SEA-AIR: 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-AIR
Largest movements
- Receivables after one year -€973,922
down €973,922 (-16.7%), from €5.8m to €4.9m
- Cash -€275,953
down €275,953 (-43.5%), from €634,569 to €358,616
mainly Debts after one year (-€973,922) and Trade debts (-€223,321)
- Debts after one year -€973,922
down €973,922 (-16.7%), from €5.8m to €4.9m
- Trade debts -€223,321
down €223,321 (-38.1%), from €586,914 to €363,592
- Provisions -€106,193
down €106,193 (-43.6%), from €243,726 to €137,533
- Gross operating margin -€213,123
down €213,123, from €75,238 to -€137,886
- Provisions -€121,617
down €121,617, from €15,424 to -€106,193
- Financial income +€39,673
up €39,673 (+256%), from €15,511 to €55,184
- Other operating charges -€30,360
down €30,360 (-79.1%), from €38,397 to €8,037
- Taxes -€19,061
down €19,061 (-82.4%), from €23,118 to €4,057
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 | €7,783,977 | €6,479,586 | -€1.3m | -16.8% |
| Fixed assets | 21/28 | €1,239 | €1,239 | = | 0.0% |
| Financial fixed assets | 28 | €1,239 | €1,239 | = | 0.0% |
| Current assets | 29/58 | €7,782,737 | €6,478,346 | -€1.3m | -16.8% |
| Amounts receivable after more than one year | 29 | €5,843,532 | €4,869,610 | -€973,922 | -16.7% |
| Other amounts receivable | 291 | €5,843,532 | €4,869,610 | -€973,922 | -16.7% |
| Amounts receivable within one year | 40/41 | €1,289,340 | €1,250,120 | -€39,220 | -3.0% |
| Trade receivables | 40 | €221,980 | €172,163 | -€49,817 | -22.4% |
| Other amounts receivable | 41 | €1,067,360 | €1,077,957 | +€10,598 | +1.0% |
| Cash at bank and in hand | 54/58 | €634,569 | €358,616 | -€275,953 | -43.5% |
| Deferred charges and accrued income | 490/1 | €15,296 | - | -€15,296 | |
| Total equity and liabilities | 10/49 | €7,783,977 | €6,479,586 | -€1.3m | -16.8% |
| Equity | 10/15 | €127,765 | €134,929 | +€7,163 | +5.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €3,788 | €4,147 | +€358 | +9.5% |
| Non-distributable reserves | 130/1 | €3,788 | €4,147 | +€358 | +9.5% |
| Legal reserve | 130 | €3,788 | €4,147 | +€358 | +9.5% |
| Profit (loss) carried forward | 14 | €62,003 | €68,809 | +€6,805 | +11.0% |
| Provisions and deferred taxes | 16 | €243,726 | €137,533 | -€106,193 | -43.6% |
| Provisions for liabilities and charges | 160/5 | €243,726 | €137,533 | -€106,193 | -43.6% |
| Major repairs and maintenance | 162 | €243,726 | €137,533 | -€106,193 | -43.6% |
| Amounts payable | 17/49 | €7,412,486 | €6,207,124 | -€1.2m | -16.3% |
| Amounts payable after more than one year | 17 | €5,843,532 | €4,869,610 | -€973,922 | -16.7% |
| Financial debts | 170/4 | €5,843,532 | €4,869,610 | -€973,922 | -16.7% |
| Amounts payable within one year | 42/48 | €1,568,954 | €1,337,514 | -€231,439 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €973,922 | €973,922 | = | 0.0% |
| Trade debts | 44 | €586,914 | €363,592 | -€223,321 | -38.1% |
| Suppliers | 440/4 | €586,914 | €363,592 | -€223,321 | -38.1% |
| Taxes, remuneration and social security | 45 | €8,118 | - | -€8,118 | |
| Taxes | 450/3 | €8,118 | - | -€8,118 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €15,424 | -€106,193 | -€121,617 | |
| Other operating charges | 640/8 | €38,397 | €8,037 | -€30,360 | -79.1% |
| Gross operating margin | 9900 | €75,238 | -€137,886 | -€213,123 | |
| Operating profit (loss) | 9901 | €21,416 | -€39,729 | -€61,145 | |
| Financial income | 75/76B | €15,511 | €55,184 | +€39,673 | +256% |
| Recurring financial income | 75 | €15,511 | €55,184 | +€39,673 | +256% |
| Financial charges | 65/66B | €13,438 | €4,235 | -€9,204 | -68.5% |
| Recurring financial charges | 65 | €13,438 | €4,235 | -€9,204 | -68.5% |
| Profit (loss) for the period before taxes | 9903 | €23,489 | €11,221 | -€12,268 | -52.2% |
| Income taxes | 67/77 | €23,118 | €4,057 | -€19,061 | -82.4% |
| Profit (loss) for the period | 9904 | €371 | €7,163 | +€6,792 | +1,831% |
| Profit (loss) for the period to be appropriated | 9905 | €371 | €7,163 | +€6,792 | +1,831% |
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 26 October 2026 via checked.be.