SEAR: 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.
SEAR
Largest movements
- Receivables within one year -€38,365
down €38,365 (-84.4%), from €45,457 to €7,092
of which Other amounts receivable: -€36,667
- Cash +€24,521
up €24,521 (+76.3%), from €32,143 to €56,665
mainly Net result for the year (+€44,164) and Receivables within one year (+€38,365)
- Reserves -€17,883
down €17,883 (-8.5%), from €211,208 to €193,325
- Other debts +€3,621
up €3,621 (+441.5%), from €820 to €4,441
- Gross operating margin +€30,360
up €30,360 (+71.9%), from €42,243 to €72,603
- Taxes +€11,860
up €11,860 (+98.5%), from €12,040 to €23,900
- Other operating charges +€924
up €924 (+73.0%), from €1,266 to €2,190
- Financial income +€894
up €894 (+1551.5%), from €58 to €952
- Depreciation -€852
down €852 (-35.3%), from €2,412 to €1,560
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 | €238,893 | €224,024 | -€14,869 | -6.2% |
| Fixed assets | 21/28 | €11,001 | €9,910 | -€1,091 | -9.9% |
| Tangible fixed assets | 22/27 | €11,001 | €9,910 | -€1,091 | -9.9% |
| Furniture and vehicles | 24 | €11,001 | €9,910 | -€1,091 | -9.9% |
| Current assets | 29/58 | €227,893 | €214,114 | -€13,779 | -6.0% |
| Amounts receivable within one year | 40/41 | €45,457 | €7,092 | -€38,365 | -84.4% |
| Trade receivables | 40 | €8,790 | €7,092 | -€1,698 | -19.3% |
| Other amounts receivable | 41 | €36,667 | - | -€36,667 | |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,143 | €56,665 | +€24,521 | +76.3% |
| Deferred charges and accrued income | 490/1 | €292 | €357 | +€65 | +22.3% |
| Total equity and liabilities | 10/49 | €238,893 | €224,024 | -€14,869 | -6.2% |
| Equity | 10/15 | €229,808 | €211,925 | -€17,883 | -7.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €211,208 | €193,325 | -€17,883 | -8.5% |
| Distributable reserves | 133 | €211,208 | €193,325 | -€17,883 | -8.5% |
| Profit (loss) carried forward | 14 | €0 | - | -€0 | |
| Amounts payable | 17/49 | €9,085 | €12,099 | +€3,013 | +33.2% |
| Amounts payable within one year | 42/48 | €9,085 | €12,099 | +€3,013 | +33.2% |
| Trade debts | 44 | €2,800 | €876 | -€1,923 | -68.7% |
| Suppliers | 440/4 | €2,800 | €876 | -€1,923 | -68.7% |
| Taxes, remuneration and social security | 45 | €5,466 | €6,782 | +€1,316 | +24.1% |
| Taxes | 450/3 | €5,466 | €6,782 | +€1,316 | +24.1% |
| Other amounts payable | 47/48 | €820 | €4,441 | +€3,621 | +441.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,412 | €1,560 | -€852 | -35.3% |
| Other operating charges | 640/8 | €1,266 | €2,190 | +€924 | +73.0% |
| Non-recurring operating charges | 66A | - | €1,659 | +€1,659 | |
| Gross operating margin | 9900 | €42,243 | €72,603 | +€30,360 | +71.9% |
| Operating profit (loss) | 9901 | €38,565 | €67,194 | +€28,629 | +74.2% |
| Financial income | 75/76B | €58 | €952 | +€894 | +1551.5% |
| Recurring financial income | 75 | €58 | €952 | +€894 | +1551.5% |
| Financial charges | 65/66B | €356 | €82 | -€274 | -77.0% |
| Recurring financial charges | 65 | €356 | €82 | -€274 | -77.0% |
| Profit (loss) for the period before taxes | 9903 | €38,266 | €68,064 | +€29,798 | +77.9% |
| Income taxes | 67/77 | €12,040 | €23,900 | +€11,860 | +98.5% |
| Profit (loss) for the period | 9904 | €26,226 | €44,164 | +€17,938 | +68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,226 | €44,164 | +€17,938 | +68.4% |
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 29 September 2026 via checked.be.