Sea4M: 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.
Sea4M
Largest movements
- Receivables after one year +€122,000
new in 2025: €122,000
- Receivables within one year -€115,141
down €115,141 (-55.0%), from €209,468 to €94,327
of which Other amounts receivable: -€138,850
- Tangible fixed assets -€25,374
down €25,374 (-12.9%), from €196,270 to €170,896
- Cash +€21,134
up €21,134 (+19.6%), from €107,743 to €128,878
mainly Receivables within one year (+€115,141) and Net result for the year (+€83,539)
- Reserves +€83,539
up €83,539 (+79.4%), from €105,211 to €188,750
of which Distributable reserves: +€83,539
- Debts after one year -€41,418
down €41,418 (-18.3%), from €225,864 to €184,446
- Other debts -€35,250
no longer reported in 2025 (was €35,250)
- Tax, wage and social debts +€10,245
up €10,245 (+15.1%), from €67,768 to €78,013
of which Remuneration and social security: +€6,850
- Trade debts -€7,796
down €7,796 (-58.0%), from €13,451 to €5,655
- Gross operating margin -€13,478
down €13,478 (-8.9%), from €151,876 to €138,397
- Taxes -€5,205
down €5,205 (-17.2%), from €30,215 to €25,010
- Other operating charges -€4,694
down €4,694 (-96.0%), from €4,892 to €198
- Financial income +€3,660
up €3,660 (+36599900.0%), from €0 to €3,660
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.
Cash bridge derived
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 | €513,484 | €516,882 | +€3,398 | +0.7% |
| Fixed assets | 21/28 | €196,270 | €170,896 | -€25,374 | -12.9% |
| Tangible fixed assets | 22/27 | €196,270 | €170,896 | -€25,374 | -12.9% |
| Land and buildings | 22 | €159,870 | €150,015 | -€9,855 | -6.2% |
| Plant, machinery and equipment | 23 | €16,612 | €12,279 | -€4,334 | -26.1% |
| Furniture and vehicles | 24 | €18,940 | €7,754 | -€11,186 | -59.1% |
| Other tangible fixed assets | 26 | €848 | €848 | = | 0.0% |
| Current assets | 29/58 | €317,214 | €345,986 | +€28,772 | +9.1% |
| Amounts receivable after more than one year | 29 | - | €122,000 | +€122,000 | |
| Trade receivables | 290 | - | €122,000 | +€122,000 | |
| Amounts receivable within one year | 40/41 | €209,468 | €94,327 | -€115,141 | -55.0% |
| Trade receivables | 40 | €51,524 | €75,233 | +€23,709 | +46.0% |
| Other amounts receivable | 41 | €157,944 | €19,094 | -€138,850 | -87.9% |
| Cash at bank and in hand | 54/58 | €107,743 | €128,878 | +€21,134 | +19.6% |
| Deferred charges and accrued income | 490/1 | €2 | €781 | +€779 | +36231.6% |
| Total equity and liabilities | 10/49 | €513,484 | €516,882 | +€3,398 | +0.7% |
| Equity | 10/15 | €123,811 | €207,350 | +€83,539 | +67.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,211 | €188,750 | +€83,539 | +79.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,899 | €7,899 | = | 0.0% |
| Distributable reserves | 133 | €95,452 | €178,991 | +€83,539 | +87.5% |
| Amounts payable | 17/49 | €389,673 | €309,532 | -€80,142 | -20.6% |
| Amounts payable after more than one year | 17 | €225,864 | €184,446 | -€41,418 | -18.3% |
| Financial debts | 170/4 | €225,864 | €184,446 | -€41,418 | -18.3% |
| Amounts payable within one year | 42/48 | €162,414 | €125,085 | -€37,328 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €45,945 | €41,418 | -€4,527 | -9.9% |
| Trade debts | 44 | €13,451 | €5,655 | -€7,796 | -58.0% |
| Suppliers | 440/4 | €13,451 | €5,655 | -€7,796 | -58.0% |
| Taxes, remuneration and social security | 45 | €67,768 | €78,013 | +€10,245 | +15.1% |
| Taxes | 450/3 | €67,768 | €71,163 | +€3,395 | +5.0% |
| Remuneration and social security | 454/9 | - | €6,850 | +€6,850 | |
| Other amounts payable | 47/48 | €35,250 | - | -€35,250 | |
| Accrued charges and deferred income | 492/3 | €1,395 | - | -€1,395 | |
| Remuneration, social security and pensions | 62 | - | €107 | +€107 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,539 | €26,985 | -€554 | -2.0% |
| Other operating charges | 640/8 | €4,892 | €198 | -€4,694 | -96.0% |
| Gross operating margin | 9900 | €151,876 | €138,397 | -€13,478 | -8.9% |
| Operating profit (loss) | 9901 | €119,444 | €111,107 | -€8,337 | -7.0% |
| Financial income | 75/76B | €0 | €3,660 | +€3,660 | +36599900.0% |
| Recurring financial income | 75 | €0 | €3,660 | +€3,660 | +36599900.0% |
| Financial charges | 65/66B | €6,459 | €6,218 | -€242 | -3.7% |
| Recurring financial charges | 65 | €6,459 | €6,218 | -€242 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €112,985 | €108,549 | -€4,435 | -3.9% |
| Income taxes | 67/77 | €30,215 | €25,010 | -€5,205 | -17.2% |
| Profit (loss) for the period | 9904 | €82,770 | €83,539 | +€769 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €82,770 | €83,539 | +€769 | +0.9% |
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 12 October 2026 via checked.be.