SEPIA SOLUTIONS: 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 SOLUTIONS
Largest movements
- Deferred charges and accrued income -€38,106
down €38,106 (-54.0%), from €70,584 to €32,478
- Cash -€25,645
down €25,645 (-25.0%), from €102,445 to €76,800
mainly Accrued charges and deferred income (-€62,456) and Contributions, distributions and other (-€50,000)
- Accrued charges and deferred income -€62,456
down €62,456 (-55.6%), from €112,421 to €49,966
- Trade debts -€18,201
down €18,201 (-77.3%), from €23,555 to €5,354
- Reserves +€17,647
up €17,647 (+2.3%), from €770,294 to €787,941
of which Distributable reserves: +€19,507
- Gross operating margin -€2,295
down €2,295 (-2.4%), from €96,846 to €94,551
- Financial income +€1,768
up €1,768 (+5,559%), from €32 to €1,800
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 | €927,360 | €865,091 | -€62,269 | -6.7% |
| Fixed assets | 21/28 | €7,784 | €7,133 | -€650 | -8.4% |
| Tangible fixed assets | 22/27 | €3,214 | €2,563 | -€650 | -20.2% |
| Furniture and vehicles | 24 | €3,214 | €2,563 | -€650 | -20.2% |
| Financial fixed assets | 28 | €4,570 | €4,570 | = | 0.0% |
| Current assets | 29/58 | €919,576 | €857,958 | -€61,618 | -6.7% |
| Amounts receivable within one year | 40/41 | €33,302 | €34,187 | +€885 | +2.7% |
| Trade receivables | 40 | €31,401 | €26,454 | -€4,947 | -15.8% |
| Other amounts receivable | 41 | €1,901 | €7,733 | +€5,831 | +307% |
| Current investments | 50/53 | €713,245 | €714,493 | +€1,248 | +0.2% |
| Cash at bank and in hand | 54/58 | €102,445 | €76,800 | -€25,645 | -25.0% |
| Deferred charges and accrued income | 490/1 | €70,584 | €32,478 | -€38,106 | -54.0% |
| Total equity and liabilities | 10/49 | €927,360 | €865,091 | -€62,269 | -6.7% |
| Equity | 10/15 | €789,881 | €807,529 | +€17,647 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €770,294 | €787,941 | +€17,647 | +2.3% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €768,434 | €787,941 | +€19,507 | +2.5% |
| Profit (loss) carried forward | 14 | €988 | €988 | = | 0.0% |
| Amounts payable | 17/49 | €137,478 | €57,562 | -€79,916 | -58.1% |
| Amounts payable within one year | 42/48 | €25,057 | €7,597 | -€17,460 | -69.7% |
| Financial debts | 43 | €1,486 | €1,324 | -€162 | -10.9% |
| Credit institutions | 430/8 | €1,486 | €1,324 | -€162 | -10.9% |
| Trade debts | 44 | €23,555 | €5,354 | -€18,201 | -77.3% |
| Suppliers | 440/4 | €23,555 | €5,354 | -€18,201 | -77.3% |
| Taxes, remuneration and social security | 45 | - | €680 | +€680 | |
| Taxes | 450/3 | - | €680 | +€680 | |
| Other amounts payable | 47/48 | €16 | €238 | +€222 | +1,359% |
| Accrued charges and deferred income | 492/3 | €112,421 | €49,966 | -€62,456 | -55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37 | €650 | +€613 | +1,638% |
| Other operating charges | 640/8 | €1,597 | €1,702 | +€105 | +6.6% |
| Gross operating margin | 9900 | €96,846 | €94,551 | -€2,295 | -2.4% |
| Operating profit (loss) | 9901 | €95,212 | €92,199 | -€3,013 | -3.2% |
| Financial income | 75/76B | €32 | €1,800 | +€1,768 | +5,559% |
| Recurring financial income | 75 | €32 | €1,800 | +€1,768 | +5,559% |
| Financial charges | 65/66B | €54 | €131 | +€77 | +143% |
| Recurring financial charges | 65 | €54 | €131 | +€77 | +143% |
| Profit (loss) for the period before taxes | 9903 | €95,190 | €93,868 | -€1,322 | -1.4% |
| Income taxes | 67/77 | €26,498 | €26,221 | -€277 | -1.0% |
| Profit (loss) for the period | 9904 | €68,692 | €67,647 | -€1,045 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €68,692 | €67,647 | -€1,045 | -1.5% |
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 27 October 2026 via checked.be.