SEASTAR: 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.
SEASTAR
Largest movements
- Tangible fixed assets -€15,193
down €15,193 (-16.9%), from €89,728 to €74,534
- Reserves -€14,756
down €14,756 (-49.5%), from €29,782 to €15,026
- Gross operating margin -€171
down €171 (-5.4%), from €3,152 to €2,981
- Other operating charges +€156
up €156 (+7.0%), from €2,218 to €2,374
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 | €101,681 | €86,731 | -€14,950 | -14.7% |
| Fixed assets | 21/28 | €90,228 | €75,034 | -€15,193 | -16.8% |
| Tangible fixed assets | 22/27 | €89,728 | €74,534 | -€15,193 | -16.9% |
| Land and buildings | 22 | €89,728 | €74,534 | -€15,193 | -16.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €11,453 | €11,697 | +€243 | +2.1% |
| Cash at bank and in hand | 54/58 | €1,069 | €987 | -€82 | -7.6% |
| Deferred charges and accrued income | 490/1 | €10,385 | €10,710 | +€325 | +3.1% |
| Total equity and liabilities | 10/49 | €101,681 | €86,731 | -€14,950 | -14.7% |
| Equity | 10/15 | €35,982 | €21,226 | -€14,756 | -41.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €29,782 | €15,026 | -€14,756 | -49.5% |
| Distributable reserves | 133 | €29,782 | €15,026 | -€14,756 | -49.5% |
| Amounts payable | 17/49 | €65,699 | €65,505 | -€194 | -0.3% |
| Amounts payable within one year | 42/48 | €65,699 | €65,505 | -€194 | -0.3% |
| Trade debts | 44 | €490 | €128 | -€362 | -73.9% |
| Suppliers | 440/4 | €490 | €128 | -€362 | -73.9% |
| Other amounts payable | 47/48 | €65,210 | €65,377 | +€168 | +0.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,193 | €15,193 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,218 | €2,374 | +€156 | +7.0% |
| Gross operating margin | 9900 | €3,152 | €2,981 | -€171 | -5.4% |
| Operating profit (loss) | 9901 | -€14,260 | -€14,586 | -€327 | -2.3% |
| Financial income | 75/76B | €17 | €0 | -€17 | -100.0% |
| Recurring financial income | 75 | €17 | €0 | -€17 | -100.0% |
| Financial charges | 65/66B | €140 | €169 | +€29 | +20.7% |
| Recurring financial charges | 65 | €140 | €169 | +€29 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | -€14,383 | -€14,756 | -€372 | -2.6% |
| Profit (loss) for the period | 9904 | -€14,383 | -€14,756 | -€372 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,383 | -€14,756 | -€372 | -2.6% |
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 2 October 2026 via checked.be.