SEPACH: 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.
SEPACH
Largest movements
- Tangible fixed assets -€17,982
down €17,982 (-3.5%), from €509,178 to €491,196
of which Land and buildings: -€15,569
- Other debts -€9,009
down €9,009 (-5.8%), from €155,760 to €146,751
- Reserves -€8,927
down €8,927 (-3.1%), from €291,422 to €282,495
of which Distributable reserves: -€8,927
- Gross operating margin +€4,361
up €4,361 (+58.7%), from €7,428 to €11,789
- Depreciation -€804
down €804 (-4.3%), from €18,786 to €17,982
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 | €509,182 | €491,246 | -€17,936 | -3.5% |
| Fixed assets | 21/28 | €509,178 | €491,196 | -€17,982 | -3.5% |
| Tangible fixed assets | 22/27 | €509,178 | €491,196 | -€17,982 | -3.5% |
| Land and buildings | 22 | €506,765 | €491,196 | -€15,569 | -3.1% |
| Plant, machinery and equipment | 23 | €299 | - | -€299 | |
| Furniture and vehicles | 24 | €2,114 | - | -€2,114 | |
| Current assets | 29/58 | €4 | €50 | +€46 | +1150.0% |
| Cash at bank and in hand | 54/58 | €4 | €50 | +€46 | +1150.0% |
| Total equity and liabilities | 10/49 | €509,182 | €491,246 | -€17,936 | -3.5% |
| Equity | 10/15 | €353,422 | €344,495 | -€8,927 | -2.5% |
| 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 | €291,422 | €282,495 | -€8,927 | -3.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €285,222 | €276,295 | -€8,927 | -3.1% |
| Amounts payable | 17/49 | €155,760 | €146,751 | -€9,009 | -5.8% |
| Amounts payable within one year | 42/48 | €155,760 | €146,751 | -€9,009 | -5.8% |
| Other amounts payable | 47/48 | €155,760 | €146,751 | -€9,009 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,786 | €17,982 | -€804 | -4.3% |
| Other operating charges | 640/8 | €2,542 | €2,622 | +€80 | +3.1% |
| Gross operating margin | 9900 | €7,428 | €11,789 | +€4,361 | +58.7% |
| Operating profit (loss) | 9901 | -€13,900 | -€8,815 | +€5,085 | +36.6% |
| Financial charges | 65/66B | €66 | €111 | +€45 | +68.2% |
| Recurring financial charges | 65 | €66 | €111 | +€45 | +68.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,966 | -€8,926 | +€5,040 | +36.1% |
| Profit (loss) for the period | 9904 | -€13,966 | -€8,926 | +€5,040 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,966 | -€8,926 | +€5,040 | +36.1% |
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.