SEA-RAIL: 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-RAIL
Largest movements
- Cash +€270,776
up €270,776 (+6.1%), from €4.5m to €4.7m
mainly Net result for the year (+€515,678) and Depreciation (+€344,217)
- Tangible fixed assets +€260,769
up €260,769 (+13.2%), from €2.0m to €2.2m
of which Furniture and vehicles: +€381,762
- Receivables within one year -€251,095
down €251,095 (-13.3%), from €1.9m to €1.6m
of which Other amounts receivable: -€281,568
- Profit (loss) carried forward +€515,678
up €515,678 (+13.7%), from €3.8m to €4.3m
- Provisions -€254,617
down €254,617 (-24.5%), from €1.0m to €783,197
- Trade debts -€124,349
down €124,349 (-12.8%), from €972,749 to €848,401
- Tax, wage and social debts +€102,090
new in 2025: €102,090
of which Taxes: +€92,220
- Gross operating margin +€713,501
up €713,501 (+407%), from €175,222 to €888,723
- Taxes +€273,021
up €273,021 (+1,209%), from €22,579 to €295,601
- Provisions -€236,094
down €236,094 (-1,275%), from -€18,523 to -€254,617
- Depreciation +€95,590
up €95,590 (+38.4%), from €248,627 to €344,217
- Financial income -€71,314
down €71,314 (-48.4%), from €147,343 to €76,028
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 | €8,504,987 | €8,743,790 | +€238,802 | +2.8% |
| Fixed assets | 21/28 | €1,980,322 | €2,241,091 | +€260,769 | +13.2% |
| Tangible fixed assets | 22/27 | €1,980,322 | €2,241,091 | +€260,769 | +13.2% |
| Plant, machinery and equipment | 23 | €806,620 | €685,627 | -€120,993 | -15.0% |
| Furniture and vehicles | 24 | €1,173,702 | €1,555,464 | +€381,762 | +32.5% |
| Current assets | 29/58 | €6,524,666 | €6,502,699 | -€21,967 | -0.3% |
| Stocks and contracts in progress | 3 | €185,187 | €143,830 | -€41,357 | -22.3% |
| Stocks | 30/36 | €185,187 | €143,830 | -€41,357 | -22.3% |
| Amounts receivable within one year | 40/41 | €1,880,915 | €1,629,820 | -€251,095 | -13.3% |
| Trade receivables | 40 | €1,431,216 | €1,461,688 | +€30,472 | +2.1% |
| Other amounts receivable | 41 | €449,699 | €168,131 | -€281,568 | -62.6% |
| Cash at bank and in hand | 54/58 | €4,458,273 | €4,729,049 | +€270,776 | +6.1% |
| Deferred charges and accrued income | 490/1 | €290 | - | -€290 | |
| Total equity and liabilities | 10/49 | €8,504,987 | €8,743,790 | +€238,802 | +2.8% |
| Equity | 10/15 | €6,494,424 | €7,010,102 | +€515,678 | +7.9% |
| Contributions | 10/11 | €2,478,935 | €2,478,935 | = | 0.0% |
| Capital | 10 | €2,478,935 | €2,478,935 | = | 0.0% |
| Issued capital | 100 | €2,478,935 | €2,478,935 | = | 0.0% |
| Reserves | 13 | €247,894 | €247,894 | = | 0.0% |
| Non-distributable reserves | 130/1 | €247,894 | €247,894 | = | 0.0% |
| Legal reserve | 130 | €247,894 | €247,894 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,767,595 | €4,283,273 | +€515,678 | +13.7% |
| Provisions and deferred taxes | 16 | €1,037,814 | €783,197 | -€254,617 | -24.5% |
| Provisions for liabilities and charges | 160/5 | €1,037,814 | €783,197 | -€254,617 | -24.5% |
| Major repairs and maintenance | 162 | €1,037,814 | €783,197 | -€254,617 | -24.5% |
| Amounts payable | 17/49 | €972,749 | €950,491 | -€22,258 | -2.3% |
| Amounts payable within one year | 42/48 | €972,749 | €950,491 | -€22,258 | -2.3% |
| Trade debts | 44 | €972,749 | €848,401 | -€124,349 | -12.8% |
| Suppliers | 440/4 | €972,749 | €848,401 | -€124,349 | -12.8% |
| Taxes, remuneration and social security | 45 | - | €102,090 | +€102,090 | |
| Taxes | 450/3 | - | €92,220 | +€92,220 | |
| Remuneration and social security | 454/9 | - | €9,871 | +€9,871 | |
| Remuneration, social security and pensions | 62 | - | €61,658 | +€61,658 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248,627 | €344,217 | +€95,590 | +38.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€18,523 | -€254,617 | -€236,094 | -1,275% |
| Other operating charges | 640/8 | €1,829 | €1,399 | -€431 | -23.5% |
| Gross operating margin | 9900 | €175,222 | €888,723 | +€713,501 | +407% |
| Operating profit (loss) | 9901 | -€56,712 | €736,066 | +€792,778 | |
| Financial income | 75/76B | €147,343 | €76,028 | -€71,314 | -48.4% |
| Recurring financial income | 75 | €147,343 | €76,028 | -€71,314 | -48.4% |
| Financial charges | 65/66B | €504 | €816 | +€312 | +61.8% |
| Recurring financial charges | 65 | €504 | €816 | +€312 | +61.8% |
| Profit (loss) for the period before taxes | 9903 | €90,126 | €811,278 | +€721,152 | +800% |
| Income taxes | 67/77 | €22,579 | €295,601 | +€273,021 | +1,209% |
| Profit (loss) for the period | 9904 | €67,547 | €515,678 | +€448,130 | +663% |
| Profit (loss) for the period to be appropriated | 9905 | €67,547 | €515,678 | +€448,130 | +663% |
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 22 October 2026 via checked.be.