SEPELIN: 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.
SEPELIN
Largest movements
- Receivables within one year +€19,231
up €19,231 (+1146.1%), from €1,678 to €20,909
of which Other amounts receivable: +€17,637
- Tangible fixed assets -€6,125
down €6,125 (-32.1%), from €19,103 to €12,978
- Cash +€2,471
up €2,471 (+63.0%), from €3,920 to €6,391
mainly Net result for the year (+€9,149) and Depreciation (+€6,125)
- Profit (loss) carried forward +€9,149
up €9,149 (+128.7%), from €7,111 to €16,260
- Trade debts +€5,419
up €5,419 (+57.2%), from €9,471 to €14,890
- Tax, wage and social debts +€1,009
up €1,009 (+32.3%), from €3,119 to €4,128
of which Taxes: +€1,309
- Gross operating margin +€3,317
up €3,317 (+21.9%), from €15,135 to €18,452
- Depreciation +€728
up €728 (+13.5%), from €5,397 to €6,125
- Taxes +€447
up €447 (+24.3%), from €1,840 to €2,287
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 | €24,701 | €40,277 | +€15,576 | +63.1% |
| Fixed assets | 21/28 | €19,103 | €12,978 | -€6,125 | -32.1% |
| Tangible fixed assets | 22/27 | €19,103 | €12,978 | -€6,125 | -32.1% |
| Furniture and vehicles | 24 | €19,103 | €12,978 | -€6,125 | -32.1% |
| Current assets | 29/58 | €5,598 | €27,300 | +€21,702 | +387.7% |
| Amounts receivable within one year | 40/41 | €1,678 | €20,909 | +€19,231 | +1146.1% |
| Trade receivables | 40 | €1,678 | €3,272 | +€1,594 | +95.0% |
| Other amounts receivable | 41 | - | €17,637 | +€17,637 | |
| Cash at bank and in hand | 54/58 | €3,920 | €6,391 | +€2,471 | +63.0% |
| Total equity and liabilities | 10/49 | €24,701 | €40,277 | +€15,576 | +63.1% |
| Equity | 10/15 | €12,111 | €21,260 | +€9,149 | +75.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,111 | €16,260 | +€9,149 | +128.7% |
| Amounts payable | 17/49 | €12,590 | €19,018 | +€6,428 | +51.1% |
| Amounts payable within one year | 42/48 | €12,590 | €19,018 | +€6,428 | +51.1% |
| Trade debts | 44 | €9,471 | €14,890 | +€5,419 | +57.2% |
| Suppliers | 440/4 | €9,471 | €14,890 | +€5,419 | +57.2% |
| Taxes, remuneration and social security | 45 | €3,119 | €4,128 | +€1,009 | +32.3% |
| Taxes | 450/3 | €2,819 | €4,128 | +€1,309 | +46.4% |
| Remuneration and social security | 454/9 | €300 | - | -€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,397 | €6,125 | +€728 | +13.5% |
| Other operating charges | 640/8 | €542 | €659 | +€117 | +21.6% |
| Gross operating margin | 9900 | €15,135 | €18,452 | +€3,317 | +21.9% |
| Operating profit (loss) | 9901 | €9,196 | €11,668 | +€2,472 | +26.9% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €245 | €245 | -€0 | 0.0% |
| Recurring financial charges | 65 | €245 | €245 | -€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €8,951 | €11,436 | +€2,485 | +27.8% |
| Income taxes | 67/77 | €1,840 | €2,287 | +€447 | +24.3% |
| Profit (loss) for the period | 9904 | €7,111 | €9,149 | +€2,038 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,111 | €9,149 | +€2,038 | +28.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.