Sepa: 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.
Sepa
Largest movements
- Tangible fixed assets -€22,061
down €22,061 (-3.3%), from €660,921 to €638,860
of which Land and buildings: -€17,829
- Other debts -€14,274
down €14,274 (-5.7%), from €250,984 to €236,711
- Profit (loss) carried forward -€8,798
down €8,798 (-15.9%), from -€55,366 to -€64,164
- Gross operating margin -€991
down €991 (-5.3%), from €18,558 to €17,567
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 | €662,117 | €639,046 | -€23,072 | -3.5% |
| Fixed assets | 21/28 | €660,921 | €638,860 | -€22,061 | -3.3% |
| Tangible fixed assets | 22/27 | €660,921 | €638,860 | -€22,061 | -3.3% |
| Land and buildings | 22 | €548,429 | €530,599 | -€17,829 | -3.3% |
| Plant, machinery and equipment | 23 | €112,493 | €108,261 | -€4,231 | -3.8% |
| Current assets | 29/58 | €1,196 | €185 | -€1,011 | -84.5% |
| Cash at bank and in hand | 54/58 | €1,196 | €185 | -€1,011 | -84.5% |
| Total equity and liabilities | 10/49 | €662,117 | €639,046 | -€23,072 | -3.5% |
| Equity | 10/15 | €410,993 | €402,195 | -€8,798 | -2.1% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €296,359 | €296,359 | = | 0.0% |
| Non-distributable reserves | 130/1 | €47,859 | €47,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €47,859 | €47,859 | = | 0.0% |
| Distributable reserves | 133 | €248,500 | €248,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,366 | -€64,164 | -€8,798 | -15.9% |
| Amounts payable | 17/49 | €251,124 | €236,850 | -€14,274 | -5.7% |
| Amounts payable within one year | 42/48 | €251,124 | €236,850 | -€14,274 | -5.7% |
| Trade debts | 44 | €140 | €140 | = | 0.0% |
| Suppliers | 440/4 | €140 | €140 | = | 0.0% |
| Other amounts payable | 47/48 | €250,984 | €236,711 | -€14,274 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,061 | €22,061 | = | 0.0% |
| Other operating charges | 640/8 | €4,182 | €4,305 | +€123 | +2.9% |
| Gross operating margin | 9900 | €18,558 | €17,567 | -€991 | -5.3% |
| Operating profit (loss) | 9901 | -€7,684 | -€8,798 | -€1,114 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,684 | -€8,798 | -€1,114 | -14.5% |
| Profit (loss) for the period | 9904 | -€7,684 | -€8,798 | -€1,114 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,684 | -€8,798 | -€1,114 | -14.5% |
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 10 October 2026 via checked.be.