SEPEDA: 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.
SEPEDA
Largest movements
- Receivables within one year -€5,440
down €5,440 (-15.1%), from €35,956 to €30,516
of which Other amounts receivable: -€5,893
- Cash -€2,306
down €2,306 (-9.5%), from €24,297 to €21,991
mainly Contributions, distributions and other (-€36,286) and Trade debts (-€16,751)
- Formation expenses -€728
down €728 (-58.8%), from €1,237 to €510
- Trade debts -€16,751
down €16,751 (-75.2%), from €22,273 to €5,522
- Other debts +€11,850
up €11,850 (+48.5%), from €24,436 to €36,286
- Tax, wage and social debts -€3,702
down €3,702 (-27.9%), from €13,261 to €9,559
of which Taxes: -€3,720
- Gross operating margin +€14,664
up €14,664 (+41.0%), from €35,775 to €50,439
- Taxes +€2,638
up €2,638 (+31.5%), from €8,366 to €11,004
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 | €62,471 | €53,867 | -€8,604 | -13.8% |
| Formation expenses | 20 | €1,237 | €510 | -€728 | -58.8% |
| Current assets | 29/58 | €61,234 | €53,358 | -€7,876 | -12.9% |
| Amounts receivable within one year | 40/41 | €35,956 | €30,516 | -€5,440 | -15.1% |
| Trade receivables | 40 | €19,027 | €19,480 | +€453 | +2.4% |
| Other amounts receivable | 41 | €16,929 | €11,036 | -€5,893 | -34.8% |
| Cash at bank and in hand | 54/58 | €24,297 | €21,991 | -€2,306 | -9.5% |
| Deferred charges and accrued income | 490/1 | €981 | €850 | -€131 | -13.3% |
| Total equity and liabilities | 10/49 | €62,471 | €53,867 | -€8,604 | -13.8% |
| Equity | 10/15 | €2,500 | €2,500 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,971 | €51,367 | -€8,604 | -14.3% |
| Amounts payable within one year | 42/48 | €59,971 | €51,367 | -€8,604 | -14.3% |
| Trade debts | 44 | €22,273 | €5,522 | -€16,751 | -75.2% |
| Suppliers | 440/4 | €22,273 | €5,522 | -€16,751 | -75.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,261 | €9,559 | -€3,702 | -27.9% |
| Taxes | 450/3 | €10,768 | €7,047 | -€3,720 | -34.6% |
| Remuneration and social security | 454/9 | €2,494 | €2,512 | +€18 | +0.7% |
| Other amounts payable | 47/48 | €24,436 | €36,286 | +€11,850 | +48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €728 | €728 | -€0 | 0.0% |
| Other operating charges | 640/8 | €578 | €866 | +€288 | +49.9% |
| Gross operating margin | 9900 | €35,775 | €50,439 | +€14,664 | +41.0% |
| Operating profit (loss) | 9901 | €34,470 | €48,845 | +€14,375 | +41.7% |
| Financial income | 75/76B | €513 | €717 | +€204 | +39.8% |
| Recurring financial income | 75 | €513 | €717 | +€204 | +39.8% |
| Financial charges | 65/66B | €2,181 | €2,272 | +€91 | +4.2% |
| Recurring financial charges | 65 | €2,181 | €2,272 | +€91 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €32,802 | €47,290 | +€14,488 | +44.2% |
| Income taxes | 67/77 | €8,366 | €11,004 | +€2,638 | +31.5% |
| Profit (loss) for the period | 9904 | €24,436 | €36,286 | +€11,850 | +48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,436 | €36,286 | +€11,850 | +48.5% |
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 11 October 2026 via checked.be.