SEASTAR SHIPPING: 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.
SEASTAR SHIPPING
Largest movements
- Financial fixed assets +€1.9m
up €1.9m (+40.9%), from €4.5m to €6.4m
- Current investments -€852,820
down €852,820 (-77.6%), from €1.1m to €246,047
- Cash +€81,085
up €81,085 (+42.3%), from €191,719 to €272,804
mainly Contributions, distributions and other (+€900,000) and Current investments (+€852,820)
- Contributions +€900,000
up €900,000 (+31.2%), from €2.9m to €3.8m
- Profit (loss) carried forward +€184,115
up €184,115 (+22.7%), from €810,984 to €995,100
- Financial income -€724,880
down €724,880 (-62.6%), from €1.2m to €432,403
of which Financial income: -€781,880
- Gross operating margin +€75,628
up €75,628 (+38.3%), from -€197,598 to -€121,970
- Financial charges -€46,962
down €46,962 (-33.8%), from €138,954 to €91,991
of which Non-recurring financial charges: -€57,000
- Other operating charges +€24,578
up €24,578 (+252%), from €9,747 to €34,326
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 | €5,834,791 | €6,919,586 | +€1.1m | +18.6% |
| Fixed assets | 21/28 | €4,544,204 | €6,400,735 | +€1.9m | +40.9% |
| Financial fixed assets | 28 | €4,544,204 | €6,400,735 | +€1.9m | +40.9% |
| Current assets | 29/58 | €1,290,586 | €518,851 | -€771,736 | -59.8% |
| Current investments | 50/53 | €1,098,868 | €246,047 | -€852,820 | -77.6% |
| Cash at bank and in hand | 54/58 | €191,719 | €272,804 | +€81,085 | +42.3% |
| Total equity and liabilities | 10/49 | €5,834,791 | €6,919,586 | +€1.1m | +18.6% |
| Equity | 10/15 | €5,798,082 | €6,882,197 | +€1.1m | +18.7% |
| Contributions | 10/11 | €2,887,276 | €3,787,276 | +€900,000 | +31.2% |
| Reserves | 13 | €2,099,821 | €2,099,821 | = | 0.0% |
| Non-distributable reserves | 130/1 | €38,728 | €0 | -€38,728 | -100% |
| Reserves not available under the articles | 1311 | €38,728 | €0 | -€38,728 | -100% |
| Distributable reserves | 133 | €2,061,094 | €2,099,821 | +€38,728 | +1.9% |
| Profit (loss) carried forward | 14 | €810,984 | €995,100 | +€184,115 | +22.7% |
| Amounts payable | 17/49 | €36,709 | €37,389 | +€680 | +1.9% |
| Amounts payable within one year | 42/48 | €36,709 | €37,389 | +€680 | +1.9% |
| Trade debts | 44 | €36,709 | €37,389 | +€680 | +1.9% |
| Suppliers | 440/4 | €36,709 | €37,389 | +€680 | +1.9% |
| Other operating charges | 640/8 | €9,747 | €34,326 | +€24,578 | +252% |
| Gross operating margin | 9900 | -€197,598 | -€121,970 | +€75,628 | +38.3% |
| Operating profit (loss) | 9901 | -€207,345 | -€156,296 | +€51,049 | +24.6% |
| Financial income | 75/76B | €1,157,283 | €432,403 | -€724,880 | -62.6% |
| Recurring financial income | 75 | €1,157,283 | €375,403 | -€781,880 | -67.6% |
| Non-recurring financial income | 76B | - | €57,000 | +€57,000 | |
| Financial charges | 65/66B | €138,954 | €91,991 | -€46,962 | -33.8% |
| Recurring financial charges | 65 | €81,954 | €91,991 | +€10,038 | +12.2% |
| Non-recurring financial charges | 66B | €57,000 | €0 | -€57,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €810,984 | €184,115 | -€626,869 | -77.3% |
| Profit (loss) for the period | 9904 | €810,984 | €184,115 | -€626,869 | -77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €810,984 | €184,115 | -€626,869 | -77.3% |
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 19 October 2026 via checked.be.