SEPIMAC: 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.
SEPIMAC
Largest movements
- Tangible fixed assets -€72,448
down €72,448 (-37.1%), from €195,393 to €122,945
of which Plant, machinery and equipment: -€42,520
- Receivables within one year +€14,254
up €14,254 (+29.1%), from €49,033 to €63,286
- Cash +€6,634
up €6,634 (+34.7%), from €19,104 to €25,738
mainly Depreciation (+€72,448) and Smaller working-capital items (+€122)
- Trade debts -€19,208
down €19,208 (-17.8%), from €108,049 to €88,841
- Reserves -€8,854
down €8,854 (-41.3%), from €21,424 to €12,570
of which Tax-exempt reserves: -€8,854
- Debts after one year -€8,000
down €8,000 (-18.8%), from €42,667 to €34,667
- Investment grants -€6,890
no longer reported in 2025 (was €6,890)
- Tax, wage and social debts -€5,065
down €5,065 (-84.8%), from €5,972 to €907
- Gross operating margin -€9,140
down €9,140 (-14.0%), from €65,120 to €55,980
- Depreciation -€1,395
down €1,395 (-1.9%), from €73,843 to €72,448
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 | €265,866 | €214,325 | -€51,541 | -19.4% |
| Fixed assets | 21/28 | €195,393 | €122,945 | -€72,448 | -37.1% |
| Tangible fixed assets | 22/27 | €195,393 | €122,945 | -€72,448 | -37.1% |
| Plant, machinery and equipment | 23 | €133,817 | €91,296 | -€42,520 | -31.8% |
| Furniture and vehicles | 24 | €61,576 | €31,648 | -€29,928 | -48.6% |
| Current assets | 29/58 | €70,473 | €91,380 | +€20,908 | +29.7% |
| Stocks and contracts in progress | 3 | €1,304 | €1,269 | -€35 | -2.7% |
| Stocks | 30/36 | €1,304 | €1,269 | -€35 | -2.7% |
| Amounts receivable within one year | 40/41 | €49,033 | €63,286 | +€14,254 | +29.1% |
| Trade receivables | 40 | €49,033 | €63,286 | +€14,254 | +29.1% |
| Cash at bank and in hand | 54/58 | €19,104 | €25,738 | +€6,634 | +34.7% |
| Deferred charges and accrued income | 490/1 | €1,032 | €1,087 | +€55 | +5.4% |
| Total equity and liabilities | 10/49 | €265,866 | €214,325 | -€51,541 | -19.4% |
| Equity | 10/15 | €42,137 | €26,492 | -€15,645 | -37.1% |
| Contributions | 10/11 | €8,952 | €8,952 | = | 0.0% |
| Reserves | 13 | €21,424 | €12,570 | -€8,854 | -41.3% |
| Tax-exempt reserves | 132 | €18,744 | €9,890 | -€8,854 | -47.2% |
| Distributable reserves | 133 | €2,680 | €2,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,871 | €4,971 | +€100 | +2.0% |
| Investment grants | 15 | €6,890 | - | -€6,890 | |
| Provisions and deferred taxes | 16 | €7,551 | €3,810 | -€3,741 | -49.5% |
| Deferred taxes | 168 | €7,551 | €3,810 | -€3,741 | -49.5% |
| Amounts payable | 17/49 | €216,177 | €184,022 | -€32,155 | -14.9% |
| Amounts payable after more than one year | 17 | €42,667 | €34,667 | -€8,000 | -18.8% |
| Financial debts | 170/4 | €42,667 | €34,667 | -€8,000 | -18.8% |
| Amounts payable within one year | 42/48 | €173,511 | €149,356 | -€24,155 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | €8,000 | = | 0.0% |
| Financial debts | 43 | €24 | - | -€24 | |
| Credit institutions | 430/8 | €24 | - | -€24 | |
| Trade debts | 44 | €108,049 | €88,841 | -€19,208 | -17.8% |
| Suppliers | 440/4 | €108,049 | €88,841 | -€19,208 | -17.8% |
| Taxes, remuneration and social security | 45 | €5,972 | €907 | -€5,065 | -84.8% |
| Taxes | 450/3 | €5,972 | €907 | -€5,065 | -84.8% |
| Other amounts payable | 47/48 | €51,465 | €51,608 | +€142 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,843 | €72,448 | -€1,395 | -1.9% |
| Other operating charges | 640/8 | €769 | €863 | +€94 | +12.2% |
| Gross operating margin | 9900 | €65,120 | €55,980 | -€9,140 | -14.0% |
| Operating profit (loss) | 9901 | -€9,493 | -€17,332 | -€7,839 | -82.6% |
| Financial income | 75/76B | €6,891 | €6,890 | -€1 | 0.0% |
| Recurring financial income | 75 | €6,891 | €6,890 | -€1 | 0.0% |
| Financial charges | 65/66B | €2,293 | €2,054 | -€239 | -10.4% |
| Recurring financial charges | 65 | €2,293 | €2,054 | -€239 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,895 | -€12,496 | -€7,601 | -155.3% |
| Transfer from deferred taxes | 780 | €3,741 | €3,741 | = | 0.0% |
| Transfer to deferred taxes | 680 | €1,875 | - | -€1,875 | |
| Profit (loss) for the period | 9904 | -€3,029 | -€8,755 | -€5,726 | -189.0% |
| Transfer from tax-exempt reserves | 789 | €8,854 | €8,854 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €5,625 | - | -€5,625 | |
| Profit (loss) for the period to be appropriated | 9905 | €200 | €100 | -€101 | -50.3% |
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 3 October 2026 via checked.be.