SEPHABEL: 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.
SEPHABEL
Largest movements
- Tangible fixed assets -€68,142
down €68,142 (-26.6%), from €256,247 to €188,105
of which Plant, machinery and equipment: -€57,120
- Cash +€50,595
up €50,595 (+59.9%), from €84,519 to €135,114
mainly Depreciation (+€70,601) and Tax, wage and social debts (+€27,081)
- Debts after one year -€43,898
down €43,898 (-15.5%), from €283,395 to €239,497
- Tax, wage and social debts +€27,081
up €27,081 (+57.7%), from €46,954 to €74,035
of which Remuneration and social security: +€25,702
- Trade debts +€25,829
up €25,829 (+21.9%), from €117,898 to €143,727
- Gross operating margin +€22,164
up €22,164 (+5.3%), from €420,454 to €442,618
- Staff costs +€13,856
up €13,856 (+4.0%), from €345,904 to €359,760
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,217,824 | €1,213,410 | -€4,415 | -0.4% |
| Fixed assets | 21/28 | €260,537 | €192,395 | -€68,142 | -26.2% |
| Tangible fixed assets | 22/27 | €256,247 | €188,105 | -€68,142 | -26.6% |
| Land and buildings | 22 | €159,434 | €148,660 | -€10,775 | -6.8% |
| Plant, machinery and equipment | 23 | €95,659 | €38,539 | -€57,120 | -59.7% |
| Furniture and vehicles | 24 | €1,154 | €906 | -€248 | -21.5% |
| Financial fixed assets | 28 | €4,290 | €4,290 | = | 0.0% |
| Current assets | 29/58 | €957,287 | €1,021,015 | +€63,728 | +6.7% |
| Stocks and contracts in progress | 3 | €332,996 | €339,361 | +€6,365 | +1.9% |
| Stocks | 30/36 | €332,996 | €339,361 | +€6,365 | +1.9% |
| Amounts receivable within one year | 40/41 | €499,463 | €510,173 | +€10,710 | +2.1% |
| Trade receivables | 40 | €175,807 | €182,264 | +€6,457 | +3.7% |
| Other amounts receivable | 41 | €323,656 | €327,909 | +€4,254 | +1.3% |
| Cash at bank and in hand | 54/58 | €84,519 | €135,114 | +€50,595 | +59.9% |
| Deferred charges and accrued income | 490/1 | €40,310 | €36,368 | -€3,942 | -9.8% |
| Total equity and liabilities | 10/49 | €1,217,824 | €1,213,410 | -€4,415 | -0.4% |
| Equity | 10/15 | €717,277 | €706,579 | -€10,698 | -1.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €426,255 | €426,255 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €420,055 | €420,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | €229,023 | €218,324 | -€10,698 | -4.7% |
| Amounts payable | 17/49 | €500,547 | €506,831 | +€6,284 | +1.3% |
| Amounts payable after more than one year | 17 | €283,395 | €239,497 | -€43,898 | -15.5% |
| Financial debts | 170/4 | €283,395 | €239,497 | -€43,898 | -15.5% |
| Amounts payable within one year | 42/48 | €214,598 | €264,941 | +€50,343 | +23.5% |
| Current portion of amounts payable after more than one year | 42 | €42,737 | €43,498 | +€761 | +1.8% |
| Trade debts | 44 | €117,898 | €143,727 | +€25,829 | +21.9% |
| Suppliers | 440/4 | €117,898 | €143,727 | +€25,829 | +21.9% |
| Taxes, remuneration and social security | 45 | €46,954 | €74,035 | +€27,081 | +57.7% |
| Taxes | 450/3 | €5,396 | €6,774 | +€1,379 | +25.5% |
| Remuneration and social security | 454/9 | €41,559 | €67,261 | +€25,702 | +61.8% |
| Other amounts payable | 47/48 | €7,008 | €3,680 | -€3,328 | -47.5% |
| Accrued charges and deferred income | 492/3 | €2,554 | €2,393 | -€161 | -6.3% |
| Remuneration, social security and pensions | 62 | €345,904 | €359,760 | +€13,856 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,916 | €70,601 | +€685 | +1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,286 | +€2,286 | |
| Other operating charges | 640/8 | €4,675 | €4,946 | +€272 | +5.8% |
| Gross operating margin | 9900 | €420,454 | €442,618 | +€22,164 | +5.3% |
| Operating profit (loss) | 9901 | -€40 | €5,025 | +€5,065 | |
| Financial income | 75/76B | €4,207 | €3,880 | -€327 | -7.8% |
| Recurring financial income | 75 | €4,207 | €3,880 | -€327 | -7.8% |
| Financial charges | 65/66B | €20,653 | €19,301 | -€1,352 | -6.5% |
| Recurring financial charges | 65 | €20,653 | €19,301 | -€1,352 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | -€16,487 | -€10,397 | +€6,090 | +36.9% |
| Income taxes | 67/77 | - | €302 | +€302 | |
| Profit (loss) for the period | 9904 | -€16,487 | -€10,698 | +€5,788 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,487 | -€10,698 | +€5,788 | +35.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.