SEA & SKI: 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 & SKI
Largest movements
- Stocks and contracts +€40,083
up €40,083 (+8.0%), from €500,270 to €540,353
- Receivables within one year +€33,855
up €33,855 (+60.8%), from €55,691 to €89,546
of which Other amounts receivable: +€35,706
- Cash -€16,059
down €16,059 (-60.9%), from €26,365 to €10,305
mainly Debts after one year (-€45,703) and Stocks and contracts (-€40,083)
- Current portion of long-term debt +€81,598
up €81,598 (+40.0%), from €204,105 to €285,703
- Trade debts +€58,074
up €58,074 (+103%), from €56,217 to €114,291
- Debts after one year -€45,703
down €45,703 (-72.4%), from €63,091 to €17,388
- Reserves -€34,782
down €34,782 (-12.2%), from €285,181 to €250,399
of which Distributable reserves: -€34,782
- Gross operating margin -€25,792
down €25,792 (-16.5%), from €156,745 to €130,953
- Financial charges +€5,099
up €5,099 (+30.9%), from €16,497 to €21,596
- Staff costs +€3,861
up €3,861 (+3.3%), from €117,291 to €121,152
- Taxes -€2,475
down €2,475 (-97.6%), from €2,535 to €60
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 | €698,693 | €756,947 | +€58,254 | +8.3% |
| Fixed assets | 21/28 | €105,872 | €106,046 | +€174 | +0.2% |
| Tangible fixed assets | 22/27 | €104,323 | €104,497 | +€174 | +0.2% |
| Plant, machinery and equipment | 23 | €99,584 | €102,218 | +€2,634 | +2.6% |
| Furniture and vehicles | 24 | €4,739 | €2,279 | -€2,460 | -51.9% |
| Financial fixed assets | 28 | €1,549 | €1,549 | = | 0.0% |
| Current assets | 29/58 | €592,821 | €650,901 | +€58,080 | +9.8% |
| Stocks and contracts in progress | 3 | €500,270 | €540,353 | +€40,083 | +8.0% |
| Stocks | 30/36 | €500,270 | €540,353 | +€40,083 | +8.0% |
| Amounts receivable within one year | 40/41 | €55,691 | €89,546 | +€33,855 | +60.8% |
| Trade receivables | 40 | €1,989 | €137 | -€1,851 | -93.1% |
| Other amounts receivable | 41 | €53,702 | €89,408 | +€35,706 | +66.5% |
| Cash at bank and in hand | 54/58 | €26,365 | €10,305 | -€16,059 | -60.9% |
| Deferred charges and accrued income | 490/1 | €10,495 | €10,696 | +€201 | +1.9% |
| Total equity and liabilities | 10/49 | €698,693 | €756,947 | +€58,254 | +8.3% |
| Equity | 10/15 | €324,731 | €290,399 | -€34,332 | -10.6% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €285,181 | €250,399 | -€34,782 | -12.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €285,181 | €250,399 | -€34,782 | -12.2% |
| Profit (loss) carried forward | 14 | -€450 | €0 | +€450 | |
| Amounts payable | 17/49 | €373,963 | €466,548 | +€92,585 | +24.8% |
| Amounts payable after more than one year | 17 | €63,091 | €17,388 | -€45,703 | -72.4% |
| Financial debts | 170/4 | €63,091 | €17,388 | -€45,703 | -72.4% |
| Amounts payable within one year | 42/48 | €293,332 | €430,027 | +€136,694 | +46.6% |
| Current portion of amounts payable after more than one year | 42 | €204,105 | €285,703 | +€81,598 | +40.0% |
| Trade debts | 44 | €56,217 | €114,291 | +€58,074 | +103% |
| Suppliers | 440/4 | €56,217 | €114,291 | +€58,074 | +103% |
| Taxes, remuneration and social security | 45 | €33,010 | €30,032 | -€2,978 | -9.0% |
| Taxes | 450/3 | €13,687 | €10,082 | -€3,605 | -26.3% |
| Remuneration and social security | 454/9 | €19,323 | €19,950 | +€627 | +3.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €17,540 | €19,134 | +€1,594 | +9.1% |
| Non-recurring operating income | 76A | €3,748 | €0 | -€3,748 | -100% |
| Remuneration, social security and pensions | 62 | €117,291 | €121,152 | +€3,861 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,044 | €28,272 | +€1,228 | +4.5% |
| Other operating charges | 640/8 | €7,429 | €7,320 | -€109 | -1.5% |
| Non-recurring operating charges | 66A | €0 | €786 | +€786 | |
| Gross operating margin | 9900 | €156,745 | €130,953 | -€25,792 | -16.5% |
| Operating profit (loss) | 9901 | €4,981 | -€26,577 | -€31,558 | |
| Financial income | 75/76B | €14,378 | €13,900 | -€478 | -3.3% |
| Recurring financial income | 75 | €14,378 | €13,900 | -€478 | -3.3% |
| Financial charges | 65/66B | €16,497 | €21,596 | +€5,099 | +30.9% |
| Recurring financial charges | 65 | €16,497 | €21,596 | +€5,099 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €2,862 | -€34,272 | -€37,135 | |
| Income taxes | 67/77 | €2,535 | €60 | -€2,475 | -97.6% |
| Profit (loss) for the period | 9904 | €328 | -€34,332 | -€34,659 | |
| Profit (loss) for the period to be appropriated | 9905 | €328 | -€34,332 | -€34,659 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.