SEPMIEN: 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.
SEPMIEN
Largest movements
- Receivables within one year +€71,709
up €71,709 (+407.3%), from €17,607 to €89,316
- Tangible fixed assets -€22,595
down €22,595 (-3.9%), from €574,335 to €551,740
of which Land and buildings: -€21,908
- Cash +€20,819
up €20,819 (+1437.2%), from €1,449 to €22,268
mainly Net result for the year (+€62,398) and Depreciation (+€22,595)
- Reserves +€62,398
up €62,398 (+25.2%), from €247,339 to €309,737
of which Distributable reserves: +€66,405
- Debts after one year -€13,065
down €13,065 (-6.6%), from €199,156 to €186,091
- Current portion of long-term debt +€11,070
up €11,070 (+20.1%), from €55,092 to €66,162
- Tax, wage and social debts +€10,463
up €10,463 (+133.5%), from €7,839 to €18,302
of which Taxes: +€10,463
- Trade debts +€10,345
up €10,345 (+134.8%), from €7,677 to €18,023
- Gross operating margin +€69,763
up €69,763 (+115.3%), from €60,493 to €130,256
- Taxes +€18,774
up €18,774 (+276.1%), from €6,800 to €25,574
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 | €594,999 | €667,630 | +€72,631 | +12.2% |
| Fixed assets | 21/28 | €574,335 | €551,740 | -€22,595 | -3.9% |
| Tangible fixed assets | 22/27 | €574,335 | €551,740 | -€22,595 | -3.9% |
| Land and buildings | 22 | €568,743 | €546,835 | -€21,908 | -3.9% |
| Plant, machinery and equipment | 23 | €5,591 | €4,905 | -€687 | -12.3% |
| Current assets | 29/58 | €20,665 | €115,891 | +€95,226 | +460.8% |
| Amounts receivable within one year | 40/41 | €17,607 | €89,316 | +€71,709 | +407.3% |
| Other amounts receivable | 41 | €17,607 | €89,316 | +€71,709 | +407.3% |
| Cash at bank and in hand | 54/58 | €1,449 | €22,268 | +€20,819 | +1437.2% |
| Deferred charges and accrued income | 490/1 | €1,609 | €4,306 | +€2,697 | +167.6% |
| Total equity and liabilities | 10/49 | €594,999 | €667,630 | +€72,631 | +12.2% |
| Equity | 10/15 | €265,939 | €328,337 | +€62,398 | +23.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €247,339 | €309,737 | +€62,398 | +25.2% |
| Tax-exempt reserves | 132 | €124,872 | €120,864 | -€4,007 | -3.2% |
| Distributable reserves | 133 | €122,467 | €188,872 | +€66,405 | +54.2% |
| Provisions and deferred taxes | 16 | €31,218 | €30,216 | -€1,002 | -3.2% |
| Deferred taxes | 168 | €31,218 | €30,216 | -€1,002 | -3.2% |
| Amounts payable | 17/49 | €297,842 | €309,077 | +€11,235 | +3.8% |
| Amounts payable after more than one year | 17 | €199,156 | €186,091 | -€13,065 | -6.6% |
| Financial debts | 170/4 | €199,156 | €186,091 | -€13,065 | -6.6% |
| Amounts payable within one year | 42/48 | €95,524 | €120,578 | +€25,054 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €55,092 | €66,162 | +€11,070 | +20.1% |
| Trade debts | 44 | €7,677 | €18,023 | +€10,345 | +134.8% |
| Suppliers | 440/4 | €7,677 | €18,023 | +€10,345 | +134.8% |
| Taxes, remuneration and social security | 45 | €7,839 | €18,302 | +€10,463 | +133.5% |
| Taxes | 450/3 | €7,839 | €18,302 | +€10,463 | +133.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €24,916 | €18,092 | -€6,824 | -27.4% |
| Accrued charges and deferred income | 492/3 | €3,162 | €2,408 | -€754 | -23.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,595 | €22,595 | = | 0.0% |
| Other operating charges | 640/8 | €5,458 | €6,537 | +€1,080 | +19.8% |
| Gross operating margin | 9900 | €60,493 | €130,256 | +€69,763 | +115.3% |
| Operating profit (loss) | 9901 | €32,441 | €101,124 | +€68,683 | +211.7% |
| Financial income | 75/76B | €451 | €653 | +€202 | +44.8% |
| Recurring financial income | 75 | €451 | €653 | +€202 | +44.8% |
| Financial charges | 65/66B | €13,940 | €14,807 | +€867 | +6.2% |
| Recurring financial charges | 65 | €13,940 | €14,807 | +€867 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €18,952 | €86,970 | +€68,018 | +358.9% |
| Transfer from deferred taxes | 780 | €1,002 | €1,002 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €6,800 | €25,574 | +€18,774 | +276.1% |
| Profit (loss) for the period | 9904 | €13,154 | €62,398 | +€49,244 | +374.4% |
| Transfer from tax-exempt reserves | 789 | €4,007 | €4,007 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €17,161 | €66,405 | +€49,244 | +287.0% |
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 8 October 2026 via checked.be.