SEQUOIA GM: 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.
SEQUOIA GM
Largest movements
- Financial fixed assets -€22.3m
down €22.3m (-18.9%), from €117.9m to €95.6m
- Receivables within one year +€20.7m
up €20.7m (+373%), from €5.5m to €26.2m
of which Other amounts receivable: +€20.6m
- Cash -€1.6m
down €1.6m (-95.6%), from €1.7m to €74,344
mainly Debts after one year (-€26.3m) and Receivables within one year (-€20.7m)
- Debts after one year -€26.3m
down €26.3m (-100%), from €26.3m to €0
- Other debts +€21.0m
up €21.0m (+1,862%), from €1.1m to €22.1m
- Short-term financial debts +€2.5m
up €2.5m (+11.8%), from €21.1m to €23.6m
- Profit (loss) carried forward -€1.5m
down €1.5m (-45.5%), from -€3.4m to -€4.9m
- Services and other goods +€596,185
up €596,185 (+65.4%), from €911,527 to €1.5m
- Financial charges -€358,632
down €358,632 (-13.2%), from €2.7m to €2.4m
- Turnover -€182,531
down €182,531 (-18.6%), from €981,083 to €798,552
- Financial income -€12,313
down €12,313 (-0.9%), from €1.3m to €1.3m
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 | €125,339,230 | €122,688,150 | -€2.7m | -2.1% |
| Fixed assets | 21/28 | €117,896,388 | €95,605,890 | -€22.3m | -18.9% |
| Intangible fixed assets | 21 | €24,888 | €19,390 | -€5,498 | -22.1% |
| Financial fixed assets | 28 | €117,871,500 | €95,586,500 | -€22.3m | -18.9% |
| Affiliated companies | 280/1 | €117,871,500 | €95,586,500 | -€22.3m | -18.9% |
| Participating interests | 280 | €95,586,500 | €95,586,500 | = | 0.0% |
| Amounts receivable | 281 | €22,285,000 | €0 | -€22.3m | -100% |
| Current assets | 29/58 | €7,442,842 | €27,082,260 | +€19.6m | +264% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €5,544,110 | €26,204,092 | +€20.7m | +373% |
| Trade receivables | 40 | €127,231 | €218,081 | +€90,850 | +71.4% |
| Other amounts receivable | 41 | €5,416,879 | €25,986,011 | +€20.6m | +380% |
| Cash at bank and in hand | 54/58 | €1,680,459 | €74,344 | -€1.6m | -95.6% |
| Deferred charges and accrued income | 490/1 | €218,272 | €803,823 | +€585,551 | +268% |
| Total equity and liabilities | 10/49 | €125,339,230 | €122,688,150 | -€2.7m | -2.1% |
| Equity | 10/15 | €67,512,918 | €65,978,837 | -€1.5m | -2.3% |
| Contributions | 10/11 | €70,886,600 | €70,886,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,373,682 | -€4,907,763 | -€1.5m | -45.5% |
| Amounts payable | 17/49 | €57,826,311 | €56,709,314 | -€1.1m | -1.9% |
| Amounts payable after more than one year | 17 | €26,342,858 | €0 | -€26.3m | -100% |
| Financial debts | 170/4 | €26,342,858 | €0 | -€26.3m | -100% |
| Credit institutions | 173 | €7,142,858 | €0 | -€7.1m | -100% |
| Other loans | 174 | €19,200,000 | €0 | -€19.2m | -100% |
| Amounts payable within one year | 42/48 | €29,618,352 | €53,924,241 | +€24.3m | +82.1% |
| Current portion of amounts payable after more than one year | 42 | €7,142,857 | €7,142,857 | = | 0.0% |
| Financial debts | 43 | €21,100,000 | €23,600,000 | +€2.5m | +11.8% |
| Credit institutions | 430/8 | €21,100,000 | €23,600,000 | +€2.5m | +11.8% |
| Trade debts | 44 | €239,358 | €1,032,101 | +€792,743 | +331% |
| Suppliers | 440/4 | €239,358 | €1,032,101 | +€792,743 | +331% |
| Taxes, remuneration and social security | 45 | €8,089 | €14,283 | +€6,194 | +76.6% |
| Taxes | 450/3 | €8,089 | €14,283 | +€6,194 | +76.6% |
| Other amounts payable | 47/48 | €1,128,048 | €22,135,000 | +€21.0m | +1,862% |
| Accrued charges and deferred income | 492/3 | €1,865,102 | €2,785,073 | +€919,971 | +49.3% |
| Operating income | 70/76A | €981,083 | €1,004,552 | +€23,469 | +2.4% |
| Turnover | 70 | €981,083 | €798,552 | -€182,531 | -18.6% |
| Non-recurring operating income | 76A | - | €206,000 | +€206,000 | |
| Operating charges | 60/66A | €917,330 | €1,515,220 | +€597,890 | +65.2% |
| Services and other goods | 61 | €911,527 | €1,507,713 | +€596,185 | +65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,695 | €6,365 | +€1,670 | +35.6% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Operating profit (loss) | 9901 | €63,753 | -€510,668 | -€574,421 | |
| Financial income | 75/76B | €1,340,281 | €1,327,968 | -€12,313 | -0.9% |
| Recurring financial income | 75 | €1,340,281 | €1,327,968 | -€12,313 | -0.9% |
| Income from financial fixed assets | 750 | €1,340,281 | €1,327,967 | -€12,314 | -0.9% |
| Other financial income | 752/9 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,710,014 | €2,351,382 | -€358,632 | -13.2% |
| Recurring financial charges | 65 | €2,710,014 | €2,351,382 | -€358,632 | -13.2% |
| Debt charges | 650 | €2,710,014 | €2,351,382 | -€358,632 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,305,980 | -€1,534,082 | -€228,102 | -17.5% |
| Profit (loss) for the period | 9904 | -€1,305,980 | -€1,534,082 | -€228,102 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,305,980 | -€1,534,082 | -€228,102 | -17.5% |
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 26 October 2026 via checked.be.