SEALEASE: 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.
What changed
SEALEASE
NACE 77.340, Rental and leasing activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€12.4m
2024 · -€807,813-€11.6m
Equity
€9.7m
2024 · €10.1m-€421,785
Cash
€325,475
2024 · €405,542-€80,066
Balance sheet total
€41.6m
2024 · €35.0m+€6.6m
Largest movements
Assets
- Receivables within one year +€9.2m
up €9.2m (+138.2%), from €6.7m to €15.9m
of which Other amounts receivable: +€9.2m
- Tangible fixed assets +€5.2m
up €5.2m (+38.9%), from €13.3m to €18.4m
of which Other tangible fixed assets: +€6.6m
- Stocks and contracts -€5.0m
down €5.0m (-87.6%), from €5.7m to €710,195
- Receivables after one year -€1.9m
down €1.9m (-33.2%), from €5.7m to €3.8m
- Financial fixed assets -€941,487
down €941,487 (-32.2%), from €2.9m to €2.0m
of which Affiliated companies: -€941,487
Equity and liabilities
- Profit (loss) carried forward -€12.4m
down €12.4m (-178.5%), from -€7.0m to -€19.4m
- Contributions +€12.0m
up €12.0m (+70.3%), from €17.1m to €29.1m
- Accrued charges and deferred income +€4.7m
up €4.7m (+343.2%), from €1.4m to €6.0m
- Current portion of long-term debt +€2.4m
up €2.4m (+16.6%), from €14.5m to €16.9m
- Other debts -€500,000
no longer reported in 2025 (was €500,000)
Income statement
- Write-downs +€9.7m
new in 2025: €9.7m
- Goods and materials +€1.8m
up €1.8m (+214.9%), from €817,370 to €2.6m
- Turnover +€1.4m
up €1.4m (+33.3%), from €4.2m to €5.7m
- Financial income +€550,961
up €550,961 (+242.6%), from €227,129 to €778,090
of which Financial income: +€553,906
- Other operating income +€346,558
up €346,558 (+37.2%), from €932,178 to €1.3m
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.
Result 2024
-€807,813
Turnover
+€1.4m
Other operating income
+€346,558
Goods and materials
-€1.8m
Services and other goods
-€46,974
Staff costs
+€16,339
Depreciation
+€65,813
Write-downs
-€9.7m
Provisions
-€22,500
Other operating charges
+€93,931
Other operating items
-€2.3m
Financial income
+€550,961
Financial charges
+€48,125
Taxes
-€321,437
Result 2025
-€12.4m
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.
From operations
-€7.9m
Investment
-€6.7m
Financing
+€14.4m
Cash 2024
€405,542
From operations (derived)
-€7.9m
Net result for the year
-€12.4m
Depreciation
+€2.5m
Receivables after one year
+€1.9m
Stocks and contracts
+€5.0m
Receivables within one year
-€9.2m
Deferred charges and accrued income
-€147,937
Smaller working-capital items
-€19,812
Trade debts
+€464,703
Other debts
-€500,000
Accrued charges and deferred income
+€4.7m
Investment (derived)
-€6.7m
Investment in fixed assets (net)
-€6.7m
Financing
+€14.4m
Debts after one year
+€39,650
Current portion of long-term debt
+€2.4m
Contributions, distributions and other
+€12.0m
Cash 2025
€325,475
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,008,152 | €41,619,130 | +€6.6m | +18.9% |
| Fixed assets | 21/28 | €16,276,659 | €20,481,690 | +€4.2m | +25.8% |
| Intangible fixed assets | 21 | €82,299 | €62,876 | -€19,424 | -23.6% |
| Tangible fixed assets | 22/27 | €13,268,772 | €18,434,713 | +€5.2m | +38.9% |
| Furniture and vehicles | 24 | €5,750 | - | -€5,750 | |
| Other tangible fixed assets | 26 | €11,864,226 | €18,434,713 | +€6.6m | +55.4% |
| Assets under construction and advance payments | 27 | €1,398,795 | - | -€1.4m | |
| Financial fixed assets | 28 | €2,925,589 | €1,984,102 | -€941,487 | -32.2% |
| Affiliated companies | 280/1 | €2,925,539 | €1,984,052 | -€941,487 | -32.2% |
| Participating interests | 280 | €709,615 | €709,615 | = | 0.0% |
| Amounts receivable | 281 | €2,215,923 | €1,274,437 | -€941,487 | -42.5% |
| Other financial fixed assets | 284/8 | €50 | €50 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €18,731,492 | €21,137,440 | +€2.4m | +12.8% |
| Amounts receivable after more than one year | 29 | €5,679,985 | €3,796,323 | -€1.9m | -33.2% |
| Trade receivables | 290 | €5,679,985 | €3,796,323 | -€1.9m | -33.2% |
| Stocks and contracts in progress | 3 | €5,710,195 | €710,195 | -€5.0m | -87.6% |
| Stocks | 30/36 | €5,710,195 | €710,195 | -€5.0m | -87.6% |
| Property held for sale | 35 | €5,710,195 | €710,195 | -€5.0m | -87.6% |
| Amounts receivable within one year | 40/41 | €6,674,764 | €15,896,502 | +€9.2m | +138.2% |
| Trade receivables | 40 | €2,962,005 | €3,014,507 | +€52,501 | +1.8% |
| Other amounts receivable | 41 | €3,712,758 | €12,881,995 | +€9.2m | +247.0% |
