SEALTECH: what changed
Two fiscal 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.
SEALTECH
Largest movements
- Current investments -€1.4m
down €1.4m (-30.5%), from €4.5m to €3.1m
- Cash +€583,124
up €583,124 (+62.9%), from €926,389 to €1.5m
mainly Net result for the year (+€6.0m) and Current investments (+€1.4m)
- Stocks and contracts +€520,596
up €520,596 (+15.0%), from €3.5m to €4.0m
- Receivables within one year +€338,404
up €338,404 (+19.3%), from €1.8m to €2.1m
of which Trade receivables: +€371,876
- Tangible fixed assets +€274,289
up €274,289 (+9.6%), from €2.9m to €3.1m
of which Land and buildings: +€326,603
- Tax, wage and social debts +€311,135
up €311,135 (+221.9%), from €140,192 to €451,327
of which Taxes: +€302,968
- Other debts +€304,074
up €304,074 (+5.3%), from €5.8m to €6.1m
- Debts after one year -€151,772
down €151,772 (-10.4%), from €1.5m to €1.3m
- Gross operating margin +€1.2m
up €1.2m (+14.9%), from €8.2m to €9.4m
- Taxes +€335,240
up €335,240 (+19.6%), from €1.7m to €2.0m
- Financial income +€329,498
up €329,498 (+379.9%), from €86,728 to €416,226
- Depreciation +€141,928
up €141,928 (+57.1%), from €248,443 to €390,371
- Staff costs +€112,532
up €112,532 (+10.0%), from €1.1m to €1.2m
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,591,288 | €13,939,809 | +€348,521 | +2.6% |
| Fixed assets | 21/28 | €2,900,027 | €3,174,095 | +€274,068 | +9.5% |
| Tangible fixed assets | 22/27 | €2,870,082 | €3,144,370 | +€274,289 | +9.6% |
| Land and buildings | 22 | €2,232,665 | €2,559,268 | +€326,603 | +14.6% |
| Plant, machinery and equipment | 23 | €514,765 | €567,833 | +€53,068 | +10.3% |
| Furniture and vehicles | 24 | €33,232 | €17,270 | -€15,962 | -48.0% |
| Assets under construction and advance payments | 27 | €89,420 | €0 | -€89,420 | -100.0% |
| Financial fixed assets | 28 | €29,946 | €29,725 | -€221 | -0.7% |
| Current assets | 29/58 | €10,691,261 | €10,765,714 | +€74,453 | +0.7% |
| Stocks and contracts in progress | 3 | €3,464,878 | €3,985,474 | +€520,596 | +15.0% |
| Stocks | 30/36 | €3,464,878 | €3,985,474 | +€520,596 | +15.0% |
| Amounts receivable within one year | 40/41 | €1,754,852 | €2,093,257 | +€338,404 | +19.3% |
| Trade receivables | 40 | €1,717,858 | €2,089,734 | +€371,876 | +21.6% |
| Other amounts receivable | 41 | €36,994 | €3,523 | -€33,472 | -90.5% |
| Current investments | 50/53 | €4,530,717 | €3,149,530 | -€1.4m | -30.5% |
| Cash at bank and in hand | 54/58 | €926,389 | €1,509,513 | +€583,124 | +62.9% |
| Deferred charges and accrued income | 490/1 | €14,425 | €27,941 | +€13,516 | +93.7% |
| Total equity and liabilities | 10/49 | €13,591,288 | €13,939,809 | +€348,521 | +2.6% |
| Equity | 10/15 | €5,610,120 | €5,538,806 | -€71,314 | -1.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €5,545,200 | €5,476,200 | -€69,000 | -1.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,684,000 | €0 | -€1.7m | -100.0% |
| Distributable reserves | 133 | €3,855,000 | €5,470,000 | +€1.6m | +41.9% |
| Profit (loss) carried forward | 14 | €2,500 | €330 | -€2,170 | -86.8% |
| Investment grants | 15 | €420 | €276 | -€144 | -34.3% |
| Amounts payable | 17/49 | €7,981,168 | €8,401,004 | +€419,835 | +5.3% |
| Amounts payable after more than one year | 17 | €1,459,378 | €1,307,606 | -€151,772 | -10.4% |
| Financial debts | 170/4 | €1,459,378 | €1,307,606 | -€151,772 | -10.4% |
| Amounts payable within one year | 42/48 | €6,518,066 | €7,089,871 | +€571,805 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €195,772 | €182,552 | -€13,220 | -6.8% |
| Trade debts | 44 | €394,707 | €364,523 | -€30,184 | -7.6% |
| Suppliers | 440/4 | €394,707 | €364,523 | -€30,184 | -7.6% |
| Taxes, remuneration and social security | 45 | €140,192 | €451,327 | +€311,135 | +221.9% |
| Taxes | 450/3 | €30,032 | €333,000 | +€302,968 | +1008.8% |
| Remuneration and social security | 454/9 | €110,159 | €118,326 | +€8,167 | +7.4% |
| Other amounts payable | 47/48 | €5,787,396 | €6,091,469 | +€304,074 | +5.3% |
| Accrued charges and deferred income | 492/3 | €3,724 | €3,527 | -€198 | -5.3% |
| Non-recurring operating income | 76A | €1,000 | €738 | -€262 | -26.2% |
| Remuneration, social security and pensions | 62 | €1,120,484 | €1,233,016 | +€112,532 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248,443 | €390,371 | +€141,928 | +57.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€739 | €3,878 | +€4,617 | |
| Other operating charges | 640/8 | €22,326 | €20,558 | -€1,768 | -7.9% |
| Non-recurring operating charges | 66A | €5,396 | €560 | -€4,835 | -89.6% |
| Gross operating margin | 9900 | €8,171,785 | €9,393,463 | +€1.2m | +14.9% |
| Operating profit (loss) | 9901 | €6,775,875 | €7,745,080 | +€969,205 | +14.3% |
| Financial income | 75/76B | €86,728 | €416,226 | +€329,498 | +379.9% |
| Recurring financial income | 75 | €86,728 | €416,226 | +€329,498 | +379.9% |
| Financial charges | 65/66B | €87,482 | €98,550 | +€11,068 | +12.7% |
| Recurring financial charges | 65 | €87,482 | €98,550 | +€11,068 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €6,775,121 | €8,062,756 | +€1.3m | +19.0% |
| Income taxes | 67/77 | €1,707,216 | €2,042,457 | +€335,240 | +19.6% |
| Profit (loss) for the period | 9904 | €5,067,905 | €6,020,300 | +€952,395 | +18.8% |
| Transfer from tax-exempt reserves | 789 | €0 | €1,684,000 | +€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €5,067,905 | €7,704,300 | +€2.6m | +52.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.