SEAMAX: 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.
SEAMAX
Largest movements
- Cash +€13,283
up €13,283 (+68.6%), from €19,369 to €32,651
mainly Net result for the year (+€12,747) and Other debts (+€12,747)
- Receivables within one year +€4,180
up €4,180 (+261.2%), from €1,600 to €5,781
- Tangible fixed assets -€2,313
down €2,313 (-15.4%), from €15,062 to €12,749
of which Other tangible fixed assets: -€1,257
- Other debts +€12,747
new in 2025: €12,747
- Tax, wage and social debts +€7,340
up €7,340 (+92.8%), from €7,908 to €15,247
- Debts after one year -€6,154
down €6,154 (-31.5%), from €19,537 to €13,383
- Taxes +€3,225
up €3,225 (+69.7%), from €4,626 to €7,850
- Gross operating margin +€2,549
up €2,549 (+10.9%), from €23,403 to €25,953
- Depreciation +€588
up €588 (+34.1%), from €1,725 to €2,313
- Financial charges +€375
up €375 (+22.2%), from €1,690 to €2,064
- Other operating charges -€278
down €278 (-19.1%), from €1,456 to €1,178
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 | €85,703 | €100,896 | +€15,193 | +17.7% |
| Fixed assets | 21/28 | €64,062 | €61,749 | -€2,313 | -3.6% |
| Tangible fixed assets | 22/27 | €15,062 | €12,749 | -€2,313 | -15.4% |
| Plant, machinery and equipment | 23 | €1,085 | €629 | -€456 | -42.0% |
| Furniture and vehicles | 24 | €2,798 | €2,198 | -€600 | -21.4% |
| Other tangible fixed assets | 26 | €11,179 | €9,922 | -€1,257 | -11.2% |
| Financial fixed assets | 28 | €49,000 | €49,000 | = | 0.0% |
| Current assets | 29/58 | €21,641 | €39,147 | +€17,506 | +80.9% |
| Amounts receivable within one year | 40/41 | €1,600 | €5,781 | +€4,180 | +261.2% |
| Other amounts receivable | 41 | €1,600 | €5,781 | +€4,180 | +261.2% |
| Cash at bank and in hand | 54/58 | €19,369 | €32,651 | +€13,283 | +68.6% |
| Deferred charges and accrued income | 490/1 | €672 | €715 | +€42 | +6.3% |
| Total equity and liabilities | 10/49 | €85,703 | €100,896 | +€15,193 | +17.7% |
| Equity | 10/15 | €44,437 | €44,437 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €39,437 | €39,437 | = | 0.0% |
| Distributable reserves | 133 | €39,437 | €39,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €41,266 | €56,459 | +€15,193 | +36.8% |
| Amounts payable after more than one year | 17 | €19,537 | €13,383 | -€6,154 | -31.5% |
| Other amounts payable | 178/9 | €19,537 | €13,383 | -€6,154 | -31.5% |
| Amounts payable within one year | 42/48 | €21,729 | €43,076 | +€21,347 | +98.2% |
| Current portion of amounts payable after more than one year | 42 | €5,821 | €6,154 | +€333 | +5.7% |
| Financial debts | 43 | €8,000 | €8,000 | = | 0.0% |
| Credit institutions | 430/8 | €8,000 | €8,000 | = | 0.0% |
| Trade debts | 44 | - | €928 | +€928 | |
| Suppliers | 440/4 | - | €928 | +€928 | |
| Taxes, remuneration and social security | 45 | €7,908 | €15,247 | +€7,340 | +92.8% |
| Taxes | 450/3 | €7,908 | €15,247 | +€7,340 | +92.8% |
| Other amounts payable | 47/48 | - | €12,747 | +€12,747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,725 | €2,313 | +€588 | +34.1% |
| Other operating charges | 640/8 | €1,456 | €1,178 | -€278 | -19.1% |
| Gross operating margin | 9900 | €23,403 | €25,953 | +€2,549 | +10.9% |
| Operating profit (loss) | 9901 | €20,222 | €22,462 | +€2,239 | +11.1% |
| Financial income | 75/76B | €79 | €199 | +€120 | +151.8% |
| Recurring financial income | 75 | €79 | €199 | +€120 | +151.8% |
| Financial charges | 65/66B | €1,690 | €2,064 | +€375 | +22.2% |
| Recurring financial charges | 65 | €1,690 | €2,064 | +€375 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €18,612 | €20,597 | +€1,985 | +10.7% |
| Income taxes | 67/77 | €4,626 | €7,850 | +€3,225 | +69.7% |
| Profit (loss) for the period | 9904 | €13,987 | €12,747 | -€1,240 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,987 | €12,747 | -€1,240 | -8.9% |
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.