SEA ART: 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 ART
Largest movements
- Tangible fixed assets -€12,441
down €12,441 (-6.5%), from €191,370 to €178,929
of which Land and buildings: -€10,977
- Deferred charges and accrued income +€10,673
up €10,673 (+1,062%), from €1,005 to €11,677
- Cash -€7,549
down €7,549 (-34.2%), from €22,060 to €14,511
mainly Deferred charges and accrued income (-€10,673) and Stocks and contracts (-€5,829)
- Stocks and contracts +€5,829
up €5,829 (+51.6%), from €11,301 to €17,129
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€5,116
up €5,116 (+128%), from €4,000 to €9,116
- Gross operating margin -€5,014
down €5,014 (-66.2%), from €7,578 to €2,563
- Depreciation -€351
down €351 (-2.6%), from €13,687 to €13,336
- Financial charges +€87
up €87 (+90.2%), from €97 to €184
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 | €227,203 | €224,896 | -€2,307 | -1.0% |
| Fixed assets | 21/28 | €191,529 | €178,929 | -€12,601 | -6.6% |
| Intangible fixed assets | 21 | €159 | - | -€159 | |
| Tangible fixed assets | 22/27 | €191,370 | €178,929 | -€12,441 | -6.5% |
| Land and buildings | 22 | €186,926 | €175,949 | -€10,977 | -5.9% |
| Plant, machinery and equipment | 23 | €208 | - | -€208 | |
| Furniture and vehicles | 24 | €4,236 | €2,980 | -€1,256 | -29.7% |
| Current assets | 29/58 | €35,674 | €45,967 | +€10,293 | +28.9% |
| Stocks and contracts in progress | 3 | €11,301 | €17,129 | +€5,829 | +51.6% |
| Stocks | 30/36 | €11,301 | €17,129 | +€5,829 | +51.6% |
| Amounts receivable within one year | 40/41 | €1,308 | €2,650 | +€1,342 | +103% |
| Trade receivables | 40 | €1,250 | €2,650 | +€1,400 | +112% |
| Other amounts receivable | 41 | €58 | - | -€58 | |
| Cash at bank and in hand | 54/58 | €22,060 | €14,511 | -€7,549 | -34.2% |
| Deferred charges and accrued income | 490/1 | €1,005 | €11,677 | +€10,673 | +1,062% |
| Total equity and liabilities | 10/49 | €227,203 | €224,896 | -€2,307 | -1.0% |
| Equity | 10/15 | €16,260 | €14,183 | -€2,077 | -12.8% |
| Contributions | 10/11 | €13,510 | €13,510 | = | 0.0% |
| Reserves | 13 | €380 | €380 | = | 0.0% |
| Distributable reserves | 133 | €380 | €380 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,370 | €293 | -€2,077 | -87.6% |
| Amounts payable | 17/49 | €210,943 | €210,712 | -€230 | -0.1% |
| Amounts payable within one year | 42/48 | €210,943 | €210,712 | -€230 | -0.1% |
| Trade debts | 44 | €2,268 | €3,276 | +€1,008 | +44.4% |
| Suppliers | 440/4 | €2,268 | €3,276 | +€1,008 | +44.4% |
| Taxes, remuneration and social security | 45 | €2,768 | €1,568 | -€1,200 | -43.4% |
| Taxes | 450/3 | €2,768 | €1,568 | -€1,200 | -43.4% |
| Other amounts payable | 47/48 | €205,906 | €205,869 | -€37 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,687 | €13,336 | -€351 | -2.6% |
| Other operating charges | 640/8 | €220 | €220 | = | 0.0% |
| Gross operating margin | 9900 | €7,578 | €2,563 | -€5,014 | -66.2% |
| Operating profit (loss) | 9901 | -€6,329 | -€10,993 | -€4,664 | -73.7% |
| Financial income | 75/76B | €4,000 | €9,116 | +€5,116 | +128% |
| Recurring financial income | 75 | €4,000 | €9,116 | +€5,116 | +128% |
| Financial charges | 65/66B | €97 | €184 | +€87 | +90.2% |
| Recurring financial charges | 65 | €97 | €184 | +€87 | +90.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,425 | -€2,060 | +€365 | +15.0% |
| Income taxes | 67/77 | - | €17 | +€17 | |
| Profit (loss) for the period | 9904 | -€2,425 | -€2,077 | +€348 | +14.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,425 | -€2,077 | +€348 | +14.4% |
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 20 October 2026 via checked.be.