SEAL PROJECTS: 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 PROJECTS
Largest movements
- Cash +€45,035
up €45,035 (+55.7%), from €80,782 to €125,816
mainly Net result for the year (+€44,286) and Trade debts (+€4,616)
- Receivables within one year +€4,046
up €4,046 (+33.2%), from €12,170 to €16,216
of which Other amounts receivable: +€7,993
- Profit (loss) carried forward +€39,191
up €39,191, from -€39,191 to €0
- Reserves +€5,095
up €5,095 (+4.4%), from €116,093 to €121,188
- Trade debts +€4,616
up €4,616 (+617%), from €748 to €5,364
- Other debts -€2,108
down €2,108 (-50.7%), from €4,156 to €2,047
- Gross operating margin +€12,286
up €12,286 (+29.9%), from €41,155 to €53,441
- Taxes +€2,247
up €2,247 (+359%), from €626 to €2,873
- Depreciation -€851
down €851 (-25.9%), from €3,289 to €2,438
- Financial income -€599
down €599 (-58.9%), from €1,017 to €418
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,786 | €149,422 | +€47,636 | +46.8% |
| Fixed assets | 21/28 | €3,972 | €2,490 | -€1,482 | -37.3% |
| Tangible fixed assets | 22/27 | €3,972 | €2,490 | -€1,482 | -37.3% |
| Plant, machinery and equipment | 23 | €3,181 | €1,311 | -€1,871 | -58.8% |
| Furniture and vehicles | 24 | €791 | €1,179 | +€388 | +49.1% |
| Current assets | 29/58 | €97,814 | €146,932 | +€49,118 | +50.2% |
| Amounts receivable within one year | 40/41 | €12,170 | €16,216 | +€4,046 | +33.2% |
| Trade receivables | 40 | €11,861 | €7,913 | -€3,947 | -33.3% |
| Other amounts receivable | 41 | €309 | €8,302 | +€7,993 | +2,587% |
| Cash at bank and in hand | 54/58 | €80,782 | €125,816 | +€45,035 | +55.7% |
| Deferred charges and accrued income | 490/1 | €4,863 | €4,900 | +€38 | +0.8% |
| Total equity and liabilities | 10/49 | €101,786 | €149,422 | +€47,636 | +46.8% |
| Equity | 10/15 | €83,102 | €127,388 | +€44,286 | +53.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €116,093 | €121,188 | +€5,095 | +4.4% |
| Distributable reserves | 133 | €116,093 | €121,188 | +€5,095 | +4.4% |
| Profit (loss) carried forward | 14 | -€39,191 | €0 | +€39,191 | |
| Amounts payable | 17/49 | €18,685 | €22,034 | +€3,350 | +17.9% |
| Amounts payable within one year | 42/48 | €18,685 | €22,034 | +€3,350 | +17.9% |
| Trade debts | 44 | €748 | €5,364 | +€4,616 | +617% |
| Suppliers | 440/4 | €748 | €5,364 | +€4,616 | +617% |
| Taxes, remuneration and social security | 45 | €13,780 | €14,623 | +€842 | +6.1% |
| Taxes | 450/3 | €11,610 | €12,453 | +€842 | +7.3% |
| Remuneration and social security | 454/9 | €2,170 | €2,170 | = | 0.0% |
| Other amounts payable | 47/48 | €4,156 | €2,047 | -€2,108 | -50.7% |
| Non-recurring operating income | 76A | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,289 | €2,438 | -€851 | -25.9% |
| Other operating charges | 640/8 | €3,834 | €3,637 | -€197 | -5.1% |
| Gross operating margin | 9900 | €41,155 | €53,441 | +€12,286 | +29.9% |
| Operating profit (loss) | 9901 | €34,032 | €47,366 | +€13,334 | +39.2% |
| Financial income | 75/76B | €1,017 | €418 | -€599 | -58.9% |
| Recurring financial income | 75 | €1,017 | €418 | -€599 | -58.9% |
| Financial charges | 65/66B | €334 | €624 | +€291 | +87.0% |
| Recurring financial charges | 65 | €334 | €624 | +€291 | +87.0% |
| Profit (loss) for the period before taxes | 9903 | €34,715 | €47,159 | +€12,444 | +35.8% |
| Income taxes | 67/77 | €626 | €2,873 | +€2,247 | +359% |
| Profit (loss) for the period | 9904 | €34,089 | €44,286 | +€10,197 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,089 | €44,286 | +€10,197 | +29.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.