SEPES: what changed
SEPES
Largest movements
- Tangible fixed assets +€43,268
up €43,268 (+15.8%), from €274,089 to €317,357
of which Furniture and vehicles: +€65,188
- Cash +€42,088
up €42,088 (+50.1%), from €84,062 to €126,151
mainly Other debts (+€120,358) and Net result for the year (+€63,779)
- Receivables within one year -€12,769
down €12,769 (-10.4%), from €122,822 to €110,052
of which Trade receivables: -€17,324
- Other debts +€120,358
up €120,358 (+264%), from €45,525 to €165,883
- Reserves -€91,054
down €91,054 (-32.4%), from €280,952 to €189,898
- Debts after one year +€43,754
up €43,754 (+48.7%), from €89,819 to €133,574
of which Financial debts: +€44,954
- Tax, wage and social debts +€10,318
up €10,318 (+283%), from €3,652 to €13,970
- Trade debts -€8,007
down €8,007 (-61.1%), from €13,094 to €5,087
- Gross operating margin +€67,078
up €67,078 (+76.9%), from €87,190 to €154,268
- Taxes +€12,931
up €12,931 (+99.3%), from €13,026 to €25,957
- Depreciation -€8,693
down €8,693 (-23.1%), from €37,580 to €28,887
- Other operating charges +€2,254
up €2,254 (+3,704%), from €61 to €2,315
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €481,466 | €557,279 | +€75,813 | +15.7% |
| Fixed assets | 21/28 | €274,089 | €317,357 | +€43,268 | +15.8% |
| Tangible fixed assets | 22/27 | €274,089 | €317,357 | +€43,268 | +15.8% |
| Plant, machinery and equipment | 23 | €514 | €1,468 | +€954 | +185% |
| Furniture and vehicles | 24 | €28,136 | €93,324 | +€65,188 | +232% |
| Other tangible fixed assets | 26 | €245,438 | €222,565 | -€22,873 | -9.3% |
| Current assets | 29/58 | €207,377 | €239,922 | +€32,545 | +15.7% |
| Amounts receivable within one year | 40/41 | €122,822 | €110,052 | -€12,769 | -10.4% |
| Trade receivables | 40 | €120,848 | €103,524 | -€17,324 | -14.3% |
| Other amounts receivable | 41 | €1,974 | €6,529 | +€4,555 | +231% |
| Cash at bank and in hand | 54/58 | €84,062 | €126,151 | +€42,088 | +50.1% |
| Deferred charges and accrued income | 490/1 | €493 | €3,719 | +€3,226 | +654% |
| Total equity and liabilities | 10/49 | €481,466 | €557,279 | +€75,813 | +15.7% |
| Equity | 10/15 | €293,352 | €202,298 | -€91,054 | -31.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €280,952 | €189,898 | -€91,054 | -32.4% |
| Distributable reserves | 133 | €280,952 | €189,898 | -€91,054 | -32.4% |
| Amounts payable | 17/49 | €188,114 | €354,980 | +€166,866 | +88.7% |
| Amounts payable after more than one year | 17 | €89,819 | €133,574 | +€43,754 | +48.7% |
| Financial debts | 170/4 | €76,319 | €121,274 | +€44,954 | +58.9% |
| Other amounts payable | 178/9 | €13,500 | €12,300 | -€1,200 | -8.9% |
| Amounts payable within one year | 42/48 | €98,295 | €221,406 | +€123,112 | +125% |
| Current portion of amounts payable after more than one year | 42 | €36,024 | €36,467 | +€443 | +1.2% |
| Trade debts | 44 | €13,094 | €5,087 | -€8,007 | -61.1% |
| Suppliers | 440/4 | €13,094 | €5,087 | -€8,007 | -61.1% |
| Taxes, remuneration and social security | 45 | €3,652 | €13,970 | +€10,318 | +283% |
| Taxes | 450/3 | €3,652 | €13,970 | +€10,318 | +283% |
| Other amounts payable | 47/48 | €45,525 | €165,883 | +€120,358 | +264% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,580 | €28,887 | -€8,693 | -23.1% |
| Other operating charges | 640/8 | €61 | €2,315 | +€2,254 | +3,704% |
| Non-recurring operating charges | 66A | - | €28,136 | +€28,136 | |
| Gross operating margin | 9900 | €87,190 | €154,268 | +€67,078 | +76.9% |
| Operating profit (loss) | 9901 | €49,549 | €94,931 | +€45,381 | +91.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €5,345 | €5,195 | -€150 | -2.8% |
| Recurring financial charges | 65 | €5,345 | €5,195 | -€150 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €44,204 | €89,736 | +€45,532 | +103% |
| Income taxes | 67/77 | €13,026 | €25,957 | +€12,931 | +99.3% |
| Profit (loss) for the period | 9904 | €31,178 | €63,779 | +€32,601 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €31,178 | €63,779 | +€32,601 | +105% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.