SEAL: 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.
SEAL
Largest movements
- Cash -€64,223
down €64,223 (-14.7%), from €435,683 to €371,459
mainly Contributions, distributions and other (-€309,439) and Debts after one year (-€20,390)
- Tangible fixed assets -€40,629
down €40,629 (-38.8%), from €104,706 to €64,077
of which Furniture and vehicles: -€33,196
- Receivables within one year -€18,302
down €18,302 (-9.1%), from €200,941 to €182,639
- Reserves -€134,948
down €134,948 (-17.6%), from €767,772 to €632,824
- Debts after one year -€20,390
down €20,390 (-48.2%), from €42,324 to €21,934
- Tax, wage and social debts +€14,900
up €14,900 (+22.6%), from €65,902 to €80,802
of which Taxes: +€15,421
- Trade debts +€9,847
up €9,847 (+71.0%), from €13,870 to €23,718
- Gross operating margin +€70,215
up €70,215 (+32.0%), from €219,463 to €289,678
- Taxes +€19,429
up €19,429 (+33.3%), from €58,373 to €77,801
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 | €942,343 | €819,951 | -€122,393 | -13.0% |
| Fixed assets | 21/28 | €104,706 | €64,077 | -€40,629 | -38.8% |
| Tangible fixed assets | 22/27 | €104,706 | €64,077 | -€40,629 | -38.8% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €12,529 | €8,895 | -€3,635 | -29.0% |
| Furniture and vehicles | 24 | €71,869 | €38,673 | -€33,196 | -46.2% |
| Other tangible fixed assets | 26 | €20,307 | €16,509 | -€3,798 | -18.7% |
| Current assets | 29/58 | €837,637 | €755,874 | -€81,764 | -9.8% |
| Amounts receivable within one year | 40/41 | €200,941 | €182,639 | -€18,302 | -9.1% |
| Other amounts receivable | 41 | €200,941 | €182,639 | -€18,302 | -9.1% |
| Current investments | 50/53 | €201,014 | €201,335 | +€321 | +0.2% |
| Cash at bank and in hand | 54/58 | €435,683 | €371,459 | -€64,223 | -14.7% |
| Deferred charges and accrued income | 490/1 | €0 | €441 | +€441 | |
| Total equity and liabilities | 10/49 | €942,343 | €819,951 | -€122,393 | -13.0% |
| Equity | 10/15 | €800,172 | €665,224 | -€134,948 | -16.9% |
| Contributions | 10/11 | €32,400 | €32,400 | = | 0.0% |
| Reserves | 13 | €767,772 | €632,824 | -€134,948 | -17.6% |
| Distributable reserves | 133 | €767,772 | €632,824 | -€134,948 | -17.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €142,171 | €154,726 | +€12,556 | +8.8% |
| Amounts payable after more than one year | 17 | €42,324 | €21,934 | -€20,390 | -48.2% |
| Financial debts | 170/4 | €42,324 | €21,934 | -€20,390 | -48.2% |
| Amounts payable within one year | 42/48 | €99,846 | €132,792 | +€32,946 | +33.0% |
| Current portion of amounts payable after more than one year | 42 | €19,879 | €20,390 | +€511 | +2.6% |
| Trade debts | 44 | €13,870 | €23,718 | +€9,847 | +71.0% |
| Suppliers | 440/4 | €13,870 | €23,718 | +€9,847 | +71.0% |
| Taxes, remuneration and social security | 45 | €65,902 | €80,802 | +€14,900 | +22.6% |
| Taxes | 450/3 | €57,394 | €72,815 | +€15,421 | +26.9% |
| Remuneration and social security | 454/9 | €8,508 | €7,987 | -€521 | -6.1% |
| Other amounts payable | 47/48 | €194 | €7,882 | +€7,688 | +3,963% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,533 | €40,629 | +€1,096 | +2.8% |
| Other operating charges | 640/8 | €982 | €1,547 | +€565 | +57.6% |
| Gross operating margin | 9900 | €219,463 | €289,678 | +€70,215 | +32.0% |
| Operating profit (loss) | 9901 | €178,948 | €247,502 | +€68,554 | +38.3% |
| Financial income | 75/76B | €6,764 | €6,776 | +€12 | +0.2% |
| Recurring financial income | 75 | €6,764 | €6,776 | +€12 | +0.2% |
| Financial charges | 65/66B | €2,341 | €1,986 | -€355 | -15.2% |
| Recurring financial charges | 65 | €2,341 | €1,986 | -€355 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €183,371 | €252,292 | +€68,921 | +37.6% |
| Income taxes | 67/77 | €58,373 | €77,801 | +€19,429 | +33.3% |
| Profit (loss) for the period | 9904 | €124,998 | €174,491 | +€49,493 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €124,998 | €174,491 | +€49,493 | +39.6% |
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 14 October 2026 via checked.be.