SEAL-DC: 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-DC
Largest movements
- Intangible fixed assets -€242,228
down €242,228 (-11.8%), from €2.1m to €1.8m
- Receivables within one year +€124,591
up €124,591 (+24.3%), from €513,480 to €638,070
of which Other amounts receivable: +€116,186
- Debts after one year -€185,253
down €185,253 (-12.0%), from €1.5m to €1.4m
- Other debts +€95,000
up €95,000 (+26.0%), from €365,000 to €460,000
- Short-term financial debts -€34,706
down €34,706 (-12.1%), from €287,012 to €252,306
- Gross operating margin -€331,937
down €331,937 (-20.1%), from €1.6m to €1.3m
- Staff costs -€273,553
down €273,553 (-34.2%), from €799,687 to €526,134
- Depreciation -€120,550
down €120,550 (-33.2%), from €363,188 to €242,638
- Financial charges -€22,747
down €22,747 (-25.7%), from €88,634 to €65,887
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,583,074 | €2,460,891 | -€122,183 | -4.7% |
| Fixed assets | 21/28 | €2,061,098 | €1,819,659 | -€241,439 | -11.7% |
| Intangible fixed assets | 21 | €2,059,692 | €1,817,464 | -€242,228 | -11.8% |
| Tangible fixed assets | 22/27 | €1,406 | €1,945 | +€539 | +38.4% |
| Plant, machinery and equipment | 23 | €1,406 | €1,005 | -€401 | -28.5% |
| Furniture and vehicles | 24 | - | €940 | +€940 | |
| Financial fixed assets | 28 | - | €250 | +€250 | |
| Current assets | 29/58 | €521,976 | €641,232 | +€119,256 | +22.8% |
| Amounts receivable within one year | 40/41 | €513,480 | €638,070 | +€124,591 | +24.3% |
| Trade receivables | 40 | - | €8,405 | +€8,405 | |
| Other amounts receivable | 41 | €513,480 | €629,666 | +€116,186 | +22.6% |
| Deferred charges and accrued income | 490/1 | €8,496 | €3,162 | -€5,335 | -62.8% |
| Total equity and liabilities | 10/49 | €2,583,074 | €2,460,891 | -€122,183 | -4.7% |
| Equity | 10/15 | €20,957 | €32,816 | +€11,859 | +56.6% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Contributions outside capital | 11 | €12,000 | - | -€12,000 | |
| Other | 1109/19 | €12,000 | - | -€12,000 | |
| Reserves | 13 | €8,957 | €20,816 | +€11,859 | +132.4% |
| Distributable reserves | 133 | €8,957 | €20,816 | +€11,859 | +132.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,562,117 | €2,428,075 | -€134,042 | -5.2% |
| Amounts payable after more than one year | 17 | €1,547,314 | €1,362,060 | -€185,253 | -12.0% |
| Financial debts | 170/4 | €1,547,314 | €1,362,060 | -€185,253 | -12.0% |
| Amounts payable within one year | 42/48 | €973,981 | €1,032,827 | +€58,846 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €182,039 | €185,253 | +€3,214 | +1.8% |
| Financial debts | 43 | €287,012 | €252,306 | -€34,706 | -12.1% |
| Credit institutions | 430/8 | €287,012 | €252,306 | -€34,706 | -12.1% |
| Trade debts | 44 | €31,936 | €50,197 | +€18,261 | +57.2% |
| Suppliers | 440/4 | €31,936 | €50,197 | +€18,261 | +57.2% |
| Taxes, remuneration and social security | 45 | €107,994 | €85,071 | -€22,923 | -21.2% |
| Taxes | 450/3 | €23,056 | €19,224 | -€3,832 | -16.6% |
| Remuneration and social security | 454/9 | €84,939 | €65,847 | -€19,091 | -22.5% |
| Other amounts payable | 47/48 | €365,000 | €460,000 | +€95,000 | +26.0% |
| Accrued charges and deferred income | 492/3 | €40,822 | €33,187 | -€7,635 | -18.7% |
| Remuneration, social security and pensions | 62 | €799,687 | €526,134 | -€273,553 | -34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €363,188 | €242,638 | -€120,550 | -33.2% |
| Other operating charges | 640/8 | €12,657 | €881 | -€11,776 | -93.0% |
| Gross operating margin | 9900 | €1,648,514 | €1,316,578 | -€331,937 | -20.1% |
| Operating profit (loss) | 9901 | €472,983 | €546,925 | +€73,942 | +15.6% |
| Financial income | 75/76B | €6 | €0 | -€6 | -92.6% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -92.6% |
| Financial charges | 65/66B | €88,634 | €65,887 | -€22,747 | -25.7% |
| Recurring financial charges | 65 | €88,634 | €65,887 | -€22,747 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €384,355 | €481,038 | +€96,683 | +25.2% |
| Income taxes | 67/77 | €10,399 | €9,179 | -€1,220 | -11.7% |
| Profit (loss) for the period | 9904 | €373,957 | €471,859 | +€97,903 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €373,957 | €471,859 | +€97,903 | +26.2% |
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.