
| Financial debts | 170/4 | €188,133 | €173,612 | -€14,521 | -7.7% |
| Other amounts payable | 178/9 | €139,000 | €420,000 | +€281,000 | +202.2% |
| Amounts payable within one year | 42/48 | €55,538 | €68,913 | +€13,376 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €30,273 | €36,596 | +€6,323 | +20.9% |
| Trade debts | 44 | €7,262 | €13,695 | +€6,433 | +88.6% |
| Suppliers | 440/4 | €7,262 | €13,695 | +€6,433 | +88.6% |
| Taxes, remuneration and social security | 45 | €17,037 | €8,746 | -€8,292 | -48.7% |
| Taxes | 450/3 | €9,937 | €367 | -€9,571 | -96.3% |
| Remuneration and social security | 454/9 | €7,100 | €8,379 | +€1,279 | +18.0% |
| Other amounts payable | 47/48 | €965 | €9,877 | +€8,912 | +923.3% |
| Remuneration, social security and pensions | 62 | €36,304 | €37,603 | +€1,299 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,752 | €76,074 | +€40,322 | +112.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,133 | - | -€24,133 | |
| Other operating charges | 640/8 | €4,154 | €5,641 | +€1,488 | +35.8% |
| Gross operating margin | 9900 | €135,093 | €127,546 | -€7,547 | -5.6% |
| Operating profit (loss) | 9901 | €34,750 | €8,227 | -€26,522 | -76.3% |
| Financial income | 75/76B | €808 | €766 | -€42 | -5.1% |
| Recurring financial income | 75 | €808 | €766 | -€42 | -5.1% |
| Financial charges | 65/66B | €2,564 | €17,405 | +€14,842 | +578.9% |
| Recurring financial charges | 65 | €2,564 | €7,694 | +€5,131 | +200.2% |
| Non-recurring financial charges | 66B | - | €9,711 | +€9,711 | |
| Profit (loss) for the period before taxes | 9903 | €32,994 | -€8,412 | -€41,405 | |
| Income taxes | 67/77 | €3,588 | €563 | -€3,026 | -84.3% |
| Profit (loss) for the period | 9904 | €29,406 | -€8,974 | -€38,380 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,406 | -€8,974 | -€38,380 |
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 5 October 2026 via checked.be.