SEPKO+: 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.
SEPKO+
Largest movements
- Stocks and contracts +€620,715
up €620,715, from €0 to €620,715
- Cash +€53,792
up €53,792 (+70.0%), from €76,848 to €130,640
mainly Debts after one year (+€630,517) and Depreciation (+€67,826)
- Current investments +€48,010
up €48,010 (+11.7%), from €408,946 to €456,957
- Tangible fixed assets -€44,360
down €44,360 (-2.3%), from €2.0m to €1.9m
of which Land and buildings: -€45,163
- Debts after one year +€630,517
up €630,517 (+109.9%), from €573,746 to €1.2m
- Current portion of long-term debt +€47,271
up €47,271 (+110.0%), from €42,985 to €90,256
- Reserves +€37,112
up €37,112 (+3.9%), from €962,731 to €999,843
of which Distributable reserves: +€37,112
- Trade debts -€32,508
down €32,508 (-56.6%), from €57,478 to €24,970
- Provisions +€31,579
new in 2025: €31,579
- Gross operating margin +€34,840
up €34,840 (+22.1%), from €157,902 to €192,742
- Provisions +€31,579
new in 2025: €31,579
- Financial income +€30,704
up €30,704 (+279.8%), from €10,975 to €41,679
- Financial charges -€28,006
down €28,006 (-26.3%), from €106,391 to €78,385
- Taxes +€3,644
up €3,644 (+1423.3%), from €256 to €3,900
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 | €2,461,749 | €3,136,678 | +€674,929 | +27.4% |
| Fixed assets | 21/28 | €1,950,077 | €1,905,717 | -€44,360 | -2.3% |
| Tangible fixed assets | 22/27 | €1,950,077 | €1,905,717 | -€44,360 | -2.3% |
| Land and buildings | 22 | €1,416,774 | €1,371,611 | -€45,163 | -3.2% |
| Plant, machinery and equipment | 23 | €6,268 | €9,132 | +€2,865 | +45.7% |
| Furniture and vehicles | 24 | €39,098 | €31,428 | -€7,670 | -19.6% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €487,938 | €493,546 | +€5,608 | +1.1% |
| Current assets | 29/58 | €511,672 | €1,230,961 | +€719,289 | +140.6% |
| Stocks and contracts in progress | 3 | €0 | €620,715 | +€620,715 | |
| Stocks | 30/36 | €0 | €620,715 | +€620,715 | |
| Amounts receivable within one year | 40/41 | €17,835 | €15,886 | -€1,949 | -10.9% |
| Trade receivables | 40 | €4,921 | €10,624 | +€5,703 | +115.9% |
| Other amounts receivable | 41 | €12,914 | €5,262 | -€7,652 | -59.3% |
| Current investments | 50/53 | €408,946 | €456,957 | +€48,010 | +11.7% |
| Cash at bank and in hand | 54/58 | €76,848 | €130,640 | +€53,792 | +70.0% |
| Deferred charges and accrued income | 490/1 | €8,043 | €6,764 | -€1,279 | -15.9% |
| Total equity and liabilities | 10/49 | €2,461,749 | €3,136,678 | +€674,929 | +27.4% |
| Equity | 10/15 | €985,480 | €1,018,066 | +€32,585 | +3.3% |
| Contributions | 10/11 | €18,223 | €18,223 | = | 0.0% |
| Reserves | 13 | €962,731 | €999,843 | +€37,112 | +3.9% |
| Tax-exempt reserves | 132 | €664 | €664 | = | 0.0% |
| Distributable reserves | 133 | €962,067 | €999,179 | +€37,112 | +3.9% |
| Investment grants | 15 | €4,527 | €0 | -€4,527 | -100.0% |
| Provisions and deferred taxes | 16 | - | €31,579 | +€31,579 | |
| Provisions for liabilities and charges | 160/5 | - | €31,579 | +€31,579 | |
| Other liabilities and charges | 164/5 | - | €31,579 | +€31,579 | |
| Amounts payable | 17/49 | €1,476,269 | €2,087,034 | +€610,765 | +41.4% |
| Amounts payable after more than one year | 17 | €573,746 | €1,204,262 | +€630,517 | +109.9% |
| Financial debts | 170/4 | €573,746 | €1,204,262 | +€630,517 | +109.9% |
| Amounts payable within one year | 42/48 | €843,011 | €829,978 | -€13,033 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €42,985 | €90,256 | +€47,271 | +110.0% |
| Financial debts | 43 | €0 | €4,288 | +€4,288 | |
| Credit institutions | 430/8 | €0 | €4,288 | +€4,288 | |
| Trade debts | 44 | €57,478 | €24,970 | -€32,508 | -56.6% |
| Suppliers | 440/4 | €57,478 | €24,970 | -€32,508 | -56.6% |
| Advances received on contracts in progress | 46 | €250 | €0 | -€250 | -100.0% |
| Taxes, remuneration and social security | 45 | €3,226 | €1,693 | -€1,533 | -47.5% |
| Taxes | 450/3 | €276 | €0 | -€276 | -100.0% |
| Remuneration and social security | 454/9 | €2,950 | €1,693 | -€1,257 | -42.6% |
| Other amounts payable | 47/48 | €739,072 | €708,771 | -€30,301 | -4.1% |
| Accrued charges and deferred income | 492/3 | €59,513 | €52,794 | -€6,719 | -11.3% |
| Non-recurring operating income | 76A | - | €958 | +€958 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,530 | €67,826 | +€296 | +0.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €31,579 | +€31,579 | |
| Other operating charges | 640/8 | €14,771 | €15,619 | +€849 | +5.7% |
| Gross operating margin | 9900 | €157,902 | €192,742 | +€34,840 | +22.1% |
| Operating profit (loss) | 9901 | €75,602 | €77,719 | +€2,117 | +2.8% |
| Financial income | 75/76B | €10,975 | €41,679 | +€30,704 | +279.8% |
| Recurring financial income | 75 | €10,975 | €41,679 | +€30,704 | +279.8% |
| Financial charges | 65/66B | €106,391 | €78,385 | -€28,006 | -26.3% |
| Recurring financial charges | 65 | €106,391 | €78,385 | -€28,006 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | -€19,814 | €41,012 | +€60,826 | |
| Income taxes | 67/77 | €256 | €3,900 | +€3,644 | +1423.3% |
| Profit (loss) for the period | 9904 | -€20,070 | €37,112 | +€57,182 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,070 | €37,112 | +€57,182 |
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 7 October 2026 via checked.be.