SEACHANGE: 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.
SEACHANGE
Largest movements
- Current investments -€145,000
down €145,000 (-87.4%), from €165,824 to €20,824
- Cash +€116,970
up €116,970 (+279%), from €41,991 to €158,962
mainly Current investments (+€145,000) and Net result for the year (+€27,305)
- Receivables within one year +€35,777
up €35,777 (+149%), from €24,016 to €59,793
of which Trade receivables: +€23,885
- Tangible fixed assets -€17,498
down €17,498 (-8.3%), from €211,976 to €194,479
of which Land and buildings: -€11,825
- Debts after one year -€11,474
down €11,474 (-7.2%), from €160,171 to €148,697
- Gross operating margin -€23,538
down €23,538 (-26.2%), from €89,791 to €66,254
- Taxes -€5,353
down €5,353 (-29.5%), from €18,125 to €12,773
- Depreciation +€1,759
up €1,759 (+7.6%), from €23,056 to €24,815
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 | €462,409 | €454,482 | -€7,927 | -1.7% |
| Fixed assets | 21/28 | €211,976 | €194,479 | -€17,498 | -8.3% |
| Tangible fixed assets | 22/27 | €211,976 | €194,479 | -€17,498 | -8.3% |
| Land and buildings | 22 | €153,728 | €141,903 | -€11,825 | -7.7% |
| Plant, machinery and equipment | 23 | €4,087 | €3,050 | -€1,037 | -25.4% |
| Furniture and vehicles | 24 | €5,851 | €4,175 | -€1,676 | -28.6% |
| Other tangible fixed assets | 26 | €48,311 | €45,351 | -€2,960 | -6.1% |
| Current assets | 29/58 | €250,432 | €260,003 | +€9,571 | +3.8% |
| Amounts receivable within one year | 40/41 | €24,016 | €59,793 | +€35,777 | +149% |
| Trade receivables | 40 | €19,009 | €42,895 | +€23,885 | +126% |
| Other amounts receivable | 41 | €5,007 | €16,898 | +€11,892 | +238% |
| Current investments | 50/53 | €165,824 | €20,824 | -€145,000 | -87.4% |
| Cash at bank and in hand | 54/58 | €41,991 | €158,962 | +€116,970 | +279% |
| Deferred charges and accrued income | 490/1 | €18,601 | €20,424 | +€1,824 | +9.8% |
| Total equity and liabilities | 10/49 | €462,409 | €454,482 | -€7,927 | -1.7% |
| Equity | 10/15 | €268,916 | €272,182 | +€3,267 | +1.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €266,416 | €269,682 | +€3,267 | +1.2% |
| Distributable reserves | 133 | €266,416 | €269,682 | +€3,267 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €193,493 | €182,299 | -€11,193 | -5.8% |
| Amounts payable after more than one year | 17 | €160,171 | €148,697 | -€11,474 | -7.2% |
| Financial debts | 170/4 | €160,171 | €148,697 | -€11,474 | -7.2% |
| Amounts payable within one year | 42/48 | €33,322 | €33,603 | +€281 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €13,828 | €14,924 | +€1,096 | +7.9% |
| Trade debts | 44 | €4,167 | €3,436 | -€731 | -17.5% |
| Suppliers | 440/4 | €4,167 | €3,436 | -€731 | -17.5% |
| Taxes, remuneration and social security | 45 | €15,328 | €15,243 | -€84 | -0.6% |
| Taxes | 450/3 | €15,328 | €12,643 | -€2,684 | -17.5% |
| Remuneration and social security | 454/9 | €0 | €2,600 | +€2,600 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,056 | €24,815 | +€1,759 | +7.6% |
| Other operating charges | 640/8 | €1,972 | €2,111 | +€139 | +7.0% |
| Non-recurring operating charges | 66A | €1,752 | €0 | -€1,752 | -100% |
| Gross operating margin | 9900 | €89,791 | €66,254 | -€23,538 | -26.2% |
| Operating profit (loss) | 9901 | €63,010 | €39,327 | -€23,683 | -37.6% |
| Financial income | 75/76B | €2,406 | €3,105 | +€698 | +29.0% |
| Recurring financial income | 75 | €2,406 | €3,105 | +€698 | +29.0% |
| Financial charges | 65/66B | €2,706 | €2,354 | -€352 | -13.0% |
| Recurring financial charges | 65 | €2,706 | €2,354 | -€352 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €62,710 | €40,077 | -€22,633 | -36.1% |
| Income taxes | 67/77 | €18,125 | €12,773 | -€5,353 | -29.5% |
| Profit (loss) for the period | 9904 | €44,585 | €27,305 | -€17,280 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €44,585 | €27,305 | -€17,280 | -38.8% |
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 13 October 2026 via checked.be.