SUBSEAWOLF: 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.
SUBSEAWOLF
Largest movements
- Cash -€112,854
down €112,854 (-92.4%), from €122,116 to €9,262
mainly Contributions, distributions and other (-€150,000) and Investment in fixed assets (net) (-€90,432)
- Tangible fixed assets +€69,382
up €69,382 (+89.2%), from €77,744 to €147,126
of which Furniture and vehicles: +€35,324
- Receivables within one year +€49,859
up €49,859 (+135%), from €37,063 to €86,921
of which Trade receivables: +€40,350
- Other debts -€11,911
down €11,911 (-5.9%), from €202,805 to €190,894
- Trade debts +€7,719
up €7,719 (+7,983%), from €97 to €7,816
- Tax, wage and social debts +€6,925
up €6,925 (+74.2%), from €9,330 to €16,255
- Gross operating margin -€49,297
down €49,297 (-18.0%), from €273,213 to €223,915
- Taxes -€14,486
down €14,486 (-23.0%), from €62,854 to €48,368
- Depreciation +€10,011
up €10,011 (+90.7%), from €11,039 to €21,049
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 | €236,922 | €243,310 | +€6,387 | +2.7% |
| Fixed assets | 21/28 | €77,744 | €147,126 | +€69,382 | +89.2% |
| Tangible fixed assets | 22/27 | €77,744 | €147,126 | +€69,382 | +89.2% |
| Land and buildings | 22 | €40,232 | €74,291 | +€34,059 | +84.7% |
| Furniture and vehicles | 24 | €37,512 | €72,835 | +€35,324 | +94.2% |
| Current assets | 29/58 | €159,179 | €96,184 | -€62,995 | -39.6% |
| Amounts receivable within one year | 40/41 | €37,063 | €86,921 | +€49,859 | +135% |
| Trade receivables | 40 | €34,812 | €75,162 | +€40,350 | +116% |
| Other amounts receivable | 41 | €2,251 | €11,760 | +€9,509 | +422% |
| Cash at bank and in hand | 54/58 | €122,116 | €9,262 | -€112,854 | -92.4% |
| Total equity and liabilities | 10/49 | €236,922 | €243,310 | +€6,387 | +2.7% |
| Equity | 10/15 | €24,533 | €26,797 | +€2,264 | +9.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,933 | €8,197 | +€2,264 | +38.2% |
| Distributable reserves | 133 | €5,933 | €8,197 | +€2,264 | +38.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €212,389 | €216,512 | +€4,123 | +1.9% |
| Amounts payable within one year | 42/48 | €212,232 | €214,965 | +€2,733 | +1.3% |
| Trade debts | 44 | €97 | €7,816 | +€7,719 | +7,983% |
| Suppliers | 440/4 | €97 | €7,816 | +€7,719 | +7,983% |
| Taxes, remuneration and social security | 45 | €9,330 | €16,255 | +€6,925 | +74.2% |
| Taxes | 450/3 | €9,330 | €16,255 | +€6,925 | +74.2% |
| Other amounts payable | 47/48 | €202,805 | €190,894 | -€11,911 | -5.9% |
| Accrued charges and deferred income | 492/3 | €157 | €1,547 | +€1,390 | +886% |
| Non-recurring operating income | 76A | - | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,039 | €21,049 | +€10,011 | +90.7% |
| Other operating charges | 640/8 | €968 | €956 | -€12 | -1.2% |
| Non-recurring operating charges | 66A | €25 | €0 | -€25 | -100% |
| Gross operating margin | 9900 | €273,213 | €223,915 | -€49,297 | -18.0% |
| Operating profit (loss) | 9901 | €261,181 | €201,910 | -€59,271 | -22.7% |
| Financial income | 75/76B | €351 | €431 | +€80 | +22.7% |
| Recurring financial income | 75 | €351 | €431 | +€80 | +22.7% |
| Financial charges | 65/66B | €146 | €1,709 | +€1,563 | +1,069% |
| Recurring financial charges | 65 | €146 | €1,709 | +€1,563 | +1,069% |
| Profit (loss) for the period before taxes | 9903 | €261,386 | €200,632 | -€60,754 | -23.2% |
| Income taxes | 67/77 | €62,854 | €48,368 | -€14,486 | -23.0% |
| Profit (loss) for the period | 9904 | €198,532 | €152,264 | -€46,268 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €198,532 | €152,264 | -€46,268 | -23.3% |
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 16 October 2026 via checked.be.