SEABOW: 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.
What changed
SEABOW
NACE 52.241, Warehousing and support activities for transportation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€730,883
2024 · €356,181+€374,702
Equity
€3.0m
2024 · €2.4m+€630,883
Cash
€924,634
2024 · €1.5m-€596,983
Balance sheet total
€7.8m
2024 · €4.6m+€3.2m
Largest movements
Assets
- Receivables within one year +€2.6m
up €2.6m (+102.4%), from €2.6m to €5.2m
of which Trade receivables: +€2.4m
- Cash -€596,983
down €596,983 (-39.2%), from €1.5m to €924,634
mainly Receivables within one year (-€2.6m) and Stocks and contracts (-€570,312)
- Stocks and contracts +€570,312
up €570,312, from €0 to €570,312
- Current investments +€508,296
new in 2025: €508,296
- Receivables after one year +€430,000
new in 2025: €430,000
Equity and liabilities
- Trade debts +€2.7m
up €2.7m (+152.6%), from €1.8m to €4.5m
- Profit (loss) carried forward +€630,883
up €630,883 (+27.4%), from €2.3m to €2.9m
- Accrued charges and deferred income -€283,573
down €283,573 (-99.4%), from €285,408 to €1,834
- Other debts +€100,000
up €100,000, from €0 to €100,000
Income statement
- Turnover +€11.3m
up €11.3m (+104.4%), from €10.8m to €22.1m
- Goods and materials +€8.8m
up €8.8m (+92.8%), from €9.5m to €18.3m
- Services and other goods +€1.3m
up €1.3m (+193.7%), from €676,657 to €2.0m
- Staff costs +€373,242
up €373,242 (+88.0%), from €424,196 to €797,438
- Other operating income -€271,958
down €271,958 (-86.9%), from €312,988 to €41,030
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.
Result 2024
€356,181
Turnover
+€11.3m
Other operating income
-€271,958
Goods and materials
-€8.8m
Services and other goods
-€1.3m
Staff costs
-€373,242
Depreciation
+€6,678
Write-downs
-€68,696
Other operating charges
-€7,062
Other operating items
-€3,330
Financial income
-€2,761
Financial charges
-€17,923
Taxes
-€77,257
Result 2025
€730,883
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.
From operations
-€110,784
Investment
-€386,199
Financing
-€100,000
Cash 2024
€1.5m
From operations (derived)
-€110,784
Net result for the year
+€730,883
Depreciation
+€31,119
Receivables after one year
-€430,000
Stocks and contracts
-€570,312
Receivables within one year
-€2.6m
Deferred charges and accrued income
+€181,098
Trade debts
+€2.7m
Tax, wage and social debts
+€60,397
Other debts
+€100,000
Accrued charges and deferred income
-€283,573
Investment (derived)
-€386,199
Investment in fixed assets (net)
+€122,097
Current investments
-€508,296
Financing
-€100,000
Contributions, distributions and other
-€100,000
Cash 2025
€924,634
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,612,115 | €7,810,917 | +€3.2m | +69.4% |
| Fixed assets | 21/28 | €345,221 | €192,006 | -€153,216 | -44.4% |
| Intangible fixed assets | 21 | €23,046 | €18,213 | -€4,833 | -21.0% |
| Tangible fixed assets | 22/27 | €322,175 | €173,792 | -€148,383 | -46.1% |
| Plant, machinery and equipment | 23 | €263,548 | €6,471 | -€257,078 | -97.5% |
| Furniture and vehicles | 24 | €43,149 | €154,569 | +€111,420 | +258.2% |
| Other tangible fixed assets | 26 | €15,477 | €12,753 | -€2,725 | -17.6% |
| Current assets | 29/58 | €4,266,894 | €7,618,911 | +€3.4m | +78.6% |
| Amounts receivable after more than one year | 29 | - | €430,000 | +€430,000 | |
| Other amounts receivable | 291 | - | €430,000 | +€430,000 | |
| Stocks and contracts in progress | 3 | €0 | €570,312 | +€570,312 | |
| Stocks | 30/36 | - | €570,312 | +€570,312 | |
| Goods purchased for resale | 34 | - | €570,312 | +€570,312 | |
| Amounts receivable within one year | 40/41 | €2,560,640 | €5,182,131 | +€2.6m | +102.4% |
| Trade receivables | 40 | €2,533,890 | €4,943,627 | +€2.4m | +95.1% |
