SEAL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year -€19,307
down €19,307 (-58.6%), from €32,944 to €13,637
of which Trade receivables: -€15,711
- Tangible fixed assets -€15,834
down €15,834 (-8.1%), from €195,089 to €179,255
of which Land and buildings: -€12,911
- Cash -€13,143
down €13,143 (-42.8%), from €30,728 to €17,585
mainly Other debts (-€72,427) and Debts after one year (-€7,099)
- Deferred charges and accrued income -€7,789
down €7,789 (-22.7%), from €34,373 to €26,585
- Other debts -€72,427
down €72,427 (-50.4%), from €143,714 to €71,288
- Reserves +€24,429
up €24,429 (+194%), from €12,603 to €37,032
- Debts after one year -€7,099
down €7,099 (-6.5%), from €109,531 to €102,433
- Taxes +€8,384
up €8,384 (+480%), from €1,746 to €10,130
- Gross operating margin +€6,826
up €6,826 (+13.1%), from €52,092 to €58,918
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 | €293,134 | €237,062 | -€56,072 | -19.1% |
| Fixed assets | 21/28 | €195,089 | €179,255 | -€15,834 | -8.1% |
| Tangible fixed assets | 22/27 | €195,089 | €179,255 | -€15,834 | -8.1% |
| Land and buildings | 22 | €180,758 | €167,847 | -€12,911 | -7.1% |
| Plant, machinery and equipment | 23 | €3,273 | €2,570 | -€703 | -21.5% |
| Furniture and vehicles | 24 | €11,057 | €8,838 | -€2,219 | -20.1% |
| Current assets | 29/58 | €98,045 | €57,807 | -€40,238 | -41.0% |
| Amounts receivable within one year | 40/41 | €32,944 | €13,637 | -€19,307 | -58.6% |
| Trade receivables | 40 | €29,101 | €13,390 | -€15,711 | -54.0% |
| Other amounts receivable | 41 | €3,843 | €247 | -€3,596 | -93.6% |
| Cash at bank and in hand | 54/58 | €30,728 | €17,585 | -€13,143 | -42.8% |
| Deferred charges and accrued income | 490/1 | €34,373 | €26,585 | -€7,789 | -22.7% |
| Total equity and liabilities | 10/49 | €293,134 | €237,062 | -€56,072 | -19.1% |
| Equity | 10/15 | €18,886 | €43,315 | +€24,429 | +129% |
| Contributions | 10/11 | €6,283 | €6,283 | = | 0.0% |
| Reserves | 13 | €12,603 | €37,032 | +€24,429 | +194% |
| Distributable reserves | 133 | €12,603 | €37,032 | +€24,429 | +194% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €274,247 | €193,747 | -€80,501 | -29.4% |
| Amounts payable after more than one year | 17 | €109,531 | €102,433 | -€7,099 | -6.5% |
| Financial debts | 170/4 | €109,531 | €102,433 | -€7,099 | -6.5% |
| Amounts payable within one year | 42/48 | €162,716 | €87,377 | -€75,340 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €6,995 | €7,099 | +€104 | +1.5% |
| Financial debts | 43 | €511 | €13 | -€498 | -97.5% |
| Credit institutions | 430/8 | €511 | €13 | -€498 | -97.5% |
| Trade debts | 44 | €2,310 | €165 | -€2,145 | -92.8% |
| Suppliers | 440/4 | €2,310 | €165 | -€2,145 | -92.8% |
| Taxes, remuneration and social security | 45 | €9,186 | €8,813 | -€374 | -4.1% |
| Taxes | 450/3 | €9,186 | €8,813 | -€374 | -4.1% |
| Other amounts payable | 47/48 | €143,714 | €71,288 | -€72,427 | -50.4% |
| Accrued charges and deferred income | 492/3 | €2,000 | €3,937 | +€1,937 | +96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,700 | €17,016 | +€315 | +1.9% |
| Other operating charges | 640/8 | €3,317 | €3,145 | -€172 | -5.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €52,092 | €58,918 | +€6,826 | +13.1% |
| Operating profit (loss) | 9901 | €32,075 | €38,758 | +€6,683 | +20.8% |
| Financial income | 75/76B | €24 | €0 | -€24 | -99.5% |
| Recurring financial income | 75 | €24 | €0 | -€24 | -99.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,499 | €4,199 | -€300 | -6.7% |
| Recurring financial charges | 65 | €4,499 | €4,199 | -€300 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €27,600 | €34,559 | +€6,959 | +25.2% |
| Income taxes | 67/77 | €1,746 | €10,130 | +€8,384 | +480% |
| Profit (loss) for the period | 9904 | €25,854 | €24,429 | -€1,425 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,854 | €24,429 | -€1,425 | -5.5% |
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 16 October 2026 via checked.be.