SEPIA Digital: 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 Digital
Largest movements
- Receivables within one year -€149,519
down €149,519 (-47.7%), from €313,196 to €163,676
of which Trade receivables: -€151,486
- Cash +€47,033
up €47,033 (+19.7%), from €238,683 to €285,716
mainly Receivables within one year (+€149,519) and Stocks and contracts (+€23,652)
- Stocks and contracts -€23,652
down €23,652 (-33.8%), from €69,993 to €46,341
- Deferred charges and accrued income -€8,700
down €8,700 (-13.0%), from €66,691 to €57,991
- Intangible fixed assets -€7,683
down €7,683 (-84.8%), from €9,060 to €1,377
- Accrued charges and deferred income -€101,470
down €101,470 (-69.1%), from €146,882 to €45,412
- Tax, wage and social debts -€50,655
down €50,655 (-44.7%), from €113,255 to €62,601
of which Taxes: -€28,915
- Trade debts +€8,505
up €8,505 (+9.8%), from €87,130 to €95,635
- Staff costs +€23,416
up €23,416 (+7.1%), from €332,116 to €355,532
- Gross operating margin +€14,753
up €14,753 (+3.9%), from €380,941 to €395,694
- Write-downs -€11,505
down €11,505, from €8,264 to -€3,241
- Depreciation -€9,748
down €9,748 (-43.0%), from €22,653 to €12,905
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 | €713,919 | €569,577 | -€144,342 | -20.2% |
| Formation expenses | 20 | €1,782 | €873 | -€909 | -51.0% |
| Fixed assets | 21/28 | €23,574 | €14,980 | -€8,593 | -36.5% |
| Intangible fixed assets | 21 | €9,060 | €1,377 | -€7,683 | -84.8% |
| Tangible fixed assets | 22/27 | €14,223 | €13,313 | -€910 | -6.4% |
| Plant, machinery and equipment | 23 | €5,446 | €5,954 | +€508 | +9.3% |
| Furniture and vehicles | 24 | €956 | €550 | -€406 | -42.5% |
| Other tangible fixed assets | 26 | €7,822 | €6,809 | -€1,013 | -12.9% |
| Financial fixed assets | 28 | €290 | €290 | = | 0.0% |
| Current assets | 29/58 | €688,563 | €553,724 | -€134,839 | -19.6% |
| Stocks and contracts in progress | 3 | €69,993 | €46,341 | -€23,652 | -33.8% |
| Stocks | 30/36 | €69,993 | €46,341 | -€23,652 | -33.8% |
| Amounts receivable within one year | 40/41 | €313,196 | €163,676 | -€149,519 | -47.7% |
| Trade receivables | 40 | €313,041 | €161,555 | -€151,486 | -48.4% |
| Other amounts receivable | 41 | €154 | €2,121 | +€1,967 | +1,275% |
| Cash at bank and in hand | 54/58 | €238,683 | €285,716 | +€47,033 | +19.7% |
| Deferred charges and accrued income | 490/1 | €66,691 | €57,991 | -€8,700 | -13.0% |
| Total equity and liabilities | 10/49 | €713,919 | €569,577 | -€144,342 | -20.2% |
| Equity | 10/15 | €333,146 | €332,227 | -€920 | -0.3% |
| Contributions | 10/11 | €465,674 | €465,674 | = | 0.0% |
| Capital | 10 | €465,674 | €465,674 | = | 0.0% |
| Issued capital | 100 | €465,674 | €465,674 | = | 0.0% |
| Reserves | 13 | €14,609 | €14,609 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,132 | €4,132 | = | 0.0% |
| Legal reserve | 130 | €4,132 | €4,132 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,477 | €10,477 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€147,137 | -€148,057 | -€920 | -0.6% |
| Amounts payable | 17/49 | €380,773 | €237,351 | -€143,422 | -37.7% |
| Amounts payable within one year | 42/48 | €233,891 | €191,939 | -€41,952 | -17.9% |
| Trade debts | 44 | €87,130 | €95,635 | +€8,505 | +9.8% |
| Suppliers | 440/4 | €87,130 | €95,635 | +€8,505 | +9.8% |
| Taxes, remuneration and social security | 45 | €113,255 | €62,601 | -€50,655 | -44.7% |
| Taxes | 450/3 | €41,146 | €12,231 | -€28,915 | -70.3% |
| Remuneration and social security | 454/9 | €72,110 | €50,370 | -€21,740 | -30.1% |
| Other amounts payable | 47/48 | €33,505 | €33,703 | +€197 | +0.6% |
| Accrued charges and deferred income | 492/3 | €146,882 | €45,412 | -€101,470 | -69.1% |
| Remuneration, social security and pensions | 62 | €332,116 | €355,532 | +€23,416 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,653 | €12,905 | -€9,748 | -43.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,264 | -€3,241 | -€11,505 | |
| Other operating charges | 640/8 | €1,065 | €942 | -€122 | -11.5% |
| Non-recurring operating charges | 66A | €46,836 | €29,183 | -€17,654 | -37.7% |
| Gross operating margin | 9900 | €380,941 | €395,694 | +€14,753 | +3.9% |
| Operating profit (loss) | 9901 | -€29,994 | €372 | +€30,366 | |
| Financial income | 75/76B | €108 | - | -€108 | |
| Recurring financial income | 75 | €108 | - | -€108 | |
| Financial charges | 65/66B | €2,328 | €893 | -€1,435 | -61.6% |
| Recurring financial charges | 65 | €2,328 | €893 | -€1,435 | -61.6% |
| Profit (loss) for the period before taxes | 9903 | -€32,213 | -€521 | +€31,692 | +98.4% |
| Income taxes | 67/77 | €346 | €399 | +€53 | +15.4% |
| Profit (loss) for the period | 9904 | -€32,559 | -€920 | +€31,639 | +97.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,559 | -€920 | +€31,639 | +97.2% |
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 31 October 2026 via checked.be.