SEPCAN: 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.
SEPCAN
Largest movements
- Receivables within one year -€18,910
down €18,910 (-65.7%), from €28,803 to €9,893
of which Trade receivables: -€13,198
- Cash +€15,812
up €15,812 (+241.1%), from €6,559 to €22,372
mainly Receivables within one year (+€18,910) and Depreciation (+€10,394)
- Tangible fixed assets +€6,678
up €6,678 (+50.3%), from €13,267 to €19,945
of which Leasing and similar rights: +€5,917
- Deferred charges and accrued income -€1,822
down €1,822 (-61.1%), from €2,983 to €1,162
- Current portion of long-term debt +€5,581
new in 2025: €5,581
- Short-term financial debts -€5,020
no longer reported in 2025 (was €5,020)
- Trade debts -€3,035
down €3,035 (-75.6%), from €4,016 to €981
- Tax, wage and social debts +€2,976
up €2,976 (+55.6%), from €5,354 to €8,331
of which Remuneration and social security: +€2,100
- Accrued charges and deferred income +€1,332
new in 2025: €1,332
- Gross operating margin +€11,062
up €11,062 (+353.2%), from €3,132 to €14,195
- Depreciation +€7,309
up €7,309 (+236.9%), from €3,085 to €10,394
- Taxes +€732
up €732 (+253.8%), from €288 to €1,020
- Other operating charges +€226
up €226 (+60.3%), from €376 to €602
- Financial charges +€185
up €185 (+34.1%), from €543 to €728
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 | €51,613 | €53,371 | +€1,758 | +3.4% |
| Fixed assets | 21/28 | €13,267 | €19,945 | +€6,678 | +50.3% |
| Tangible fixed assets | 22/27 | €13,267 | €19,945 | +€6,678 | +50.3% |
| Plant, machinery and equipment | 23 | €5,994 | €6,476 | +€482 | +8.0% |
| Furniture and vehicles | 24 | €7,273 | €7,552 | +€279 | +3.8% |
| Leasing and similar rights | 25 | - | €5,917 | +€5,917 | |
| Current assets | 29/58 | €38,346 | €33,426 | -€4,919 | -12.8% |
| Amounts receivable within one year | 40/41 | €28,803 | €9,893 | -€18,910 | -65.7% |
| Trade receivables | 40 | €23,091 | €9,893 | -€13,198 | -57.2% |
| Other amounts receivable | 41 | €5,712 | - | -€5,712 | |
| Cash at bank and in hand | 54/58 | €6,559 | €22,372 | +€15,812 | +241.1% |
| Deferred charges and accrued income | 490/1 | €2,983 | €1,162 | -€1,822 | -61.1% |
| Total equity and liabilities | 10/49 | €51,613 | €53,371 | +€1,758 | +3.4% |
| Equity | 10/15 | €392 | €1,303 | +€910 | +232.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,608 | -€1,697 | +€910 | +34.9% |
| Amounts payable | 17/49 | €51,220 | €52,069 | +€848 | +1.7% |
| Amounts payable within one year | 42/48 | €51,220 | €50,736 | -€484 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | - | €5,581 | +€5,581 | |
| Financial debts | 43 | €5,020 | - | -€5,020 | |
| Credit institutions | 430/8 | €5,020 | - | -€5,020 | |
| Trade debts | 44 | €4,016 | €981 | -€3,035 | -75.6% |
| Suppliers | 440/4 | €4,016 | €981 | -€3,035 | -75.6% |
| Taxes, remuneration and social security | 45 | €5,354 | €8,331 | +€2,976 | +55.6% |
| Taxes | 450/3 | €5,354 | €6,231 | +€876 | +16.4% |
| Remuneration and social security | 454/9 | - | €2,100 | +€2,100 | |
| Other amounts payable | 47/48 | €36,830 | €35,844 | -€986 | -2.7% |
| Accrued charges and deferred income | 492/3 | - | €1,332 | +€1,332 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,085 | €10,394 | +€7,309 | +236.9% |
| Other operating charges | 640/8 | €376 | €602 | +€226 | +60.3% |
| Non-recurring operating charges | 66A | - | €550 | +€550 | |
| Gross operating margin | 9900 | €3,132 | €14,195 | +€11,062 | +353.2% |
| Operating profit (loss) | 9901 | -€329 | €2,649 | +€2,977 | |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €543 | €728 | +€185 | +34.1% |
| Recurring financial charges | 65 | €543 | €728 | +€185 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | -€872 | €1,930 | +€2,802 | |
| Income taxes | 67/77 | €288 | €1,020 | +€732 | +253.8% |
| Profit (loss) for the period | 9904 | -€1,160 | €910 | +€2,070 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,160 | €910 | +€2,070 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.