SEQUEL PROD: 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.
SEQUEL PROD
Largest movements
- Tangible fixed assets +€7.2m
up €7.2m (+741%), from €975,742 to €8.2m
of which Assets under construction and advance payments: +€7.2m
- Receivables within one year -€3.2m
down €3.2m (-51.7%), from €6.3m to €3.0m
of which Other amounts receivable: -€3.2m
- Intangible fixed assets -€2.0m
down €2.0m (-38.8%), from €5.2m to €3.2m
- Cash +€155,273
up €155,273 (+383%), from €40,533 to €195,806
mainly Depreciation (+€7.1m) and Receivables within one year (+€3.2m)
- Debts after one year +€2.7m
up €2.7m (+25.4%), from €10.7m to €13.5m
of which Other amounts payable: +€2.9m
- Trade debts -€435,440
down €435,440 (-27.4%), from €1.6m to €1.2m
- Depreciation +€5.9m
up €5.9m (+494%), from €1.2m to €7.1m
- Gross operating margin +€5.9m
up €5.9m (+467%), from €1.3m to €7.1m
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 | €12,506,311 | €14,624,005 | +€2.1m | +16.9% |
| Fixed assets | 21/28 | €6,203,309 | €11,406,430 | +€5.2m | +83.9% |
| Intangible fixed assets | 21 | €5,227,280 | €3,197,749 | -€2.0m | -38.8% |
| Tangible fixed assets | 22/27 | €975,742 | €8,208,394 | +€7.2m | +741% |
| Furniture and vehicles | 24 | €2,113 | €1,738 | -€375 | -17.8% |
| Assets under construction and advance payments | 27 | €973,630 | €8,206,657 | +€7.2m | +743% |
| Financial fixed assets | 28 | €286 | €286 | = | 0.0% |
| Current assets | 29/58 | €6,303,002 | €3,217,575 | -€3.1m | -49.0% |
| Amounts receivable within one year | 40/41 | €6,260,380 | €3,021,493 | -€3.2m | -51.7% |
| Trade receivables | 40 | €570,004 | €488,457 | -€81,547 | -14.3% |
| Other amounts receivable | 41 | €5,690,376 | €2,533,036 | -€3.2m | -55.5% |
| Cash at bank and in hand | 54/58 | €40,533 | €195,806 | +€155,273 | +383% |
| Deferred charges and accrued income | 490/1 | €2,089 | €276 | -€1,813 | -86.8% |
| Total equity and liabilities | 10/49 | €12,506,311 | €14,624,005 | +€2.1m | +16.9% |
| Equity | 10/15 | €102,092 | -€7,125 | -€109,217 | |
| Contributions | 10/11 | €7,413 | €7,413 | = | 0.0% |
| Reserves | 13 | €2,256 | €2,256 | = | 0.0% |
| Distributable reserves | 133 | €2,256 | €2,256 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,138 | -€16,793 | -€11,656 | -227% |
| Investment grants | 15 | €97,561 | €0 | -€97,561 | -100% |
| Provisions and deferred taxes | 16 | €32,520 | €0 | -€32,520 | -100% |
| Deferred taxes | 168 | €32,520 | €0 | -€32,520 | -100% |
| Amounts payable | 17/49 | €12,371,699 | €14,631,130 | +€2.3m | +18.3% |
| Amounts payable after more than one year | 17 | €10,742,154 | €13,470,260 | +€2.7m | +25.4% |
| Financial debts | 170/4 | €877,980 | €706,136 | -€171,844 | -19.6% |
| Other amounts payable | 178/9 | €9,864,175 | €12,764,125 | +€2.9m | +29.4% |
| Amounts payable within one year | 42/48 | €1,594,546 | €1,160,870 | -€433,677 | -27.2% |
| Trade debts | 44 | €1,589,388 | €1,153,949 | -€435,440 | -27.4% |
| Suppliers | 440/4 | €1,589,388 | €1,153,949 | -€435,440 | -27.4% |
| Taxes, remuneration and social security | 45 | €5,158 | €6,921 | +€1,763 | +34.2% |
| Taxes | 450/3 | €1 | €24 | +€23 | +4,636% |
| Remuneration and social security | 454/9 | €5,157 | €6,897 | +€1,740 | +33.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €34,999 | €0 | -€34,999 | -100% |
| Non-recurring operating income | 76A | - | €2,313 | +€2,313 | |
| Remuneration, social security and pensions | 62 | €128,556 | €122,875 | -€5,681 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,193,051 | €7,086,985 | +€5.9m | +494% |
| Other operating charges | 640/8 | €0 | €31,041 | +€31,041 | |
| Non-recurring operating charges | 66A | €0 | €63 | +€63 | |
| Gross operating margin | 9900 | €1,253,476 | €7,103,823 | +€5.9m | +467% |
| Operating profit (loss) | 9901 | -€68,130 | -€137,141 | -€69,011 | -101% |
| Financial income | 75/76B | €136,045 | €130,081 | -€5,964 | -4.4% |
| Recurring financial income | 75 | €136,045 | €130,081 | -€5,964 | -4.4% |
| Financial charges | 65/66B | €1,550 | €4,596 | +€3,046 | +197% |
| Recurring financial charges | 65 | €1,550 | €4,596 | +€3,046 | +197% |
| Profit (loss) for the period before taxes | 9903 | €66,365 | -€11,656 | -€78,021 | |
| Profit (loss) for the period | 9904 | €66,365 | -€11,656 | -€78,021 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,365 | -€11,656 | -€78,021 |
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 16 October 2026 via checked.be.