SEALINE 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.
SEALINE MANAGEMENT
Largest movements
- Tangible fixed assets +€2.8m
up €2.8m (+330%), from €836,401 to €3.6m
of which Land and buildings: +€2.7m
- Cash -€416,731
down €416,731 (-62.2%), from €670,478 to €253,747
mainly Investment in fixed assets (net) (-€2.9m) and Other debts (-€73,697)
- Financial fixed assets +€131,000
up €131,000 (+10.7%), from €1.2m to €1.4m
- Receivables within one year -€126,705
down €126,705 (-6.0%), from €2.1m to €2.0m
of which Other amounts receivable: -€112,064
- Debts after one year +€1.7m
up €1.7m (+197%), from €872,428 to €2.6m
of which Financial debts: +€1.1m
- Short-term financial debts +€448,582
up €448,582 (+45.0%), from €996,250 to €1.4m
of which Credit institutions: +€521,750
- Reserves +€162,055
up €162,055 (+6.3%), from €2.6m to €2.7m
- Financial income -€538,306
down €538,306 (-84.4%), from €637,896 to €99,589
- Other operating charges +€291,065
up €291,065 (+887%), from €32,830 to €323,895
- Taxes -€122,870
down €122,870 (-69.8%), from €175,934 to €53,064
- Financial charges -€32,421
down €32,421 (-33.2%), from €97,723 to €65,301
- Gross operating margin +€16,254
up €16,254 (+3.0%), from €535,834 to €552,088
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 | €6,116,024 | €8,401,780 | +€2.3m | +37.4% |
| Fixed assets | 21/28 | €2,059,871 | €4,950,911 | +€2.9m | +140% |
| Tangible fixed assets | 22/27 | €836,401 | €3,596,441 | +€2.8m | +330% |
| Land and buildings | 22 | €743,116 | €3,431,987 | +€2.7m | +362% |
| Plant, machinery and equipment | 23 | €302 | €1,707 | +€1,405 | +465% |
| Furniture and vehicles | 24 | €4,163 | €93,123 | +€88,960 | +2,137% |
| Leasing and similar rights | 25 | €88,820 | €64,179 | -€24,641 | -27.7% |
| Other tangible fixed assets | 26 | - | €5,445 | +€5,445 | |
| Financial fixed assets | 28 | €1,223,470 | €1,354,470 | +€131,000 | +10.7% |
| Current assets | 29/58 | €4,056,153 | €3,450,869 | -€605,284 | -14.9% |
| Stocks and contracts in progress | 3 | €1,257,633 | €1,197,035 | -€60,598 | -4.8% |
| Stocks | 30/36 | €1,257,633 | €1,197,035 | -€60,598 | -4.8% |
| Amounts receivable within one year | 40/41 | €2,125,504 | €1,998,799 | -€126,705 | -6.0% |
| Trade receivables | 40 | €14,641 | - | -€14,641 | |
| Other amounts receivable | 41 | €2,110,863 | €1,998,799 | -€112,064 | -5.3% |
| Cash at bank and in hand | 54/58 | €670,478 | €253,747 | -€416,731 | -62.2% |
| Deferred charges and accrued income | 490/1 | €2,539 | €1,289 | -€1,250 | -49.2% |
| Total equity and liabilities | 10/49 | €6,116,024 | €8,401,780 | +€2.3m | +37.4% |
| Equity | 10/15 | €3,652,745 | €3,814,799 | +€162,055 | +4.4% |
| Contributions | 10/11 | €1,092,600 | €1,092,600 | = | 0.0% |
| Reserves | 13 | €2,560,145 | €2,722,199 | +€162,055 | +6.3% |
| Distributable reserves | 133 | €2,560,145 | €2,722,199 | +€162,055 | +6.3% |
| Amounts payable | 17/49 | €2,463,280 | €4,586,981 | +€2.1m | +86.2% |
| Amounts payable after more than one year | 17 | €872,428 | €2,594,621 | +€1.7m | +197% |
| Financial debts | 170/4 | €700,852 | €1,773,045 | +€1.1m | +153% |
| Other amounts payable | 178/9 | €171,576 | €821,576 | +€650,000 | +379% |
| Amounts payable within one year | 42/48 | €1,588,888 | €1,991,136 | +€402,249 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €70,431 | €141,879 | +€71,448 | +101% |
| Financial debts | 43 | €996,250 | €1,444,832 | +€448,582 | +45.0% |
| Credit institutions | 430/8 | €906,250 | €1,428,000 | +€521,750 | +57.6% |
| Other loans | 439 | €90,000 | €16,832 | -€73,168 | -81.3% |
| Trade debts | 44 | €2,044 | €8,495 | +€6,451 | +316% |
| Suppliers | 440/4 | €2,044 | €8,495 | +€6,451 | +316% |
| Advances received on contracts in progress | 46 | €275,000 | €275,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €161,166 | €110,630 | -€50,535 | -31.4% |
| Taxes | 450/3 | €161,166 | €110,630 | -€50,535 | -31.4% |
| Other amounts payable | 47/48 | €83,997 | €10,300 | -€73,697 | -87.7% |
| Accrued charges and deferred income | 492/3 | €1,964 | €1,224 | -€741 | -37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,782 | €47,363 | -€419 | -0.9% |
| Other operating charges | 640/8 | €32,830 | €323,895 | +€291,065 | +887% |
| Gross operating margin | 9900 | €535,834 | €552,088 | +€16,254 | +3.0% |
| Operating profit (loss) | 9901 | €455,222 | €180,830 | -€274,392 | -60.3% |
| Financial income | 75/76B | €637,896 | €99,589 | -€538,306 | -84.4% |
| Recurring financial income | 75 | €637,896 | €99,589 | -€538,306 | -84.4% |
| Financial charges | 65/66B | €97,723 | €65,301 | -€32,421 | -33.2% |
| Recurring financial charges | 65 | €97,723 | €65,301 | -€32,421 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €995,395 | €215,118 | -€780,277 | -78.4% |
| Income taxes | 67/77 | €175,934 | €53,064 | -€122,870 | -69.8% |
| Profit (loss) for the period | 9904 | €819,461 | €162,055 | -€657,406 | -80.2% |
| Profit (loss) for the period to be appropriated | 9905 | €819,461 | €162,055 | -€657,406 | -80.2% |
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 22 October 2026 via checked.be.