"SEPARATION" AG: 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.
"SEPARATION" AG
Largest movements
- Receivables within one year -€589,998
down €589,998 (-74.2%), from €794,714 to €204,716
of which Other amounts receivable: -€537,038
- Tangible fixed assets -€66,192
down €66,192 (-14.9%), from €445,563 to €379,371
of which Land and buildings: -€37,511
- Cash +€48,019
up €48,019 (+32.1%), from €149,484 to €197,503
mainly Receivables within one year (+€589,998) and Depreciation (+€70,688)
- Profit (loss) carried forward -€590,153
down €590,153 (-91.9%), from €642,353 to €52,200
- Gross operating margin -€55,532
down €55,532 (-11.1%), from €500,795 to €445,262
- Staff costs -€21,023
down €21,023 (-4.7%), from €446,747 to €425,724
- Depreciation -€10,751
down €10,751 (-13.2%), from €81,440 to €70,688
- Financial income -€7,482
down €7,482 (-21.6%), from €34,566 to €27,084
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 | €1,407,807 | €795,626 | -€612,182 | -43.5% |
| Fixed assets | 21/28 | €453,236 | €383,757 | -€69,479 | -15.3% |
| Intangible fixed assets | 21 | €7,572 | €4,286 | -€3,287 | -43.4% |
| Tangible fixed assets | 22/27 | €445,563 | €379,371 | -€66,192 | -14.9% |
| Land and buildings | 22 | €364,076 | €326,565 | -€37,511 | -10.3% |
| Plant, machinery and equipment | 23 | €65,049 | €43,610 | -€21,439 | -33.0% |
| Furniture and vehicles | 24 | €16,438 | €9,196 | -€7,242 | -44.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €954,572 | €411,869 | -€542,703 | -56.9% |
| Amounts receivable within one year | 40/41 | €794,714 | €204,716 | -€589,998 | -74.2% |
| Trade receivables | 40 | €160,537 | €107,577 | -€52,960 | -33.0% |
| Other amounts receivable | 41 | €634,177 | €97,139 | -€537,038 | -84.7% |
| Cash at bank and in hand | 54/58 | €149,484 | €197,503 | +€48,019 | +32.1% |
| Deferred charges and accrued income | 490/1 | €10,374 | €9,650 | -€724 | -7.0% |
| Total equity and liabilities | 10/49 | €1,407,807 | €795,626 | -€612,182 | -43.5% |
| Equity | 10/15 | €1,335,372 | €741,478 | -€593,894 | -44.5% |
| Contributions | 10/11 | €68,000 | €68,000 | = | 0.0% |
| Capital | 10 | €68,000 | €68,000 | = | 0.0% |
| Issued capital | 100 | €68,000 | €68,000 | = | 0.0% |
| Reserves | 13 | €586,243 | €586,243 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,203 | €9,203 | = | 0.0% |
| Legal reserve | 130 | €9,203 | €9,203 | = | 0.0% |
| Tax-exempt reserves | 132 | €76,311 | €76,311 | = | 0.0% |
| Distributable reserves | 133 | €500,729 | €500,729 | = | 0.0% |
| Profit (loss) carried forward | 14 | €642,353 | €52,200 | -€590,153 | -91.9% |
| Investment grants | 15 | €38,776 | €35,035 | -€3,741 | -9.6% |
| Amounts payable | 17/49 | €72,436 | €54,148 | -€18,288 | -25.2% |
| Amounts payable within one year | 42/48 | €72,436 | €54,148 | -€18,288 | -25.2% |
| Trade debts | 44 | €28,014 | €15,037 | -€12,977 | -46.3% |
| Suppliers | 440/4 | €28,014 | €15,037 | -€12,977 | -46.3% |
| Taxes, remuneration and social security | 45 | €44,422 | €39,111 | -€5,311 | -12.0% |
| Taxes | 450/3 | €5,688 | €7,187 | +€1,499 | +26.4% |
| Remuneration and social security | 454/9 | €38,734 | €31,924 | -€6,809 | -17.6% |
| Non-recurring operating income | 76A | €16,500 | - | -€16,500 | |
| Remuneration, social security and pensions | 62 | €446,747 | €425,724 | -€21,023 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,440 | €70,688 | -€10,751 | -13.2% |
| Other operating charges | 640/8 | €11,541 | €13,722 | +€2,181 | +18.9% |
| Gross operating margin | 9900 | €500,795 | €445,262 | -€55,532 | -11.1% |
| Operating profit (loss) | 9901 | -€38,933 | -€64,872 | -€25,939 | -66.6% |
| Financial income | 75/76B | €34,566 | €27,084 | -€7,482 | -21.6% |
| Recurring financial income | 75 | €34,566 | €27,084 | -€7,482 | -21.6% |
| Financial charges | 65/66B | €1,519 | €2,365 | +€846 | +55.7% |
| Recurring financial charges | 65 | €1,519 | €2,365 | +€846 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,886 | -€40,153 | -€34,267 | -582.1% |
| Profit (loss) for the period | 9904 | -€5,886 | -€40,153 | -€34,267 | -582.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,886 | -€40,153 | -€34,267 | -582.1% |
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 8 October 2026 via checked.be.