SEA PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Receivables within one year +€245,569
up €245,569 (+543.5%), from €45,179 to €290,747
of which Trade receivables: +€244,488
- Stocks and contracts -€135,637
down €135,637 (-18.3%), from €740,646 to €605,009
- Trade debts +€125,255
up €125,255 (+12420.7%), from €1,008 to €126,264
- Debts after one year -€110,352
down €110,352 (-15.2%), from €726,352 to €616,000
of which Other amounts payable: -€110,352
- Other debts +€103,984
new in 2024: €103,984
- Gross operating margin +€49,147
up €49,147 (+115.9%), from €42,419 to €91,566
- Write-downs +€35,000
new in 2024: €35,000
- Financial charges +€7,748
up €7,748 (+19.0%), from €40,695 to €48,443
- Other operating charges +€4,738
up €4,738 (+45.3%), from €10,458 to €15,195
- Taxes +€3,192
up €3,192 (+1613.6%), from €198 to €3,390
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €890,986 | €1,001,636 | +€110,650 | +12.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €100,121 | €97,398 | -€2,723 | -2.7% |
| Tangible fixed assets | 22/27 | €100,121 | €97,398 | -€2,723 | -2.7% |
| Land and buildings | 22 | €16,898 | €16,898 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,114 | €970 | -€1,144 | -54.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €81,109 | €79,529 | -€1,579 | -1.9% |
| Current assets | 29/58 | €790,865 | €904,239 | +€113,374 | +14.3% |
| Stocks and contracts in progress | 3 | €740,646 | €605,009 | -€135,637 | -18.3% |
| Stocks | 30/36 | €740,646 | €605,009 | -€135,637 | -18.3% |
| Amounts receivable within one year | 40/41 | €45,179 | €290,747 | +€245,569 | +543.5% |
| Trade receivables | 40 | €45,179 | €289,667 | +€244,488 | +541.2% |
| Other amounts receivable | 41 | - | €1,080 | +€1,080 | |
| Cash at bank and in hand | 54/58 | €5,041 | €6,909 | +€1,868 | +37.1% |
| Deferred charges and accrued income | 490/1 | - | €1,573 | +€1,573 | |
| Total equity and liabilities | 10/49 | €890,986 | €1,001,636 | +€110,650 | +12.4% |
| Equity | 10/15 | €143,098 | €138,131 | -€4,968 | -3.5% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €47,165 | €42,934 | -€4,231 | -9.0% |
| Non-distributable reserves | 130/1 | - | €762 | +€762 | |
| Reserves not available under the articles | 1311 | - | €762 | +€762 | |
| Tax-exempt reserves | 132 | €46,403 | €42,172 | -€4,231 | -9.1% |
| Distributable reserves | 133 | €762 | - | -€762 | |
| Profit (loss) carried forward | 14 | -€29,067 | -€29,804 | -€736 | -2.5% |
| Provisions and deferred taxes | 16 | €11,817 | €3,600 | -€8,217 | -69.5% |
| Deferred taxes | 168 | €11,817 | €3,600 | -€8,217 | -69.5% |
| Amounts payable | 17/49 | €736,071 | €859,906 | +€123,835 | +16.8% |
| Amounts payable after more than one year | 17 | €726,352 | €616,000 | -€110,352 | -15.2% |
| Financial debts | 170/4 | €476,000 | €476,000 | = | 0.0% |
| Other amounts payable | 178/9 | €250,352 | €140,000 | -€110,352 | -44.1% |
| Amounts payable within one year | 42/48 | €9,719 | €243,906 | +€234,187 | +2409.5% |
| Trade debts | 44 | €1,008 | €126,264 | +€125,255 | +12420.7% |
| Suppliers | 440/4 | €1,008 | €126,264 | +€125,255 | +12420.7% |
| Advances received on contracts in progress | 46 | €3,000 | - | -€3,000 | |
| Taxes, remuneration and social security | 45 | €5,711 | €13,659 | +€7,948 | +139.2% |
| Taxes | 450/3 | €5,711 | €13,659 | +€7,948 | +139.2% |
| Other amounts payable | 47/48 | - | €103,984 | +€103,984 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,470 | €2,723 | -€746 | -21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €35,000 | +€35,000 | |
| Other operating charges | 640/8 | €10,458 | €15,195 | +€4,738 | +45.3% |
| Gross operating margin | 9900 | €42,419 | €91,566 | +€49,147 | +115.9% |
| Operating profit (loss) | 9901 | €28,492 | €38,648 | +€10,156 | +35.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €40,695 | €48,443 | +€7,748 | +19.0% |
| Recurring financial charges | 65 | €40,695 | €48,443 | +€7,748 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,203 | -€9,795 | +€2,408 | +19.7% |
| Transfer from deferred taxes | 780 | €8,217 | €8,217 | = | 0.0% |
| Income taxes | 67/77 | €198 | €3,390 | +€3,192 | +1613.6% |
| Profit (loss) for the period | 9904 | -€4,184 | -€4,968 | -€784 | -18.7% |
| Transfer from tax-exempt reserves | 789 | €4,231 | €4,231 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48 | -€736 | -€784 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.