SEPHI GROUPE: 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.
What changed
SEPHI GROUPE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€46,308
2024 · €21,815+€24,493
Equity
€247,796
2024 · €209,904+€37,893
Cash
€18,333
2024 · €23,440-€5,108
Balance sheet total
€1.5m
2024 · €1.5m-€30,778
Largest movements
Assets
- Tangible fixed assets -€22,947
down €22,947 (-2.1%), from €1.1m to €1.1m
of which Land and buildings: -€42,260
Equity and liabilities
- Debts after one year -€46,666
down €46,666 (-4.6%), from €1.0m to €964,433
of which Financial debts: -€46,666
- Profit (loss) carried forward +€37,893
up €37,893 (+20.2%), from €187,904 to €225,796
- Other debts -€18,746
down €18,746 (-18.4%), from €101,992 to €83,246
- Trade debts +€16,298
up €16,298 (+36.7%), from €44,371 to €60,668
Income statement
- Gross operating margin -€40,760
down €40,760 (-12.6%), from €322,838 to €282,078
- Staff costs -€23,017
down €23,017 (-14.8%), from €155,292 to €132,275
- Depreciation -€20,458
down €20,458 (-19.1%), from €107,348 to €86,890
- Financial income +€20,000
up €20,000 (+671,139%), from €3 to €20,003
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.
Result 2024
€21,815
Gross operating margin
-€40,760
Staff costs
+€23,017
Depreciation
+€20,458
Other operating charges
-€484
Financial income
+€20,000
Financial charges
+€2,823
Taxes
-€559
Result 2025
€46,308
raises the resultlowers the result
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.
From operations
+€116,255
Investment
-€63,713
Financing
-€57,650
Cash 2024
€23,440
From operations (derived)
+€116,255
Net result for the year
+€46,308
Depreciation
+€86,890
Receivables within one year
+€2,899
Deferred charges and accrued income
-€406
Trade debts
+€16,298
Tax, wage and social debts
-€9,799
Other debts
-€18,746
Accrued charges and deferred income
-€7,189
Investment (derived)
-€63,713
Investment in fixed assets (net)
-€63,713
Financing
-€57,650
Debts after one year
-€46,666
Current portion of long-term debt
-€2,569
Contributions, distributions and other
-€8,415
Cash 2025
€18,333
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,521,855 | €1,491,077 | -€30,778 | -2.0% |
| Fixed assets | 21/28 | €1,353,920 | €1,330,743 | -€23,177 | -1.7% |
| Intangible fixed assets | 21 | €661 | €431 | -€230 | -34.8% |
| Tangible fixed assets | 22/27 | €1,108,530 | €1,085,583 | -€22,947 | -2.1% |
| Land and buildings | 22 | €1,020,177 | €977,917 | -€42,260 | -4.1% |
| Plant, machinery and equipment | 23 | €17,149 | €52,658 | +€35,508 | +207% |
| Furniture and vehicles | 24 | €71,203 | €55,008 | -€16,196 | -22.7% |
| Financial fixed assets | 28 | €244,729 | €244,729 | = | 0.0% |
| Current assets | 29/58 | €167,935 | €160,335 | -€7,601 | -4.5% |
| Amounts receivable within one year | 40/41 | €136,230 | €133,331 | -€2,899 | -2.1% |
| Trade receivables | 40 | €134,085 | €110,965 | -€23,120 | -17.2% |
| Other amounts receivable | 41 | €2,145 | €22,366 | +€20,221 | +943% |
| Cash at bank and in hand | 54/58 | €23,440 | €18,333 | -€5,108 | -21.8% |
| Deferred charges and accrued income | 490/1 | €8,265 | €8,671 | +€406 | +4.9% |
| Total equity and liabilities | 10/49 | €1,521,855 | €1,491,077 | -€30,778 | -2.0% |
| Equity | 10/15 | €209,904 | €247,796 | +€37,893 | +18.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €20,000 | +€20,000 | |
| Other | 1109/19 | - | €20,000 | +€20,000 | |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €187,904 | €225,796 | +€37,893 | +20.2% |
| Amounts payable | 17/49 | €1,311,951 | €1,243,281 | -€68,670 | -5.2% |
| Amounts payable after more than one year | 17 | €1,011,099 | €964,433 | -€46,666 | -4.6% |
| Financial debts | 170/4 | €1,008,414 | €961,748 | -€46,666 | -4.6% |
| Other amounts payable | 178/9 | €2,685 | €2,685 | = | 0.0% |
| Amounts payable within one year | 42/48 | €284,177 | €269,361 | -€14,816 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €101,243 | €98,674 | -€2,569 | -2.5% |
| Trade debts | 44 | €44,371 | €60,668 | +€16,298 | +36.7% |
| Suppliers | 440/4 | €44,371 | €60,668 | +€16,298 | +36.7% |
| Taxes, remuneration and social security | 45 | €36,571 | €26,772 | -€9,799 | -26.8% |
| Taxes | 450/3 | €22,691 | €11,329 | -€11,362 | -50.1% |
| Remuneration and social security | 454/9 | €13,880 | €15,443 | +€1,563 | +11.3% |
| Other amounts payable | 47/48 | €101,992 | €83,246 | -€18,746 | -18.4% |
| Accrued charges and deferred income | 492/3 | €16,675 | €9,487 | -€7,189 | -43.1% |
| Remuneration, social security and pensions | 62 | €155,292 | €132,275 | -€23,017 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,348 | €86,890 | -€20,458 | -19.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €8,959 | €9,443 | +€484 | +5.4% |
| Gross operating margin | 9900 | €322,838 | €282,078 | -€40,760 | -12.6% |
| Operating profit (loss) | 9901 | €51,239 | €53,469 | +€2,230 | +4.4% |
| Financial income | 75/76B | €3 | €20,003 | +€20,000 | +671,139% |
| Recurring financial income | 75 | €3 | €20,003 | +€20,000 | +671,139% |
| Financial charges | 65/66B | €27,173 | €24,350 | -€2,823 | -10.4% |
| Recurring financial charges | 65 | €27,173 | €24,350 | -€2,823 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €24,069 | €49,121 | +€25,052 | +104% |
| Income taxes | 67/77 | €2,255 | €2,814 | +€559 | +24.8% |
| Profit (loss) for the period | 9904 | €21,815 | €46,308 | +€24,493 | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €21,815 | €46,308 | +€24,493 | +112% |
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 17 October 2026 via checked.be.