SEAQX: 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.
SEAQX
Largest movements
- Deferred charges and accrued income +€1.1m
up €1.1m (+74.4%), from €1.5m to €2.6m
- Cash -€404,448
down €404,448 (-92.3%), from €438,421 to €33,973
mainly Deferred charges and accrued income (-€1.1m) and Receivables within one year (-€398,865)
- Receivables within one year +€398,865
up €398,865 (+36.6%), from €1.1m to €1.5m
of which Trade receivables: +€377,791
- Reserves +€599,651
up €599,651 (+85.8%), from €698,827 to €1.3m
of which Distributable reserves: +€599,651
- Accrued charges and deferred income +€574,656
up €574,656 (+54.3%), from €1.1m to €1.6m
- Current portion of long-term debt -€169,785
down €169,785 (-66.9%), from €253,894 to €84,109
- Trade debts +€86,007
up €86,007 (+29.1%), from €296,035 to €382,042
- Tax, wage and social debts +€69,176
up €69,176 (+173%), from €40,061 to €109,237
of which Taxes: +€58,487
- Gross operating margin +€496,898
up €496,898 (+52.7%), from €943,233 to €1.4m
- Taxes +€130,245
up €130,245 (+76.6%), from €170,073 to €300,318
- Staff costs +€117,504
up €117,504 (+37.8%), from €310,968 to €428,472
- Financial charges +€15,231
up €15,231 (+66.0%), from €23,094 to €38,325
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 | €3,151,468 | €4,255,962 | +€1.1m | +35.0% |
| Fixed assets | 21/28 | €36,380 | €33,942 | -€2,438 | -6.7% |
| Intangible fixed assets | 21 | €4,818 | €3,184 | -€1,634 | -33.9% |
| Tangible fixed assets | 22/27 | €31,563 | €30,758 | -€805 | -2.5% |
| Plant, machinery and equipment | 23 | €24,181 | €22,118 | -€2,063 | -8.5% |
| Furniture and vehicles | 24 | €7,381 | €8,640 | +€1,259 | +17.1% |
| Current assets | 29/58 | €3,115,087 | €4,222,019 | +€1.1m | +35.5% |
| Stocks and contracts in progress | 3 | €115,537 | €133,776 | +€18,239 | +15.8% |
| Stocks | 30/36 | €115,537 | €133,776 | +€18,239 | +15.8% |
| Amounts receivable within one year | 40/41 | €1,091,120 | €1,489,985 | +€398,865 | +36.6% |
| Trade receivables | 40 | €714,346 | €1,092,137 | +€377,791 | +52.9% |
| Other amounts receivable | 41 | €376,774 | €397,848 | +€21,074 | +5.6% |
| Cash at bank and in hand | 54/58 | €438,421 | €33,973 | -€404,448 | -92.3% |
| Deferred charges and accrued income | 490/1 | €1,470,009 | €2,564,286 | +€1.1m | +74.4% |
| Total equity and liabilities | 10/49 | €3,151,468 | €4,255,962 | +€1.1m | +35.0% |
| Equity | 10/15 | €1,395,192 | €1,994,843 | +€599,651 | +43.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €698,827 | €1,298,478 | +€599,651 | +85.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €692,677 | €1,292,328 | +€599,651 | +86.6% |
| Profit (loss) carried forward | 14 | €634,865 | €634,865 | = | 0.0% |
| Amounts payable | 17/49 | €1,756,275 | €2,261,119 | +€504,843 | +28.7% |
| Amounts payable within one year | 42/48 | €698,538 | €628,726 | -€69,813 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €253,894 | €84,109 | -€169,785 | -66.9% |
| Trade debts | 44 | €296,035 | €382,042 | +€86,007 | +29.1% |
| Suppliers | 440/4 | €296,035 | €382,042 | +€86,007 | +29.1% |
| Taxes, remuneration and social security | 45 | €40,061 | €109,237 | +€69,176 | +173% |
| Taxes | 450/3 | €726 | €59,213 | +€58,487 | +8,060% |
| Remuneration and social security | 454/9 | €39,336 | €50,024 | +€10,689 | +27.2% |
| Other amounts payable | 47/48 | €108,548 | €53,337 | -€55,211 | -50.9% |
| Accrued charges and deferred income | 492/3 | €1,057,737 | €1,632,393 | +€574,656 | +54.3% |
| Remuneration, social security and pensions | 62 | €310,968 | €428,472 | +€117,504 | +37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,216 | €20,600 | -€2,616 | -11.3% |
| Other operating charges | 640/8 | €2,765 | €1,816 | -€949 | -34.3% |
| Gross operating margin | 9900 | €943,233 | €1,440,131 | +€496,898 | +52.7% |
| Operating profit (loss) | 9901 | €606,284 | €989,242 | +€382,958 | +63.2% |
| Financial income | 75/76B | €4,331 | €111 | -€4,219 | -97.4% |
| Recurring financial income | 75 | €4,331 | €111 | -€4,219 | -97.4% |
| Financial charges | 65/66B | €23,094 | €38,325 | +€15,231 | +66.0% |
| Recurring financial charges | 65 | €23,094 | €38,325 | +€15,231 | +66.0% |
| Profit (loss) for the period before taxes | 9903 | €587,521 | €951,029 | +€363,508 | +61.9% |
| Income taxes | 67/77 | €170,073 | €300,318 | +€130,245 | +76.6% |
| Profit (loss) for the period | 9904 | €417,449 | €650,711 | +€233,262 | +55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €417,449 | €650,711 | +€233,262 | +55.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.