Sea-to-See: what changed
Sea-to-See
Largest movements
- Receivables after one year -€30,452
down €30,452 (-6.4%), from €475,976 to €445,524
- Receivables within one year +€27,915
up €27,915 (+57.2%), from €48,796 to €76,710
of which Other amounts receivable: +€14,872
- Cash +€23,887
up €23,887 (+104%), from €22,933 to €46,820
mainly Net result for the year (+€55,986) and Receivables after one year (+€30,452)
- Tangible fixed assets -€9,047
down €9,047 (-6.7%), from €135,528 to €126,481
of which Furniture and vehicles: -€5,505
- Reserves +€25,000
up €25,000 (+7.8%), from €321,860 to €346,860
of which Distributable reserves: +€25,000
- Tax, wage and social debts -€24,973
down €24,973 (-98.3%), from €25,413 to €441
- Other debts +€20,000
up €20,000 (+200%), from €10,000 to €30,000
- Debts after one year -€9,772
down €9,772 (-85.3%), from €11,450 to €1,678
- Financial charges +€53,553
up €53,553 (+96.9%), from €55,288 to €108,841
- Gross operating margin +€31,210
up €31,210 (+19.7%), from €158,041 to €189,251
- Taxes -€8,492
down €8,492 (-26.2%), from €32,471 to €23,980
- Other operating charges +€3,355
up €3,355 (+221%), from €1,517 to €4,872
- Depreciation +€2,545
up €2,545 (+21.1%), from €12,088 to €14,632
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 | €688,582 | €700,994 | +€12,412 | +1.8% |
| Fixed assets | 21/28 | €140,278 | €131,231 | -€9,047 | -6.4% |
| Tangible fixed assets | 22/27 | €135,528 | €126,481 | -€9,047 | -6.7% |
| Land and buildings | 22 | €115,521 | €112,094 | -€3,427 | -3.0% |
| Plant, machinery and equipment | 23 | €578 | €462 | -€116 | -20.0% |
| Furniture and vehicles | 24 | €19,430 | €13,925 | -€5,505 | -28.3% |
| Financial fixed assets | 28 | €4,750 | €4,750 | = | 0.0% |
| Current assets | 29/58 | €548,304 | €569,763 | +€21,459 | +3.9% |
| Amounts receivable after more than one year | 29 | €475,976 | €445,524 | -€30,452 | -6.4% |
| Other amounts receivable | 291 | €475,976 | €445,524 | -€30,452 | -6.4% |
| Amounts receivable within one year | 40/41 | €48,796 | €76,710 | +€27,915 | +57.2% |
| Trade receivables | 40 | €48,251 | €61,293 | +€13,042 | +27.0% |
| Other amounts receivable | 41 | €545 | €15,417 | +€14,872 | +2,731% |
| Cash at bank and in hand | 54/58 | €22,933 | €46,820 | +€23,887 | +104% |
| Deferred charges and accrued income | 490/1 | €599 | €709 | +€109 | +18.3% |
| Total equity and liabilities | 10/49 | €688,582 | €700,994 | +€12,412 | +1.8% |
| Equity | 10/15 | €626,282 | €652,268 | +€25,986 | +4.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €321,860 | €346,860 | +€25,000 | +7.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €320,000 | €345,000 | +€25,000 | +7.8% |
| Profit (loss) carried forward | 14 | €298,222 | €299,208 | +€986 | +0.3% |
| Amounts payable | 17/49 | €62,299 | €48,725 | -€13,574 | -21.8% |
| Amounts payable after more than one year | 17 | €11,450 | €1,678 | -€9,772 | -85.3% |
| Financial debts | 170/4 | €11,450 | €1,678 | -€9,772 | -85.3% |
| Amounts payable within one year | 42/48 | €50,849 | €47,048 | -€3,802 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €14,492 | €13,604 | -€887 | -6.1% |
| Trade debts | 44 | €944 | €3,003 | +€2,058 | +218% |
| Suppliers | 440/4 | €944 | €3,003 | +€2,058 | +218% |
| Taxes, remuneration and social security | 45 | €25,413 | €441 | -€24,973 | -98.3% |
| Taxes | 450/3 | €25,413 | €441 | -€24,973 | -98.3% |
| Other amounts payable | 47/48 | €10,000 | €30,000 | +€20,000 | +200% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,088 | €14,632 | +€2,545 | +21.1% |
| Other operating charges | 640/8 | €1,517 | €4,872 | +€3,355 | +221% |
| Gross operating margin | 9900 | €158,041 | €189,251 | +€31,210 | +19.7% |
| Operating profit (loss) | 9901 | €144,436 | €169,747 | +€25,310 | +17.5% |
| Financial income | 75/76B | €19,070 | €19,060 | -€10 | -0.1% |
| Recurring financial income | 75 | €19,070 | €19,060 | -€10 | -0.1% |
| Financial charges | 65/66B | €55,288 | €108,841 | +€53,553 | +96.9% |
| Recurring financial charges | 65 | €55,288 | €108,841 | +€53,553 | +96.9% |
| Profit (loss) for the period before taxes | 9903 | €108,218 | €79,965 | -€28,253 | -26.1% |
| Income taxes | 67/77 | €32,471 | €23,980 | -€8,492 | -26.2% |
| Profit (loss) for the period | 9904 | €75,747 | €55,986 | -€19,761 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €75,747 | €55,986 | -€19,761 | -26.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.