SEEDS: 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.
SEEDS
Largest movements
- Tangible fixed assets -€24,131
down €24,131 (-6.2%), from €390,596 to €366,464
- Receivables within one year +€17,006
up €17,006 (+34.7%), from €48,969 to €65,976
- Debts after one year -€21,791
down €21,791 (-5.7%), from €382,269 to €360,478
of which Financial debts: -€21,791
- Reserves +€5,695
up €5,695 (+513%), from €1,110 to €6,805
- Taxes +€2,434
up €2,434 (+585%), from €416 to €2,850
- Gross operating margin +€2,344
up €2,344 (+5.5%), from €42,865 to €45,209
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 | €450,624 | €440,165 | -€10,459 | -2.3% |
| Fixed assets | 21/28 | €390,596 | €366,464 | -€24,131 | -6.2% |
| Tangible fixed assets | 22/27 | €390,596 | €366,464 | -€24,131 | -6.2% |
| Land and buildings | 22 | €390,596 | €366,464 | -€24,131 | -6.2% |
| Current assets | 29/58 | €60,028 | €73,701 | +€13,673 | +22.8% |
| Amounts receivable after more than one year | 29 | €7,539 | €7,539 | = | 0.0% |
| Other amounts receivable | 291 | €7,539 | €7,539 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,969 | €65,976 | +€17,006 | +34.7% |
| Other amounts receivable | 41 | €48,969 | €65,976 | +€17,006 | +34.7% |
| Cash at bank and in hand | 54/58 | €3,520 | €186 | -€3,334 | -94.7% |
| Total equity and liabilities | 10/49 | €450,624 | €440,165 | -€10,459 | -2.3% |
| Equity | 10/15 | €26,110 | €31,805 | +€5,695 | +21.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,110 | €6,805 | +€5,695 | +513% |
| Distributable reserves | 133 | €1,110 | €6,805 | +€5,695 | +513% |
| Amounts payable | 17/49 | €424,514 | €408,360 | -€16,154 | -3.8% |
| Amounts payable after more than one year | 17 | €382,269 | €360,478 | -€21,791 | -5.7% |
| Financial debts | 170/4 | €370,869 | €349,078 | -€21,791 | -5.9% |
| Other amounts payable | 178/9 | €11,400 | €11,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €42,245 | €47,882 | +€5,637 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €21,465 | €21,791 | +€327 | +1.5% |
| Trade debts | 44 | €20,365 | €22,825 | +€2,461 | +12.1% |
| Suppliers | 440/4 | €20,365 | €22,825 | +€2,461 | +12.1% |
| Taxes, remuneration and social security | 45 | €416 | €3,266 | +€2,850 | +685% |
| Taxes | 450/3 | €416 | €3,266 | +€2,850 | +685% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,131 | €24,131 | = | 0.0% |
| Other operating charges | 640/8 | €6,031 | €6,220 | +€189 | +3.1% |
| Gross operating margin | 9900 | €42,865 | €45,209 | +€2,344 | +5.5% |
| Operating profit (loss) | 9901 | €12,703 | €14,858 | +€2,155 | +17.0% |
| Financial income | 75/76B | €9 | €13 | +€4 | +42.7% |
| Recurring financial income | 75 | €9 | €13 | +€4 | +42.7% |
| Financial charges | 65/66B | €6,365 | €6,326 | -€39 | -0.6% |
| Recurring financial charges | 65 | €6,365 | €6,326 | -€39 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €6,347 | €8,545 | +€2,198 | +34.6% |
| Income taxes | 67/77 | €416 | €2,850 | +€2,434 | +585% |
| Profit (loss) for the period | 9904 | €5,931 | €5,695 | -€236 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,931 | €5,695 | -€236 | -4.0% |
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 15 October 2026 via checked.be.