SEED-S: 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.
SEED-S
Largest movements
- Tangible fixed assets +€14,361
up €14,361 (+324%), from €4,438 to €18,799
of which Other tangible fixed assets: +€15,633
- Cash +€7,933
up €7,933 (+82.4%), from €9,629 to €17,563
mainly Net result for the year (+€56,372) and Trade debts (+€11,934)
- Current investments -€3,946
down €3,946 (-5.6%), from €70,333 to €66,386
- Receivables within one year +€2,323
up €2,323 (+9.4%), from €24,796 to €27,120
of which Other amounts receivable: +€2,623
- Trade debts +€11,934
up €11,934 (+155%), from €7,692 to €19,626
- Reserves +€6,372
up €6,372 (+20.0%), from €31,853 to €38,225
- Current portion of long-term debt +€5,830
up €5,830, from €0 to €5,830
- Other debts -€3,100
down €3,100 (-6.8%), from €45,600 to €42,500
- Tax, wage and social debts -€2,957
down €2,957 (-12.1%), from €24,460 to €21,503
of which Taxes: -€2,957
- Gross operating margin -€23,299
down €23,299 (-25.6%), from €90,860 to €67,560
- Financial income +€8,497
up €8,497 (+3,641%), from €233 to €8,731
- Depreciation -€5,645
down €5,645 (-65.9%), from €8,562 to €2,916
- Taxes -€3,312
down €3,312 (-17.0%), from €19,529 to €16,217
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 | €112,605 | €132,668 | +€20,063 | +17.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €4,588 | €18,949 | +€14,361 | +313% |
| Tangible fixed assets | 22/27 | €4,438 | €18,799 | +€14,361 | +324% |
| Plant, machinery and equipment | 23 | €47 | €0 | -€47 | -100% |
| Furniture and vehicles | 24 | €4,391 | €3,166 | -€1,225 | -27.9% |
| Other tangible fixed assets | 26 | €0 | €15,633 | +€15,633 | |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €108,017 | €113,719 | +€5,702 | +5.3% |
| Amounts receivable within one year | 40/41 | €24,796 | €27,120 | +€2,323 | +9.4% |
| Trade receivables | 40 | €21,905 | €21,606 | -€300 | -1.4% |
| Other amounts receivable | 41 | €2,891 | €5,514 | +€2,623 | +90.7% |
| Current investments | 50/53 | €70,333 | €66,386 | -€3,946 | -5.6% |
| Cash at bank and in hand | 54/58 | €9,629 | €17,563 | +€7,933 | +82.4% |
| Deferred charges and accrued income | 490/1 | €3,259 | €2,651 | -€608 | -18.7% |
| Total equity and liabilities | 10/49 | €112,605 | €132,668 | +€20,063 | +17.8% |
| Equity | 10/15 | €34,853 | €41,225 | +€6,372 | +18.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €31,853 | €38,225 | +€6,372 | +20.0% |
| Distributable reserves | 133 | €31,853 | €38,225 | +€6,372 | +20.0% |
| Amounts payable | 17/49 | €77,752 | €91,443 | +€13,690 | +17.6% |
| Amounts payable after more than one year | 17 | - | €1,984 | +€1,984 | |
| Financial debts | 170/4 | - | €1,984 | +€1,984 | |
| Amounts payable within one year | 42/48 | €77,752 | €89,459 | +€11,706 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €5,830 | +€5,830 | |
| Trade debts | 44 | €7,692 | €19,626 | +€11,934 | +155% |
| Suppliers | 440/4 | €7,692 | €19,626 | +€11,934 | +155% |
| Taxes, remuneration and social security | 45 | €24,460 | €21,503 | -€2,957 | -12.1% |
| Taxes | 450/3 | €24,460 | €21,503 | -€2,957 | -12.1% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €45,600 | €42,500 | -€3,100 | -6.8% |
| Remuneration, social security and pensions | 62 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,562 | €2,916 | -€5,645 | -65.9% |
| Other operating charges | 640/8 | €288 | €297 | +€9 | +3.0% |
| Gross operating margin | 9900 | €90,860 | €67,560 | -€23,299 | -25.6% |
| Operating profit (loss) | 9901 | €82,010 | €64,348 | -€17,663 | -21.5% |
| Financial income | 75/76B | €233 | €8,731 | +€8,497 | +3,641% |
| Recurring financial income | 75 | €233 | €8,731 | +€8,497 | +3,641% |
| Financial charges | 65/66B | €184 | €489 | +€305 | +166% |
| Recurring financial charges | 65 | €184 | €489 | +€305 | +166% |
| Profit (loss) for the period before taxes | 9903 | €82,060 | €72,589 | -€9,470 | -11.5% |
| Income taxes | 67/77 | €19,529 | €16,217 | -€3,312 | -17.0% |
| Profit (loss) for the period | 9904 | €62,531 | €56,372 | -€6,158 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,531 | €56,372 | -€6,158 | -9.8% |
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 13 October 2026 via checked.be.