SEPI: 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.
SEPI
Largest movements
- Receivables after one year -€43,615
down €43,615 (-100.0%), from €43,615 to €0
- Intangible fixed assets -€16,603
down €16,603 (-18.9%), from €87,676 to €71,073
- Receivables within one year +€13,094
up €13,094 (+77.8%), from €16,836 to €29,930
of which Trade receivables: +€13,194
- Tangible fixed assets -€3,647
down €3,647 (-2.3%), from €156,563 to €152,916
of which Furniture and vehicles: -€20,143
- Reserves -€70,000
down €70,000 (-78.7%), from €88,900 to €18,900
of which Distributable reserves: -€70,000
- Other debts +€32,941
up €32,941 (+231.2%), from €14,250 to €47,191
- Current portion of long-term debt -€26,093
down €26,093 (-63.3%), from €41,207 to €15,114
- Debts after one year -€15,114
down €15,114 (-53.5%), from €28,265 to €13,150
- Tax, wage and social debts +€12,066
up €12,066 (+18.8%), from €64,128 to €76,194
of which Taxes: +€10,979
- Staff costs +€45,515
up €45,515 (+12.3%), from €370,736 to €416,252
- Taxes -€13,179
no longer reported in 2025 (was €13,179)
- Financial charges -€12,785
no longer reported in 2025 (was €12,785)
- Gross operating margin +€7,960
up €7,960 (+1.7%), from €466,154 to €474,113
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
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 | €335,269 | €280,154 | -€55,116 | -16.4% |
| Fixed assets | 21/28 | €245,083 | €224,833 | -€20,250 | -8.3% |
| Intangible fixed assets | 21 | €87,676 | €71,073 | -€16,603 | -18.9% |
| Tangible fixed assets | 22/27 | €156,563 | €152,916 | -€3,647 | -2.3% |
| Land and buildings | 22 | €74,649 | €83,096 | +€8,447 | +11.3% |
| Furniture and vehicles | 24 | €50,626 | €30,483 | -€20,143 | -39.8% |
| Other tangible fixed assets | 26 | €31,289 | €39,337 | +€8,049 | +25.7% |
| Financial fixed assets | 28 | €844 | €844 | = | 0.0% |
| Current assets | 29/58 | €90,186 | €55,320 | -€34,865 | -38.7% |
| Amounts receivable after more than one year | 29 | €43,615 | €0 | -€43,615 | -100.0% |
| Other amounts receivable | 291 | €43,615 | €0 | -€43,615 | -100.0% |
| Amounts receivable within one year | 40/41 | €16,836 | €29,930 | +€13,094 | +77.8% |
| Trade receivables | 40 | €16,729 | €29,923 | +€13,194 | +78.9% |
| Other amounts receivable | 41 | €107 | €7 | -€100 | -93.5% |
| Cash at bank and in hand | 54/58 | €27,857 | €25,390 | -€2,467 | -8.9% |
| Deferred charges and accrued income | 490/1 | €1,877 | - | -€1,877 | |
| Total equity and liabilities | 10/49 | €335,269 | €280,154 | -€55,116 | -16.4% |
| Equity | 10/15 | €132,139 | €66,349 | -€65,789 | -49.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €88,900 | €18,900 | -€70,000 | -78.7% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €87,000 | €17,000 | -€70,000 | -80.5% |
| Profit (loss) carried forward | 14 | €24,239 | €28,449 | +€4,211 | +17.4% |
| Amounts payable | 17/49 | €203,131 | €213,804 | +€10,674 | +5.3% |
| Amounts payable after more than one year | 17 | €28,265 | €13,150 | -€15,114 | -53.5% |
| Financial debts | 170/4 | €28,265 | €13,150 | -€15,114 | -53.5% |
| Amounts payable within one year | 42/48 | €168,866 | €194,654 | +€25,788 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €41,207 | €15,114 | -€26,093 | -63.3% |
| Trade debts | 44 | €49,281 | €56,155 | +€6,874 | +13.9% |
| Suppliers | 440/4 | €49,281 | €56,155 | +€6,874 | +13.9% |
| Taxes, remuneration and social security | 45 | €64,128 | €76,194 | +€12,066 | +18.8% |
| Taxes | 450/3 | €30,151 | €41,130 | +€10,979 | +36.4% |
| Remuneration and social security | 454/9 | €33,977 | €35,064 | +€1,087 | +3.2% |
| Other amounts payable | 47/48 | €14,250 | €47,191 | +€32,941 | +231.2% |
| Accrued charges and deferred income | 492/3 | €6,000 | €6,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €370,736 | €416,252 | +€45,515 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,266 | €47,926 | -€2,340 | -4.7% |
| Other operating charges | 640/8 | €3,064 | €5,726 | +€2,662 | +86.9% |
| Gross operating margin | 9900 | €466,154 | €474,113 | +€7,960 | +1.7% |
| Operating profit (loss) | 9901 | €42,088 | €4,211 | -€37,878 | -90.0% |
| Financial income | 75/76B | €1,464 | - | -€1,464 | |
| Recurring financial income | 75 | €1,464 | - | -€1,464 | |
| Financial charges | 65/66B | €12,785 | - | -€12,785 | |
| Recurring financial charges | 65 | €12,785 | - | -€12,785 | |
| Profit (loss) for the period before taxes | 9903 | €30,768 | €4,211 | -€26,557 | -86.3% |
| Income taxes | 67/77 | €13,179 | - | -€13,179 | |
| Profit (loss) for the period | 9904 | €17,588 | €4,211 | -€13,378 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,588 | €4,211 | -€13,378 | -76.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.