SEPAK: 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.
SEPAK
Largest movements
- Receivables after one year -€13,447
down €13,447 (-63.9%), from €21,047 to €7,600
- Deferred charges and accrued income -€10,000
down €10,000 (-31.8%), from €31,410 to €21,410
- Tangible fixed assets -€7,161
down €7,161 (-38.1%), from €18,777 to €11,616
of which Furniture and vehicles: -€6,811
- Cash +€5,769
up €5,769 (+133.4%), from €4,326 to €10,095
mainly Receivables after one year (+€13,447) and Deferred charges and accrued income (+€10,000)
- Receivables within one year -€4,880
down €4,880 (-4.7%), from €104,833 to €99,954
- Trade debts -€19,992
down €19,992 (-72.2%), from €27,673 to €7,681
- Debts after one year -€9,857
down €9,857 (-34.8%), from €28,348 to €18,490
- Current portion of long-term debt -€5,363
down €5,363 (-33.2%), from €16,141 to €10,779
- Profit (loss) carried forward +€3,454
up €3,454 (+5.0%), from €69,572 to €73,027
- Tax, wage and social debts +€2,145
up €2,145 (+9.4%), from €22,850 to €24,994
of which Taxes: +€6,977
- Staff costs -€6,572
down €6,572 (-18.9%), from €34,760 to €28,189
- Depreciation +€3,981
up €3,981 (+125.2%), from €3,181 to €7,161
- Gross operating margin +€3,792
up €3,792 (+7.4%), from €50,961 to €54,753
- Other operating charges +€3,673
up €3,673 (+76.9%), from €4,779 to €8,452
- Taxes +€1,623
up €1,623 (+58.8%), from €2,760 to €4,383
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €180,393 | €150,675 | -€29,718 | -16.5% |
| Fixed assets | 21/28 | €18,777 | €11,616 | -€7,161 | -38.1% |
| Tangible fixed assets | 22/27 | €18,777 | €11,616 | -€7,161 | -38.1% |
| Plant, machinery and equipment | 23 | €704 | €354 | -€351 | -49.8% |
| Furniture and vehicles | 24 | €18,073 | €11,262 | -€6,811 | -37.7% |
| Current assets | 29/58 | €161,616 | €139,059 | -€22,557 | -14.0% |
| Amounts receivable after more than one year | 29 | €21,047 | €7,600 | -€13,447 | -63.9% |
| Other amounts receivable | 291 | €21,047 | €7,600 | -€13,447 | -63.9% |
| Amounts receivable within one year | 40/41 | €104,833 | €99,954 | -€4,880 | -4.7% |
| Trade receivables | 40 | €104,833 | €99,954 | -€4,880 | -4.7% |
| Cash at bank and in hand | 54/58 | €4,326 | €10,095 | +€5,769 | +133.4% |
| Deferred charges and accrued income | 490/1 | €31,410 | €21,410 | -€10,000 | -31.8% |
| Total equity and liabilities | 10/49 | €180,393 | €150,675 | -€29,718 | -16.5% |
| Equity | 10/15 | €75,772 | €79,227 | +€3,454 | +4.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,572 | €73,027 | +€3,454 | +5.0% |
| Amounts payable | 17/49 | €104,621 | €71,449 | -€33,172 | -31.7% |
| Amounts payable after more than one year | 17 | €28,348 | €18,490 | -€9,857 | -34.8% |
| Financial debts | 170/4 | €28,348 | €18,490 | -€9,857 | -34.8% |
| Amounts payable within one year | 42/48 | €76,273 | €52,958 | -€23,315 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €16,141 | €10,779 | -€5,363 | -33.2% |
| Trade debts | 44 | €27,673 | €7,681 | -€19,992 | -72.2% |
| Suppliers | 440/4 | €27,673 | €7,681 | -€19,992 | -72.2% |
| Advances received on contracts in progress | 46 | €9,465 | €9,465 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €22,850 | €24,994 | +€2,145 | +9.4% |
| Taxes | 450/3 | €11,436 | €18,414 | +€6,977 | +61.0% |
| Remuneration and social security | 454/9 | €11,414 | €6,581 | -€4,833 | -42.3% |
| Other amounts payable | 47/48 | €143 | €39 | -€104 | -72.8% |
| Remuneration, social security and pensions | 62 | €34,760 | €28,189 | -€6,572 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,181 | €7,161 | +€3,981 | +125.2% |
| Other operating charges | 640/8 | €4,779 | €8,452 | +€3,673 | +76.9% |
| Gross operating margin | 9900 | €50,961 | €54,753 | +€3,792 | +7.4% |
| Operating profit (loss) | 9901 | €8,241 | €10,951 | +€2,710 | +32.9% |
| Financial income | 75/76B | €368 | - | -€368 | |
| Recurring financial income | 75 | €368 | - | -€368 | |
| Financial charges | 65/66B | €2,993 | €3,114 | +€121 | +4.0% |
| Recurring financial charges | 65 | €2,993 | €3,114 | +€121 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €5,616 | €7,837 | +€2,220 | +39.5% |
| Income taxes | 67/77 | €2,760 | €4,383 | +€1,623 | +58.8% |
| Profit (loss) for the period | 9904 | €2,857 | €3,454 | +€598 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,857 | €3,454 | +€598 | +20.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.