SUBSEA INDUSTRIES: 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.
SUBSEA INDUSTRIES
Largest movements
- Receivables within one year +€2.0m
up €2.0m (+117%), from €1.8m to €3.8m
of which Trade receivables: +€1.5m
- Cash +€504,271
up €504,271 (+15.7%), from €3.2m to €3.7m
mainly Net result for the year (+€2.0m) and Trade debts (+€436,303)
- Tangible fixed assets +€267,039
up €267,039 (+3,733%), from €7,154 to €274,192
of which Land and buildings: +€268,827
- Reserves +€2.0m
up €2.0m (+70.1%), from €2.9m to €5.0m
of which Distributable reserves: +€2.0m
- Trade debts +€436,303
up €436,303 (+32.9%), from €1.3m to €1.8m
- Tax, wage and social debts +€321,268
up €321,268 (+78.7%), from €408,313 to €729,581
- Debts after one year +€219,845
new in 2025: €219,845
- Other debts -€186,476
down €186,476 (-79.7%), from €233,877 to €47,401
- Gross operating margin +€1.7m
up €1.7m (+147%), from €1.2m to €2.9m
- Taxes +€366,618
up €366,618 (+110%), from €332,259 to €698,877
- Financial charges +€138,448
up €138,448 (+1,165%), from €11,889 to €150,337
- Financial income -€38,875
down €38,875 (-55.0%), from €70,743 to €31,868
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 | €5,164,720 | €7,961,607 | +€2.8m | +54.2% |
| Fixed assets | 21/28 | €29,654 | €296,692 | +€267,039 | +901% |
| Tangible fixed assets | 22/27 | €7,154 | €274,192 | +€267,039 | +3,733% |
| Land and buildings | 22 | - | €268,827 | +€268,827 | |
| Plant, machinery and equipment | 23 | €295 | €221 | -€74 | -25.0% |
| Furniture and vehicles | 24 | €6,859 | €5,144 | -€1,715 | -25.0% |
| Financial fixed assets | 28 | €22,500 | €22,500 | = | 0.0% |
| Current assets | 29/58 | €5,135,066 | €7,664,915 | +€2.5m | +49.3% |
| Stocks and contracts in progress | 3 | €119,619 | €123,491 | +€3,872 | +3.2% |
| Stocks | 30/36 | €119,619 | €123,491 | +€3,872 | +3.2% |
| Amounts receivable within one year | 40/41 | €1,750,321 | €3,794,158 | +€2.0m | +117% |
| Trade receivables | 40 | €1,480,154 | €3,007,842 | +€1.5m | +103% |
| Other amounts receivable | 41 | €270,167 | €786,316 | +€516,149 | +191% |
| Cash at bank and in hand | 54/58 | €3,219,293 | €3,723,564 | +€504,271 | +15.7% |
| Deferred charges and accrued income | 490/1 | €45,833 | €23,702 | -€22,131 | -48.3% |
| Total equity and liabilities | 10/49 | €5,164,720 | €7,961,607 | +€2.8m | +54.2% |
| Equity | 10/15 | €3,123,122 | €5,171,738 | +€2.0m | +65.6% |
| Contributions | 10/11 | €201,414 | €201,414 | = | 0.0% |
| Capital | 10 | €113,858 | €113,858 | = | 0.0% |
| Issued capital | 100 | €113,858 | €113,858 | = | 0.0% |
| Contributions outside capital | 11 | €87,556 | €87,556 | = | 0.0% |
| Share premium | 1100/10 | €87,556 | €87,556 | = | 0.0% |
| Reserves | 13 | €2,921,708 | €4,970,324 | +€2.0m | +70.1% |
| Non-distributable reserves | 130/1 | €11,386 | €11,386 | = | 0.0% |
| Legal reserve | 130 | €11,386 | €11,386 | = | 0.0% |
| Distributable reserves | 133 | €2,910,322 | €4,958,938 | +€2.0m | +70.4% |
| Amounts payable | 17/49 | €2,041,598 | €2,789,869 | +€748,271 | +36.7% |
| Amounts payable after more than one year | 17 | - | €219,845 | +€219,845 | |
| Financial debts | 170/4 | - | €219,845 | +€219,845 | |
| Amounts payable within one year | 42/48 | €2,039,598 | €2,570,024 | +€530,426 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | - | €28,582 | +€28,582 | |
| Trade debts | 44 | €1,328,158 | €1,764,461 | +€436,303 | +32.9% |
| Suppliers | 440/4 | €1,328,158 | €1,764,461 | +€436,303 | +32.9% |
| Advances received on contracts in progress | 46 | €69,251 | - | -€69,251 | |
| Taxes, remuneration and social security | 45 | €408,313 | €729,581 | +€321,268 | +78.7% |
| Taxes | 450/3 | €408,313 | €729,581 | +€321,268 | +78.7% |
| Other amounts payable | 47/48 | €233,877 | €47,401 | -€186,476 | -79.7% |
| Accrued charges and deferred income | 492/3 | €2,000 | - | -€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,788 | €7,612 | +€5,823 | +326% |
| Other operating charges | 640/8 | €1,135 | €412 | -€723 | -63.7% |
| Gross operating margin | 9900 | €1,163,591 | €2,873,985 | +€1.7m | +147% |
| Operating profit (loss) | 9901 | €1,160,667 | €2,865,962 | +€1.7m | +147% |
| Financial income | 75/76B | €70,743 | €31,868 | -€38,875 | -55.0% |
| Recurring financial income | 75 | €70,743 | €31,868 | -€38,875 | -55.0% |
| Financial charges | 65/66B | €11,889 | €150,337 | +€138,448 | +1,165% |
| Recurring financial charges | 65 | €11,889 | €150,337 | +€138,448 | +1,165% |
| Profit (loss) for the period before taxes | 9903 | €1,219,521 | €2,747,493 | +€1.5m | +125% |
| Income taxes | 67/77 | €332,259 | €698,877 | +€366,618 | +110% |
| Profit (loss) for the period | 9904 | €887,262 | €2,048,616 | +€1.2m | +131% |
| Profit (loss) for the period to be appropriated | 9905 | €887,262 | €2,048,616 | +€1.2m | +131% |
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 28 October 2026 via checked.be.