SEPO: what changed
Two financial 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.
SEPO
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+160%), from €722,897 to €1.9m
of which Land and buildings: +€1.2m
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Cash -€153,519
down €153,519 (-63.8%), from €240,455 to €86,936
mainly Investment in fixed assets (net) (-€1.2m) and Other debts (-€124,207)
- Debts after one year +€539,000
new in 2025: €539,000
- Other debts -€124,207
down €124,207 (-46.4%), from €267,970 to €143,763
- Reserves +€123,634
up €123,634 (+14.9%), from €829,775 to €953,409
of which Distributable reserves: +€128,863
- Provisions +€98,259
up €98,259 (+5,644%), from €1,741 to €100,000
of which Provisions for liabilities and charges: +€100,000
- Current portion of long-term debt +€61,600
new in 2025: €61,600
- Provisions +€100,000
new in 2025: €100,000
- Other operating charges +€94,966
up €94,966 (+302%), from €31,465 to €126,431
- Gross operating margin +€62,853
up €62,853 (+16.4%), from €382,571 to €445,424
- Taxes -€62,138
down €62,138 (-51.1%), from €121,718 to €59,580
- Depreciation +€17,933
up €17,933 (+72.5%), from €24,749 to €42,681
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.
Derived cash bridge
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 | €1,301,412 | €2,003,374 | +€701,961 | +53.9% |
| Fixed assets | 21/28 | €722,897 | €1,881,117 | +€1.2m | +160% |
| Tangible fixed assets | 22/27 | €722,897 | €1,881,117 | +€1.2m | +160% |
| Land and buildings | 22 | €679,397 | €1,881,117 | +€1.2m | +177% |
| Assets under construction and advance payments | 27 | €43,500 | - | -€43,500 | |
| Current assets | 29/58 | €578,515 | €122,257 | -€456,259 | -78.9% |
| Amounts receivable within one year | 40/41 | €38,061 | €27,299 | -€10,762 | -28.3% |
| Trade receivables | 40 | €10,048 | - | -€10,048 | |
| Other amounts receivable | 41 | €28,012 | €27,299 | -€713 | -2.5% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €240,455 | €86,936 | -€153,519 | -63.8% |
| Deferred charges and accrued income | 490/1 | - | €8,021 | +€8,021 | |
| Total equity and liabilities | 10/49 | €1,301,412 | €2,003,374 | +€701,961 | +53.9% |
| Equity | 10/15 | €993,723 | €1,117,357 | +€123,634 | +12.4% |
| Contributions | 10/11 | €163,948 | €163,948 | = | 0.0% |
| Reserves | 13 | €829,775 | €953,409 | +€123,634 | +14.9% |
| Tax-exempt reserves | 132 | €5,229 | - | -€5,229 | |
| Distributable reserves | 133 | €824,546 | €953,409 | +€128,863 | +15.6% |
| Provisions and deferred taxes | 16 | €1,741 | €100,000 | +€98,259 | +5,644% |
| Provisions for liabilities and charges | 160/5 | - | €100,000 | +€100,000 | |
| Major repairs and maintenance | 162 | - | €100,000 | +€100,000 | |
| Deferred taxes | 168 | €1,741 | - | -€1,741 | |
| Amounts payable | 17/49 | €305,948 | €786,017 | +€480,068 | +157% |
| Amounts payable after more than one year | 17 | - | €539,000 | +€539,000 | |
| Financial debts | 170/4 | - | €539,000 | +€539,000 | |
| Amounts payable within one year | 42/48 | €302,048 | €225,516 | -€76,532 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | - | €61,600 | +€61,600 | |
| Trade debts | 44 | €6,206 | €1,928 | -€4,278 | -68.9% |
| Suppliers | 440/4 | €6,206 | €1,928 | -€4,278 | -68.9% |
| Taxes, remuneration and social security | 45 | €27,872 | €18,225 | -€9,647 | -34.6% |
| Taxes | 450/3 | €27,872 | €18,225 | -€9,647 | -34.6% |
| Other amounts payable | 47/48 | €267,970 | €143,763 | -€124,207 | -46.4% |
| Accrued charges and deferred income | 492/3 | €3,900 | €21,500 | +€17,600 | +451% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,749 | €42,681 | +€17,933 | +72.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €100,000 | +€100,000 | |
| Other operating charges | 640/8 | €31,465 | €126,431 | +€94,966 | +302% |
| Gross operating margin | 9900 | €382,571 | €445,424 | +€62,853 | +16.4% |
| Operating profit (loss) | 9901 | €326,357 | €176,311 | -€150,046 | -46.0% |
| Financial income | 75/76B | €8,905 | €6,369 | -€2,536 | -28.5% |
| Recurring financial income | 75 | €8,905 | €6,369 | -€2,536 | -28.5% |
| Financial charges | 65/66B | €97 | €1,207 | +€1,109 | +1,140% |
| Recurring financial charges | 65 | €97 | €1,207 | +€1,109 | +1,140% |
| Profit (loss) for the period before taxes | 9903 | €335,165 | €181,473 | -€153,691 | -45.9% |
| Transfer from deferred taxes | 780 | €1,798 | €1,741 | -€57 | -3.2% |
| Income taxes | 67/77 | €121,718 | €59,580 | -€62,138 | -51.1% |
| Profit (loss) for the period | 9904 | €215,245 | €123,634 | -€91,611 | -42.6% |
| Transfer from tax-exempt reserves | 789 | €5,401 | €5,229 | -€172 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €220,646 | €128,863 | -€91,782 | -41.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.