SEA: 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.
SEA
Largest movements
- Tangible fixed assets -€13,780
down €13,780 (-90.5%), from €15,230 to €1,449
of which Furniture and vehicles: -€13,366
- Receivables within one year -€10,000
no longer reported in 2025 (was €10,000)
- Cash +€3,998
up €3,998 (+44.5%), from €8,983 to €12,981
mainly Depreciation (+€13,780) and Receivables within one year (+€10,000)
- Stocks and contracts -€1,720
down €1,720 (-7.1%), from €24,129 to €22,409
- Current portion of long-term debt -€10,580
no longer reported in 2025 (was €10,580)
- Trade debts -€6,325
down €6,325 (-39.3%), from €16,086 to €9,761
- Profit (loss) carried forward -€2,727
down €2,727 (-25.0%), from €10,907 to €8,180
- Tax, wage and social debts -€1,869
down €1,869 (-13.6%), from €13,720 to €11,851
of which Remuneration and social security: -€1,584
- Staff costs -€32,391
down €32,391 (-48.0%), from €67,430 to €35,039
- Gross operating margin -€28,555
down €28,555 (-36.9%), from €77,412 to €48,857
- Financial charges +€2,303
up €2,303 (+1,278%), from €180 to €2,484
- Other operating charges -€907
down €907 (-76.3%), from €1,188 to €281
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 | €63,694 | €42,193 | -€21,502 | -33.8% |
| Fixed assets | 21/28 | €20,583 | €6,803 | -€13,780 | -67.0% |
| Tangible fixed assets | 22/27 | €15,230 | €1,449 | -€13,780 | -90.5% |
| Plant, machinery and equipment | 23 | €1,864 | €1,449 | -€415 | -22.2% |
| Furniture and vehicles | 24 | €13,366 | - | -€13,366 | |
| Financial fixed assets | 28 | €5,353 | €5,353 | = | 0.0% |
| Current assets | 29/58 | €43,111 | €35,390 | -€7,721 | -17.9% |
| Stocks and contracts in progress | 3 | €24,129 | €22,409 | -€1,720 | -7.1% |
| Stocks | 30/36 | €24,129 | €22,409 | -€1,720 | -7.1% |
| Amounts receivable within one year | 40/41 | €10,000 | - | -€10,000 | |
| Other amounts receivable | 41 | €10,000 | - | -€10,000 | |
| Cash at bank and in hand | 54/58 | €8,983 | €12,981 | +€3,998 | +44.5% |
| Total equity and liabilities | 10/49 | €63,694 | €42,193 | -€21,502 | -33.8% |
| Equity | 10/15 | €23,307 | €20,580 | -€2,727 | -11.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €12,400 | -€6,200 | -33.3% |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Profit (loss) carried forward | 14 | €10,907 | €8,180 | -€2,727 | -25.0% |
| Amounts payable | 17/49 | €40,387 | €21,612 | -€18,775 | -46.5% |
| Amounts payable within one year | 42/48 | €40,387 | €21,612 | -€18,775 | -46.5% |
| Current portion of amounts payable after more than one year | 42 | €10,580 | - | -€10,580 | |
| Trade debts | 44 | €16,086 | €9,761 | -€6,325 | -39.3% |
| Suppliers | 440/4 | €16,086 | €9,761 | -€6,325 | -39.3% |
| Taxes, remuneration and social security | 45 | €13,720 | €11,851 | -€1,869 | -13.6% |
| Taxes | 450/3 | €3,609 | €3,324 | -€285 | -7.9% |
| Remuneration and social security | 454/9 | €10,111 | €8,527 | -€1,584 | -15.7% |
| Remuneration, social security and pensions | 62 | €67,430 | €35,039 | -€32,391 | -48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,029 | €13,780 | -€249 | -1.8% |
| Other operating charges | 640/8 | €1,188 | €281 | -€907 | -76.3% |
| Gross operating margin | 9900 | €77,412 | €48,857 | -€28,555 | -36.9% |
| Operating profit (loss) | 9901 | -€5,236 | -€243 | +€4,992 | +95.4% |
| Financial charges | 65/66B | €180 | €2,484 | +€2,303 | +1,278% |
| Recurring financial charges | 65 | €180 | €2,484 | +€2,303 | +1,278% |
| Profit (loss) for the period before taxes | 9903 | -€5,416 | -€2,727 | +€2,689 | +49.6% |
| Profit (loss) for the period | 9904 | -€5,416 | -€2,727 | +€2,689 | +49.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,416 | -€2,727 | +€2,689 | +49.6% |
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.