SEEWHATHAPPENS: 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.
SEEWHATHAPPENS
Largest movements
- Receivables within one year +€128,344
up €128,344 (+254%), from €50,524 to €178,868
of which Trade receivables: +€102,054
- Cash +€4,566
up €4,566 (+44.5%), from €10,258 to €14,824
mainly Trade debts (+€122,676) and Advances received (+€6,428)
- Deferred charges and accrued income +€4,070
up €4,070 (+7,351%), from €55 to €4,125
- Intangible fixed assets -€2,280
down €2,280 (-39.6%), from €5,751 to €3,471
- Trade debts +€122,676
up €122,676 (+446%), from €27,524 to €150,200
- Advances received +€6,428
up €6,428 (+41.5%), from €15,490 to €21,918
- Reserves +€4,254
up €4,254 (+20.4%), from €20,883 to €25,137
- Gross operating margin -€3,145
down €3,145 (-26.5%), from €11,884 to €8,739
- Financial charges +€929
up €929 (+1,788%), from €52 to €981
- Financial income +€828
up €828 (+101%), from €816 to €1,644
- Taxes -€264
down €264 (-10.1%), from €2,612 to €2,348
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 | €66,588 | €201,287 | +€134,700 | +202% |
| Fixed assets | 21/28 | €5,751 | €3,471 | -€2,280 | -39.6% |
| Intangible fixed assets | 21 | €5,751 | €3,471 | -€2,280 | -39.6% |
| Current assets | 29/58 | €60,837 | €197,817 | +€136,980 | +225% |
| Amounts receivable within one year | 40/41 | €50,524 | €178,868 | +€128,344 | +254% |
| Trade receivables | 40 | €41,853 | €143,906 | +€102,054 | +244% |
| Other amounts receivable | 41 | €8,671 | €34,962 | +€26,291 | +303% |
| Cash at bank and in hand | 54/58 | €10,258 | €14,824 | +€4,566 | +44.5% |
| Deferred charges and accrued income | 490/1 | €55 | €4,125 | +€4,070 | +7,351% |
| Total equity and liabilities | 10/49 | €66,588 | €201,287 | +€134,700 | +202% |
| Equity | 10/15 | €21,003 | €25,257 | +€4,254 | +20.3% |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Reserves | 13 | €20,883 | €25,137 | +€4,254 | +20.4% |
| Distributable reserves | 133 | €20,883 | €25,137 | +€4,254 | +20.4% |
| Amounts payable | 17/49 | €45,585 | €176,030 | +€130,446 | +286% |
| Amounts payable within one year | 42/48 | €45,585 | €176,024 | +€130,440 | +286% |
| Trade debts | 44 | €27,524 | €150,200 | +€122,676 | +446% |
| Suppliers | 440/4 | €27,524 | €150,200 | +€122,676 | +446% |
| Advances received on contracts in progress | 46 | €15,490 | €21,918 | +€6,428 | +41.5% |
| Taxes, remuneration and social security | 45 | €2,570 | €3,906 | +€1,336 | +52.0% |
| Taxes | 450/3 | €2,570 | €3,906 | +€1,336 | +52.0% |
| Accrued charges and deferred income | 492/3 | - | €6 | +€6 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,280 | €2,280 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €11,884 | €8,739 | -€3,145 | -26.5% |
| Operating profit (loss) | 9901 | €9,099 | €5,939 | -€3,160 | -34.7% |
| Financial income | 75/76B | €816 | €1,644 | +€828 | +101% |
| Recurring financial income | 75 | €816 | €1,644 | +€828 | +101% |
| Financial charges | 65/66B | €52 | €981 | +€929 | +1,788% |
| Recurring financial charges | 65 | €52 | €981 | +€929 | +1,788% |
| Profit (loss) for the period before taxes | 9903 | €9,863 | €6,602 | -€3,260 | -33.1% |
| Income taxes | 67/77 | €2,612 | €2,348 | -€264 | -10.1% |
| Profit (loss) for the period | 9904 | €7,251 | €4,254 | -€2,997 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,251 | €4,254 | -€2,997 | -41.3% |
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 25 October 2026 via checked.be.