SEASQUARE: 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.
SEASQUARE
Largest movements
- Receivables within one year +€37,182
up €37,182 (+119%), from €31,356 to €68,538
of which Trade receivables: +€33,066
- Intangible fixed assets -€13,500
down €13,500 (-16.7%), from €81,000 to €67,500
- Cash -€10,072
down €10,072 (-12.2%), from €82,319 to €72,247
mainly Contributions, distributions and other (-€66,166) and Receivables within one year (-€37,182)
- Other debts +€65,366
up €65,366 (+8,171%), from €800 to €66,166
- Reserves -€49,665
down €49,665 (-45.8%), from €108,360 to €58,695
- Trade debts +€35,629
up €35,629 (+165%), from €21,608 to €57,236
- Debts after one year -€32,480
down €32,480 (-62.2%), from €52,217 to €19,737
of which Financial debts: -€28,595
- Tax, wage and social debts -€3,983
down €3,983 (-25.1%), from €15,854 to €11,871
- Taxes +€10,624
up €10,624 (+501%), from €2,120 to €12,743
- Gross operating margin +€9,525
up €9,525 (+18.9%), from €50,410 to €59,935
- Depreciation +€2,368
up €2,368 (+13.0%), from €18,275 to €20,643
- Financial income -€1,269
down €1,269 (-70.0%), from €1,813 to €545
- Financial charges +€859
up €859 (+14.1%), from €6,075 to €6,935
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 | €237,741 | €253,161 | +€15,420 | +6.5% |
| Fixed assets | 21/28 | €119,944 | €108,554 | -€11,390 | -9.5% |
| Intangible fixed assets | 21 | €81,000 | €67,500 | -€13,500 | -16.7% |
| Tangible fixed assets | 22/27 | €38,169 | €40,279 | +€2,110 | +5.5% |
| Land and buildings | 22 | €7,095 | €6,028 | -€1,067 | -15.0% |
| Plant, machinery and equipment | 23 | €27,957 | €24,651 | -€3,306 | -11.8% |
| Furniture and vehicles | 24 | €3,117 | €9,600 | +€6,483 | +208% |
| Financial fixed assets | 28 | €775 | €775 | = | 0.0% |
| Current assets | 29/58 | €117,797 | €144,607 | +€26,810 | +22.8% |
| Amounts receivable within one year | 40/41 | €31,356 | €68,538 | +€37,182 | +119% |
| Trade receivables | 40 | €31,356 | €64,422 | +€33,066 | +105% |
| Other amounts receivable | 41 | - | €4,115 | +€4,115 | |
| Cash at bank and in hand | 54/58 | €82,319 | €72,247 | -€10,072 | -12.2% |
| Deferred charges and accrued income | 490/1 | €4,122 | €3,822 | -€299 | -7.3% |
| Total equity and liabilities | 10/49 | €237,741 | €253,161 | +€15,420 | +6.5% |
| Equity | 10/15 | €121,057 | €69,726 | -€51,331 | -42.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €108,360 | €58,695 | -€49,665 | -45.8% |
| Distributable reserves | 133 | €108,360 | €58,695 | -€49,665 | -45.8% |
| Profit (loss) carried forward | 14 | €6,497 | €4,831 | -€1,666 | -25.6% |
| Amounts payable | 17/49 | €116,684 | €183,435 | +€66,751 | +57.2% |
| Amounts payable after more than one year | 17 | €52,217 | €19,737 | -€32,480 | -62.2% |
| Financial debts | 170/4 | €35,286 | €6,691 | -€28,595 | -81.0% |
| Other amounts payable | 178/9 | €16,931 | €13,046 | -€3,885 | -22.9% |
| Amounts payable within one year | 42/48 | €64,467 | €163,698 | +€99,231 | +154% |
| Current portion of amounts payable after more than one year | 42 | €26,204 | €28,424 | +€2,220 | +8.5% |
| Trade debts | 44 | €21,608 | €57,236 | +€35,629 | +165% |
| Suppliers | 440/4 | €21,608 | €57,236 | +€35,629 | +165% |
| Taxes, remuneration and social security | 45 | €15,854 | €11,871 | -€3,983 | -25.1% |
| Taxes | 450/3 | €15,854 | €11,871 | -€3,983 | -25.1% |
| Other amounts payable | 47/48 | €800 | €66,166 | +€65,366 | +8,171% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,275 | €20,643 | +€2,368 | +13.0% |
| Other operating charges | 640/8 | €4,971 | €5,324 | +€353 | +7.1% |
| Gross operating margin | 9900 | €50,410 | €59,935 | +€9,525 | +18.9% |
| Operating profit (loss) | 9901 | €27,164 | €33,968 | +€6,804 | +25.0% |
| Financial income | 75/76B | €1,813 | €545 | -€1,269 | -70.0% |
| Recurring financial income | 75 | €1,813 | €545 | -€1,269 | -70.0% |
| Financial charges | 65/66B | €6,075 | €6,935 | +€859 | +14.1% |
| Recurring financial charges | 65 | €6,075 | €6,935 | +€859 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €22,902 | €27,578 | +€4,676 | +20.4% |
| Income taxes | 67/77 | €2,120 | €12,743 | +€10,624 | +501% |
| Profit (loss) for the period | 9904 | €20,782 | €14,835 | -€5,947 | -28.6% |
| Transfer from tax-exempt reserves | 789 | €13,155 | - | -€13,155 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,938 | €14,835 | -€19,103 | -56.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.