SEPHO: 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.
SEPHO
Largest movements
- Tangible fixed assets -€20,228
down €20,228 (-12.5%), from €161,562 to €141,334
of which Furniture and vehicles: -€10,540
- Stocks and contracts +€8,714
up €8,714 (+26.5%), from €32,837 to €41,551
- Cash -€2,883
down €2,883 (-9.2%), from €31,210 to €28,327
mainly Debts after one year (-€14,339) and Stocks and contracts (-€8,714)
- Debts after one year -€14,339
down €14,339 (-13.3%), from €107,438 to €93,099
- Tax, wage and social debts +€8,066
up €8,066 (+55.5%), from €14,533 to €22,599
of which Remuneration and social security: +€10,997
- Trade debts -€3,508
down €3,508 (-14.3%), from €24,488 to €20,980
- Current portion of long-term debt -€2,809
down €2,809 (-16.1%), from €17,411 to €14,602
- Gross operating margin +€8,794
up €8,794 (+8.0%), from €110,359 to €119,154
- Staff costs +€6,654
up €6,654 (+7.7%), from €86,903 to €93,557
- Other operating charges +€5,355
up €5,355 (+228.4%), from €2,344 to €7,699
- Depreciation -€4,860
down €4,860 (-33.4%), from €14,549 to €9,689
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 | €240,600 | €227,582 | -€13,018 | -5.4% |
| Fixed assets | 21/28 | €164,137 | €143,909 | -€20,228 | -12.3% |
| Tangible fixed assets | 22/27 | €161,562 | €141,334 | -€20,228 | -12.5% |
| Land and buildings | 22 | €115,395 | €110,278 | -€5,117 | -4.4% |
| Plant, machinery and equipment | 23 | €35,627 | €31,056 | -€4,572 | -12.8% |
| Furniture and vehicles | 24 | €10,540 | €0 | -€10,540 | -100.0% |
| Financial fixed assets | 28 | €2,575 | €2,575 | = | 0.0% |
| Current assets | 29/58 | €76,463 | €83,673 | +€7,210 | +9.4% |
| Stocks and contracts in progress | 3 | €32,837 | €41,551 | +€8,714 | +26.5% |
| Stocks | 30/36 | €32,837 | €41,551 | +€8,714 | +26.5% |
| Amounts receivable within one year | 40/41 | €10,055 | €9,136 | -€919 | -9.1% |
| Trade receivables | 40 | €8,277 | €8,011 | -€265 | -3.2% |
| Other amounts receivable | 41 | €1,778 | €1,124 | -€654 | -36.8% |
| Cash at bank and in hand | 54/58 | €31,210 | €28,327 | -€2,883 | -9.2% |
| Deferred charges and accrued income | 490/1 | €2,361 | €4,659 | +€2,298 | +97.3% |
| Total equity and liabilities | 10/49 | €240,600 | €227,582 | -€13,018 | -5.4% |
| Equity | 10/15 | €76,012 | €76,084 | +€72 | +0.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,012 | €66,084 | +€72 | +0.1% |
| Amounts payable | 17/49 | €164,588 | €151,498 | -€13,091 | -8.0% |
| Amounts payable after more than one year | 17 | €107,438 | €93,099 | -€14,339 | -13.3% |
| Financial debts | 170/4 | €107,438 | €93,099 | -€14,339 | -13.3% |
| Amounts payable within one year | 42/48 | €57,151 | €58,399 | +€1,248 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €17,411 | €14,602 | -€2,809 | -16.1% |
| Trade debts | 44 | €24,488 | €20,980 | -€3,508 | -14.3% |
| Suppliers | 440/4 | €24,488 | €20,980 | -€3,508 | -14.3% |
| Taxes, remuneration and social security | 45 | €14,533 | €22,599 | +€8,066 | +55.5% |
| Taxes | 450/3 | €8,386 | €5,456 | -€2,931 | -34.9% |
| Remuneration and social security | 454/9 | €6,147 | €17,144 | +€10,997 | +178.9% |
| Other amounts payable | 47/48 | €718 | €217 | -€501 | -69.8% |
| Remuneration, social security and pensions | 62 | €86,903 | €93,557 | +€6,654 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,549 | €9,689 | -€4,860 | -33.4% |
| Other operating charges | 640/8 | €2,344 | €7,699 | +€5,355 | +228.4% |
| Gross operating margin | 9900 | €110,359 | €119,154 | +€8,794 | +8.0% |
| Operating profit (loss) | 9901 | €6,563 | €8,209 | +€1,646 | +25.1% |
| Financial income | 75/76B | €2 | €3 | +€2 | +98.1% |
| Recurring financial income | 75 | €2 | €3 | +€2 | +98.1% |
| Financial charges | 65/66B | €6,291 | €7,061 | +€770 | +12.2% |
| Recurring financial charges | 65 | €6,291 | €7,061 | +€770 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €273 | €1,151 | +€877 | +321.0% |
| Income taxes | 67/77 | €885 | €1,078 | +€193 | +21.9% |
| Profit (loss) for the period | 9904 | -€612 | €72 | +€684 | |
| Profit (loss) for the period to be appropriated | 9905 | -€612 | €72 | +€684 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.