SEA MATTERS: what changed
SEA MATTERS
Largest movements
- Cash -€1,624
down €1,624 (-49.4%), from €3,286 to €1,661
mainly Net result for the year (-€5,636)
- Receivables within one year -€746
down €746 (-64.2%), from €1,161 to €415
of which Other amounts receivable: -€501
- Tangible fixed assets -€658
down €658 (-50.4%), from €1,306 to €648
of which Plant, machinery and equipment: -€377
- Profit (loss) carried forward -€5,636
down €5,636 (-12.5%), from -€44,981 to -€50,617
- Advances received +€2,000
new in 2025: €2,000
- Trade debts +€607
new in 2025: €607
- Gross operating margin +€2,714
up €2,714 (+38.0%), from -€7,138 to -€4,424
- Other operating charges +€398
up €398 (+346%), from €115 to €513
- Depreciation +€377
new in 2025: €377
- Financial charges +€234
up €234 (+264%), from €89 to €322
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,753 | €2,725 | -€3,028 | -52.6% |
| Fixed assets | 21/28 | €1,306 | €648 | -€658 | -50.4% |
| Tangible fixed assets | 22/27 | €1,306 | €648 | -€658 | -50.4% |
| Plant, machinery and equipment | 23 | €1,025 | €648 | -€377 | -36.8% |
| Furniture and vehicles | 24 | €281 | - | -€281 | |
| Current assets | 29/58 | €4,447 | €2,077 | -€2,370 | -53.3% |
| Amounts receivable within one year | 40/41 | €1,161 | €415 | -€746 | -64.2% |
| Trade receivables | 40 | €245 | - | -€245 | |
| Other amounts receivable | 41 | €917 | €415 | -€501 | -54.7% |
| Cash at bank and in hand | 54/58 | €3,286 | €1,661 | -€1,624 | -49.4% |
| Total equity and liabilities | 10/49 | €5,753 | €2,725 | -€3,028 | -52.6% |
| Equity | 10/15 | €5,629 | -€7 | -€5,636 | |
| Contributions | 10/11 | €7,440 | €7,440 | = | 0.0% |
| Reserves | 13 | €43,170 | €43,170 | = | 0.0% |
| Distributable reserves | 133 | €43,170 | €43,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,981 | -€50,617 | -€5,636 | -12.5% |
| Amounts payable | 17/49 | €124 | €2,732 | +€2,607 | +2,096% |
| Amounts payable within one year | 42/48 | €124 | €2,732 | +€2,607 | +2,096% |
| Trade debts | 44 | - | €607 | +€607 | |
| Suppliers | 440/4 | - | €607 | +€607 | |
| Advances received on contracts in progress | 46 | - | €2,000 | +€2,000 | |
| Taxes, remuneration and social security | 45 | €124 | €124 | = | 0.0% |
| Taxes | 450/3 | €124 | €124 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €377 | +€377 | |
| Other operating charges | 640/8 | €115 | €513 | +€398 | +346% |
| Gross operating margin | 9900 | -€7,138 | -€4,424 | +€2,714 | +38.0% |
| Operating profit (loss) | 9901 | -€7,253 | -€5,314 | +€1,940 | +26.7% |
| Financial charges | 65/66B | €89 | €322 | +€234 | +264% |
| Recurring financial charges | 65 | €89 | €322 | +€234 | +264% |
| Profit (loss) for the period before taxes | 9903 | -€7,342 | -€5,636 | +€1,706 | +23.2% |
| Profit (loss) for the period | 9904 | -€7,342 | -€5,636 | +€1,706 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,342 | -€5,636 | +€1,706 | +23.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.