SEAMS: 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.
SEAMS
Largest movements
- Cash +€99,707
up €99,707 (+72.1%), from €138,337 to €238,043
mainly Other debts (+€142,668) and Receivables within one year (+€99,577)
- Receivables within one year -€99,577
down €99,577 (-20.2%), from €492,001 to €392,424
of which Trade receivables: -€179,205
- Current investments -€40,537
down €40,537 (-22.5%), from €180,107 to €139,570
- Deferred charges and accrued income +€12,956
up €12,956 (+251.7%), from €5,148 to €18,104
- Other debts +€142,668
up €142,668 (+40933.0%), from €349 to €143,016
- Trade debts -€99,268
down €99,268 (-21.9%), from €453,227 to €353,959
- Reserves -€73,526
down €73,526 (-30.3%), from €242,494 to €168,968
- Short-term financial debts +€33,588
up €33,588 (+7933.7%), from €423 to €34,011
- Tax, wage and social debts -€29,750
down €29,750 (-25.1%), from €118,653 to €88,904
of which Taxes: -€38,177
- Staff costs +€171,518
up €171,518 (+45.2%), from €379,881 to €551,399
- Gross operating margin +€131,852
up €131,852 (+24.8%), from €532,144 to €663,997
- Taxes -€11,284
down €11,284 (-22.2%), from €50,908 to €39,624
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 | €818,146 | €791,859 | -€26,288 | -3.2% |
| Fixed assets | 21/28 | €2,555 | €3,719 | +€1,164 | +45.6% |
| Tangible fixed assets | 22/27 | €2,555 | €3,719 | +€1,164 | +45.6% |
| Furniture and vehicles | 24 | €2,555 | €3,719 | +€1,164 | +45.6% |
| Current assets | 29/58 | €815,592 | €788,140 | -€27,452 | -3.4% |
| Amounts receivable within one year | 40/41 | €492,001 | €392,424 | -€99,577 | -20.2% |
| Trade receivables | 40 | €489,061 | €309,856 | -€179,205 | -36.6% |
| Other amounts receivable | 41 | €2,940 | €82,568 | +€79,628 | +2708.5% |
| Current investments | 50/53 | €180,107 | €139,570 | -€40,537 | -22.5% |
| Cash at bank and in hand | 54/58 | €138,337 | €238,043 | +€99,707 | +72.1% |
| Deferred charges and accrued income | 490/1 | €5,148 | €18,104 | +€12,956 | +251.7% |
| Total equity and liabilities | 10/49 | €818,146 | €791,859 | -€26,288 | -3.2% |
| Equity | 10/15 | €245,494 | €171,968 | -€73,526 | -30.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €242,494 | €168,968 | -€73,526 | -30.3% |
| Distributable reserves | 133 | €242,494 | €168,968 | -€73,526 | -30.3% |
| Amounts payable | 17/49 | €572,652 | €619,890 | +€47,239 | +8.2% |
| Amounts payable within one year | 42/48 | €572,652 | €619,890 | +€47,239 | +8.2% |
| Financial debts | 43 | €423 | €34,011 | +€33,588 | +7933.7% |
| Credit institutions | 430/8 | €423 | €34,011 | +€33,588 | +7933.7% |
| Trade debts | 44 | €453,227 | €353,959 | -€99,268 | -21.9% |
| Suppliers | 440/4 | €453,227 | €353,959 | -€99,268 | -21.9% |
| Taxes, remuneration and social security | 45 | €118,653 | €88,904 | -€29,750 | -25.1% |
| Taxes | 450/3 | €73,885 | €35,709 | -€38,177 | -51.7% |
| Remuneration and social security | 454/9 | €44,768 | €53,195 | +€8,427 | +18.8% |
| Other amounts payable | 47/48 | €349 | €143,016 | +€142,668 | +40933.0% |
| Remuneration, social security and pensions | 62 | €379,881 | €551,399 | +€171,518 | +45.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,710 | €1,713 | +€3 | +0.2% |
| Other operating charges | 640/8 | €665 | €285 | -€380 | -57.1% |
| Gross operating margin | 9900 | €532,144 | €663,997 | +€131,852 | +24.8% |
| Operating profit (loss) | 9901 | €149,888 | €110,599 | -€39,289 | -26.2% |
| Financial income | 75/76B | €1,272 | €588 | -€684 | -53.8% |
| Recurring financial income | 75 | €1,272 | €588 | -€684 | -53.8% |
| Financial charges | 65/66B | €641 | €2,205 | +€1,565 | +244.2% |
| Recurring financial charges | 65 | €641 | €2,205 | +€1,565 | +244.2% |
| Profit (loss) for the period before taxes | 9903 | €150,519 | €108,982 | -€41,537 | -27.6% |
| Income taxes | 67/77 | €50,908 | €39,624 | -€11,284 | -22.2% |
| Profit (loss) for the period | 9904 | €99,610 | €69,358 | -€30,253 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €99,610 | €69,358 | -€30,253 | -30.4% |
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 4 October 2026 via checked.be.