SEPIA: 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.
SEPIA
Largest movements
- Financial fixed assets -€725,152
down €725,152 (-37.2%), from €2.0m to €1.2m
- Cash +€217,007
up €217,007 (+4,682%), from €4,635 to €221,642
mainly Investment in fixed assets (net) (+€725,152) and Net result for the year (+€298,324)
- Other debts -€846,803
down €846,803 (-100.0%), from €847,000 to €197
- Reserves +€298,324
up €298,324 (+32.4%), from €919,805 to €1.2m
of which Distributable reserves: +€298,324
- Accrued charges and deferred income +€38,428
up €38,428 (+43.7%), from €87,953 to €126,381
- Gross operating margin +€343,331
up €343,331, from -€4,951 to €338,380
- Financial charges -€12,126
down €12,126 (-23.8%), from €51,040 to €38,914
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 | €1,957,241 | €1,447,939 | -€509,302 | -26.0% |
| Fixed assets | 21/28 | €1,951,166 | €1,226,014 | -€725,152 | -37.2% |
| Financial fixed assets | 28 | €1,951,166 | €1,226,014 | -€725,152 | -37.2% |
| Current assets | 29/58 | €6,075 | €221,925 | +€215,850 | +3,553% |
| Amounts receivable within one year | 40/41 | €1,440 | €283 | -€1,157 | -80.4% |
| Trade receivables | 40 | €197 | - | -€197 | |
| Other amounts receivable | 41 | €1,242 | €283 | -€959 | -77.2% |
| Cash at bank and in hand | 54/58 | €4,635 | €221,642 | +€217,007 | +4,682% |
| Total equity and liabilities | 10/49 | €1,957,241 | €1,447,939 | -€509,302 | -26.0% |
| Equity | 10/15 | €1,018,993 | €1,317,317 | +€298,324 | +29.3% |
| Contributions | 10/11 | €99,188 | €99,188 | = | 0.0% |
| Capital | 10 | €99,188 | €99,188 | = | 0.0% |
| Issued capital | 100 | €99,188 | €99,188 | = | 0.0% |
| Reserves | 13 | €919,805 | €1,218,129 | +€298,324 | +32.4% |
| Non-distributable reserves | 130/1 | €9,919 | €9,919 | = | 0.0% |
| Legal reserve | 130 | €9,919 | €9,919 | = | 0.0% |
| Distributable reserves | 133 | €909,886 | €1,208,210 | +€298,324 | +32.8% |
| Amounts payable | 17/49 | €938,248 | €130,622 | -€807,626 | -86.1% |
| Amounts payable within one year | 42/48 | €850,294 | €4,241 | -€846,053 | -99.5% |
| Trade debts | 44 | €3,294 | €4,043 | +€749 | +22.7% |
| Suppliers | 440/4 | €3,294 | €4,043 | +€749 | +22.7% |
| Other amounts payable | 47/48 | €847,000 | €197 | -€846,803 | -100.0% |
| Accrued charges and deferred income | 492/3 | €87,953 | €126,381 | +€38,428 | +43.7% |
| Non-recurring operating income | 76A | - | €343,513 | +€343,513 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €302 | - | -€302 | |
| Other operating charges | 640/8 | €631 | €1,143 | +€511 | +81.0% |
| Gross operating margin | 9900 | -€4,951 | €338,380 | +€343,331 | |
| Operating profit (loss) | 9901 | -€5,884 | €337,237 | +€343,122 | |
| Financial charges | 65/66B | €51,040 | €38,914 | -€12,126 | -23.8% |
| Recurring financial charges | 65 | €51,040 | €38,914 | -€12,126 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | -€56,924 | €298,324 | +€355,248 | |
| Profit (loss) for the period | 9904 | -€56,924 | €298,324 | +€355,248 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,924 | €298,324 | +€355,248 |
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 19 October 2026 via checked.be.