SEAFLOWER: 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.
SEAFLOWER
Largest movements
- Tangible fixed assets +€550,908
up €550,908 (+55.1%), from €999,587 to €1.6m
of which Land and buildings: +€551,526
- Stocks and contracts -€397,749
down €397,749 (-19.4%), from €2.0m to €1.6m
- Financial fixed assets -€299,250
down €299,250 (-98.5%), from €303,750 to €4,500
- Receivables within one year +€162,188
up €162,188 (+88.2%), from €183,881 to €346,070
of which Trade receivables: +€340,566
- Cash -€77,100
down €77,100 (-42.7%), from €180,562 to €103,462
mainly Other debts (-€288,000) and Investment in fixed assets (net) (-€278,018)
- Trade debts +€306,148
up €306,148 (+544.0%), from €56,281 to €362,429
- Other debts -€288,000
down €288,000 (-100.0%), from €288,144 to €144
- Profit (loss) carried forward -€64,648
new in 2024: -€64,648
- Gross operating margin -€101,002
down €101,002 (-76.5%), from €131,997 to €30,995
- Financial charges +€41,154
up €41,154 (+244.2%), from €16,853 to €58,007
- Other operating charges +€13,024
up €13,024 (+215.9%), from €6,032 to €19,056
- Taxes -€1,892
no longer reported in 2024 (was €1,892)
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,713,132 | €3,652,129 | -€61,003 | -1.6% |
| Fixed assets | 21/28 | €1,303,337 | €1,554,995 | +€251,658 | +19.3% |
| Tangible fixed assets | 22/27 | €999,587 | €1,550,495 | +€550,908 | +55.1% |
| Land and buildings | 22 | €996,568 | €1,548,095 | +€551,526 | +55.3% |
| Furniture and vehicles | 24 | €3,018 | €2,400 | -€618 | -20.5% |
| Financial fixed assets | 28 | €303,750 | €4,500 | -€299,250 | -98.5% |
| Current assets | 29/58 | €2,409,796 | €2,097,135 | -€312,661 | -13.0% |
| Stocks and contracts in progress | 3 | €2,045,352 | €1,647,602 | -€397,749 | -19.4% |
| Stocks | 30/36 | €2,045,352 | €1,647,602 | -€397,749 | -19.4% |
| Amounts receivable within one year | 40/41 | €183,881 | €346,070 | +€162,188 | +88.2% |
| Trade receivables | 40 | €456 | €341,022 | +€340,566 | +74685.6% |
| Other amounts receivable | 41 | €183,425 | €5,047 | -€178,378 | -97.2% |
| Cash at bank and in hand | 54/58 | €180,562 | €103,462 | -€77,100 | -42.7% |
| Total equity and liabilities | 10/49 | €3,713,132 | €3,652,129 | -€61,003 | -1.6% |
| Equity | 10/15 | €2,116,846 | €2,046,483 | -€70,364 | -3.3% |
| Contributions | 10/11 | €1,138,625 | €1,138,625 | = | 0.0% |
| Reserves | 13 | €978,221 | €972,506 | -€5,716 | -0.6% |
| Non-distributable reserves | 130/1 | €133,862 | €133,862 | = | 0.0% |
| Reserves not available under the articles | 1311 | €133,862 | €133,862 | = | 0.0% |
| Tax-exempt reserves | 132 | €165,750 | €160,035 | -€5,716 | -3.4% |
| Distributable reserves | 133 | €678,609 | €678,609 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€64,648 | -€64,648 | |
| Provisions and deferred taxes | 16 | €55,250 | €53,345 | -€1,905 | -3.4% |
| Deferred taxes | 168 | €55,250 | €53,345 | -€1,905 | -3.4% |
| Amounts payable | 17/49 | €1,541,036 | €1,552,302 | +€11,266 | +0.7% |
| Amounts payable after more than one year | 17 | €6,750 | - | -€6,750 | |
| Financial debts | 170/4 | €6,750 | - | -€6,750 | |
| Amounts payable within one year | 42/48 | €1,534,286 | €1,537,232 | +€2,946 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €1,188,000 | €1,164,000 | -€24,000 | -2.0% |
| Trade debts | 44 | €56,281 | €362,429 | +€306,148 | +544.0% |
| Suppliers | 440/4 | €56,281 | €362,429 | +€306,148 | +544.0% |
| Taxes, remuneration and social security | 45 | €1,861 | €10,659 | +€8,798 | +472.8% |
| Taxes | 450/3 | €1,861 | €10,659 | +€8,798 | +472.8% |
| Other amounts payable | 47/48 | €288,144 | €144 | -€288,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €15,070 | +€15,070 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,700 | €26,360 | +€660 | +2.6% |
| Other operating charges | 640/8 | €6,032 | €19,056 | +€13,024 | +215.9% |
| Gross operating margin | 9900 | €131,997 | €30,995 | -€101,002 | -76.5% |
| Operating profit (loss) | 9901 | €100,265 | -€14,420 | -€114,686 | |
| Financial income | 75/76B | €105 | €158 | +€54 | +51.1% |
| Recurring financial income | 75 | €105 | €158 | +€54 | +51.1% |
| Financial charges | 65/66B | €16,853 | €58,007 | +€41,154 | +244.2% |
| Recurring financial charges | 65 | €16,853 | €58,007 | +€41,154 | +244.2% |
| Profit (loss) for the period before taxes | 9903 | €83,517 | -€72,269 | -€155,786 | |
| Transfer from deferred taxes | 780 | €1,905 | €1,905 | = | 0.0% |
| Income taxes | 67/77 | €1,892 | - | -€1,892 | |
| Profit (loss) for the period | 9904 | €83,530 | -€70,364 | -€153,894 | |
| Transfer from tax-exempt reserves | 789 | €5,716 | €5,716 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,245 | -€64,648 | -€153,894 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.