LIZEN - SEPUL: 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.
LIZEN - SEPUL
Largest movements
- Tangible fixed assets -€110,852
down €110,852 (-26.1%), from €424,477 to €313,625
- Cash +€72,729
up €72,729 (+172%), from €42,336 to €115,065
mainly Net result for the year (+€199,404) and Depreciation (+€129,142)
- Stocks and contracts +€49,989
up €49,989 (+33.3%), from €150,011 to €200,000
- Receivables within one year -€37,243
down €37,243 (-48.5%), from €76,828 to €39,585
of which Trade receivables: -€31,248
- Deferred charges and accrued income +€9,388
up €9,388 (+894%), from €1,050 to €10,438
- Profit (loss) carried forward +€199,404
up €199,404 (+376%), from €53,085 to €252,488
- Other debts -€171,943
down €171,943 (-92.1%), from €186,745 to €14,803
- Trade debts -€81,952
down €81,952 (-64.1%), from €127,901 to €45,949
- Tax, wage and social debts +€70,057
up €70,057 (+219%), from €32,024 to €102,081
of which Taxes: +€70,809
- Debts after one year -€27,690
down €27,690 (-100%), from €27,690 to €0
- Turnover +€244,634
up €244,634 (+17.8%), from €1.4m to €1.6m
- Gross operating margin +€187,589
up €187,589 (+71.0%), from €264,209 to €451,797
- Taxes +€44,453
up €44,453 (+162%), from €27,359 to €71,812
- Purchases and services +€35,045
up €35,045 (+3.1%), from €1.1m to €1.2m
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 | €694,702 | €678,713 | -€15,989 | -2.3% |
| Fixed assets | 21/28 | €424,477 | €313,625 | -€110,852 | -26.1% |
| Tangible fixed assets | 22/27 | €424,477 | €313,625 | -€110,852 | -26.1% |
| Land and buildings | 22 | €45,040 | €14,160 | -€30,880 | -68.6% |
| Plant, machinery and equipment | 23 | €108,660 | €63,283 | -€45,377 | -41.8% |
| Furniture and vehicles | 24 | €270,778 | €236,182 | -€34,595 | -12.8% |
| Current assets | 29/58 | €270,225 | €365,088 | +€94,863 | +35.1% |
| Stocks and contracts in progress | 3 | €150,011 | €200,000 | +€49,989 | +33.3% |
| Stocks | 30/36 | €150,011 | €200,000 | +€49,989 | +33.3% |
| Amounts receivable within one year | 40/41 | €76,828 | €39,585 | -€37,243 | -48.5% |
| Trade receivables | 40 | €66,320 | €35,072 | -€31,248 | -47.1% |
| Other amounts receivable | 41 | €10,508 | €4,513 | -€5,995 | -57.1% |
| Cash at bank and in hand | 54/58 | €42,336 | €115,065 | +€72,729 | +172% |
| Deferred charges and accrued income | 490/1 | €1,050 | €10,438 | +€9,388 | +894% |
| Total equity and liabilities | 10/49 | €694,702 | €678,713 | -€15,989 | -2.3% |
| Equity | 10/15 | €288,787 | €488,190 | +€199,404 | +69.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €173,702 | €173,702 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,602 | €13,602 | = | 0.0% |
| Legal reserve | 130 | €13,602 | €13,602 | = | 0.0% |
| Distributable reserves | 133 | €160,100 | €160,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,085 | €252,488 | +€199,404 | +376% |
| Amounts payable | 17/49 | €405,915 | €190,523 | -€215,392 | -53.1% |
| Amounts payable after more than one year | 17 | €27,690 | €0 | -€27,690 | -100% |
| Financial debts | 170/4 | €27,690 | €0 | -€27,690 | -100% |
| Amounts payable within one year | 42/48 | €378,225 | €190,523 | -€187,703 | -49.6% |
| Current portion of amounts payable after more than one year | 42 | €31,555 | €27,690 | -€3,865 | -12.2% |
| Trade debts | 44 | €127,901 | €45,949 | -€81,952 | -64.1% |
| Suppliers | 440/4 | €127,901 | €45,949 | -€81,952 | -64.1% |
| Taxes, remuneration and social security | 45 | €32,024 | €102,081 | +€70,057 | +219% |
| Taxes | 450/3 | €25,436 | €96,245 | +€70,809 | +278% |
| Remuneration and social security | 454/9 | €6,588 | €5,836 | -€752 | -11.4% |
| Other amounts payable | 47/48 | €186,745 | €14,803 | -€171,943 | -92.1% |
| Turnover | 70 | €1,370,539 | €1,615,173 | +€244,634 | +17.8% |
| Non-recurring operating income | 76A | €22,000 | - | -€22,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,128,330 | €1,163,375 | +€35,045 | +3.1% |
| Remuneration, social security and pensions | 62 | €40,640 | €44,773 | +€4,133 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,555 | €129,142 | +€7,587 | +6.2% |
| Other operating charges | 640/8 | €1,362 | €48 | -€1,314 | -96.5% |
| Non-recurring operating charges | 66A | - | €6,839 | +€6,839 | |
| Gross operating margin | 9900 | €264,209 | €451,797 | +€187,589 | +71.0% |
| Operating profit (loss) | 9901 | €100,651 | €270,995 | +€170,343 | +169% |
| Financial income | 75/76B | €1,050 | €3,878 | +€2,829 | +269% |
| Recurring financial income | 75 | €1,050 | €3,878 | +€2,829 | +269% |
| Financial charges | 65/66B | €4,723 | €3,657 | -€1,065 | -22.6% |
| Recurring financial charges | 65 | €4,723 | €3,657 | -€1,065 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €96,978 | €271,216 | +€174,238 | +180% |
| Income taxes | 67/77 | €27,359 | €71,812 | +€44,453 | +162% |
| Profit (loss) for the period | 9904 | €69,619 | €199,404 | +€129,785 | +186% |
| Profit (loss) for the period to be appropriated | 9905 | €69,619 | €199,404 | +€129,785 | +186% |
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 22 October 2026 via checked.be.