SEAFAR: 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.
SEAFAR
Largest movements
- Cash -€2.7m
down €2.7m (-65.9%), from €4.1m to €1.4m
mainly Net result for the year (-€1.4m) and Investment in fixed assets (net) (-€1.3m)
- Current investments +€500,000
new in 2025: €500,000
- Intangible fixed assets +€446,637
up €446,637 (+22.0%), from €2.0m to €2.5m
- Deferred charges and accrued income -€297,659
down €297,659 (-23.1%), from €1.3m to €991,479
- Tangible fixed assets +€145,386
up €145,386 (+21.8%), from €666,784 to €812,170
of which Other tangible fixed assets: +€144,450
- Profit (loss) carried forward -€1.4m
down €1.4m (-2,342%), from -€59,581 to -€1.5m
- Debts after one year -€622,801
down €622,801 (-32.9%), from €1.9m to €1.3m
of which Financial debts: -€622,801
- Advances received +€192,215
up €192,215 (+159%), from €121,263 to €313,478
- Accrued charges and deferred income -€188,945
down €188,945 (-28.3%), from €668,414 to €479,468
- Trade debts +€109,095
up €109,095 (+11.5%), from €950,784 to €1.1m
- Gross operating margin -€769,377
down €769,377 (-36.8%), from €2.1m to €1.3m
- Depreciation +€126,818
up €126,818 (+21.7%), from €583,876 to €710,694
- Staff costs +€84,268
up €84,268 (+4.7%), from €1.8m to €1.9m
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 | €9,905,932 | €8,048,447 | -€1.9m | -18.8% |
| Fixed assets | 21/28 | €2,698,118 | €3,290,141 | +€592,023 | +21.9% |
| Intangible fixed assets | 21 | €2,031,334 | €2,477,971 | +€446,637 | +22.0% |
| Tangible fixed assets | 22/27 | €666,784 | €812,170 | +€145,386 | +21.8% |
| Furniture and vehicles | 24 | €48,471 | €49,407 | +€936 | +1.9% |
| Other tangible fixed assets | 26 | €618,313 | €762,764 | +€144,450 | +23.4% |
| Current assets | 29/58 | €7,207,814 | €4,758,306 | -€2.4m | -34.0% |
| Amounts receivable within one year | 40/41 | €1,855,591 | €1,882,410 | +€26,819 | +1.4% |
| Trade receivables | 40 | €813,358 | €1,044,184 | +€230,826 | +28.4% |
| Other amounts receivable | 41 | €1,042,233 | €838,226 | -€204,008 | -19.6% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €4,063,086 | €1,384,417 | -€2.7m | -65.9% |
| Deferred charges and accrued income | 490/1 | €1,289,138 | €991,479 | -€297,659 | -23.1% |
| Total equity and liabilities | 10/49 | €9,905,932 | €8,048,447 | -€1.9m | -18.8% |
| Equity | 10/15 | €5,209,174 | €3,813,847 | -€1.4m | -26.8% |
| Contributions | 10/11 | €5,252,275 | €5,252,275 | = | 0.0% |
| Capital | 10 | €5,252,275 | €5,252,275 | = | 0.0% |
| Issued capital | 100 | €5,252,275 | €5,252,275 | = | 0.0% |
| Reserves | 13 | €16,481 | €16,481 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,481 | €16,481 | = | 0.0% |
| Legal reserve | 130 | €16,481 | €16,481 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€59,581 | -€1,454,908 | -€1.4m | -2,342% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €4,696,758 | €4,234,600 | -€462,158 | -9.8% |
| Amounts payable after more than one year | 17 | €1,895,719 | €1,272,918 | -€622,801 | -32.9% |
| Financial debts | 170/4 | €1,645,719 | €1,022,918 | -€622,801 | -37.8% |
| Other amounts payable | 178/9 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,132,625 | €2,482,213 | +€349,588 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €914,912 | €904,104 | -€10,808 | -1.2% |
| Trade debts | 44 | €950,784 | €1,059,879 | +€109,095 | +11.5% |
| Suppliers | 440/4 | €950,784 | €1,059,879 | +€109,095 | +11.5% |
| Advances received on contracts in progress | 46 | €121,263 | €313,478 | +€192,215 | +159% |
| Taxes, remuneration and social security | 45 | €128,123 | €146,356 | +€18,234 | +14.2% |
| Taxes | 450/3 | €1,421 | €1,515 | +€95 | +6.7% |
| Remuneration and social security | 454/9 | €126,702 | €144,841 | +€18,139 | +14.3% |
| Other amounts payable | 47/48 | €17,543 | €58,396 | +€40,853 | +233% |
| Accrued charges and deferred income | 492/3 | €668,414 | €479,468 | -€188,945 | -28.3% |
| Remuneration, social security and pensions | 62 | €1,789,089 | €1,873,357 | +€84,268 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €583,876 | €710,694 | +€126,818 | +21.7% |
| Other operating charges | 640/8 | €3,699 | €19,992 | +€16,293 | +440% |
| Non-recurring operating charges | 66A | - | €42,078 | +€42,078 | |
| Gross operating margin | 9900 | €2,089,367 | €1,319,991 | -€769,377 | -36.8% |
| Operating profit (loss) | 9901 | -€287,296 | -€1,326,131 | -€1.0m | -362% |
| Financial income | 75/76B | €20,935 | €33,899 | +€12,964 | +61.9% |
| Recurring financial income | 75 | €20,935 | €33,899 | +€12,964 | +61.9% |
| Financial charges | 65/66B | €101,274 | €100,002 | -€1,272 | -1.3% |
| Recurring financial charges | 65 | €101,274 | €100,002 | -€1,272 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€367,636 | -€1,392,234 | -€1.0m | -279% |
| Income taxes | 67/77 | €2,651 | €3,093 | +€442 | +16.7% |
| Profit (loss) for the period | 9904 | -€370,287 | -€1,395,327 | -€1.0m | -277% |
| Profit (loss) for the period to be appropriated | 9905 | -€370,287 | -€1,395,327 | -€1.0m | -277% |
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 16 October 2026 via checked.be.