SEPCATEC: 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.
SEPCATEC
Largest movements
- Cash -€42,802
down €42,802 (-82.1%), from €52,103 to €9,301
mainly Contributions, distributions and other (-€60,000) and Other debts (-€36,954)
- Tangible fixed assets -€7,976
down €7,976 (-54.4%), from €14,670 to €6,694
of which Furniture and vehicles: -€7,041
- Receivables within one year +€6,518
up €6,518 (+11.3%), from €57,736 to €64,254
of which Trade receivables: +€41,457
- Deferred charges and accrued income -€2,322
down €2,322 (-93.2%), from €2,492 to €170
- Other debts -€36,954
down €36,954 (-41.1%), from €89,896 to €52,942
- Trade debts -€7,072
down €7,072 (-63.5%), from €11,144 to €4,072
- Debts after one year -€4,770
no longer reported in 2025 (was €4,770)
- Profit (loss) carried forward +€3,546
new in 2025: €3,546
- Current portion of long-term debt -€1,672
down €1,672 (-14.5%), from €11,491 to €9,819
- Gross operating margin +€13,816
up €13,816 (+18.3%), from €75,470 to €89,286
- Other operating charges -€6,410
down €6,410 (-91.1%), from €7,038 to €628
- Financial income -€2,260
no longer reported in 2025 (was €2,260)
- Depreciation -€1,309
down €1,309 (-14.1%), from €9,285 to €7,976
- Financial charges -€1,127
down €1,127 (-59.5%), from €1,894 to €767
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,000 | €80,419 | -€46,582 | -36.7% |
| Fixed assets | 21/28 | €14,670 | €6,694 | -€7,976 | -54.4% |
| Tangible fixed assets | 22/27 | €14,670 | €6,694 | -€7,976 | -54.4% |
| Plant, machinery and equipment | 23 | €934 | - | -€934 | |
| Furniture and vehicles | 24 | €13,736 | €6,694 | -€7,041 | -51.3% |
| Current assets | 29/58 | €112,331 | €73,725 | -€38,606 | -34.4% |
| Amounts receivable within one year | 40/41 | €57,736 | €64,254 | +€6,518 | +11.3% |
| Trade receivables | 40 | €18,211 | €59,668 | +€41,457 | +228% |
| Other amounts receivable | 41 | €39,525 | €4,586 | -€34,940 | -88.4% |
| Cash at bank and in hand | 54/58 | €52,103 | €9,301 | -€42,802 | -82.1% |
| Deferred charges and accrued income | 490/1 | €2,492 | €170 | -€2,322 | -93.2% |
| Total equity and liabilities | 10/49 | €127,000 | €80,419 | -€46,582 | -36.7% |
| Equity | 10/15 | €6,200 | €9,746 | +€3,546 | +57.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €3,546 | +€3,546 | |
| Amounts payable | 17/49 | €120,800 | €70,672 | -€50,128 | -41.5% |
| Amounts payable after more than one year | 17 | €4,770 | - | -€4,770 | |
| Financial debts | 170/4 | €4,770 | - | -€4,770 | |
| Amounts payable within one year | 42/48 | €116,031 | €70,672 | -€45,358 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €11,491 | €9,819 | -€1,672 | -14.5% |
| Trade debts | 44 | €11,144 | €4,072 | -€7,072 | -63.5% |
| Suppliers | 440/4 | €11,144 | €4,072 | -€7,072 | -63.5% |
| Taxes, remuneration and social security | 45 | €3,500 | €3,839 | +€339 | +9.7% |
| Taxes | 450/3 | - | €1,369 | +€1,369 | |
| Remuneration and social security | 454/9 | €3,500 | €2,470 | -€1,030 | -29.4% |
| Other amounts payable | 47/48 | €89,896 | €52,942 | -€36,954 | -41.1% |
| Non-recurring operating income | 76A | €14,945 | - | -€14,945 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,285 | €7,976 | -€1,309 | -14.1% |
| Other operating charges | 640/8 | €7,038 | €628 | -€6,410 | -91.1% |
| Gross operating margin | 9900 | €75,470 | €89,286 | +€13,816 | +18.3% |
| Operating profit (loss) | 9901 | €59,147 | €80,682 | +€21,535 | +36.4% |
| Financial income | 75/76B | €2,260 | - | -€2,260 | |
| Recurring financial income | 75 | €2,260 | - | -€2,260 | |
| Financial charges | 65/66B | €1,894 | €767 | -€1,127 | -59.5% |
| Recurring financial charges | 65 | €1,894 | €767 | -€1,127 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €59,514 | €79,915 | +€20,402 | +34.3% |
| Income taxes | 67/77 | €15,871 | €16,369 | +€498 | +3.1% |
| Profit (loss) for the period | 9904 | €43,642 | €63,546 | +€19,904 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,642 | €63,546 | +€19,904 | +45.6% |
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 17 October 2026 via checked.be.