SEPARCO: 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.
What changed
SEPARCO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€435
2024 · €3,737-€3,301
Equity
€7.9m
2024 · €7.9m+€435
Cash
€27,262
2024 · €28,729-€1,467
Balance sheet total
€15.9m
2024 · €15.9m-€2,971
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
No income-statement line moved by more than 1% of the activity.
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.
Result 2024
€3,737
Depreciation
+€284
Other operating charges
-€58
Other operating items
-€3,573
Financial income
-€1,302
Financial charges
+€159
Taxes
+€1,188
Result 2025
€435
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1,467
Investment
€0
Financing
€0
Cash 2024
€28,729
From operations (derived)
-€1,467
Net result for the year
+€435
Depreciation
+€1,503
Trade debts
+€3,219
Tax, wage and social debts
-€1,394
Other debts
-€5,066
Accrued charges and deferred income
-€165
Cash 2025
€27,262
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,872,304 | €15,869,333 | -€2,971 | 0.0% |
| Formation expenses | 20 | €3,575 | €2,072 | -€1,503 | -42.1% |
| Fixed assets | 21/28 | €15,840,000 | €15,840,000 | = | 0.0% |
| Financial fixed assets | 28 | €15,840,000 | €15,840,000 | = | 0.0% |
| Affiliated companies | 280/1 | €15,840,000 | €15,840,000 | = | 0.0% |
| Participating interests | 280 | €7,920,000 | €7,920,000 | = | 0.0% |
| Amounts receivable | 281 | €7,920,000 | €7,920,000 | = | 0.0% |
| Current assets | 29/58 | €28,729 | €27,262 | -€1,467 | -5.1% |
| Cash at bank and in hand | 54/58 | €28,729 | €27,262 | -€1,467 | -5.1% |
| Total equity and liabilities | 10/49 | €15,872,304 | €15,869,333 | -€2,971 | 0.0% |
| Equity | 10/15 | €7,926,219 | €7,926,655 | +€435 | 0.0% |
| Contributions | 10/11 | €7,920,000 | €7,920,000 | = | 0.0% |
| Reserves | 13 | €6,219 | €6,655 | +€435 | +7.0% |
| Distributable reserves | 133 | €6,219 | €6,655 | +€435 | +7.0% |
| Amounts payable | 17/49 | €7,946,085 | €7,942,679 | -€3,406 | 0.0% |
| Amounts payable after more than one year | 17 | €7,920,000 | €7,920,000 | = | 0.0% |
| Financial debts | 170/4 | €7,920,000 | €7,920,000 | = | 0.0% |
| Other loans | 174 | €7,920,000 | €7,920,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €25,920 | €22,679 | -€3,242 | -12.5% |
| Trade debts | 44 | €109 | €3,328 | +€3,219 | +2,956% |
| Suppliers | 440/4 | €109 | €3,328 | +€3,219 | +2,956% |
| Taxes, remuneration and social security | 45 | €20,745 | €19,351 | -€1,394 | -6.7% |
| Taxes | 450/3 | €20,745 | €19,351 | -€1,394 | -6.7% |
| Other amounts payable | 47/48 | €5,066 | - | -€5,066 | |
| Accrued charges and deferred income | 492/3 | €165 | - | -€165 | |
| Operating charges | 60/66A | €3,770 | €7,116 | +€3,347 | +88.8% |
| Services and other goods | 61 | €109 | €3,681 | +€3,573 | +3,281% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,787 | €1,503 | -€284 | -15.9% |
| Other operating charges | 640/8 | €1,874 | €1,932 | +€58 | +3.1% |
| Operating profit (loss) | 9901 | -€3,770 | -€7,116 | -€3,347 | -88.8% |
| Financial income | 75/76B | €476,502 | €475,200 | -€1,302 | -0.3% |
| Recurring financial income | 75 | €476,502 | €475,200 | -€1,302 | -0.3% |
| Income from current assets | 751 | €476,502 | €475,200 | -€1,302 | -0.3% |
| Financial charges | 65/66B | €467,649 | €467,490 | -€159 | 0.0% |
| Recurring financial charges | 65 | €467,649 | €467,490 | -€159 | 0.0% |
| Debt charges | 650 | €467,545 | €467,400 | -€145 | 0.0% |
| Other financial charges | 652/9 | €104 | €90 | -€15 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €5,083 | €594 | -€4,489 | -88.3% |
| Income taxes | 67/77 | €1,347 | €159 | -€1,188 | -88.2% |
| Taxes | 670/3 | €1,347 | €159 | -€1,188 | -88.2% |
| Profit (loss) for the period | 9904 | €3,737 | €435 | -€3,301 | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,737 | €435 | -€3,301 | -88.3% |
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 14 October 2026 via checked.be.