SE-PI-CO: 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.
SE-PI-CO
Largest movements
- Financial fixed assets -€30,000
down €30,000 (-95.0%), from €31,591 to €1,591
- Receivables within one year +€13,322
up €13,322 (+59.1%), from €22,559 to €35,881
of which Trade receivables: +€11,302
- Cash -€9,553
down €9,553 (-17.1%), from €55,921 to €46,367
mainly Contributions, distributions and other (-€107,834) and Receivables within one year (-€13,322)
- Profit (loss) carried forward -€74,185
no longer reported in 2025 (was €74,185)
- Other debts +€45,677
up €45,677 (+15944.4%), from €286 to €45,964
- Debts after one year -€5,189
no longer reported in 2025 (was €5,189)
- Tax, wage and social debts +€4,477
up €4,477 (+22.9%), from €19,577 to €24,054
- Trade debts +€3,404
up €3,404 (+295.4%), from €1,152 to €4,556
- Gross operating margin -€10,976
down €10,976 (-19.0%), from €57,672 to €46,696
- Depreciation -€8,649
no longer reported in 2025 (was €8,649)
- Taxes +€1,645
up €1,645 (+15.5%), from €10,600 to €12,245
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.
Cash bridge derived
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 | €110,975 | €84,763 | -€26,212 | -23.6% |
| Fixed assets | 21/28 | €31,591 | €1,591 | -€30,000 | -95.0% |
| Financial fixed assets | 28 | €31,591 | €1,591 | -€30,000 | -95.0% |
| Current assets | 29/58 | €79,385 | €83,173 | +€3,788 | +4.8% |
| Amounts receivable within one year | 40/41 | €22,559 | €35,881 | +€13,322 | +59.1% |
| Trade receivables | 40 | €22,559 | €33,861 | +€11,302 | +50.1% |
| Other amounts receivable | 41 | - | €2,020 | +€2,020 | |
| Cash at bank and in hand | 54/58 | €55,921 | €46,367 | -€9,553 | -17.1% |
| Deferred charges and accrued income | 490/1 | €905 | €925 | +€20 | +2.2% |
| Total equity and liabilities | 10/49 | €110,975 | €84,763 | -€26,212 | -23.6% |
| Equity | 10/15 | €79,185 | €5,000 | -€74,185 | -93.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,185 | - | -€74,185 | |
| Amounts payable | 17/49 | €31,791 | €79,763 | +€47,973 | +150.9% |
| Amounts payable after more than one year | 17 | €5,189 | - | -€5,189 | |
| Financial debts | 170/4 | €5,189 | - | -€5,189 | |
| Amounts payable within one year | 42/48 | €26,601 | €79,763 | +€53,162 | +199.8% |
| Current portion of amounts payable after more than one year | 42 | €5,585 | €5,189 | -€396 | -7.1% |
| Trade debts | 44 | €1,152 | €4,556 | +€3,404 | +295.4% |
| Suppliers | 440/4 | €1,152 | €4,556 | +€3,404 | +295.4% |
| Taxes, remuneration and social security | 45 | €19,577 | €24,054 | +€4,477 | +22.9% |
| Taxes | 450/3 | €19,577 | €24,054 | +€4,477 | +22.9% |
| Other amounts payable | 47/48 | €286 | €45,964 | +€45,677 | +15944.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,649 | - | -€8,649 | |
| Other operating charges | 640/8 | €1,146 | €1,159 | +€13 | +1.1% |
| Gross operating margin | 9900 | €57,672 | €46,696 | -€10,976 | -19.0% |
| Operating profit (loss) | 9901 | €47,877 | €45,537 | -€2,340 | -4.9% |
| Financial income | 75/76B | €848 | €589 | -€259 | -30.6% |
| Recurring financial income | 75 | €848 | €589 | -€259 | -30.6% |
| Financial charges | 65/66B | €153 | €231 | +€78 | +51.0% |
| Recurring financial charges | 65 | €153 | €231 | +€78 | +51.0% |
| Profit (loss) for the period before taxes | 9903 | €48,572 | €45,894 | -€2,677 | -5.5% |
| Income taxes | 67/77 | €10,600 | €12,245 | +€1,645 | +15.5% |
| Profit (loss) for the period | 9904 | €37,972 | €33,650 | -€4,322 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,972 | €33,650 | -€4,322 | -11.4% |
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 12 October 2026 via checked.be.