SEPAR: 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.
SEPAR
Largest movements
- Tangible fixed assets -€38,157
down €38,157 (-52.9%), from €72,083 to €33,926
of which Furniture and vehicles: -€21,401
- Receivables within one year +€28,058
up €28,058 (+29.4%), from €95,517 to €123,574
of which Other amounts receivable: +€26,338
- Intangible fixed assets -€4,500
down €4,500 (-16.7%), from €27,000 to €22,500
- Tax, wage and social debts -€12,151
down €12,151 (-26.3%), from €46,237 to €34,086
of which Taxes: -€6,992
- Debts after one year -€12,123
down €12,123 (-37.3%), from €32,518 to €20,394
- Trade debts +€10,311
up €10,311 (+29.2%), from €35,313 to €45,624
- Other debts -€6,394
no longer reported in 2024 (was €6,394)
- Gross operating margin -€71,952
down €71,952 (-33.5%), from €215,083 to €143,132
- Taxes -€40,627
down €40,627 (-92.0%), from €44,177 to €3,550
- Staff costs +€27,386
up €27,386 (+38.4%), from €71,397 to €98,783
- Depreciation -€6,530
down €6,530 (-15.6%), from €41,979 to €35,449
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 | €307,585 | €289,069 | -€18,517 | -6.0% |
| Fixed assets | 21/28 | €126,083 | €83,426 | -€42,657 | -33.8% |
| Intangible fixed assets | 21 | €27,000 | €22,500 | -€4,500 | -16.7% |
| Tangible fixed assets | 22/27 | €72,083 | €33,926 | -€38,157 | -52.9% |
| Plant, machinery and equipment | 23 | €17,704 | €6,614 | -€11,090 | -62.6% |
| Furniture and vehicles | 24 | €31,480 | €10,080 | -€21,401 | -68.0% |
| Other tangible fixed assets | 26 | €22,900 | €17,233 | -€5,667 | -24.7% |
| Financial fixed assets | 28 | €27,000 | €27,000 | = | 0.0% |
| Current assets | 29/58 | €181,502 | €205,642 | +€24,140 | +13.3% |
| Stocks and contracts in progress | 3 | €4,054 | €4,174 | +€120 | +3.0% |
| Stocks | 30/36 | €4,054 | €4,174 | +€120 | +3.0% |
| Amounts receivable within one year | 40/41 | €95,517 | €123,574 | +€28,058 | +29.4% |
| Trade receivables | 40 | €77,933 | €79,653 | +€1,720 | +2.2% |
| Other amounts receivable | 41 | €17,583 | €43,921 | +€26,338 | +149.8% |
| Cash at bank and in hand | 54/58 | €79,917 | €77,117 | -€2,799 | -3.5% |
| Deferred charges and accrued income | 490/1 | €2,015 | €777 | -€1,238 | -61.4% |
| Total equity and liabilities | 10/49 | €307,585 | €289,069 | -€18,517 | -6.0% |
| Equity | 10/15 | €175,365 | €176,840 | +€1,475 | +0.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €3,547 | €3,547 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,547 | €3,547 | = | 0.0% |
| Other | 1319 | €3,547 | €3,547 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,817 | €168,293 | +€1,475 | +0.9% |
| Amounts payable | 17/49 | €132,220 | €112,228 | -€19,992 | -15.1% |
| Amounts payable after more than one year | 17 | €32,518 | €20,394 | -€12,123 | -37.3% |
| Financial debts | 170/4 | €32,518 | €20,394 | -€12,123 | -37.3% |
| Amounts payable within one year | 42/48 | €99,702 | €91,834 | -€7,869 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €11,758 | €12,123 | +€365 | +3.1% |
| Trade debts | 44 | €35,313 | €45,624 | +€10,311 | +29.2% |
| Suppliers | 440/4 | €35,313 | €45,624 | +€10,311 | +29.2% |
| Taxes, remuneration and social security | 45 | €46,237 | €34,086 | -€12,151 | -26.3% |
| Taxes | 450/3 | €35,123 | €28,131 | -€6,992 | -19.9% |
| Remuneration and social security | 454/9 | €11,113 | €5,955 | -€5,159 | -46.4% |
| Other amounts payable | 47/48 | €6,394 | - | -€6,394 | |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Remuneration, social security and pensions | 62 | €71,397 | €98,783 | +€27,386 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,979 | €35,449 | -€6,530 | -15.6% |
| Other operating charges | 640/8 | €2,814 | €2,259 | -€555 | -19.7% |
| Gross operating margin | 9900 | €215,083 | €143,132 | -€71,952 | -33.5% |
| Operating profit (loss) | 9901 | €98,893 | €6,641 | -€92,252 | -93.3% |
| Financial income | 75/76B | €0 | €16 | +€16 | +81950.0% |
| Recurring financial income | 75 | €0 | €16 | +€16 | +81950.0% |
| Financial charges | 65/66B | €1,758 | €1,632 | -€127 | -7.2% |
| Recurring financial charges | 65 | €1,758 | €1,632 | -€127 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €97,135 | €5,025 | -€92,110 | -94.8% |
| Income taxes | 67/77 | €44,177 | €3,550 | -€40,627 | -92.0% |
| Profit (loss) for the period | 9904 | €52,958 | €1,475 | -€51,483 | -97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,958 | €1,475 | -€51,483 | -97.2% |
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 11 October 2026 via checked.be.