SEART: 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.
SEART
Largest movements
- Cash -€13,241
down €13,241 (-41.4%), from €31,944 to €18,704
mainly Net result for the year (-€26,795) and Receivables within one year (-€5,410)
- Receivables within one year +€5,410
up €5,410 (+336.9%), from €1,606 to €7,016
of which Other amounts receivable: +€3,650
- Tangible fixed assets -€5,267
down €5,267 (-5.0%), from €104,454 to €99,187
of which Land and buildings: -€2,714
- Stocks and contracts -€2,619
down €2,619 (-32.9%), from €7,949 to €5,330
- Profit (loss) carried forward -€26,795
down €26,795 (-107.4%), from -€24,940 to -€51,735
- Trade debts +€13,640
up €13,640 (+1700.6%), from €802 to €14,442
- Other debts -€2,564
down €2,564 (-3.2%), from €79,701 to €77,137
- Gross operating margin -€10,697
down €10,697 (-185.4%), from -€5,769 to -€16,467
- Depreciation -€2,947
down €2,947 (-35.9%), from €8,214 to €5,267
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 | €146,994 | €131,261 | -€15,733 | -10.7% |
| Fixed assets | 21/28 | €104,454 | €99,187 | -€5,267 | -5.0% |
| Tangible fixed assets | 22/27 | €104,454 | €99,187 | -€5,267 | -5.0% |
| Land and buildings | 22 | €68,051 | €65,337 | -€2,714 | -4.0% |
| Furniture and vehicles | 24 | €328 | €116 | -€212 | -64.6% |
| Other tangible fixed assets | 26 | €36,074 | €33,733 | -€2,341 | -6.5% |
| Current assets | 29/58 | €42,540 | €32,074 | -€10,466 | -24.6% |
| Stocks and contracts in progress | 3 | €7,949 | €5,330 | -€2,619 | -32.9% |
| Stocks | 30/36 | €7,949 | €5,330 | -€2,619 | -32.9% |
| Amounts receivable within one year | 40/41 | €1,606 | €7,016 | +€5,410 | +336.9% |
| Trade receivables | 40 | €73 | €1,833 | +€1,761 | +2425.2% |
| Other amounts receivable | 41 | €1,534 | €5,183 | +€3,650 | +238.0% |
| Cash at bank and in hand | 54/58 | €31,944 | €18,704 | -€13,241 | -41.4% |
| Deferred charges and accrued income | 490/1 | €1,041 | €1,024 | -€17 | -1.6% |
| Total equity and liabilities | 10/49 | €146,994 | €131,261 | -€15,733 | -10.7% |
| Equity | 10/15 | €66,404 | €39,609 | -€26,795 | -40.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €71,344 | €71,344 | = | 0.0% |
| Distributable reserves | 133 | €71,344 | €71,344 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,940 | -€51,735 | -€26,795 | -107.4% |
| Amounts payable | 17/49 | €80,589 | €91,651 | +€11,062 | +13.7% |
| Amounts payable within one year | 42/48 | €80,503 | €91,579 | +€11,076 | +13.8% |
| Trade debts | 44 | €802 | €14,442 | +€13,640 | +1700.6% |
| Suppliers | 440/4 | €802 | €14,442 | +€13,640 | +1700.6% |
| Other amounts payable | 47/48 | €79,701 | €77,137 | -€2,564 | -3.2% |
| Accrued charges and deferred income | 492/3 | €86 | €72 | -€14 | -16.1% |
| Non-recurring operating income | 76A | €0 | €3,500 | +€3,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,214 | €5,267 | -€2,947 | -35.9% |
| Other operating charges | 640/8 | €5,079 | €5,169 | +€90 | +1.8% |
| Gross operating margin | 9900 | -€5,769 | -€16,467 | -€10,697 | -185.4% |
| Operating profit (loss) | 9901 | -€19,062 | -€26,902 | -€7,840 | -41.1% |
| Financial income | 75/76B | €288 | €240 | -€48 | -16.7% |
| Recurring financial income | 75 | €288 | €240 | -€48 | -16.7% |
| Financial charges | 65/66B | €60 | €133 | +€72 | +119.6% |
| Recurring financial charges | 65 | €60 | €133 | +€72 | +119.6% |
| Profit (loss) for the period before taxes | 9903 | -€18,834 | -€26,795 | -€7,961 | -42.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€18,834 | -€26,795 | -€7,961 | -42.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,834 | -€26,795 | -€7,961 | -42.3% |
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 7 October 2026 via checked.be.