S.E.P.T.: 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.
S.E.P.T.
Largest movements
- Receivables within one year -€11,661
down €11,661 (-74.7%), from €15,609 to €3,948
of which Trade receivables: -€15,306
- Cash +€8,252
up €8,252 (+92.2%), from €8,946 to €17,197
mainly Net result for the year (+€85,375) and Receivables within one year (+€11,661)
- Reserves +€85,375
up €85,375 (+67.1%), from €127,267 to €212,641
of which Distributable reserves: +€85,375
- Debts after one year -€80,000
down €80,000 (-32.9%), from €243,000 to €163,000
- Tax, wage and social debts -€5,733
down €5,733 (-39.0%), from €14,706 to €8,972
- Gross operating margin -€3,012
down €3,012, from €471 to -€2,541
- Financial charges -€2,427
down €2,427 (-35.3%), from €6,884 to €4,457
- Depreciation +€975
up €975 (+1,077%), from €91 to €1,066
- Other operating charges +€909
up €909 (+173%), from €525 to €1,434
- Taxes +€127
new in 2025: €127
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 | €409,793 | €405,318 | -€4,475 | -1.1% |
| Fixed assets | 21/28 | €385,238 | €384,173 | -€1,066 | -0.3% |
| Tangible fixed assets | 22/27 | €5,238 | €4,173 | -€1,066 | -20.3% |
| Furniture and vehicles | 24 | €5,238 | €4,173 | -€1,066 | -20.3% |
| Financial fixed assets | 28 | €380,000 | €380,000 | = | 0.0% |
| Current assets | 29/58 | €24,555 | €21,145 | -€3,410 | -13.9% |
| Amounts receivable within one year | 40/41 | €15,609 | €3,948 | -€11,661 | -74.7% |
| Trade receivables | 40 | €15,609 | €303 | -€15,306 | -98.1% |
| Other amounts receivable | 41 | - | €3,645 | +€3,645 | |
| Cash at bank and in hand | 54/58 | €8,946 | €17,197 | +€8,252 | +92.2% |
| Total equity and liabilities | 10/49 | €409,793 | €405,318 | -€4,475 | -1.1% |
| Equity | 10/15 | €147,404 | €232,779 | +€85,375 | +57.9% |
| Contributions | 10/11 | €20,138 | €20,138 | = | 0.0% |
| Reserves | 13 | €127,267 | €212,641 | +€85,375 | +67.1% |
| Non-distributable reserves | 130/1 | €3,200 | €3,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,200 | €3,200 | = | 0.0% |
| Distributable reserves | 133 | €124,067 | €209,441 | +€85,375 | +68.8% |
| Amounts payable | 17/49 | €262,389 | €172,539 | -€89,850 | -34.2% |
| Amounts payable after more than one year | 17 | €243,000 | €163,000 | -€80,000 | -32.9% |
| Financial debts | 170/4 | €243,000 | €163,000 | -€80,000 | -32.9% |
| Amounts payable within one year | 42/48 | €19,389 | €9,539 | -€9,850 | -50.8% |
| Trade debts | 44 | €1,263 | - | -€1,263 | |
| Suppliers | 440/4 | €1,263 | - | -€1,263 | |
| Taxes, remuneration and social security | 45 | €14,706 | €8,972 | -€5,733 | -39.0% |
| Taxes | 450/3 | €14,706 | €8,972 | -€5,733 | -39.0% |
| Other amounts payable | 47/48 | €3,420 | €567 | -€2,853 | -83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91 | €1,066 | +€975 | +1,077% |
| Other operating charges | 640/8 | €525 | €1,434 | +€909 | +173% |
| Gross operating margin | 9900 | €471 | -€2,541 | -€3,012 | |
| Operating profit (loss) | 9901 | -€145 | -€5,041 | -€4,896 | -3,379% |
| Financial income | 75/76B | €95,000 | €95,000 | = | 0.0% |
| Recurring financial income | 75 | €95,000 | €95,000 | = | 0.0% |
| Financial charges | 65/66B | €6,884 | €4,457 | -€2,427 | -35.3% |
| Recurring financial charges | 65 | €6,884 | €4,457 | -€2,427 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | €87,971 | €85,502 | -€2,469 | -2.8% |
| Income taxes | 67/77 | - | €127 | +€127 | |
| Profit (loss) for the period | 9904 | €87,971 | €85,375 | -€2,596 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €87,971 | €85,375 | -€2,596 | -3.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.