SEPHI: 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.
SEPHI
Largest movements
- Tangible fixed assets -€22,809
down €22,809 (-4.5%), from €512,528 to €489,719
of which Land and buildings: -€33,273
- Receivables within one year +€20,580
up €20,580 (+34.2%), from €60,114 to €80,694
of which Trade receivables: +€28,202
- Other debts +€190,649
up €190,649 (+36.7%), from €519,767 to €710,417
- Debts after one year -€104,811
down €104,811 (-98.4%), from €106,511 to €1,700
of which Financial debts: -€104,811
- Profit (loss) carried forward -€83,324
down €83,324 (-55.5%), from -€150,080 to -€233,403
- Gross operating margin -€100,431
down €100,431, from €85,350 to -€15,081
- Provisions +€25,000
up €25,000, from -€25,000 to €0
- Other operating charges +€2,206
up €2,206 (+28.0%), from €7,892 to €10,099
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €575,974 | €577,708 | +€1,734 | +0.3% |
| Fixed assets | 21/28 | €514,208 | €491,399 | -€22,809 | -4.4% |
| Tangible fixed assets | 22/27 | €512,528 | €489,719 | -€22,809 | -4.5% |
| Land and buildings | 22 | €502,926 | €469,653 | -€33,273 | -6.6% |
| Plant, machinery and equipment | 23 | €9,559 | €8,539 | -€1,020 | -10.7% |
| Furniture and vehicles | 24 | €43 | €11,527 | +€11,484 | +26787.4% |
| Financial fixed assets | 28 | €1,680 | €1,680 | = | 0.0% |
| Current assets | 29/58 | €61,767 | €86,309 | +€24,542 | +39.7% |
| Amounts receivable within one year | 40/41 | €60,114 | €80,694 | +€20,580 | +34.2% |
| Trade receivables | 40 | €45,512 | €73,714 | +€28,202 | +62.0% |
| Other amounts receivable | 41 | €14,602 | €6,980 | -€7,622 | -52.2% |
| Cash at bank and in hand | 54/58 | €1,653 | €301 | -€1,351 | -81.8% |
| Deferred charges and accrued income | 490/1 | - | €5,314 | +€5,314 | |
| Total equity and liabilities | 10/49 | €575,974 | €577,708 | +€1,734 | +0.3% |
| Equity | 10/15 | -€129,620 | -€212,943 | -€83,324 | -64.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€150,080 | -€233,403 | -€83,324 | -55.5% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €705,594 | €790,651 | +€85,057 | +12.1% |
| Amounts payable after more than one year | 17 | €106,511 | €1,700 | -€104,811 | -98.4% |
| Financial debts | 170/4 | €104,811 | €0 | -€104,811 | -100.0% |
| Other amounts payable | 178/9 | €1,700 | €1,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €594,727 | €788,951 | +€194,224 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €68,776 | €70,097 | +€1,320 | +1.9% |
| Trade debts | 44 | €5,345 | €5,281 | -€63 | -1.2% |
| Suppliers | 440/4 | €5,345 | €5,281 | -€63 | -1.2% |
| Taxes, remuneration and social security | 45 | €839 | €3,156 | +€2,317 | +276.0% |
| Taxes | 450/3 | €839 | €3,156 | +€2,317 | +276.0% |
| Other amounts payable | 47/48 | €519,767 | €710,417 | +€190,649 | +36.7% |
| Accrued charges and deferred income | 492/3 | €4,355 | €0 | -€4,355 | -100.0% |
| Non-recurring operating income | 76A | €103,172 | €0 | -€103,172 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,553 | €41,231 | +€678 | +1.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€25,000 | €0 | +€25,000 | |
| Other operating charges | 640/8 | €7,892 | €10,099 | +€2,206 | +28.0% |
| Gross operating margin | 9900 | €85,350 | -€15,081 | -€100,431 | |
| Operating profit (loss) | 9901 | €61,905 | -€66,410 | -€128,316 | |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €16,665 | €16,337 | -€328 | -2.0% |
| Recurring financial charges | 65 | €16,665 | €16,337 | -€328 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €45,240 | -€82,747 | -€127,987 | |
| Income taxes | 67/77 | €504 | €577 | +€73 | +14.5% |
| Profit (loss) for the period | 9904 | €44,736 | -€83,324 | -€128,060 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,736 | -€83,324 | -€128,060 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.