SEPAMACO: 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.
SEPAMACO
Largest movements
- Tangible fixed assets -€4,418
down €4,418 (-4.5%), from €97,193 to €92,775
- Cash +€3,852
up €3,852 (+33.1%), from €11,643 to €15,496
mainly Net result for the year (+€29,378) and Depreciation (+€7,410)
- Reserves +€29,378
up €29,378 (+125%), from €23,500 to €52,878
- Profit (loss) carried forward -€15,715
down €15,715 (-49.0%), from €32,084 to €16,369
- Debts after one year -€9,657
no longer reported in 2025 (was €9,657)
- Current portion of long-term debt -€4,730
down €4,730 (-31.3%), from €15,106 to €10,376
- Tax, wage and social debts +€2,272
up €2,272 (+53.4%), from €4,253 to €6,524
- Taxes +€3,086
up €3,086 (+28.8%), from €10,719 to €13,805
- Depreciation -€3,017
down €3,017 (-28.9%), from €10,427 to €7,410
- Gross operating margin -€1,454
down €1,454 (-2.5%), from €57,691 to €56,238
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.
Derived cash bridge
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 | €109,308 | €109,435 | +€127 | +0.1% |
| Fixed assets | 21/28 | €97,193 | €92,775 | -€4,418 | -4.5% |
| Tangible fixed assets | 22/27 | €97,193 | €92,775 | -€4,418 | -4.5% |
| Land and buildings | 22 | €97,193 | €92,775 | -€4,418 | -4.5% |
| Current assets | 29/58 | €12,116 | €16,661 | +€4,545 | +37.5% |
| Cash at bank and in hand | 54/58 | €11,643 | €15,496 | +€3,852 | +33.1% |
| Deferred charges and accrued income | 490/1 | €472 | €1,165 | +€693 | +147% |
| Total equity and liabilities | 10/49 | €109,308 | €109,435 | +€127 | +0.1% |
| Equity | 10/15 | €57,557 | €71,220 | +€13,663 | +23.7% |
| Contributions | 10/11 | €1,973 | €1,973 | = | 0.0% |
| Reserves | 13 | €23,500 | €52,878 | +€29,378 | +125% |
| Distributable reserves | 133 | €23,500 | €52,878 | +€29,378 | +125% |
| Profit (loss) carried forward | 14 | €32,084 | €16,369 | -€15,715 | -49.0% |
| Amounts payable | 17/49 | €51,751 | €38,215 | -€13,536 | -26.2% |
| Amounts payable after more than one year | 17 | €9,657 | - | -€9,657 | |
| Financial debts | 170/4 | €9,657 | - | -€9,657 | |
| Amounts payable within one year | 42/48 | €42,094 | €38,215 | -€3,879 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €15,106 | €10,376 | -€4,730 | -31.3% |
| Trade debts | 44 | €1,476 | €341 | -€1,135 | -76.9% |
| Suppliers | 440/4 | €1,476 | €341 | -€1,135 | -76.9% |
| Taxes, remuneration and social security | 45 | €4,253 | €6,524 | +€2,272 | +53.4% |
| Taxes | 450/3 | €4,253 | €6,524 | +€2,272 | +53.4% |
| Other amounts payable | 47/48 | €21,259 | €20,974 | -€285 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,427 | €7,410 | -€3,017 | -28.9% |
| Other operating charges | 640/8 | €4,416 | €4,554 | +€139 | +3.1% |
| Gross operating margin | 9900 | €57,691 | €56,238 | -€1,454 | -2.5% |
| Operating profit (loss) | 9901 | €42,848 | €44,273 | +€1,425 | +3.3% |
| Financial charges | 65/66B | €1,017 | €1,090 | +€73 | +7.2% |
| Recurring financial charges | 65 | €1,017 | €1,090 | +€73 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €41,831 | €43,183 | +€1,352 | +3.2% |
| Income taxes | 67/77 | €10,719 | €13,805 | +€3,086 | +28.8% |
| Profit (loss) for the period | 9904 | €31,112 | €29,378 | -€1,734 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,112 | €29,378 | -€1,734 | -5.6% |
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 18 October 2026 via checked.be.