SEEPANORAMA: 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.
SEEPANORAMA
Largest movements
- Tangible fixed assets -€93,468
down €93,468 (-4.2%), from €2.2m to €2.1m
of which Land and buildings: -€92,408
- Trade debts -€158,005
down €158,005 (-99.2%), from €159,271 to €1,266
- Debts after one year +€155,100
up €155,100 (+7.4%), from €2.1m to €2.3m
of which Financial debts: +€150,000
- Profit (loss) carried forward -€103,125
down €103,125 (-129%), from -€80,231 to -€183,356
- Depreciation +€32,961
up €32,961 (+53.9%), from €61,190 to €94,152
- Gross operating margin -€27,951
down €27,951 (-75.3%), from €37,135 to €9,184
- Other operating charges +€7,357
up €7,357 (+69.7%), from €10,549 to €17,907
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 | €2,236,527 | €2,133,472 | -€103,055 | -4.6% |
| Formation expenses | 20 | €1,308 | €625 | -€683 | -52.2% |
| Fixed assets | 21/28 | €2,205,012 | €2,111,544 | -€93,468 | -4.2% |
| Tangible fixed assets | 22/27 | €2,205,012 | €2,111,544 | -€93,468 | -4.2% |
| Land and buildings | 22 | €2,196,075 | €2,103,667 | -€92,408 | -4.2% |
| Plant, machinery and equipment | 23 | €8,937 | €7,877 | -€1,060 | -11.9% |
| Current assets | 29/58 | €30,207 | €21,303 | -€8,904 | -29.5% |
| Amounts receivable within one year | 40/41 | €79 | - | -€79 | |
| Trade receivables | 40 | €79 | - | -€79 | |
| Cash at bank and in hand | 54/58 | €29,136 | €12,985 | -€16,152 | -55.4% |
| Deferred charges and accrued income | 490/1 | €991 | €8,318 | +€7,327 | +739% |
| Total equity and liabilities | 10/49 | €2,236,527 | €2,133,472 | -€103,055 | -4.6% |
| Equity | 10/15 | -€30,231 | -€133,356 | -€103,125 | -341% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,231 | -€183,356 | -€103,125 | -129% |
| Amounts payable | 17/49 | €2,266,758 | €2,266,828 | +€69 | 0.0% |
| Amounts payable after more than one year | 17 | €2,100,000 | €2,255,100 | +€155,100 | +7.4% |
| Financial debts | 170/4 | €2,100,000 | €2,250,000 | +€150,000 | +7.1% |
| Other amounts payable | 178/9 | - | €5,100 | +€5,100 | |
| Amounts payable within one year | 42/48 | €160,761 | €9,107 | -€151,654 | -94.3% |
| Trade debts | 44 | €159,271 | €1,266 | -€158,005 | -99.2% |
| Suppliers | 440/4 | €159,271 | €1,266 | -€158,005 | -99.2% |
| Other amounts payable | 47/48 | €1,490 | €7,841 | +€6,351 | +426% |
| Accrued charges and deferred income | 492/3 | €5,997 | €2,621 | -€3,377 | -56.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,190 | €94,152 | +€32,961 | +53.9% |
| Other operating charges | 640/8 | €10,549 | €17,907 | +€7,357 | +69.7% |
| Gross operating margin | 9900 | €37,135 | €9,184 | -€27,951 | -75.3% |
| Operating profit (loss) | 9901 | -€34,605 | -€102,874 | -€68,270 | -197% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €152 | €250 | +€99 | +65.3% |
| Recurring financial charges | 65 | €152 | €250 | +€99 | +65.3% |
| Profit (loss) for the period before taxes | 9903 | -€34,756 | -€103,125 | -€68,369 | -197% |
| Profit (loss) for the period | 9904 | -€34,756 | -€103,125 | -€68,369 | -197% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,756 | -€103,125 | -€68,369 | -197% |
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 22 October 2026 via checked.be.