Sea'ndicus: 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'ndicus
Largest movements
- Intangible fixed assets -€19,712
down €19,712 (-15.8%), from €124,422 to €104,709
- Tangible fixed assets -€18,271
down €18,271 (-4.7%), from €389,942 to €371,671
of which Land and buildings: -€17,139
- Cash -€16,740
down €16,740 (-99.9%), from €16,765 to €25
mainly Other debts (-€46,082) and Debts after one year (-€30,366)
- Receivables within one year -€9,834
down €9,834 (-35.8%), from €27,495 to €17,661
of which Other amounts receivable: -€6,270
- Deferred charges and accrued income -€6,304
down €6,304 (-95.7%), from €6,585 to €280
- Other debts -€46,082
down €46,082 (-85.2%), from €54,086 to €8,004
- Short-term financial debts +€34,682
new in 2025: €34,682
- Debts after one year -€30,366
down €30,366 (-10.1%), from €300,541 to €270,176
- Current portion of long-term debt -€24,672
down €24,672 (-44.8%), from €55,037 to €30,366
- Reserves +€13,923
up €13,923 (+43.0%), from €32,386 to €46,310
- Gross operating margin +€97,286
up €97,286 (+25.6%), from €380,608 to €477,894
- Staff costs +€73,439
up €73,439 (+24.4%), from €300,861 to €374,300
- Other operating charges +€13,497
up €13,497 (+245%), from €5,506 to €19,003
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 | €565,208 | €494,347 | -€70,861 | -12.5% |
| Fixed assets | 21/28 | €514,364 | €476,380 | -€37,983 | -7.4% |
| Intangible fixed assets | 21 | €124,422 | €104,709 | -€19,712 | -15.8% |
| Tangible fixed assets | 22/27 | €389,942 | €371,671 | -€18,271 | -4.7% |
| Land and buildings | 22 | €382,915 | €365,776 | -€17,139 | -4.5% |
| Furniture and vehicles | 24 | €7,027 | €5,894 | -€1,132 | -16.1% |
| Current assets | 29/58 | €50,845 | €17,966 | -€32,878 | -64.7% |
| Amounts receivable within one year | 40/41 | €27,495 | €17,661 | -€9,834 | -35.8% |
| Trade receivables | 40 | €16,855 | €13,291 | -€3,564 | -21.1% |
| Other amounts receivable | 41 | €10,640 | €4,370 | -€6,270 | -58.9% |
| Cash at bank and in hand | 54/58 | €16,765 | €25 | -€16,740 | -99.9% |
| Deferred charges and accrued income | 490/1 | €6,585 | €280 | -€6,304 | -95.7% |
| Total equity and liabilities | 10/49 | €565,208 | €494,347 | -€70,861 | -12.5% |
| Equity | 10/15 | €38,586 | €52,510 | +€13,923 | +36.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €32,386 | €46,310 | +€13,923 | +43.0% |
| Distributable reserves | 133 | €32,386 | €46,310 | +€13,923 | +43.0% |
| Amounts payable | 17/49 | €526,622 | €441,837 | -€84,785 | -16.1% |
| Amounts payable after more than one year | 17 | €300,541 | €270,176 | -€30,366 | -10.1% |
| Financial debts | 170/4 | €300,541 | €270,176 | -€30,366 | -10.1% |
| Amounts payable within one year | 42/48 | €226,081 | €171,661 | -€54,419 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €55,037 | €30,366 | -€24,672 | -44.8% |
| Financial debts | 43 | - | €34,682 | +€34,682 | |
| Credit institutions | 430/8 | - | €34,682 | +€34,682 | |
| Trade debts | 44 | €35,230 | €27,737 | -€7,493 | -21.3% |
| Suppliers | 440/4 | €35,230 | €27,737 | -€7,493 | -21.3% |
| Advances received on contracts in progress | 46 | €29,116 | €15,912 | -€13,205 | -45.4% |
| Taxes, remuneration and social security | 45 | €52,611 | €54,961 | +€2,350 | +4.5% |
| Taxes | 450/3 | €1,002 | €618 | -€384 | -38.3% |
| Remuneration and social security | 454/9 | €51,610 | €54,343 | +€2,733 | +5.3% |
| Other amounts payable | 47/48 | €54,086 | €8,004 | -€46,082 | -85.2% |
| Remuneration, social security and pensions | 62 | €300,861 | €374,300 | +€73,439 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,860 | €45,959 | -€901 | -1.9% |
| Other operating charges | 640/8 | €5,506 | €19,003 | +€13,497 | +245% |
| Non-recurring operating charges | 66A | €2,089 | €0 | -€2,089 | -100% |
| Gross operating margin | 9900 | €380,608 | €477,894 | +€97,286 | +25.6% |
| Operating profit (loss) | 9901 | €25,291 | €38,631 | +€13,340 | +52.7% |
| Financial income | 75/76B | €123 | €174 | +€52 | +42.0% |
| Recurring financial income | 75 | €123 | €24 | -€98 | -80.2% |
| Non-recurring financial income | 76B | - | €150 | +€150 | |
| Financial charges | 65/66B | €12,275 | €15,663 | +€3,387 | +27.6% |
| Recurring financial charges | 65 | €12,275 | €15,663 | +€3,387 | +27.6% |
| Profit (loss) for the period before taxes | 9903 | €13,138 | €23,143 | +€10,005 | +76.1% |
| Income taxes | 67/77 | €6,421 | €9,220 | +€2,799 | +43.6% |
| Profit (loss) for the period | 9904 | €6,717 | €13,923 | +€7,206 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €6,717 | €13,923 | +€7,206 | +107% |
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.