I also had issues on my E39 530d , whereby moving the drivers seat forward or backwards, and the light would come on.
I might be wrong....but sometime ago someone explained to me that
1)the most common error is due to a "wonky" connector beneath the seat
2)the slightest bump on this connector will set it off
3)apparently it logs up to 10 separate incident of power interruption due to bumping of the connector, without any warning light, but it is logged.
4)the 11th bump sets the light off, and cannot be reset without a diagnostics computor
5)the rest procedure takes about 5 minutes of plugging in the cable, correct maintenance module.....reset...ignition off..on...fixed, until the next time you bump the connector once to many a time.
I have taken to tying up the connectors with insulation tape to secure them a bit more and protect them from the oversensitive bumps that will cause a momentary power interuption/spike...
been a year now since the last time the light came on.
for info the diagnostics would tell me "DRIVERS SIDE BELT TENSION---FAULT NOT CURRENTLY PRESENT"