| Other amounts receivable | 41 | €26,750 | €238,504 | +€211,754 | +791.6% |
| Current investments | 50/53 | - | €508,296 | +€508,296 | |
| Other investments | 51/53 | - | €508,296 | +€508,296 | |
| Cash at bank and in hand | 54/58 | €1,521,617 | €924,634 | -€596,983 | -39.2% |
| Deferred charges and accrued income | 490/1 | €184,637 | €3,539 | -€181,098 | -98.1% |
| Total equity and liabilities | 10/49 | €4,612,115 | €7,810,917 | +€3.2m | +69.4% |
| Equity | 10/15 | €2,369,367 | €3,000,250 | +€630,883 | +26.6% |
| Contributions | 10/11 | €64,000 | €64,000 | = | 0.0% |
| Capital | 10 | €64,000 | €64,000 | = | 0.0% |
| Issued capital | 100 | €64,000 | €64,000 | = | 0.0% |
| Reserves | 13 | €6,400 | €6,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,400 | €6,400 | = | 0.0% |
| Legal reserve | 130 | €6,400 | €6,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,298,967 | €2,929,850 | +€630,883 | +27.4% |
| Amounts payable | 17/49 | €2,242,748 | €4,810,667 | +€2.6m | +114.5% |
| Amounts payable within one year | 42/48 | €1,957,340 | €4,808,832 | +€2.9m | +145.7% |
| Trade debts | 44 | €1,763,204 | €4,454,300 | +€2.7m | +152.6% |
| Suppliers | 440/4 | €1,763,204 | €4,454,300 | +€2.7m | +152.6% |
| Taxes, remuneration and social security | 45 | €194,136 | €254,533 | +€60,397 | +31.1% |
| Taxes | 450/3 | €144,072 | €132,094 | -€11,979 | -8.3% |
| Remuneration and social security | 454/9 | €50,063 | €122,439 | +€72,376 | +144.6% |
| Other amounts payable | 47/48 | €0 | €100,000 | +€100,000 | |
| Accrued charges and deferred income | 492/3 | €285,408 | €1,834 | -€283,573 | -99.4% |
| Operating income | 70/76A | €11,129,244 | €22,144,459 | +€11.0m | +99.0% |
| Turnover | 70 | €10,816,256 | €22,103,429 | +€11.3m | +104.4% |
| Other operating income | 74 | €312,988 | €41,030 | -€271,958 | -86.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €10,613,567 | €21,156,138 | +€10.5m | +99.3% |
| Goods for resale, raw materials and consumables | 60 | €9,463,700 | €18,250,044 | +€8.8m | +92.8% |
| Purchases | 600/8 | €9,463,700 | €18,250,044 | +€8.8m | +92.8% |
| Services and other goods | 61 | €676,657 | €1,987,232 | +€1.3m | +193.7% |
| Remuneration, social security and pensions | 62 | €424,196 | €797,438 | +€373,242 | +88.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,797 | €31,119 | -€6,678 | -17.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,000 | €77,696 | +€68,696 | +763.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €2,217 | €9,279 | +€7,062 | +318.5% |
| Non-recurring operating charges | 66A | €0 | €3,330 | +€3,330 | |
| Operating profit (loss) | 9901 | €515,677 | €988,321 | +€472,644 | +91.7% |
| Financial income | 75/76B | €103,652 | €100,891 | -€2,761 | -2.7% |
| Recurring financial income | 75 | €103,652 | €100,891 | -€2,761 | -2.7% |
| Other financial income | 752/9 | €103,652 | €100,891 | -€2,761 | -2.7% |
| Financial charges | 65/66B | €75,353 | €93,276 | +€17,923 | +23.8% |
| Recurring financial charges | 65 | €75,353 | €93,276 | +€17,923 | +23.8% |
| Debt charges | 650 | €856 | €746 | -€110 | -12.9% |
| Other financial charges | 652/9 | €74,497 | €92,530 | +€18,033 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €543,976 | €995,936 | +€451,960 | +83.1% |
| Income taxes | 67/77 | €187,796 | €265,053 | +€77,257 | +41.1% |
| Taxes | 670/3 | €187,796 | €450,000 | +€262,204 | +139.6% |
| Tax adjustments and reversals of tax provisions | 77 | - | €184,947 | +€184,947 | |
| Profit (loss) for the period | 9904 | €356,181 | €730,883 | +€374,702 | +105.2% |
| Profit (loss) for the period to be appropriated | 9905 | €356,181 | €730,883 | +€374,702 | +105.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.