SEAL/C: 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/C
Largest movements
- Receivables within one year +€13,304
up €13,304 (+30.5%), from €43,608 to €56,912
of which Trade receivables: +€8,580
- Cash -€2,289
no longer reported in 2025 (was €2,289)
mainly Debts after one year (-€16,987) and Receivables within one year (-€13,304)
- Reserves +€21,501
up €21,501 (+53.4%), from €40,284 to €61,784
- Debts after one year -€16,987
down €16,987 (-54.7%), from €31,081 to €14,094
- Trade debts +€11,530
up €11,530 (+143.6%), from €8,027 to €19,557
- Other debts -€7,748
no longer reported in 2025 (was €7,748)
- Current portion of long-term debt +€2,330
up €2,330 (+15.9%), from €14,657 to €16,987
- Gross operating margin +€14,372
up €14,372 (+48.9%), from €29,370 to €43,743
- Depreciation -€6,315
down €6,315 (-34.1%), from €18,510 to €12,195
- Taxes +€3,466
up €3,466 (+145.7%), from €2,378 to €5,844
- Financial charges +€3,033
up €3,033 (+340.7%), from €890 to €3,923
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 | €116,259 | €128,126 | +€11,867 | +10.2% |
| Fixed assets | 21/28 | €70,362 | €71,214 | +€852 | +1.2% |
| Tangible fixed assets | 22/27 | €70,362 | €71,214 | +€852 | +1.2% |
| Land and buildings | 22 | - | €13,047 | +€13,047 | |
| Plant, machinery and equipment | 23 | €17,486 | €17,019 | -€467 | -2.7% |
| Furniture and vehicles | 24 | €52,876 | €41,148 | -€11,728 | -22.2% |
| Current assets | 29/58 | €45,897 | €56,912 | +€11,015 | +24.0% |
| Amounts receivable within one year | 40/41 | €43,608 | €56,912 | +€13,304 | +30.5% |
| Trade receivables | 40 | €28,599 | €37,179 | +€8,580 | +30.0% |
| Other amounts receivable | 41 | €15,009 | €19,733 | +€4,724 | +31.5% |
| Cash at bank and in hand | 54/58 | €2,289 | - | -€2,289 | |
| Total equity and liabilities | 10/49 | €116,259 | €128,126 | +€11,867 | +10.2% |
| Equity | 10/15 | €45,284 | €66,784 | +€21,501 | +47.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €40,284 | €61,784 | +€21,501 | +53.4% |
| Distributable reserves | 133 | €40,284 | €61,784 | +€21,501 | +53.4% |
| Amounts payable | 17/49 | €70,976 | €61,342 | -€9,634 | -13.6% |
| Amounts payable after more than one year | 17 | €31,081 | €14,094 | -€16,987 | -54.7% |
| Financial debts | 170/4 | €31,081 | €14,094 | -€16,987 | -54.7% |
| Amounts payable within one year | 42/48 | €39,895 | €47,248 | +€7,353 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €14,657 | €16,987 | +€2,330 | +15.9% |
| Financial debts | 43 | €1,462 | €1,860 | +€398 | +27.2% |
| Credit institutions | 430/8 | €1,462 | €1,860 | +€398 | +27.2% |
| Trade debts | 44 | €8,027 | €19,557 | +€11,530 | +143.6% |
| Suppliers | 440/4 | €8,027 | €19,557 | +€11,530 | +143.6% |
| Taxes, remuneration and social security | 45 | €8,000 | €8,844 | +€844 | +10.5% |
| Taxes | 450/3 | €8,000 | €8,844 | +€844 | +10.5% |
| Other amounts payable | 47/48 | €7,748 | - | -€7,748 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,510 | €12,195 | -€6,315 | -34.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €29,370 | €43,743 | +€14,372 | +48.9% |
| Operating profit (loss) | 9901 | €10,473 | €31,148 | +€20,675 | +197.4% |
| Financial income | 75/76B | €0 | €120 | +€120 | +599150.0% |
| Recurring financial income | 75 | €0 | €120 | +€120 | +599150.0% |
| Financial charges | 65/66B | €890 | €3,923 | +€3,033 | +340.7% |
| Recurring financial charges | 65 | €890 | €3,923 | +€3,033 | +340.7% |
| Profit (loss) for the period before taxes | 9903 | €9,583 | €27,344 | +€17,761 | +185.3% |
| Income taxes | 67/77 | €2,378 | €5,844 | +€3,466 | +145.7% |
| Profit (loss) for the period | 9904 | €7,205 | €21,501 | +€14,296 | +198.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,205 | €21,501 | +€14,296 | +198.4% |
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 10 October 2026 via checked.be.