SEPHANA: 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.
SEPHANA
Largest movements
- Receivables within one year -€11,250
no longer reported in 2025 (was €11,250)
- Cash -€10,169
down €10,169 (-36.3%), from €28,052 to €17,883
mainly Trade debts (-€13,613) and Tax, wage and social debts (-€4,883)
- Trade debts -€13,613
no longer reported in 2025 (was €13,613)
- Tax, wage and social debts -€4,883
down €4,883 (-98.1%), from €4,977 to €94
- Other debts -€3,300
no longer reported in 2025 (was €3,300)
- Gross operating margin -€14,897
down €14,897 (-93.3%), from €15,970 to €1,074
- Taxes -€3,024
down €3,024 (-97.0%), from €3,118 to €94
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.
Derived cash bridge
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 | €39,302 | €17,883 | -€21,419 | -54.5% |
| Current assets | 29/58 | €39,302 | €17,883 | -€21,419 | -54.5% |
| Amounts receivable within one year | 40/41 | €11,250 | - | -€11,250 | |
| Trade receivables | 40 | €11,250 | - | -€11,250 | |
| Cash at bank and in hand | 54/58 | €28,052 | €17,883 | -€10,169 | -36.3% |
| Total equity and liabilities | 10/49 | €39,302 | €17,883 | -€21,419 | -54.5% |
| Equity | 10/15 | €17,413 | €17,789 | +€376 | +2.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,413 | €12,789 | +€376 | +3.0% |
| Amounts payable | 17/49 | €21,890 | €94 | -€21,796 | -99.6% |
| Amounts payable within one year | 42/48 | €21,890 | €94 | -€21,796 | -99.6% |
| Trade debts | 44 | €13,613 | - | -€13,613 | |
| Suppliers | 440/4 | €13,613 | - | -€13,613 | |
| Taxes, remuneration and social security | 45 | €4,977 | €94 | -€4,883 | -98.1% |
| Taxes | 450/3 | €4,977 | €94 | -€4,883 | -98.1% |
| Other amounts payable | 47/48 | €3,300 | - | -€3,300 | |
| Other operating charges | 640/8 | €387 | €520 | +€132 | +34.2% |
| Gross operating margin | 9900 | €15,970 | €1,074 | -€14,897 | -93.3% |
| Operating profit (loss) | 9901 | €15,583 | €554 | -€15,029 | -96.4% |
| Financial charges | 65/66B | €52 | €84 | +€32 | +61.5% |
| Recurring financial charges | 65 | €52 | €84 | +€32 | +61.5% |
| Profit (loss) for the period before taxes | 9903 | €15,531 | €470 | -€15,061 | -97.0% |
| Income taxes | 67/77 | €3,118 | €94 | -€3,024 | -97.0% |
| Profit (loss) for the period | 9904 | €12,413 | €376 | -€12,037 | -97.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,413 | €376 | -€12,037 | -97.0% |
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 13 October 2026 via checked.be.