SEPB: 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.
SEPB
Largest movements
- Receivables within one year -€481,192
down €481,192 (-57.6%), from €835,062 to €353,870
of which Other amounts receivable: -€528,055
- Current investments +€300,000
new in 2025: €300,000
- Cash +€91,669
up €91,669 (+77.0%), from €119,055 to €210,724
mainly Receivables within one year (+€481,192) and Net result for the year (+€95,503)
- Tangible fixed assets -€57,079
down €57,079 (-48.7%), from €117,152 to €60,073
of which Furniture and vehicles: -€48,051
- Trade debts -€234,088
down €234,088 (-49.7%), from €471,184 to €237,097
- Profit (loss) carried forward +€95,503
up €95,503 (+18.6%), from €512,239 to €607,742
- Debts after one year -€26,748
down €26,748 (-74.8%), from €35,739 to €8,991
- Tax, wage and social debts +€19,067
up €19,067 (+145.2%), from €13,135 to €32,202
- Depreciation -€14,604
down €14,604 (-34.4%), from €42,443 to €27,840
- Gross operating margin -€5,555
down €5,555 (-3.3%), from €169,264 to €163,708
- Taxes +€3,018
up €3,018 (+9.5%), from €31,702 to €34,719
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 | €1,072,229 | €925,626 | -€146,603 | -13.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €118,112 | €61,033 | -€57,079 | -48.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €117,152 | €60,073 | -€57,079 | -48.7% |
| Plant, machinery and equipment | 23 | €35,293 | €26,883 | -€8,410 | -23.8% |
| Furniture and vehicles | 24 | €71,429 | €23,378 | -€48,051 | -67.3% |
| Other tangible fixed assets | 26 | €10,430 | €9,812 | -€618 | -5.9% |
| Financial fixed assets | 28 | €960 | €960 | = | 0.0% |
| Current assets | 29/58 | €954,117 | €864,593 | -€89,524 | -9.4% |
| Amounts receivable within one year | 40/41 | €835,062 | €353,870 | -€481,192 | -57.6% |
| Trade receivables | 40 | €17,321 | €64,183 | +€46,862 | +270.6% |
| Other amounts receivable | 41 | €817,742 | €289,687 | -€528,055 | -64.6% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €119,055 | €210,724 | +€91,669 | +77.0% |
| Total equity and liabilities | 10/49 | €1,072,229 | €925,626 | -€146,603 | -13.7% |
| Equity | 10/15 | €520,299 | €615,802 | +€95,503 | +18.4% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €512,239 | €607,742 | +€95,503 | +18.6% |
| Amounts payable | 17/49 | €551,930 | €309,824 | -€242,106 | -43.9% |
| Amounts payable after more than one year | 17 | €35,739 | €8,991 | -€26,748 | -74.8% |
| Financial debts | 170/4 | €35,739 | €8,991 | -€26,748 | -74.8% |
| Amounts payable within one year | 42/48 | €515,423 | €300,434 | -€214,989 | -41.7% |
| Current portion of amounts payable after more than one year | 42 | €26,415 | €26,748 | +€333 | +1.3% |
| Financial debts | 43 | €4,688 | €4,387 | -€301 | -6.4% |
| Credit institutions | 430/8 | €4,688 | €4,387 | -€301 | -6.4% |
| Trade debts | 44 | €471,184 | €237,097 | -€234,088 | -49.7% |
| Suppliers | 440/4 | €471,184 | €237,097 | -€234,088 | -49.7% |
| Taxes, remuneration and social security | 45 | €13,135 | €32,202 | +€19,067 | +145.2% |
| Taxes | 450/3 | €13,135 | €32,202 | +€19,067 | +145.2% |
| Accrued charges and deferred income | 492/3 | €769 | €400 | -€369 | -48.0% |
| Non-recurring operating income | 76A | - | €30,443 | +€30,443 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,443 | €27,840 | -€14,604 | -34.4% |
| Other operating charges | 640/8 | €1,195 | €2,835 | +€1,640 | +137.2% |
| Gross operating margin | 9900 | €169,264 | €163,708 | -€5,555 | -3.3% |
| Operating profit (loss) | 9901 | €125,625 | €133,033 | +€7,408 | +5.9% |
| Financial income | 75/76B | €165 | €506 | +€341 | +206.4% |
| Recurring financial income | 75 | €165 | €506 | +€341 | +206.4% |
| Financial charges | 65/66B | €1,728 | €3,316 | +€1,588 | +91.9% |
| Recurring financial charges | 65 | €1,728 | €3,316 | +€1,588 | +91.9% |
| Profit (loss) for the period before taxes | 9903 | €124,062 | €130,223 | +€6,160 | +5.0% |
| Income taxes | 67/77 | €31,702 | €34,719 | +€3,018 | +9.5% |
| Profit (loss) for the period | 9904 | €92,361 | €95,503 | +€3,143 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €92,361 | €95,503 | +€3,143 | +3.4% |
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 30 September 2026 via checked.be.