SEA Management: 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 Management
Largest movements
- Receivables within one year -€93,450
down €93,450 (-55.0%), from €169,963 to €76,512
of which Trade receivables: -€100,832
- Cash -€25,836
down €25,836 (-45.0%), from €57,465 to €31,629
mainly Contributions, distributions and other (-€131,000) and Short-term financial debts (-€64,503)
- Short-term financial debts -€64,503
down €64,503 (-90.0%), from €71,667 to €7,163
- Other debts -€57,959
down €57,959 (-55.0%), from €105,303 to €47,344
- Tax, wage and social debts +€3,273
up €3,273 (+10.4%), from €31,617 to €34,890
- Gross operating margin -€301,255
down €301,255 (-63.4%), from €475,481 to €174,226
- Taxes -€77,374
down €77,374 (-66.6%), from €116,240 to €38,867
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 | €231,647 | €111,799 | -€119,847 | -51.7% |
| Fixed assets | 21/28 | €3,873 | €3,220 | -€653 | -16.9% |
| Tangible fixed assets | 22/27 | €2,261 | €1,608 | -€653 | -28.9% |
| Furniture and vehicles | 24 | €470 | €117 | -€353 | -75.1% |
| Other tangible fixed assets | 26 | €1,791 | €1,491 | -€300 | -16.8% |
| Financial fixed assets | 28 | €1,612 | €1,612 | = | 0.0% |
| Current assets | 29/58 | €227,773 | €108,579 | -€119,194 | -52.3% |
| Amounts receivable within one year | 40/41 | €169,963 | €76,512 | -€93,450 | -55.0% |
| Trade receivables | 40 | €162,211 | €61,379 | -€100,832 | -62.2% |
| Other amounts receivable | 41 | €7,752 | €15,133 | +€7,382 | +95.2% |
| Cash at bank and in hand | 54/58 | €57,465 | €31,629 | -€25,836 | -45.0% |
| Deferred charges and accrued income | 490/1 | €346 | €438 | +€92 | +26.6% |
| Total equity and liabilities | 10/49 | €231,647 | €111,799 | -€119,847 | -51.7% |
| Equity | 10/15 | €20,460 | €21,376 | +€916 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €2,776 | +€916 | +49.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €916 | +€916 | |
| Amounts payable | 17/49 | €211,187 | €90,424 | -€120,763 | -57.2% |
| Amounts payable within one year | 42/48 | €211,187 | €90,424 | -€120,763 | -57.2% |
| Financial debts | 43 | €71,667 | €7,163 | -€64,503 | -90.0% |
| Credit institutions | 430/8 | €71,667 | €7,163 | -€64,503 | -90.0% |
| Trade debts | 44 | €2,600 | €1,027 | -€1,574 | -60.5% |
| Suppliers | 440/4 | €2,600 | €1,027 | -€1,574 | -60.5% |
| Taxes, remuneration and social security | 45 | €31,617 | €34,890 | +€3,273 | +10.4% |
| Taxes | 450/3 | €31,617 | €34,890 | +€3,273 | +10.4% |
| Other amounts payable | 47/48 | €105,303 | €47,344 | -€57,959 | -55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €755 | €653 | -€102 | -13.5% |
| Other operating charges | 640/8 | €511 | €528 | +€17 | +3.4% |
| Gross operating margin | 9900 | €475,481 | €174,226 | -€301,255 | -63.4% |
| Operating profit (loss) | 9901 | €474,215 | €173,045 | -€301,170 | -63.5% |
| Financial income | 75/76B | €2,083 | €71 | -€2,012 | -96.6% |
| Recurring financial income | 75 | €2,083 | €71 | -€2,012 | -96.6% |
| Financial charges | 65/66B | €878 | €2,334 | +€1,455 | +166% |
| Recurring financial charges | 65 | €878 | €2,334 | +€1,455 | +166% |
| Profit (loss) for the period before taxes | 9903 | €475,420 | €170,782 | -€304,637 | -64.1% |
| Income taxes | 67/77 | €116,240 | €38,867 | -€77,374 | -66.6% |
| Profit (loss) for the period | 9904 | €359,180 | €131,916 | -€227,264 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €359,180 | €131,916 | -€227,264 | -63.3% |
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 23 October 2026 via checked.be.