SEPIOLA: 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.
SEPIOLA
Largest movements
- Current investments -€295,000
down €295,000 (-98.3%), from €300,000 to €5,000
- Tangible fixed assets -€23,131
down €23,131 (-37.1%), from €62,385 to €39,254
of which Furniture and vehicles: -€18,619
- Cash +€14,637
up €14,637 (+3.9%), from €379,291 to €393,928
mainly Current investments (+€295,000) and Net result for the year (+€54,705)
- Receivables within one year -€8,723
down €8,723 (-17.1%), from €50,891 to €42,168
of which Trade receivables: -€5,515
- Reserves -€194,069
down €194,069 (-41.4%), from €468,333 to €274,264
- Trade debts -€118,071
down €118,071 (-96.5%), from €122,305 to €4,234
- Gross operating margin -€21,032
down €21,032 (-18.0%), from €116,595 to €95,563
- Taxes -€14,930
down €14,930 (-40.3%), from €37,041 to €22,112
- Depreciation -€3,360
down €3,360 (-12.7%), from €26,492 to €23,131
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 | €802,518 | €490,300 | -€312,217 | -38.9% |
| Fixed assets | 21/28 | €72,335 | €49,204 | -€23,131 | -32.0% |
| Tangible fixed assets | 22/27 | €62,385 | €39,254 | -€23,131 | -37.1% |
| Land and buildings | 22 | €9,810 | €6,540 | -€3,270 | -33.3% |
| Plant, machinery and equipment | 23 | €2,690 | €1,860 | -€830 | -30.9% |
| Furniture and vehicles | 24 | €48,114 | €29,496 | -€18,619 | -38.7% |
| Other tangible fixed assets | 26 | €1,771 | €1,358 | -€413 | -23.3% |
| Financial fixed assets | 28 | €9,950 | €9,950 | = | 0.0% |
| Current assets | 29/58 | €730,183 | €441,096 | -€289,086 | -39.6% |
| Amounts receivable within one year | 40/41 | €50,891 | €42,168 | -€8,723 | -17.1% |
| Trade receivables | 40 | €32,683 | €27,168 | -€5,515 | -16.9% |
| Other amounts receivable | 41 | €18,209 | €15,000 | -€3,209 | -17.6% |
| Current investments | 50/53 | €300,000 | €5,000 | -€295,000 | -98.3% |
| Cash at bank and in hand | 54/58 | €379,291 | €393,928 | +€14,637 | +3.9% |
| Total equity and liabilities | 10/49 | €802,518 | €490,300 | -€312,217 | -38.9% |
| Equity | 10/15 | €658,524 | €464,455 | -€194,069 | -29.5% |
| Contributions | 10/11 | €190,191 | €190,191 | = | 0.0% |
| Reserves | 13 | €468,333 | €274,264 | -€194,069 | -41.4% |
| Distributable reserves | 133 | €468,333 | €274,264 | -€194,069 | -41.4% |
| Amounts payable | 17/49 | €143,994 | €25,846 | -€118,148 | -82.1% |
| Amounts payable after more than one year | 17 | €5,461 | €5,461 | = | 0.0% |
| Other amounts payable | 178/9 | €5,461 | €5,461 | = | 0.0% |
| Amounts payable within one year | 42/48 | €138,532 | €20,384 | -€118,148 | -85.3% |
| Trade debts | 44 | €122,305 | €4,234 | -€118,071 | -96.5% |
| Suppliers | 440/4 | €122,305 | €4,234 | -€118,071 | -96.5% |
| Taxes, remuneration and social security | 45 | €4,792 | €8,248 | +€3,456 | +72.1% |
| Taxes | 450/3 | €4,792 | €8,248 | +€3,456 | +72.1% |
| Other amounts payable | 47/48 | €11,436 | €7,903 | -€3,532 | -30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,492 | €23,131 | -€3,360 | -12.7% |
| Other operating charges | 640/8 | €5,673 | €5,202 | -€471 | -8.3% |
| Non-recurring operating charges | 66A | €163,502 | - | -€163,502 | |
| Gross operating margin | 9900 | €116,595 | €95,563 | -€21,032 | -18.0% |
| Operating profit (loss) | 9901 | -€79,072 | €67,230 | +€146,302 | |
| Financial income | 75/76B | €10,833 | €9,694 | -€1,139 | -10.5% |
| Recurring financial income | 75 | €10,833 | €9,694 | -€1,139 | -10.5% |
| Financial charges | 65/66B | €79 | €108 | +€30 | +38.0% |
| Recurring financial charges | 65 | €79 | €108 | +€30 | +38.0% |
| Profit (loss) for the period before taxes | 9903 | -€68,317 | €76,816 | +€145,133 | |
| Income taxes | 67/77 | €37,041 | €22,112 | -€14,930 | -40.3% |
| Profit (loss) for the period | 9904 | -€105,358 | €54,705 | +€160,063 | |
| Profit (loss) for the period to be appropriated | 9905 | -€105,358 | €54,705 | +€160,063 |
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 6 October 2026 via checked.be.