SEEDS: 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.
SEEDS
Largest movements
- Cash +€1.3m
up €1.3m (+136.1%), from €964,232 to €2.3m
mainly Current investments (+€800,000) and Net result for the year (+€326,044)
- Current investments -€800,000
down €800,000 (-83.9%), from €953,000 to €153,000
- Receivables within one year -€307,958
down €307,958 (-29.0%), from €1.1m to €753,161
of which Other amounts receivable: -€313,720
- Tangible fixed assets +€49,475
up €49,475 (+3.3%), from €1.5m to €1.6m
of which Furniture and vehicles: +€67,292
- Reserves +€326,044
up €326,044 (+8.8%), from €3.7m to €4.0m
of which Distributable reserves: +€327,904
- Debts after one year -€65,806
down €65,806 (-9.0%), from €727,401 to €661,595
- Gross operating margin -€31,370
down €31,370 (-74.9%), from -€41,883 to -€73,254
- Depreciation +€11,580
up €11,580 (+30.4%), from €38,120 to €49,700
- Other operating charges -€10,742
down €10,742 (-99.9%), from €10,750 to €8
- Taxes -€2,763
down €2,763 (-7.7%), from €35,649 to €32,887
- Financial charges -€2,621
down €2,621 (-13.1%), from €19,998 to €17,377
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 | €4,611,579 | €4,861,869 | +€250,290 | +5.4% |
| Fixed assets | 21/28 | €1,546,584 | €1,596,060 | +€49,475 | +3.2% |
| Tangible fixed assets | 22/27 | €1,511,909 | €1,561,384 | +€49,475 | +3.3% |
| Land and buildings | 22 | €1,017,876 | €1,014,962 | -€2,915 | -0.3% |
| Furniture and vehicles | 24 | €146,845 | €214,136 | +€67,292 | +45.8% |
| Other tangible fixed assets | 26 | €347,188 | €332,286 | -€14,902 | -4.3% |
| Financial fixed assets | 28 | €34,675 | €34,675 | = | 0.0% |
| Current assets | 29/58 | €3,064,995 | €3,265,809 | +€200,815 | +6.6% |
| Amounts receivable after more than one year | 29 | €80,000 | €80,000 | = | 0.0% |
| Other amounts receivable | 291 | €80,000 | €80,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,061,119 | €753,161 | -€307,958 | -29.0% |
| Trade receivables | 40 | €28,584 | €34,347 | +€5,762 | +20.2% |
| Other amounts receivable | 41 | €1,032,534 | €718,814 | -€313,720 | -30.4% |
| Current investments | 50/53 | €953,000 | €153,000 | -€800,000 | -83.9% |
| Cash at bank and in hand | 54/58 | €964,232 | €2,276,572 | +€1.3m | +136.1% |
| Deferred charges and accrued income | 490/1 | €6,644 | €3,077 | -€3,567 | -53.7% |
| Total equity and liabilities | 10/49 | €4,611,579 | €4,861,869 | +€250,290 | +5.4% |
| Equity | 10/15 | €3,719,920 | €4,045,963 | +€326,044 | +8.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,707,520 | €4,033,563 | +€326,044 | +8.8% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €3,705,660 | €4,033,563 | +€327,904 | +8.8% |
| Amounts payable | 17/49 | €891,660 | €815,906 | -€75,754 | -8.5% |
| Amounts payable after more than one year | 17 | €727,401 | €661,595 | -€65,806 | -9.0% |
| Financial debts | 170/4 | €727,401 | €661,595 | -€65,806 | -9.0% |
| Amounts payable within one year | 42/48 | €164,259 | €154,311 | -€9,948 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €64,582 | €65,806 | +€1,224 | +1.9% |
| Financial debts | 43 | €4,388 | €3,742 | -€646 | -14.7% |
| Credit institutions | 430/8 | €4,388 | €3,742 | -€646 | -14.7% |
| Trade debts | 44 | €11,967 | €12,281 | +€313 | +2.6% |
| Suppliers | 440/4 | €11,967 | €12,281 | +€313 | +2.6% |
| Taxes, remuneration and social security | 45 | €83,321 | €72,482 | -€10,839 | -13.0% |
| Taxes | 450/3 | €83,321 | €70,413 | -€12,908 | -15.5% |
| Remuneration and social security | 454/9 | - | €2,070 | +€2,070 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,120 | €49,700 | +€11,580 | +30.4% |
| Other operating charges | 640/8 | €10,750 | €8 | -€10,742 | -99.9% |
| Gross operating margin | 9900 | -€41,883 | -€73,254 | -€31,370 | -74.9% |
| Operating profit (loss) | 9901 | -€90,753 | -€122,961 | -€32,208 | -35.5% |
| Financial income | 75/76B | €498,358 | €499,268 | +€910 | +0.2% |
| Recurring financial income | 75 | €36,099 | €71,684 | +€35,585 | +98.6% |
| Non-recurring financial income | 76B | €462,259 | €427,584 | -€34,675 | -7.5% |
| Financial charges | 65/66B | €19,998 | €17,377 | -€2,621 | -13.1% |
| Recurring financial charges | 65 | €19,998 | €17,377 | -€2,621 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €387,607 | €358,930 | -€28,677 | -7.4% |
| Income taxes | 67/77 | €35,649 | €32,887 | -€2,763 | -7.7% |
| Profit (loss) for the period | 9904 | €351,957 | €326,044 | -€25,914 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €351,957 | €326,044 | -€25,914 | -7.4% |
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 8 October 2026 via checked.be.