Under The Sea Management: 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.
Under The Sea Management
Largest movements
- Receivables within one year -€3,002
down €3,002 (-91.2%), from €3,293 to €290
of which Trade receivables: -€2,347
- Tangible fixed assets +€958
new in 2025: €958
- Cash +€291
up €291 (+62.6%), from €466 to €757
mainly Debts after one year (+€13,150) and Receivables within one year (+€3,002)
- Formation expenses -€195
down €195 (-27.9%), from €698 to €503
- Profit (loss) carried forward -€13,158
down €13,158 (-38.5%), from -€34,187 to -€47,345
- Debts after one year +€13,150
up €13,150 (+40.2%), from €32,750 to €45,900
- Trade debts -€1,940
no longer reported in 2025 (was €1,940)
- Gross operating margin +€19,064
up €19,064 (+60.4%), from -€31,582 to -€12,518
- Financial charges -€1,513
down €1,513 (-97.2%), from €1,556 to €43
- Other operating charges -€772
no longer reported in 2025 (was €772)
- Depreciation +€320
up €320 (+116%), from €277 to €597
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 | €4,456 | €2,508 | -€1,948 | -43.7% |
| Formation expenses | 20 | €698 | €503 | -€195 | -27.9% |
| Fixed assets | 21/28 | - | €958 | +€958 | |
| Tangible fixed assets | 22/27 | - | €958 | +€958 | |
| Furniture and vehicles | 24 | - | €958 | +€958 | |
| Current assets | 29/58 | €3,759 | €1,048 | -€2,711 | -72.1% |
| Amounts receivable within one year | 40/41 | €3,293 | €290 | -€3,002 | -91.2% |
| Trade receivables | 40 | €2,347 | - | -€2,347 | |
| Other amounts receivable | 41 | €946 | €290 | -€655 | -69.3% |
| Cash at bank and in hand | 54/58 | €466 | €757 | +€291 | +62.6% |
| Total equity and liabilities | 10/49 | €4,456 | €2,508 | -€1,948 | -43.7% |
| Equity | 10/15 | -€31,687 | -€44,845 | -€13,158 | -41.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,187 | -€47,345 | -€13,158 | -38.5% |
| Amounts payable | 17/49 | €36,143 | €47,353 | +€11,210 | +31.0% |
| Amounts payable after more than one year | 17 | €32,750 | €45,900 | +€13,150 | +40.2% |
| Other amounts payable | 178/9 | €32,750 | €45,900 | +€13,150 | +40.2% |
| Amounts payable within one year | 42/48 | €1,940 | - | -€1,940 | |
| Trade debts | 44 | €1,940 | - | -€1,940 | |
| Suppliers | 440/4 | €1,940 | - | -€1,940 | |
| Accrued charges and deferred income | 492/3 | €1,453 | €1,453 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277 | €597 | +€320 | +116% |
| Other operating charges | 640/8 | €772 | - | -€772 | |
| Gross operating margin | 9900 | -€31,582 | -€12,518 | +€19,064 | +60.4% |
| Operating profit (loss) | 9901 | -€32,631 | -€13,115 | +€19,516 | +59.8% |
| Financial charges | 65/66B | €1,556 | €43 | -€1,513 | -97.2% |
| Recurring financial charges | 65 | €1,556 | €43 | -€1,513 | -97.2% |
| Profit (loss) for the period before taxes | 9903 | -€34,187 | -€13,158 | +€21,029 | +61.5% |
| Profit (loss) for the period | 9904 | -€34,187 | -€13,158 | +€21,029 | +61.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,187 | -€13,158 | +€21,029 | +61.5% |
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.