SEETECH: 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.
SEETECH
Largest movements
- Cash -€299,238
down €299,238 (-85.1%), from €351,473 to €52,236
mainly Receivables within one year (-€169,358) and Debts after one year (-€144,419)
- Receivables within one year +€169,358
up €169,358 (+38.8%), from €436,854 to €606,212
of which Trade receivables: +€206,837
- Stocks and contracts +€70,041
up €70,041 (+80.1%), from €87,394 to €157,435
- Tangible fixed assets -€67,960
down €67,960 (-8.4%), from €813,869 to €745,909
of which Land and buildings: -€34,191
- Receivables after one year +€51,027
up €51,027 (+26.2%), from €194,428 to €245,455
- Trade debts +€159,049
up €159,049 (+101.5%), from €156,707 to €315,756
- Debts after one year -€144,419
down €144,419 (-17.1%), from €844,004 to €699,585
of which Financial debts: -€84,419
- Advances received -€92,557
down €92,557 (-100.0%), from €92,557 to €0
- Reserves +€24,000
up €24,000 (+5.3%), from €451,510 to €475,510
- Current portion of long-term debt -€21,930
down €21,930 (-13.2%), from €166,036 to €144,106
- Gross operating margin -€145,252
down €145,252 (-20.7%), from €700,480 to €555,228
- Staff costs -€57,760
down €57,760 (-14.5%), from €399,268 to €341,508
- Other operating charges -€7,992
down €7,992 (-49.5%), from €16,141 to €8,149
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 | €1,919,555 | €1,839,256 | -€80,299 | -4.2% |
| Fixed assets | 21/28 | €836,636 | €760,370 | -€76,266 | -9.1% |
| Intangible fixed assets | 21 | €18,797 | €10,010 | -€8,787 | -46.7% |
| Tangible fixed assets | 22/27 | €813,869 | €745,909 | -€67,960 | -8.4% |
| Land and buildings | 22 | €561,279 | €527,088 | -€34,191 | -6.1% |
| Plant, machinery and equipment | 23 | €35,227 | €47,229 | +€12,002 | +34.1% |
| Furniture and vehicles | 24 | €76,793 | €65,195 | -€11,598 | -15.1% |
| Leasing and similar rights | 25 | €135,570 | €101,397 | -€34,173 | -25.2% |
| Assets under construction and advance payments | 27 | €5,000 | €5,000 | = | 0.0% |
| Financial fixed assets | 28 | €3,970 | €4,451 | +€481 | +12.1% |
| Current assets | 29/58 | €1,082,919 | €1,078,887 | -€4,033 | -0.4% |
| Amounts receivable after more than one year | 29 | €194,428 | €245,455 | +€51,027 | +26.2% |
| Other amounts receivable | 291 | €194,428 | €245,455 | +€51,027 | +26.2% |
| Stocks and contracts in progress | 3 | €87,394 | €157,435 | +€70,041 | +80.1% |
| Stocks | 30/36 | €87,394 | €157,435 | +€70,041 | +80.1% |
| Amounts receivable within one year | 40/41 | €436,854 | €606,212 | +€169,358 | +38.8% |
| Trade receivables | 40 | €348,152 | €554,989 | +€206,837 | +59.4% |
| Other amounts receivable | 41 | €88,702 | €51,223 | -€37,478 | -42.3% |
| Cash at bank and in hand | 54/58 | €351,473 | €52,236 | -€299,238 | -85.1% |
| Deferred charges and accrued income | 490/1 | €12,770 | €17,548 | +€4,778 | +37.4% |
| Total equity and liabilities | 10/49 | €1,919,555 | €1,839,256 | -€80,299 | -4.2% |
| Equity | 10/15 | €575,887 | €595,885 | +€19,998 | +3.5% |
| Contributions | 10/11 | €89,000 | €89,000 | = | 0.0% |
| Reserves | 13 | €451,510 | €475,510 | +€24,000 | +5.3% |
| Distributable reserves | 133 | €451,510 | €475,510 | +€24,000 | +5.3% |
| Profit (loss) carried forward | 14 | €170 | €139 | -€32 | -18.6% |
| Investment grants | 15 | €35,207 | €31,237 | -€3,970 | -11.3% |
| Amounts payable | 17/49 | €1,343,668 | €1,243,371 | -€100,297 | -7.5% |
| Amounts payable after more than one year | 17 | €844,004 | €699,585 | -€144,419 | -17.1% |
| Financial debts | 170/4 | €599,004 | €514,585 | -€84,419 | -14.1% |
| Other amounts payable | 178/9 | €245,000 | €185,000 | -€60,000 | -24.5% |
| Amounts payable within one year | 42/48 | €498,989 | €543,786 | +€44,797 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €166,036 | €144,106 | -€21,930 | -13.2% |
| Financial debts | 43 | €8,442 | €6,739 | -€1,703 | -20.2% |
| Credit institutions | 430/8 | €8,442 | €6,739 | -€1,703 | -20.2% |
| Trade debts | 44 | €156,707 | €315,756 | +€159,049 | +101.5% |
| Suppliers | 440/4 | €156,707 | €315,756 | +€159,049 | +101.5% |
| Advances received on contracts in progress | 46 | €92,557 | €0 | -€92,557 | -100.0% |
| Taxes, remuneration and social security | 45 | €67,205 | €63,530 | -€3,674 | -5.5% |
| Taxes | 450/3 | €10,721 | €12,152 | +€1,431 | +13.3% |
| Remuneration and social security | 454/9 | €56,483 | €51,378 | -€5,105 | -9.0% |
| Other amounts payable | 47/48 | €8,042 | €13,654 | +€5,613 | +69.8% |
| Accrued charges and deferred income | 492/3 | €675 | €0 | -€675 | -100.0% |
| Remuneration, social security and pensions | 62 | €399,268 | €341,508 | -€57,760 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,647 | €142,951 | -€4,696 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €16,141 | €8,149 | -€7,992 | -49.5% |
| Gross operating margin | 9900 | €700,480 | €555,228 | -€145,252 | -20.7% |
| Operating profit (loss) | 9901 | €137,424 | €62,620 | -€74,804 | -54.4% |
| Financial income | 75/76B | €11,080 | €12,462 | +€1,382 | +12.5% |
| Recurring financial income | 75 | €11,080 | €12,462 | +€1,382 | +12.5% |
| Financial charges | 65/66B | €39,061 | €36,975 | -€2,087 | -5.3% |
| Recurring financial charges | 65 | €39,061 | €36,975 | -€2,087 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €109,443 | €38,107 | -€71,336 | -65.2% |
| Income taxes | 67/77 | €19,658 | €14,138 | -€5,519 | -28.1% |
| Profit (loss) for the period | 9904 | €89,785 | €23,968 | -€65,817 | -73.3% |
| Profit (loss) for the period to be appropriated | 9905 | €89,785 | €23,968 | -€65,817 | -73.3% |
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 12 October 2026 via checked.be.