SEEAM: 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.
SEEAM
Largest movements
- Cash +€16,610
up €16,610 (+67.7%), from €24,525 to €41,135
mainly Depreciation (+€12,957) and Net result for the year (+€6,797)
- Receivables within one year -€5,305
down €5,305 (-21.0%), from €25,279 to €19,974
of which Trade receivables: -€5,275
- Other debts -€7,276
down €7,276 (-23.7%), from €30,656 to €23,380
- Reserves +€6,797
new in 2025: €6,797
- Trade debts +€6,661
up €6,661 (+272%), from €2,451 to €9,112
- Accrued charges and deferred income +€3,600
new in 2025: €3,600
- Gross operating margin +€3,323
up €3,323 (+16.0%), from €20,752 to €24,075
- Depreciation +€2,723
up €2,723 (+26.6%), from €10,234 to €12,957
- Taxes +€295
up €295 (+11.9%), from €2,479 to €2,774
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 | €114,679 | €124,886 | +€10,207 | +8.9% |
| Fixed assets | 21/28 | €64,197 | €63,675 | -€522 | -0.8% |
| Tangible fixed assets | 22/27 | €64,197 | €63,175 | -€1,022 | -1.6% |
| Plant, machinery and equipment | 23 | €41,734 | €37,146 | -€4,588 | -11.0% |
| Furniture and vehicles | 24 | €19,721 | €15,025 | -€4,696 | -23.8% |
| Other tangible fixed assets | 26 | €2,742 | €11,005 | +€8,262 | +301% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €50,482 | €61,211 | +€10,729 | +21.3% |
| Stocks and contracts in progress | 3 | €461 | €0 | -€461 | -100% |
| Stocks | 30/36 | €461 | €0 | -€461 | -100% |
| Amounts receivable within one year | 40/41 | €25,279 | €19,974 | -€5,305 | -21.0% |
| Trade receivables | 40 | €24,728 | €19,453 | -€5,275 | -21.3% |
| Other amounts receivable | 41 | €552 | €522 | -€30 | -5.4% |
| Cash at bank and in hand | 54/58 | €24,525 | €41,135 | +€16,610 | +67.7% |
| Deferred charges and accrued income | 490/1 | €217 | €101 | -€115 | -53.3% |
| Total equity and liabilities | 10/49 | €114,679 | €124,886 | +€10,207 | +8.9% |
| Equity | 10/15 | €59,751 | €66,548 | +€6,797 | +11.4% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | - | €6,797 | +€6,797 | |
| Distributable reserves | 133 | - | €6,797 | +€6,797 | |
| Profit (loss) carried forward | 14 | €53,351 | €53,351 | = | 0.0% |
| Amounts payable | 17/49 | €54,928 | €58,338 | +€3,409 | +6.2% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 170/4 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €34,928 | €34,738 | -€191 | -0.5% |
| Trade debts | 44 | €2,451 | €9,112 | +€6,661 | +272% |
| Suppliers | 440/4 | €2,451 | €9,112 | +€6,661 | +272% |
| Taxes, remuneration and social security | 45 | €1,821 | €2,246 | +€424 | +23.3% |
| Taxes | 450/3 | €1,821 | €2,246 | +€424 | +23.3% |
| Other amounts payable | 47/48 | €30,656 | €23,380 | -€7,276 | -23.7% |
| Accrued charges and deferred income | 492/3 | - | €3,600 | +€3,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,234 | €12,957 | +€2,723 | +26.6% |
| Other operating charges | 640/8 | €633 | €551 | -€82 | -12.9% |
| Gross operating margin | 9900 | €20,752 | €24,075 | +€3,323 | +16.0% |
| Operating profit (loss) | 9901 | €9,885 | €10,567 | +€682 | +6.9% |
| Financial income | 75/76B | €120 | €19 | -€101 | -84.4% |
| Recurring financial income | 75 | €120 | €19 | -€101 | -84.4% |
| Financial charges | 65/66B | €805 | €1,014 | +€209 | +25.9% |
| Recurring financial charges | 65 | €805 | €1,014 | +€209 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | €9,200 | €9,572 | +€372 | +4.0% |
| Income taxes | 67/77 | €2,479 | €2,774 | +€295 | +11.9% |
| Profit (loss) for the period | 9904 | €6,721 | €6,797 | +€77 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,721 | €6,797 | +€77 | +1.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.