SEERDEN David: 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.
SEERDEN David
Largest movements
- Receivables within one year +€72,527
up €72,527 (+33,937%), from €214 to €72,741
of which Other amounts receivable: +€71,926
- Tangible fixed assets +€41,861
up €41,861 (+50.4%), from €83,038 to €124,898
of which Furniture and vehicles: +€33,954
- Cash -€11,883
down €11,883 (-29.2%), from €40,660 to €28,777
mainly Receivables within one year (-€72,527) and Investment in fixed assets (net) (-€67,991)
- Intangible fixed assets -€11,000
down €11,000 (-37.5%), from €29,323 to €18,323
- Debts after one year +€32,779
up €32,779 (+90.9%), from €36,056 to €68,835
- Other debts +€25,581
up €25,581 (+83.3%), from €30,692 to €56,273
- Current portion of long-term debt +€16,355
up €16,355 (+120%), from €13,679 to €30,034
- Trade debts +€5,685
up €5,685 (+14.2%), from €39,900 to €45,585
- Short-term financial debts +€5,061
new in 2025: €5,061
- Gross operating margin -€19,719
down €19,719 (-14.1%), from €139,609 to €119,889
- Staff costs -€7,133
down €7,133 (-92.9%), from €7,680 to €547
- Taxes -€6,535
down €6,535 (-23.9%), from €27,339 to €20,805
- Depreciation +€1,696
up €1,696 (+4.8%), from €35,435 to €37,131
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 | €258,555 | €348,445 | +€89,890 | +34.8% |
| Fixed assets | 21/28 | €206,361 | €237,222 | +€30,861 | +15.0% |
| Intangible fixed assets | 21 | €29,323 | €18,323 | -€11,000 | -37.5% |
| Tangible fixed assets | 22/27 | €83,038 | €124,898 | +€41,861 | +50.4% |
| Plant, machinery and equipment | 23 | €31,287 | €23,987 | -€7,300 | -23.3% |
| Furniture and vehicles | 24 | €18,651 | €52,605 | +€33,954 | +182% |
| Other tangible fixed assets | 26 | €33,100 | €48,307 | +€15,206 | +45.9% |
| Financial fixed assets | 28 | €94,000 | €94,000 | = | 0.0% |
| Current assets | 29/58 | €52,194 | €111,223 | +€59,029 | +113% |
| Stocks and contracts in progress | 3 | €6,812 | €7,402 | +€591 | +8.7% |
| Stocks | 30/36 | €6,812 | €7,402 | +€591 | +8.7% |
| Amounts receivable within one year | 40/41 | €214 | €72,741 | +€72,527 | +33,937% |
| Trade receivables | 40 | - | €601 | +€601 | |
| Other amounts receivable | 41 | €214 | €72,140 | +€71,926 | +33,656% |
| Cash at bank and in hand | 54/58 | €40,660 | €28,777 | -€11,883 | -29.2% |
| Deferred charges and accrued income | 490/1 | €4,509 | €2,303 | -€2,206 | -48.9% |
| Total equity and liabilities | 10/49 | €258,555 | €348,445 | +€89,890 | +34.8% |
| Equity | 10/15 | €121,601 | €121,648 | +€48 | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €115,401 | €115,448 | +€48 | 0.0% |
| Distributable reserves | 133 | €115,401 | €115,448 | +€48 | 0.0% |
| Amounts payable | 17/49 | €136,954 | €226,797 | +€89,842 | +65.6% |
| Amounts payable after more than one year | 17 | €36,056 | €68,835 | +€32,779 | +90.9% |
| Financial debts | 170/4 | €36,056 | €68,835 | +€32,779 | +90.9% |
| Amounts payable within one year | 42/48 | €99,098 | €155,375 | +€56,276 | +56.8% |
| Current portion of amounts payable after more than one year | 42 | €13,679 | €30,034 | +€16,355 | +120% |
| Financial debts | 43 | - | €5,061 | +€5,061 | |
| Credit institutions | 430/8 | - | €5,061 | +€5,061 | |
| Trade debts | 44 | €39,900 | €45,585 | +€5,685 | +14.2% |
| Suppliers | 440/4 | €39,900 | €45,585 | +€5,685 | +14.2% |
| Taxes, remuneration and social security | 45 | €14,827 | €18,421 | +€3,594 | +24.2% |
| Taxes | 450/3 | €14,827 | €18,421 | +€3,594 | +24.2% |
| Other amounts payable | 47/48 | €30,692 | €56,273 | +€25,581 | +83.3% |
| Accrued charges and deferred income | 492/3 | €1,800 | €2,587 | +€787 | +43.7% |
| Remuneration, social security and pensions | 62 | €7,680 | €547 | -€7,133 | -92.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,435 | €37,131 | +€1,696 | +4.8% |
| Other operating charges | 640/8 | €2,625 | €2,541 | -€84 | -3.2% |
| Non-recurring operating charges | 66A | €10,327 | - | -€10,327 | |
| Gross operating margin | 9900 | €139,609 | €119,889 | -€19,719 | -14.1% |
| Operating profit (loss) | 9901 | €83,542 | €79,671 | -€3,871 | -4.6% |
| Financial income | 75/76B | €328 | €286 | -€42 | -12.9% |
| Recurring financial income | 75 | €328 | €286 | -€42 | -12.9% |
| Financial charges | 65/66B | €2,741 | €2,831 | +€90 | +3.3% |
| Recurring financial charges | 65 | €2,741 | €2,831 | +€90 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €81,128 | €77,125 | -€4,003 | -4.9% |
| Income taxes | 67/77 | €27,339 | €20,805 | -€6,535 | -23.9% |
| Profit (loss) for the period | 9904 | €53,789 | €56,321 | +€2,532 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,789 | €56,321 | +€2,532 | +4.7% |
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 20 October 2026 via checked.be.