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
- Cash -€26,782
down €26,782 (-99.5%), from €26,919 to €137
mainly Other debts (-€21,400) and Tax, wage and social debts (-€3,106)
- Receivables within one year -€3,344
down €3,344 (-15.7%), from €21,328 to €17,984
of which Other amounts receivable: -€3,344
- Other debts -€21,400
down €21,400 (-63.8%), from €33,524 to €12,124
- Tax, wage and social debts -€3,106
down €3,106 (-41.6%), from €7,460 to €4,354
- Profit (loss) carried forward -€2,637
down €2,637, from €92 to -€2,545
- Accrued charges and deferred income -€1,960
no longer reported in 2025 (was €1,960)
- Trade debts -€1,023
down €1,023 (-59.8%), from €1,711 to €688
- Gross operating margin -€22,668
down €22,668, from €21,048 to -€1,620
- Financial charges -€4,919
down €4,919 (-99.6%), from €4,937 to €18
- Taxes -€4,354
no longer reported in 2025 (was €4,354)
- Other operating charges -€263
down €263 (-20.9%), from €1,262 to €998
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 | €48,747 | €18,621 | -€30,126 | -61.8% |
| Fixed assets | 21/28 | €500 | €500 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €48,247 | €18,121 | -€30,126 | -62.4% |
| Amounts receivable within one year | 40/41 | €21,328 | €17,984 | -€3,344 | -15.7% |
| Trade receivables | 40 | €3,715 | €3,715 | = | 0.0% |
| Other amounts receivable | 41 | €17,613 | €14,268 | -€3,344 | -19.0% |
| Cash at bank and in hand | 54/58 | €26,919 | €137 | -€26,782 | -99.5% |
| Total equity and liabilities | 10/49 | €48,747 | €18,621 | -€30,126 | -61.8% |
| Equity | 10/15 | €4,092 | €1,455 | -€2,637 | -64.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92 | -€2,545 | -€2,637 | |
| Amounts payable | 17/49 | €44,655 | €17,166 | -€27,489 | -61.6% |
| Amounts payable within one year | 42/48 | €42,695 | €17,166 | -€25,529 | -59.8% |
| Trade debts | 44 | €1,711 | €688 | -€1,023 | -59.8% |
| Suppliers | 440/4 | €1,711 | €688 | -€1,023 | -59.8% |
| Taxes, remuneration and social security | 45 | €7,460 | €4,354 | -€3,106 | -41.6% |
| Taxes | 450/3 | €7,460 | €4,354 | -€3,106 | -41.6% |
| Other amounts payable | 47/48 | €33,524 | €12,124 | -€21,400 | -63.8% |
| Accrued charges and deferred income | 492/3 | €1,960 | - | -€1,960 | |
| Other operating charges | 640/8 | €1,262 | €998 | -€263 | -20.9% |
| Gross operating margin | 9900 | €21,048 | -€1,620 | -€22,668 | |
| Operating profit (loss) | 9901 | €19,786 | -€2,619 | -€22,405 | |
| Financial charges | 65/66B | €4,937 | €18 | -€4,919 | -99.6% |
| Recurring financial charges | 65 | €4,937 | €18 | -€4,919 | -99.6% |
| Profit (loss) for the period before taxes | 9903 | €14,849 | -€2,637 | -€17,486 | |
| Income taxes | 67/77 | €4,354 | - | -€4,354 | |
| Profit (loss) for the period | 9904 | €10,495 | -€2,637 | -€13,132 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,495 | -€2,637 | -€13,132 |
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 9 October 2026 via checked.be.