SEPCCO: 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
SEPCCO
NACE 43.332, Laying of wooden floor and wall coverings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€54,466
2024 · -€205,513+€151,047
Equity
€864,439
2024 · €394,727+€469,712
Cash
€73,572
2024 · €66,273+€7,299
Balance sheet total
€3.5m
2024 · €3.4m+€77,382
Largest movements
Assets
- Tangible fixed assets +€458,840
up €458,840 (+50.2%), from €913,560 to €1.4m
of which Land and buildings: +€476,152
- Receivables within one year -€434,060
down €434,060 (-21.4%), from €2.0m to €1.6m
of which Other amounts receivable: -€650,423
- Stocks and contracts +€65,064
up €65,064 (+22.1%), from €294,877 to €359,941
Equity and liabilities
- Other debts -€700,000
down €700,000 (-100%), from €700,000 to €0
- Revaluation surpluses +€524,178
new in 2025: €524,178
- Trade debts +€275,618
up €275,618 (+44.6%), from €618,028 to €893,646
- Short-term financial debts +€99,921
up €99,921 (+17.4%), from €575,362 to €675,283
- Debts after one year -€87,453
down €87,453 (-10.0%), from €875,763 to €788,309
Income statement
- Gross operating margin +€101,118
up €101,118 (+14.5%), from €699,051 to €800,169
- Staff costs -€61,544
down €61,544 (-8.1%), from €758,070 to €696,526
- Depreciation +€13,422
up €13,422 (+23.9%), from €56,089 to €69,511
- Financial charges +€11,756
up €11,756 (+14.8%), from €79,339 to €91,094
- Financial income +€10,457
up €10,457 (+479%), from €2,184 to €12,641
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
-€205,513
Gross operating margin
+€101,118
Staff costs
+€61,544
Depreciation
-€13,422
Other operating charges
+€1,220
Other operating items
-€2,157
Financial income
+€10,457
Financial charges
-€11,756
Taxes
+€4,042
Result 2025
-€54,466
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
-€17,524
Investment
-€505,989
Financing
+€530,813
Cash 2024
€66,273
From operations (derived)
-€17,524
Net result for the year
-€54,466
Depreciation
+€69,511
Stocks and contracts
-€65,064
Receivables within one year
+€434,060
Deferred charges and accrued income
-€2,600
Trade debts
+€275,618
Tax, wage and social debts
-€24,905
Other debts
-€700,000
Accrued charges and deferred income
+€50,323
Investment (derived)
-€505,989
Investment in fixed assets (net)
-€505,989
Financing
+€530,813
Debts after one year
-€87,453
Current portion of long-term debt
-€5,833
Short-term financial debts
+€99,921
Contributions, distributions and other
+€524,178
Cash 2025
€73,572
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,413,811 | €3,491,193 | +€77,382 | +2.3% |
| Fixed assets | 21/28 | €1,012,770 | €1,449,248 | +€436,478 | +43.1% |
| Intangible fixed assets | 21 | - | €1,343 | +€1,343 | |
| Tangible fixed assets | 22/27 | €913,560 | €1,372,400 | +€458,840 | +50.2% |
| Land and buildings | 22 | €854,785 | €1,330,937 | +€476,152 | +55.7% |
| Plant, machinery and equipment | 23 | €3,975 | €2,473 | -€1,502 | -37.8% |
| Furniture and vehicles | 24 | €7,842 | €7,417 | -€425 | -5.4% |
| Leasing and similar rights | 25 | €46,959 | €31,574 | -€15,385 | -32.8% |
| Financial fixed assets | 28 | €99,210 | €75,505 | -€23,705 | -23.9% |
| Current assets | 29/58 | €2,401,040 | €2,041,944 | -€359,096 | -15.0% |
| Stocks and contracts in progress | 3 | €294,877 | €359,941 | +€65,064 | +22.1% |
| Stocks | 30/36 | €294,877 | €359,941 | +€65,064 | +22.1% |
| Amounts receivable within one year | 40/41 | €2,026,114 | €1,592,054 | -€434,060 | -21.4% |
| Trade receivables | 40 | €1,150,250 | €1,366,612 | +€216,362 | +18.8% |
| Other amounts receivable | 41 | €875,865 | €225,442 | -€650,423 | -74.3% |
| Cash at bank and in hand | 54/58 | €66,273 | €73,572 | +€7,299 | +11.0% |
| Deferred charges and accrued income | 490/1 | €13,776 | €16,376 | +€2,600 | +18.9% |
| Total equity and liabilities | 10/49 | €3,413,811 | €3,491,193 | +€77,382 | +2.3% |
| Equity | 10/15 | €394,727 | €864,439 | +€469,712 | +119% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €524,178 | +€524,178 | |
| Reserves | 13 | €15,278 | €15,278 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €9,078 | €9,078 | = | 0.0% |
| Profit (loss) carried forward | 14 | €317,449 | €262,983 | -€54,466 | -17.2% |
| Amounts payable | 17/49 | €3,019,084 | €2,626,754 | -€392,330 | -13.0% |
| Amounts payable after more than one year | 17 | €875,763 | €788,309 | -€87,453 | -10.0% |
| Financial debts | 170/4 | €875,763 | €788,309 | -€87,453 | -10.0% |
| Amounts payable within one year | 42/48 | €2,110,166 | €1,754,967 | -€355,200 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €97,144 | €91,311 | -€5,833 | -6.0% |
| Financial debts | 43 | €575,362 | €675,283 | +€99,921 | +17.4% |
| Credit institutions | 430/8 | €575,362 | €675,283 | +€99,921 | +17.4% |
| Trade debts | 44 | €618,028 | €893,646 | +€275,618 | +44.6% |
| Suppliers | 440/4 | €618,028 | €893,646 | +€275,618 | +44.6% |
| Taxes, remuneration and social security | 45 | €119,633 | €94,727 | -€24,905 | -20.8% |
| Taxes | 450/3 | €21,738 | €381 | -€21,357 | -98.2% |
| Remuneration and social security | 454/9 | €97,895 | €94,346 | -€3,548 | -3.6% |
| Other amounts payable | 47/48 | €700,000 | €0 | -€700,000 | -100% |
| Accrued charges and deferred income | 492/3 | €33,155 | €83,478 | +€50,323 | +152% |
| Non-recurring operating income | 76A | €3,932 | €0 | -€3,932 | -100% |
| Remuneration, social security and pensions | 62 | €758,070 | €696,526 | -€61,544 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,089 | €69,511 | +€13,422 | +23.9% |
| Other operating charges | 640/8 | €7,382 | €6,161 | -€1,220 | -16.5% |
| Non-recurring operating charges | 66A | - | €2,157 | +€2,157 | |
| Gross operating margin | 9900 | €699,051 | €800,169 | +€101,118 | +14.5% |
| Operating profit (loss) | 9901 | -€122,491 | €25,813 | +€148,304 | |
| Financial income | 75/76B | €2,184 | €12,641 | +€10,457 | +479% |
| Recurring financial income | 75 | €2,184 | €12,641 | +€10,457 | +479% |
| Financial charges | 65/66B | €79,339 | €91,094 | +€11,756 | +14.8% |
| Recurring financial charges | 65 | €79,339 | €91,094 | +€11,756 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | -€199,645 | -€52,640 | +€147,005 | +73.6% |
| Income taxes | 67/77 | €5,868 | €1,826 | -€4,042 | -68.9% |
| Profit (loss) for the period | 9904 | -€205,513 | -€54,466 | +€151,047 | +73.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€205,513 | -€54,466 | +€151,047 | +73.5% |
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.