SEALD BELGIUM: 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.
SEALD BELGIUM
Largest movements
- Tangible fixed assets +€340,913
up €340,913 (+7,816%), from €4,362 to €345,274
of which Other tangible fixed assets: +€344,462
- Receivables within one year -€161,657
down €161,657 (-21.6%), from €748,925 to €587,267
of which Other amounts receivable: -€419,517
- Debts after one year +€193,889
new in 2025: €193,889
- Trade debts -€39,457
down €39,457 (-9.5%), from €415,029 to €375,572
- Current portion of long-term debt +€32,561
new in 2025: €32,561
- Tax, wage and social debts -€21,318
down €21,318 (-18.7%), from €114,113 to €92,795
of which Taxes: -€29,363
- Gross operating margin -€162,437
down €162,437 (-46.1%), from €352,563 to €190,126
- Taxes -€44,819
down €44,819 (-92.7%), from €48,366 to €3,547
- Staff costs -€11,585
down €11,585 (-6.4%), from €181,485 to €169,900
- Depreciation +€8,889
up €8,889 (+139%), from €6,390 to €15,279
- Financial income -€8,379
down €8,379 (-33.6%), from €24,929 to €16,550
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 | €819,801 | €985,886 | +€166,086 | +20.3% |
| Fixed assets | 21/28 | €4,362 | €345,274 | +€340,913 | +7,816% |
| Tangible fixed assets | 22/27 | €4,362 | €345,274 | +€340,913 | +7,816% |
| Plant, machinery and equipment | 23 | €4,362 | €812 | -€3,550 | -81.4% |
| Other tangible fixed assets | 26 | - | €344,462 | +€344,462 | |
| Current assets | 29/58 | €815,439 | €640,612 | -€174,827 | -21.4% |
| Amounts receivable within one year | 40/41 | €748,925 | €587,267 | -€161,657 | -21.6% |
| Trade receivables | 40 | €22,214 | €280,074 | +€257,859 | +1,161% |
| Other amounts receivable | 41 | €726,710 | €307,194 | -€419,517 | -57.7% |
| Cash at bank and in hand | 54/58 | €27,134 | €23,390 | -€3,744 | -13.8% |
| Deferred charges and accrued income | 490/1 | €39,380 | €29,954 | -€9,426 | -23.9% |
| Total equity and liabilities | 10/49 | €819,801 | €985,886 | +€166,086 | +20.3% |
| Equity | 10/15 | €290,658 | €291,070 | +€411 | +0.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €190,658 | €191,070 | +€411 | +0.2% |
| Amounts payable | 17/49 | €529,142 | €694,817 | +€165,675 | +31.3% |
| Amounts payable after more than one year | 17 | - | €193,889 | +€193,889 | |
| Financial debts | 170/4 | - | €193,889 | +€193,889 | |
| Amounts payable within one year | 42/48 | €529,142 | €500,928 | -€28,214 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | - | €32,561 | +€32,561 | |
| Trade debts | 44 | €415,029 | €375,572 | -€39,457 | -9.5% |
| Suppliers | 440/4 | €415,029 | €375,572 | -€39,457 | -9.5% |
| Taxes, remuneration and social security | 45 | €114,113 | €92,795 | -€21,318 | -18.7% |
| Taxes | 450/3 | €88,135 | €58,773 | -€29,363 | -33.3% |
| Remuneration and social security | 454/9 | €25,977 | €34,023 | +€8,045 | +31.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €15,227 | €8,676 | -€6,550 | -43.0% |
| Remuneration, social security and pensions | 62 | €181,485 | €169,900 | -€11,585 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,390 | €15,279 | +€8,889 | +139% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,583 | €1,428 | -€3,155 | -68.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €352,563 | €190,126 | -€162,437 | -46.1% |
| Operating profit (loss) | 9901 | €160,105 | €3,518 | -€156,587 | -97.8% |
| Financial income | 75/76B | €24,929 | €16,550 | -€8,379 | -33.6% |
| Recurring financial income | 75 | €24,929 | €16,550 | -€8,379 | -33.6% |
| Financial charges | 65/66B | €15,736 | €16,110 | +€374 | +2.4% |
| Recurring financial charges | 65 | €15,736 | €16,110 | +€374 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €169,298 | €3,958 | -€165,340 | -97.7% |
| Income taxes | 67/77 | €48,366 | €3,547 | -€44,819 | -92.7% |
| Profit (loss) for the period | 9904 | €120,933 | €411 | -€120,521 | -99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €120,933 | €411 | -€120,521 | -99.7% |
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 30 October 2026 via checked.be.