SEPELIO: what changed
Two fiscal 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.
SEPELIO
Largest movements
- Stocks and contracts +€48,165
up €48,165 (+107.0%), from €45,000 to €93,165
of which Stocks: +€39,899
- Tangible fixed assets +€36,595
up €36,595 (+34.2%), from €107,096 to €143,691
of which Leasing and similar rights: +€32,856
- Intangible fixed assets +€31,598
new in 2025: €31,598
- Receivables within one year +€25,372
up €25,372 (+97.4%), from €26,048 to €51,419
of which Trade receivables: +€25,932
- Cash -€12,741
down €12,741 (-64.3%), from €19,821 to €7,080
mainly Investment in fixed assets (net) (-€115,612) and Stocks and contracts (-€48,165)
- Debts after one year +€59,798
up €59,798 (+82.0%), from €72,926 to €132,724
- Trade debts +€31,798
up €31,798 (+111.9%), from €28,423 to €60,221
- Tax, wage and social debts +€28,116
up €28,116 (+75.2%), from €37,401 to €65,517
of which Remuneration and social security: +€26,195
- Current portion of long-term debt +€24,483
up €24,483 (+127.6%), from €19,181 to €43,664
- Profit (loss) carried forward -€7,738
down €7,738 (-31.7%), from €24,438 to €16,700
- Staff costs +€66,977
up €66,977 (+36.0%), from €186,105 to €253,081
- Gross operating margin +€51,010
up €51,010 (+19.8%), from €257,283 to €308,293
- Depreciation +€22,674
up €22,674 (+91.6%), from €24,745 to €47,420
- Taxes -€11,035
down €11,035 (-95.4%), from €11,565 to €530
- Financial charges +€3,596
up €3,596 (+48.1%), from €7,473 to €11,070
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 | €199,060 | €331,495 | +€132,436 | +66.5% |
| Fixed assets | 21/28 | €107,096 | €175,289 | +€68,193 | +63.7% |
| Intangible fixed assets | 21 | - | €31,598 | +€31,598 | |
| Tangible fixed assets | 22/27 | €107,096 | €143,691 | +€36,595 | +34.2% |
| Plant, machinery and equipment | 23 | - | €24,885 | +€24,885 | |
| Furniture and vehicles | 24 | €107,096 | €85,950 | -€21,146 | -19.7% |
| Leasing and similar rights | 25 | - | €32,856 | +€32,856 | |
| Current assets | 29/58 | €91,964 | €156,207 | +€64,243 | +69.9% |
| Stocks and contracts in progress | 3 | €45,000 | €93,165 | +€48,165 | +107.0% |
| Stocks | 30/36 | - | €39,899 | +€39,899 | |
| Contracts in progress | 37 | €45,000 | €53,267 | +€8,267 | +18.4% |
| Amounts receivable within one year | 40/41 | €26,048 | €51,419 | +€25,372 | +97.4% |
| Trade receivables | 40 | €25,445 | €51,377 | +€25,932 | +101.9% |
| Other amounts receivable | 41 | €602 | €42 | -€560 | -93.0% |
| Cash at bank and in hand | 54/58 | €19,821 | €7,080 | -€12,741 | -64.3% |
| Deferred charges and accrued income | 490/1 | €1,095 | €4,542 | +€3,447 | +314.9% |
| Total equity and liabilities | 10/49 | €199,060 | €331,495 | +€132,436 | +66.5% |
| Equity | 10/15 | €30,438 | €22,700 | -€7,738 | -25.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Capital | 10 | €6,000 | - | -€6,000 | |
| Issued capital | 100 | €6,000 | - | -€6,000 | |
| Profit (loss) carried forward | 14 | €24,438 | €16,700 | -€7,738 | -31.7% |
| Amounts payable | 17/49 | €168,622 | €308,796 | +€140,174 | +83.1% |
| Amounts payable after more than one year | 17 | €72,926 | €132,724 | +€59,798 | +82.0% |
| Financial debts | 170/4 | €72,926 | €132,724 | +€59,798 | +82.0% |
| Amounts payable within one year | 42/48 | €95,696 | €174,112 | +€78,417 | +81.9% |
| Current portion of amounts payable after more than one year | 42 | €19,181 | €43,664 | +€24,483 | +127.6% |
| Trade debts | 44 | €28,423 | €60,221 | +€31,798 | +111.9% |
| Suppliers | 440/4 | €28,423 | €60,221 | +€31,798 | +111.9% |
| Taxes, remuneration and social security | 45 | €37,401 | €65,517 | +€28,116 | +75.2% |
| Taxes | 450/3 | €11,565 | €13,486 | +€1,921 | +16.6% |
| Remuneration and social security | 454/9 | €25,837 | €52,031 | +€26,195 | +101.4% |
| Other amounts payable | 47/48 | €10,690 | €4,711 | -€5,980 | -55.9% |
| Accrued charges and deferred income | 492/3 | - | €1,960 | +€1,960 | |
| Remuneration, social security and pensions | 62 | €186,105 | €253,081 | +€66,977 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,745 | €47,420 | +€22,674 | +91.6% |
| Other operating charges | 640/8 | €2,986 | €4,567 | +€1,581 | +53.0% |
| Gross operating margin | 9900 | €257,283 | €308,293 | +€51,010 | +19.8% |
| Operating profit (loss) | 9901 | €43,448 | €3,225 | -€40,222 | -92.6% |
| Financial income | 75/76B | €28 | €636 | +€608 | +2166.3% |
| Recurring financial income | 75 | €28 | €636 | +€608 | +2166.3% |
| Financial charges | 65/66B | €7,473 | €11,070 | +€3,596 | +48.1% |
| Recurring financial charges | 65 | €7,473 | €11,070 | +€3,596 | +48.1% |
| Profit (loss) for the period before taxes | 9903 | €36,002 | -€7,208 | -€43,211 | |
| Income taxes | 67/77 | €11,565 | €530 | -€11,035 | -95.4% |
| Profit (loss) for the period | 9904 | €24,438 | -€7,738 | -€32,176 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,438 | -€7,738 | -€32,176 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.