SEPCON: 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.
SEPCON
Largest movements
- Cash +€35,993
up €35,993 (+19.2%), from €187,432 to €223,426
mainly Net result for the year (+€120,093) and Other debts (+€100,857)
- Receivables within one year +€30,679
up €30,679 (+41.9%), from €73,225 to €103,904
of which Trade receivables: +€30,554
- Other debts +€100,857
up €100,857 (+8,821%), from €1,143 to €102,000
- Tax, wage and social debts -€31,834
down €31,834 (-28.6%), from €111,448 to €79,614
- Gross operating margin -€42,675
down €42,675 (-17.6%), from €242,246 to €199,571
- Taxes -€8,234
down €8,234 (-9.0%), from €91,342 to €83,108
- Financial income +€5,472
up €5,472 (+122%), from €4,479 to €9,952
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 | €515,502 | €585,750 | +€70,248 | +13.6% |
| Fixed assets | 21/28 | €4,845 | €6,251 | +€1,406 | +29.0% |
| Tangible fixed assets | 22/27 | €4,845 | €6,251 | +€1,406 | +29.0% |
| Land and buildings | 22 | €3,422 | €3,067 | -€355 | -10.4% |
| Furniture and vehicles | 24 | €1,423 | €3,184 | +€1,761 | +124% |
| Current assets | 29/58 | €510,658 | €579,500 | +€68,842 | +13.5% |
| Amounts receivable within one year | 40/41 | €73,225 | €103,904 | +€30,679 | +41.9% |
| Trade receivables | 40 | €73,225 | €103,779 | +€30,554 | +41.7% |
| Other amounts receivable | 41 | - | €125 | +€125 | |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €187,432 | €223,426 | +€35,993 | +19.2% |
| Deferred charges and accrued income | 490/1 | - | €2,170 | +€2,170 | |
| Total equity and liabilities | 10/49 | €515,502 | €585,750 | +€70,248 | +13.6% |
| Equity | 10/15 | €401,639 | €401,732 | +€93 | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €390,000 | €390,000 | = | 0.0% |
| Distributable reserves | 133 | €390,000 | €390,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,639 | €9,732 | +€93 | +1.0% |
| Amounts payable | 17/49 | €113,863 | €184,018 | +€70,155 | +61.6% |
| Amounts payable within one year | 42/48 | €113,863 | €184,018 | +€70,155 | +61.6% |
| Trade debts | 44 | €1,272 | €2,404 | +€1,132 | +89.0% |
| Suppliers | 440/4 | €1,272 | €2,404 | +€1,132 | +89.0% |
| Taxes, remuneration and social security | 45 | €111,448 | €79,614 | -€31,834 | -28.6% |
| Taxes | 450/3 | €111,448 | €79,614 | -€31,834 | -28.6% |
| Other amounts payable | 47/48 | €1,143 | €102,000 | +€100,857 | +8,821% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €891 | €2,944 | +€2,053 | +230% |
| Other operating charges | 640/8 | €542 | €1,011 | +€468 | +86.4% |
| Gross operating margin | 9900 | €242,246 | €199,571 | -€42,675 | -17.6% |
| Operating profit (loss) | 9901 | €240,813 | €195,617 | -€45,196 | -18.8% |
| Financial income | 75/76B | €4,479 | €9,952 | +€5,472 | +122% |
| Recurring financial income | 75 | €4,479 | €9,952 | +€5,472 | +122% |
| Financial charges | 65/66B | €302 | €2,368 | +€2,065 | +684% |
| Recurring financial charges | 65 | €302 | €2,368 | +€2,065 | +684% |
| Profit (loss) for the period before taxes | 9903 | €244,990 | €203,201 | -€41,789 | -17.1% |
| Income taxes | 67/77 | €91,342 | €83,108 | -€8,234 | -9.0% |
| Profit (loss) for the period | 9904 | €153,648 | €120,093 | -€33,555 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €153,648 | €120,093 | -€33,555 | -21.8% |
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 30 October 2026 via checked.be.