SEPPE SELS: 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.
SEPPE SELS
Largest movements
- Cash +€82,672
up €82,672 (+66.1%), from €125,036 to €207,708
mainly Other debts (+€713,721) and Net result for the year (+€250,908)
- Current investments -€69,070
down €69,070 (-26.8%), from €258,193 to €189,123
- Receivables within one year +€56,818
up €56,818 (+33.1%), from €171,742 to €228,560
of which Other amounts receivable: +€42,700
- Tangible fixed assets -€25,296
down €25,296 (-4.7%), from €538,550 to €513,254
of which Land and buildings: -€15,343
- Other debts +€713,721
up €713,721 (+1,146%), from €62,272 to €775,994
- Reserves -€702,842
down €702,842 (-96.0%), from €731,836 to €28,994
- Tax, wage and social debts +€47,288
up €47,288 (+127%), from €37,139 to €84,426
of which Taxes: +€46,836
- Debts after one year -€19,021
down €19,021 (-7.8%), from €244,427 to €225,406
- Trade debts +€12,038
up €12,038 (+542%), from €2,221 to €14,259
- Gross operating margin +€153,233
up €153,233 (+53.8%), from €284,737 to €437,970
- Taxes +€39,970
up €39,970 (+91.7%), from €43,599 to €83,569
- Financial charges -€6,756
down €6,756 (-45.2%), from €14,943 to €8,188
- Staff costs +€4,396
up €4,396 (+9.3%), from €47,394 to €51,790
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 | €1,138,049 | €1,184,764 | +€46,715 | +4.1% |
| Fixed assets | 21/28 | €538,550 | €513,254 | -€25,296 | -4.7% |
| Tangible fixed assets | 22/27 | €538,550 | €513,254 | -€25,296 | -4.7% |
| Land and buildings | 22 | €169,407 | €154,063 | -€15,343 | -9.1% |
| Plant, machinery and equipment | 23 | €1,450 | €7,823 | +€6,373 | +440% |
| Furniture and vehicles | 24 | €10,541 | €7,346 | -€3,194 | -30.3% |
| Other tangible fixed assets | 26 | €357,153 | €344,022 | -€13,131 | -3.7% |
| Current assets | 29/58 | €599,499 | €671,509 | +€72,010 | +12.0% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €171,742 | €228,560 | +€56,818 | +33.1% |
| Trade receivables | 40 | €164,427 | €178,545 | +€14,118 | +8.6% |
| Other amounts receivable | 41 | €7,315 | €50,015 | +€42,700 | +584% |
| Current investments | 50/53 | €258,193 | €189,123 | -€69,070 | -26.8% |
| Cash at bank and in hand | 54/58 | €125,036 | €207,708 | +€82,672 | +66.1% |
| Deferred charges and accrued income | 490/1 | €4,528 | €6,117 | +€1,589 | +35.1% |
| Total equity and liabilities | 10/49 | €1,138,049 | €1,184,764 | +€46,715 | +4.1% |
| Equity | 10/15 | €750,836 | €47,994 | -€702,842 | -93.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €731,836 | €28,994 | -€702,842 | -96.0% |
| Distributable reserves | 133 | €731,836 | €28,994 | -€702,842 | -96.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €387,213 | €1,136,769 | +€749,557 | +194% |
| Amounts payable after more than one year | 17 | €244,427 | €225,406 | -€19,021 | -7.8% |
| Financial debts | 170/4 | €244,427 | €225,406 | -€19,021 | -7.8% |
| Amounts payable within one year | 42/48 | €124,333 | €899,063 | +€774,730 | +623% |
| Current portion of amounts payable after more than one year | 42 | €18,695 | €19,021 | +€326 | +1.7% |
| Financial debts | 43 | €4,006 | €5,363 | +€1,357 | +33.9% |
| Credit institutions | 430/8 | €4,006 | €5,363 | +€1,357 | +33.9% |
| Trade debts | 44 | €2,221 | €14,259 | +€12,038 | +542% |
| Suppliers | 440/4 | €2,221 | €14,259 | +€12,038 | +542% |
| Taxes, remuneration and social security | 45 | €37,139 | €84,426 | +€47,288 | +127% |
| Taxes | 450/3 | €29,122 | €75,959 | +€46,836 | +161% |
| Remuneration and social security | 454/9 | €8,016 | €8,468 | +€451 | +5.6% |
| Other amounts payable | 47/48 | €62,272 | €775,994 | +€713,721 | +1,146% |
| Accrued charges and deferred income | 492/3 | €18,452 | €12,300 | -€6,152 | -33.3% |
| Remuneration, social security and pensions | 62 | €47,394 | €51,790 | +€4,396 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,161 | €31,599 | -€3,562 | -10.1% |
| Other operating charges | 640/8 | €16,007 | €18,176 | +€2,169 | +13.5% |
| Gross operating margin | 9900 | €284,737 | €437,970 | +€153,233 | +53.8% |
| Operating profit (loss) | 9901 | €186,174 | €336,405 | +€150,231 | +80.7% |
| Financial income | 75/76B | €5,669 | €6,260 | +€591 | +10.4% |
| Recurring financial income | 75 | €3,866 | €5,455 | +€1,589 | +41.1% |
| Non-recurring financial income | 76B | €1,803 | €805 | -€998 | -55.4% |
| Financial charges | 65/66B | €14,943 | €8,188 | -€6,756 | -45.2% |
| Recurring financial charges | 65 | €14,943 | €8,188 | -€6,756 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €176,900 | €334,477 | +€157,577 | +89.1% |
| Income taxes | 67/77 | €43,599 | €83,569 | +€39,970 | +91.7% |
| Profit (loss) for the period | 9904 | €133,301 | €250,908 | +€117,607 | +88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €133,301 | €250,908 | +€117,607 | +88.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.