| Cash at bank and in hand | 54/58 | €405,542 | €325,475 | -€80,066 | -19.7% |
| Deferred charges and accrued income | 490/1 | €261,006 | €408,944 | +€147,937 | +56.7% |
| Total equity and liabilities | 10/49 | €35,008,152 | €41,619,130 | +€6.6m | +18.9% |
| Equity | 10/15 | €10,100,515 | €9,678,730 | -€421,785 | -4.2% |
| Contributions | 10/11 | €17,057,956 | €29,057,956 | +€12.0m | +70.3% |
| Capital | 10 | €17,057,956 | €29,057,956 | +€12.0m | +70.3% |
| Issued capital | 100 | €17,057,956 | €29,057,956 | +€12.0m | +70.3% |
| Profit (loss) carried forward | 14 | -€6,957,441 | -€19,379,226 | -€12.4m | -178.5% |
| Provisions and deferred taxes | 16 | €15,000 | - | -€15,000 | |
| Provisions for liabilities and charges | 160/5 | €15,000 | - | -€15,000 | |
| Other liabilities and charges | 164/5 | €15,000 | - | -€15,000 | |
| Amounts payable | 17/49 | €24,892,636 | €31,940,400 | +€7.0m | +28.3% |
| Amounts payable after more than one year | 17 | €7,976,885 | €8,016,535 | +€39,650 | +0.5% |
| Financial debts | 170/4 | €4,998,169 | €5,273,376 | +€275,207 | +5.5% |
| Credit institutions | 173 | €4,998,169 | €5,273,376 | +€275,207 | +5.5% |
| Other amounts payable | 178/9 | €2,978,716 | €2,743,159 | -€235,556 | -7.9% |
| Amounts payable within one year | 42/48 | €15,560,328 | €17,917,100 | +€2.4m | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €14,457,216 | €16,854,097 | +€2.4m | +16.6% |
| Trade debts | 44 | €574,841 | €1,039,543 | +€464,703 | +80.8% |
| Suppliers | 440/4 | €574,841 | €1,039,543 | +€464,703 | +80.8% |
| Taxes, remuneration and social security | 45 | €28,271 | €23,459 | -€4,812 | -17.0% |
| Taxes | 450/3 | €290 | €3,529 | +€3,239 | +1115.1% |
| Remuneration and social security | 454/9 | €27,980 | €19,930 | -€8,050 | -28.8% |
| Other amounts payable | 47/48 | €500,000 | - | -€500,000 | |
| Accrued charges and deferred income | 492/3 | €1,355,424 | €6,006,765 | +€4.7m | +343.2% |
| Operating income | 70/76A | €5,175,536 | €7,237,806 | +€2.1m | +39.8% |
| Turnover | 70 | €4,243,357 | €5,657,812 | +€1.4m | +33.3% |
| Other operating income | 74 | €932,178 | €1,278,736 | +€346,558 | +37.2% |
| Non-recurring operating income | 76A | - | €301,257 | +€301,257 | |
| Operating charges | 60/66A | €4,755,519 | €18,709,410 | +€14.0m | +293.4% |
| Goods for resale, raw materials and consumables | 60 | €817,370 | €2,574,188 | +€1.8m | +214.9% |
| Purchases | 600/8 | €817,370 | €2,574,188 | +€1.8m | +214.9% |
| Services and other goods | 61 | €846,037 | €893,011 | +€46,974 | +5.6% |
| Remuneration, social security and pensions | 62 | €242,906 | €226,567 | -€16,339 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,525,031 | €2,459,218 | -€65,813 | -2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,702,586 | +€9.7m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€30,000 | -€7,500 | +€22,500 | +75.0% |
| Other operating charges | 640/8 | €354,175 | €260,244 | -€93,931 | -26.5% |
| Non-recurring operating charges | 66A | - | €2,601,097 | +€2.6m | |
| Operating profit (loss) | 9901 | €420,017 | -€11,471,604 | -€11.9m | |
| Financial income | 75/76B | €227,129 | €778,090 | +€550,961 | +242.6% |
| Recurring financial income | 75 | €224,184 | €778,090 | +€553,906 | +247.1% |
| Income from financial fixed assets | 750 | €99,637 | €318,533 | +€218,896 | +219.7% |
| Income from current assets | 751 | €21 | €2,812 | +€2,790 | +13056.3% |
| Other financial income | 752/9 | €124,525 | €456,746 | +€332,221 | +266.8% |
| Non-recurring financial income | 76B | €2,945 | - | -€2,945 | |
| Financial charges | 65/66B | €1,452,314 | €1,404,189 | -€48,125 | -3.3% |
| Recurring financial charges | 65 | €1,452,314 | €1,404,189 | -€48,125 | -3.3% |
| Debt charges | 650 | €1,284,449 | €1,122,812 | -€161,637 | -12.6% |
| Other financial charges | 652/9 | €167,865 | €281,377 | +€113,511 | +67.6% |
| Profit (loss) for the period before taxes | 9903 | -€805,168 | -€12,097,703 | -€11.3m | -1402.5% |
| Income taxes | 67/77 | €2,645 | €324,082 | +€321,437 | +12151.2% |
| Taxes | 670/3 | €2,645 | €324,082 | +€321,437 | +12151.2% |
| Profit (loss) for the period | 9904 | -€807,813 | -€12,421,785 | -€11.6m | -1437.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€807,813 | -€12,421,785 | -€11.6m | -1437.7% |
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 9 October 2026 via checked.be.