SEAPROMOTION: 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.
SEAPROMOTION
Largest movements
- Financial fixed assets +€6.1m
up €6.1m (+21.8%), from €28.1m to €34.2m
- Current investments -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Receivables within one year +€620,208
up €620,208 (+8.7%), from €7.1m to €7.8m
of which Other amounts receivable: +€613,456
- Reserves +€2.9m
up €2.9m (+20.0%), from €14.7m to €17.7m
- Debts after one year +€2.8m
up €2.8m (+47.5%), from €5.9m to €8.7m
of which Financial debts: +€2.5m
- Other debts +€1.3m
up €1.3m (+1951.5%), from €64,802 to €1.3m
- Trade debts -€942,820
down €942,820 (-86.8%), from €1.1m to €143,421
- Financial income +€1.3m
up €1.3m (+271.0%), from €461,951 to €1.7m
- Gross operating margin -€920,945
down €920,945 (-22.1%), from €4.2m to €3.2m
- Staff costs +€202,878
up €202,878 (+40.7%), from €498,342 to €701,220
- Taxes -€114,684
down €114,684 (-13.9%), from €826,221 to €711,536
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 | €37,439,610 | €43,484,025 | +€6.0m | +16.1% |
| Fixed assets | 21/28 | €28,416,376 | €34,419,925 | +€6.0m | +21.1% |
| Tangible fixed assets | 22/27 | €291,376 | €170,599 | -€120,777 | -41.5% |
| Land and buildings | 22 | €2,951 | €0 | -€2,951 | -100.0% |
| Plant, machinery and equipment | 23 | €145,735 | €71,831 | -€73,904 | -50.7% |
| Furniture and vehicles | 24 | €142,690 | €98,768 | -€43,922 | -30.8% |
| Financial fixed assets | 28 | €28,125,000 | €34,249,327 | +€6.1m | +21.8% |
| Current assets | 29/58 | €9,023,235 | €9,064,100 | +€40,865 | +0.5% |
| Stocks and contracts in progress | 3 | €797,327 | €1,014,560 | +€217,233 | +27.2% |
| Stocks | 30/36 | €797,327 | €1,014,560 | +€217,233 | +27.2% |
| Amounts receivable within one year | 40/41 | €7,139,586 | €7,759,794 | +€620,208 | +8.7% |
| Trade receivables | 40 | €42,118 | €48,869 | +€6,752 | +16.0% |
| Other amounts receivable | 41 | €7,097,468 | €7,710,924 | +€613,456 | +8.6% |
| Current investments | 50/53 | €1,008,683 | €0 | -€1.0m | -100.0% |
| Cash at bank and in hand | 54/58 | €77,339 | €278,942 | +€201,604 | +260.7% |
| Deferred charges and accrued income | 490/1 | €300 | €10,804 | +€10,504 | +3501.2% |
| Total equity and liabilities | 10/49 | €37,439,610 | €43,484,025 | +€6.0m | +16.1% |
| Equity | 10/15 | €29,564,577 | €32,511,235 | +€2.9m | +10.0% |
| Contributions | 10/11 | €14,830,000 | €14,830,000 | = | 0.0% |
| Reserves | 13 | €14,734,577 | €17,681,235 | +€2.9m | +20.0% |
| Distributable reserves | 133 | €14,734,577 | €17,681,235 | +€2.9m | +20.0% |
| Amounts payable | 17/49 | €7,875,033 | €10,972,791 | +€3.1m | +39.3% |
| Amounts payable after more than one year | 17 | €5,925,846 | €8,738,176 | +€2.8m | +47.5% |
| Financial debts | 170/4 | - | €2,525,000 | +€2.5m | |
| Other amounts payable | 178/9 | €5,925,846 | €6,213,176 | +€287,330 | +4.8% |
| Amounts payable within one year | 42/48 | €1,949,188 | €2,234,615 | +€285,427 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | - | €300,000 | +€300,000 | |
| Trade debts | 44 | €1,086,242 | €143,421 | -€942,820 | -86.8% |
| Suppliers | 440/4 | €1,086,242 | €143,421 | -€942,820 | -86.8% |
| Taxes, remuneration and social security | 45 | €798,145 | €461,811 | -€336,334 | -42.1% |
| Taxes | 450/3 | €733,520 | €385,486 | -€348,035 | -47.4% |
| Remuneration and social security | 454/9 | €64,625 | €76,326 | +€11,701 | +18.1% |
| Other amounts payable | 47/48 | €64,802 | €1,329,383 | +€1.3m | +1951.5% |
| Non-recurring operating income | 76A | €14,000 | €0 | -€14,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €498,342 | €701,220 | +€202,878 | +40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,855 | €120,777 | -€3,079 | -2.5% |
| Other operating charges | 640/8 | €3,029 | €3,377 | +€347 | +11.5% |
| Gross operating margin | 9900 | €4,165,400 | €3,244,455 | -€920,945 | -22.1% |
| Operating profit (loss) | 9901 | €3,540,174 | €2,419,082 | -€1.1m | -31.7% |
| Financial income | 75/76B | €461,951 | €1,713,901 | +€1.3m | +271.0% |
| Recurring financial income | 75 | €461,951 | €1,713,901 | +€1.3m | +271.0% |
| Financial charges | 65/66B | €479,408 | €474,789 | -€4,620 | -1.0% |
| Recurring financial charges | 65 | €479,408 | €474,789 | -€4,620 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €3,522,717 | €3,658,194 | +€135,477 | +3.8% |
| Income taxes | 67/77 | €826,221 | €711,536 | -€114,684 | -13.9% |
| Profit (loss) for the period | 9904 | €2,696,496 | €2,946,658 | +€250,162 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,696,496 | €2,946,658 | +€250,162 | +9.3% |
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 8 October 2026 via checked.be.