SEAL: 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.
SEAL
Largest movements
- Tangible fixed assets +€69,944
up €69,944 (+12.0%), from €581,786 to €651,729
of which Land and buildings: +€65,092
- Cash +€55,391
up €55,391 (+320.8%), from €17,265 to €72,656
mainly Net result for the year (+€64,797) and Depreciation (+€48,557)
- Stocks and contracts -€12,625
down €12,625 (-9.9%), from €127,959 to €115,334
- Reserves +€64,797
up €64,797 (+34.2%), from €189,645 to €254,442
- Debts after one year +€33,377
up €33,377 (+8.9%), from €373,089 to €406,467
- Gross operating margin +€31,002
up €31,002 (+23.0%), from €134,873 to €165,875
- Depreciation +€19,820
up €19,820 (+69.0%), from €28,737 to €48,557
- Taxes +€7,130
up €7,130 (+25.4%), from €28,126 to €35,256
- Financial charges +€4,029
up €4,029 (+41.9%), from €9,606 to €13,635
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 | €731,579 | €843,052 | +€111,473 | +15.2% |
| Fixed assets | 21/28 | €581,786 | €651,729 | +€69,944 | +12.0% |
| Tangible fixed assets | 22/27 | €581,786 | €651,729 | +€69,944 | +12.0% |
| Land and buildings | 22 | €511,239 | €576,330 | +€65,092 | +12.7% |
| Plant, machinery and equipment | 23 | €68,840 | €57,555 | -€11,285 | -16.4% |
| Furniture and vehicles | 24 | €1,707 | €17,844 | +€16,138 | +945.5% |
| Current assets | 29/58 | €149,793 | €191,323 | +€41,530 | +27.7% |
| Stocks and contracts in progress | 3 | €127,959 | €115,334 | -€12,625 | -9.9% |
| Stocks | 30/36 | €127,959 | €115,334 | -€12,625 | -9.9% |
| Amounts receivable within one year | 40/41 | €2,720 | €2,729 | +€9 | +0.3% |
| Trade receivables | 40 | €2,700 | €2,700 | = | 0.0% |
| Other amounts receivable | 41 | €20 | €29 | +€9 | +46.2% |
| Current investments | 50/53 | €369 | €369 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,265 | €72,656 | +€55,391 | +320.8% |
| Deferred charges and accrued income | 490/1 | €1,481 | €235 | -€1,246 | -84.2% |
| Total equity and liabilities | 10/49 | €731,579 | €843,052 | +€111,473 | +15.2% |
| Equity | 10/15 | €279,645 | €344,442 | +€64,797 | +23.2% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €189,645 | €254,442 | +€64,797 | +34.2% |
| Distributable reserves | 133 | €189,645 | €254,442 | +€64,797 | +34.2% |
| Amounts payable | 17/49 | €451,933 | €498,610 | +€46,676 | +10.3% |
| Amounts payable after more than one year | 17 | €373,089 | €406,467 | +€33,377 | +8.9% |
| Financial debts | 170/4 | €373,089 | €406,467 | +€33,377 | +8.9% |
| Amounts payable within one year | 42/48 | €78,844 | €92,068 | +€13,224 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €37,841 | €42,155 | +€4,313 | +11.4% |
| Trade debts | 44 | €11,807 | €13,640 | +€1,832 | +15.5% |
| Suppliers | 440/4 | €11,807 | €13,640 | +€1,832 | +15.5% |
| Advances received on contracts in progress | 46 | €3,096 | €3,096 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €15,388 | €22,808 | +€7,420 | +48.2% |
| Taxes | 450/3 | €15,388 | €22,808 | +€7,420 | +48.2% |
| Other amounts payable | 47/48 | €10,711 | €10,369 | -€341 | -3.2% |
| Accrued charges and deferred income | 492/3 | - | €75 | +€75 | |
| Non-recurring operating income | 76A | €9,315 | - | -€9,315 | |
| Remuneration, social security and pensions | 62 | €2,081 | €1,788 | -€293 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,737 | €48,557 | +€19,820 | +69.0% |
| Other operating charges | 640/8 | €3,899 | €4,160 | +€261 | +6.7% |
| Gross operating margin | 9900 | €134,873 | €165,875 | +€31,002 | +23.0% |
| Operating profit (loss) | 9901 | €100,156 | €111,369 | +€11,213 | +11.2% |
| Financial income | 75/76B | €2,242 | €2,318 | +€76 | +3.4% |
| Recurring financial income | 75 | €2,242 | €2,318 | +€76 | +3.4% |
| Financial charges | 65/66B | €9,606 | €13,635 | +€4,029 | +41.9% |
| Recurring financial charges | 65 | €9,606 | €13,635 | +€4,029 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €92,792 | €100,053 | +€7,261 | +7.8% |
| Income taxes | 67/77 | €28,126 | €35,256 | +€7,130 | +25.4% |
| Profit (loss) for the period | 9904 | €64,666 | €64,797 | +€131 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,666 | €64,797 | +€131 | +0.2% |
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.