SEP ESTATES: what changed
Two fiscal 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.
SEP ESTATES
Largest movements
- Receivables within one year -€114,116
down €114,116 (-95.6%), from €119,362 to €5,246
of which Other amounts receivable: -€114,116
- Receivables after one year +€90,000
new in 2025: €90,000
- Tangible fixed assets -€14,842
down €14,842 (-9.7%), from €152,784 to €137,942
- Cash +€3,201
up €3,201 (+603.3%), from €531 to €3,731
mainly Receivables within one year (+€114,116) and Net result for the year (+€18,046)
- Reserves -€20,954
down €20,954 (-23.0%), from €91,170 to €70,216
- Debts after one year -€12,846
down €12,846 (-9.0%), from €142,682 to €129,837
- Other debts -€3,300
down €3,300 (-95.1%), from €3,472 to €172
- Gross operating margin +€1,156
up €1,156 (+2.8%), from €41,006 to €42,162
- Depreciation -€1,114
down €1,114 (-7.0%), from €15,955 to €14,842
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 | €272,677 | €236,919 | -€35,758 | -13.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €152,784 | €137,942 | -€14,842 | -9.7% |
| Tangible fixed assets | 22/27 | €152,784 | €137,942 | -€14,842 | -9.7% |
| Land and buildings | 22 | €152,784 | €137,942 | -€14,842 | -9.7% |
| Current assets | 29/58 | €119,893 | €98,977 | -€20,916 | -17.4% |
| Amounts receivable after more than one year | 29 | - | €90,000 | +€90,000 | |
| Other amounts receivable | 291 | - | €90,000 | +€90,000 | |
| Amounts receivable within one year | 40/41 | €119,362 | €5,246 | -€114,116 | -95.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €119,362 | €5,246 | -€114,116 | -95.6% |
| Cash at bank and in hand | 54/58 | €531 | €3,731 | +€3,201 | +603.3% |
| Total equity and liabilities | 10/49 | €272,677 | €236,919 | -€35,758 | -13.1% |
| Equity | 10/15 | €109,770 | €88,816 | -€20,954 | -19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,170 | €70,216 | -€20,954 | -23.0% |
| Distributable reserves | 133 | €91,170 | €70,216 | -€20,954 | -23.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €162,907 | €148,103 | -€14,804 | -9.1% |
| Amounts payable after more than one year | 17 | €142,682 | €129,837 | -€12,846 | -9.0% |
| Financial debts | 170/4 | €142,682 | €129,837 | -€12,846 | -9.0% |
| Amounts payable within one year | 42/48 | €16,002 | €13,867 | -€2,135 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €12,530 | €12,846 | +€316 | +2.5% |
| Trade debts | 44 | €0 | €849 | +€849 | |
| Suppliers | 440/4 | €0 | €849 | +€849 | |
| Other amounts payable | 47/48 | €3,472 | €172 | -€3,300 | -95.1% |
| Accrued charges and deferred income | 492/3 | €4,223 | €4,400 | +€177 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,955 | €14,842 | -€1,114 | -7.0% |
| Other operating charges | 640/8 | €5,268 | €5,688 | +€419 | +8.0% |
| Gross operating margin | 9900 | €41,006 | €42,162 | +€1,156 | +2.8% |
| Operating profit (loss) | 9901 | €19,782 | €21,632 | +€1,850 | +9.4% |
| Financial income | 75/76B | €0 | €412 | +€412 | |
| Recurring financial income | 75 | €0 | €412 | +€412 | |
| Financial charges | 65/66B | €4,240 | €3,998 | -€242 | -5.7% |
| Recurring financial charges | 65 | €4,240 | €3,998 | -€242 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €15,542 | €18,046 | +€2,504 | +16.1% |
| Profit (loss) for the period | 9904 | €15,542 | €18,046 | +€2,504 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,542 | €18,046 | +€2,504 | +16.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.