SEPARTECH: 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.
What changed
SEPARTECH
NACE 28.990, Manufacture of machinery and equipment not elsewhere classified
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€373,247
2024 · €276,475+€96,772
Equity
€1.3m
2024 · €1.1m+€196,776
Cash
€432,786
2024 · €382,073+€50,714
Balance sheet total
€6.4m
2024 · €2.4m+€4.0m
Largest movements
Assets
- Tangible fixed assets +€3.6m
up €3.6m (+380.8%), from €945,007 to €4.5m
of which Land and buildings: +€3.6m
- Receivables within one year +€332,577
up €332,577 (+40.0%), from €830,958 to €1.2m
of which Trade receivables: +€282,872
Equity and liabilities
- Debts after one year +€3.6m
up €3.6m (+1356.7%), from €263,099 to €3.8m
- Profit (loss) carried forward +€196,776
up €196,776 (+19.3%), from €1.0m to €1.2m
- Advances received +€166,742
new in 2025: €166,742
- Tax, wage and social debts +€84,908
up €84,908 (+82.8%), from €102,543 to €187,451
of which Remuneration and social security: +€84,903
Income statement
- Gross operating margin +€380,572
up €380,572 (+25.6%), from €1.5m to €1.9m
- Staff costs +€220,422
up €220,422 (+22.5%), from €981,011 to €1.2m
- Financial charges +€99,221
up €99,221 (+338.4%), from €29,324 to €128,545
- Taxes -€81,509
down €81,509 (-79.9%), from €102,076 to €20,567
- Provisions +€45,000
no longer reported in 2025 (was -€45,000)
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
€276,475
Gross operating margin
+€380,572
Staff costs
-€220,422
Depreciation
-€8,321
Provisions
-€45,000
Other operating charges
+€7,735
Financial income
-€80
Financial charges
-€99,221
Taxes
+€81,509
Result 2025
€373,247
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.
From operations
+€400,603
Investment
-€3.7m
Financing
+€3.4m
Cash 2024
€382,073
From operations (derived)
+€400,603
Net result for the year
+€373,247
Depreciation
+€125,761
Stocks and contracts
+€18,944
Receivables within one year
-€332,577
Deferred charges and accrued income
-€6,102
Trade debts
-€30,320
Tax, wage and social debts
+€84,908
Advances received
+€166,742
Investment (derived)
-€3.7m
Investment in fixed assets (net)
-€3.7m
Financing
+€3.4m
Debts after one year
+€3.6m
Current portion of long-term debt
+€9,923
Short-term financial debts
-€19,812
Contributions, distributions and other
-€176,471
Cash 2025
€432,786
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,417,360 | €6,395,056 | +€4.0m | +164.5% |
| Fixed assets | 21/28 | €991,204 | €4,598,450 | +€3.6m | +363.9% |
| Intangible fixed assets | 21 | €42,903 | €51,548 | +€8,645 | +20.2% |
| Tangible fixed assets | 22/27 | €945,007 | €4,543,609 | +€3.6m | +380.8% |
| Land and buildings | 22 | €321,970 | €3,910,711 | +€3.6m | +1114.6% |
| Plant, machinery and equipment | 23 | €89,942 | €57,756 | -€32,186 | -35.8% |
| Furniture and vehicles | 24 | €57,935 | €44,510 | -€13,425 | -23.2% |
| Leasing and similar rights | 25 | €218,653 | €274,830 | +€56,176 | +25.7% |
| Other tangible fixed assets | 26 | €6,393 | €5,688 | -€705 | -11.0% |
| Assets under construction and advance payments | 27 | €250,114 | €250,114 | = | 0.0% |
| Financial fixed assets | 28 | €3,294 | €3,294 | = | 0.0% |
| Current assets | 29/58 | €1,426,157 | €1,796,606 | +€370,449 | +26.0% |
| Stocks and contracts in progress | 3 | €188,836 | €169,892 | -€18,944 | -10.0% |
| Stocks | 30/36 | €188,836 | €169,892 | -€18,944 | -10.0% |
| Amounts receivable within one year | 40/41 | €830,958 | €1,163,535 | +€332,577 | +40.0% |
| Trade receivables | 40 | €671,136 | €954,008 | +€282,872 | +42.1% |
| Other amounts receivable | 41 | €159,822 | €209,527 | +€49,705 | +31.1% |
| Cash at bank and in hand | 54/58 | €382,073 | €432,786 | +€50,714 | +13.3% |
| Deferred charges and accrued income | 490/1 | €24,291 | €30,393 | +€6,102 | +25.1% |
| Total equity and liabilities | 10/49 | €2,417,360 | €6,395,056 | +€4.0m | +164.5% |
| Equity | 10/15 | €1,077,326 | €1,274,102 | +€196,776 | +18.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,017,326 | €1,214,102 | +€196,776 | +19.3% |
| Amounts payable | 17/49 | €1,340,035 | €5,120,954 | +€3.8m | +282.2% |
| Amounts payable after more than one year | 17 | €263,099 | €3,832,577 | +€3.6m | +1356.7% |
| Financial debts | 170/4 | €263,099 | €3,832,577 | +€3.6m | +1356.7% |
| Amounts payable within one year | 42/48 | €1,076,936 | €1,288,377 | +€211,441 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €66,583 | €76,505 | +€9,923 | +14.9% |
| Financial debts | 43 | €121,333 | €101,522 | -€19,812 | -16.3% |
| Credit institutions | 430/8 | €121,333 | €101,522 | -€19,812 | -16.3% |
| Trade debts | 44 | €786,477 | €756,157 | -€30,320 | -3.9% |
| Suppliers | 440/4 | €786,092 | €755,772 | -€30,320 | -3.9% |
| Bills of exchange payable | 441 | €385 | €385 | = | 0.0% |
| Advances received on contracts in progress | 46 | - | €166,742 | +€166,742 | |
| Taxes, remuneration and social security | 45 | €102,543 | €187,451 | +€84,908 | +82.8% |
| Taxes | 450/3 | €7,200 | €7,205 | +€5 | +0.1% |
| Remuneration and social security | 454/9 | €95,343 | €180,246 | +€84,903 | +89.0% |
| Remuneration, social security and pensions | 62 | €981,011 | €1,201,433 | +€220,422 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,439 | €125,761 | +€8,321 | +7.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€45,000 | - | +€45,000 | |
| Other operating charges | 640/8 | €26,875 | €19,140 | -€7,735 | -28.8% |
| Gross operating margin | 9900 | €1,488,106 | €1,868,678 | +€380,572 | +25.6% |
| Operating profit (loss) | 9901 | €407,780 | €522,343 | +€114,564 | +28.1% |
| Financial income | 75/76B | €95 | €15 | -€80 | -83.9% |
| Recurring financial income | 75 | €95 | €15 | -€80 | -83.9% |
| Financial charges | 65/66B | €29,324 | €128,545 | +€99,221 | +338.4% |
| Recurring financial charges | 65 | €29,324 | €128,545 | +€99,221 | +338.4% |
| Profit (loss) for the period before taxes | 9903 | €378,551 | €393,814 | +€15,263 | +4.0% |
| Income taxes | 67/77 | €102,076 | €20,567 | -€81,509 | -79.9% |
| Profit (loss) for the period | 9904 | €276,475 | €373,247 | +€96,772 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €276,475 | €373,247 | +€96,772 | +35.0% |
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 7 October 2026 via checked.be.