SEPLA: 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.
SEPLA
Largest movements
- Cash +€45,052
up €45,052 (+42.6%), from €105,845 to €150,897
mainly Net result for the year (+€39,146) and Receivables within one year (+€9,780)
- Tangible fixed assets +€9,877
up €9,877 (+60.1%), from €16,435 to €26,312
of which Plant, machinery and equipment: +€12,002
- Receivables within one year -€9,780
down €9,780 (-38.3%), from €25,518 to €15,739
of which Trade receivables: -€6,395
- Reserves +€39,146
up €39,146 (+31.6%), from €123,733 to €162,880
- Other debts +€4,644
up €4,644 (+182.2%), from €2,549 to €7,193
- Depreciation +€3,294
up €3,294 (+66.3%), from €4,967 to €8,261
- Taxes +€2,434
up €2,434 (+21.8%), from €11,187 to €13,622
- Gross operating margin +€2,025
up €2,025 (+3.1%), from €65,568 to €67,593
- Other operating charges +€1,016
up €1,016 (+58.0%), from €1,752 to €2,768
- Financial charges -€717
down €717 (-15.3%), from €4,699 to €3,982
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 | €160,806 | €205,989 | +€45,183 | +28.1% |
| Fixed assets | 21/28 | €16,435 | €26,312 | +€9,877 | +60.1% |
| Tangible fixed assets | 22/27 | €16,435 | €26,312 | +€9,877 | +60.1% |
| Plant, machinery and equipment | 23 | €9,470 | €21,471 | +€12,002 | +126.7% |
| Furniture and vehicles | 24 | €6,966 | €4,841 | -€2,125 | -30.5% |
| Current assets | 29/58 | €144,371 | €179,677 | +€35,306 | +24.5% |
| Stocks and contracts in progress | 3 | €7,000 | €7,000 | = | 0.0% |
| Stocks | 30/36 | €7,000 | €7,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,518 | €15,739 | -€9,780 | -38.3% |
| Trade receivables | 40 | €12,945 | €6,551 | -€6,395 | -49.4% |
| Other amounts receivable | 41 | €12,573 | €9,188 | -€3,385 | -26.9% |
| Cash at bank and in hand | 54/58 | €105,845 | €150,897 | +€45,052 | +42.6% |
| Deferred charges and accrued income | 490/1 | €6,008 | €6,041 | +€33 | +0.6% |
| Total equity and liabilities | 10/49 | €160,806 | €205,989 | +€45,183 | +28.1% |
| Equity | 10/15 | €133,733 | €172,880 | +€39,146 | +29.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €123,733 | €162,880 | +€39,146 | +31.6% |
| Distributable reserves | 133 | €123,733 | €162,880 | +€39,146 | +31.6% |
| Amounts payable | 17/49 | €27,073 | €33,110 | +€6,036 | +22.3% |
| Amounts payable within one year | 42/48 | €27,073 | €33,110 | +€6,036 | +22.3% |
| Trade debts | 44 | €19,389 | €20,867 | +€1,478 | +7.6% |
| Suppliers | 440/4 | €19,389 | €20,867 | +€1,478 | +7.6% |
| Taxes, remuneration and social security | 45 | €5,135 | €5,050 | -€85 | -1.7% |
| Taxes | 450/3 | €5,135 | €5,050 | -€85 | -1.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,549 | €7,193 | +€4,644 | +182.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,967 | €8,261 | +€3,294 | +66.3% |
| Other operating charges | 640/8 | €1,752 | €2,768 | +€1,016 | +58.0% |
| Gross operating margin | 9900 | €65,568 | €67,593 | +€2,025 | +3.1% |
| Operating profit (loss) | 9901 | €58,849 | €56,565 | -€2,285 | -3.9% |
| Financial income | 75/76B | - | €186 | +€186 | |
| Recurring financial income | 75 | - | €186 | +€186 | |
| Financial charges | 65/66B | €4,699 | €3,982 | -€717 | -15.3% |
| Recurring financial charges | 65 | €4,699 | €3,982 | -€717 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €54,151 | €52,768 | -€1,383 | -2.6% |
| Income taxes | 67/77 | €11,187 | €13,622 | +€2,434 | +21.8% |
| Profit (loss) for the period | 9904 | €42,963 | €39,146 | -€3,817 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,963 | €39,146 | -€3,817 | -8.9% |
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 1 October 2026 via checked.be.