SEPPI: 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.
What changed
SEPPI
NACE 43.211, General electrical installation work
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€577,297
2024 · €475,010+€102,287
Equity
€1.4m
2024 · €824,319+€577,297
Cash
€1.3m
2024 · €935,178+€400,365
Balance sheet total
€4.6m
2024 · €4.1m+€537,401
Largest movements
Assets
- Cash +€400,365
up €400,365 (+42.8%), from €935,178 to €1.3m
mainly Net result for the year (+€577,297) and Trade debts (+€295,952)
- Receivables within one year +€123,923
up €123,923 (+5.4%), from €2.3m to €2.4m
of which Trade receivables: +€140,167
Equity and liabilities
- Reserves +€580,000
up €580,000 (+111.5%), from €520,000 to €1.1m
of which Distributable reserves: +€580,000
- Trade debts +€295,952
up €295,952 (+18.5%), from €1.6m to €1.9m
- Other debts -€215,488
down €215,488 (-48.0%), from €448,532 to €233,045
- Short-term financial debts -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Advances received -€86,341
down €86,341 (-36.7%), from €235,275 to €148,934
Income statement
- Goods and materials -€856,828
down €856,828 (-12.8%), from €6.7m to €5.9m
of which Purchases: -€852,933
- Staff costs +€310,448
up €310,448 (+8.6%), from €3.6m to €3.9m
- Services and other goods +€141,457
up €141,457 (+12.1%), from €1.2m to €1.3m
- Turnover +€116,911
up €116,911 (+1.0%), from €11.5m to €11.6m
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.
Result 2024
€475,010
Turnover
+€116,911
Other operating income
+€8,371
Goods and materials
+€856,828
Services and other goods
-€141,457
Staff costs
-€310,448
Depreciation
+€6,746
Write-downs
+€11,234
Other operating charges
-€1,603
Other operating items
-€407,740
Financial income
+€3,286
Financial charges
-€9,890
Taxes
-€29,950
Result 2025
€577,297
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.
From operations
+€595,193
Investment
-€104,704
Financing
-€90,124
Cash 2024
€935,178
From operations (derived)
+€595,193
Net result for the year
+€577,297
Depreciation
+€59,488
Stocks and contracts
+€26,242
Receivables within one year
-€123,923
Deferred charges and accrued income
+€5,860
Trade debts
+€295,952
Tax, wage and social debts
+€56,105
Advances received
-€86,341
Other debts
-€215,488
Investment (derived)
-€104,704
Investment in fixed assets (net)
-€104,705
Current investments
+€0
Financing
-€90,124
Debts after one year
+€81,639
Current portion of long-term debt
+€28,237
Short-term financial debts
-€200,000
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,051,913 | €4,589,314 | +€537,401 | +13.3% |
| Fixed assets | 21/28 | €298,799 | €344,015 | +€45,216 | +15.1% |
| Tangible fixed assets | 22/27 | €192,832 | €235,998 | +€43,166 | +22.4% |
| Plant, machinery and equipment | 23 | €7,348 | €7,694 | +€347 | +4.7% |
| Furniture and vehicles | 24 | €85,453 | €61,239 | -€24,214 | -28.3% |
| Other tangible fixed assets | 26 | €100,031 | €167,065 | +€67,034 | +67.0% |
| Financial fixed assets | 28 | €105,966 | €108,016 | +€2,050 | +1.9% |
| Other financial fixed assets | 284/8 | €105,966 | €108,016 | +€2,050 | +1.9% |
| Shares | 284 | €1,098 | €1,298 | +€200 | +18.2% |
| Amounts receivable and cash guarantees | 285/8 | €104,869 | €106,719 | +€1,850 | +1.8% |
| Current assets | 29/58 | €3,753,114 | €4,245,299 | +€492,185 | +13.1% |
| Stocks and contracts in progress | 3 | €490,259 | €464,017 | -€26,242 | -5.4% |
| Stocks | 30/36 | €490,259 | €464,017 | -€26,242 | -5.4% |
| Goods purchased for resale | 34 | €490,259 | €464,017 | -€26,242 | -5.4% |
| Amounts receivable within one year | 40/41 | €2,286,988 | €2,410,911 | +€123,923 | +5.4% |
| Trade receivables | 40 | €2,148,108 | €2,288,275 | +€140,167 | +6.5% |
| Other amounts receivable | 41 | €138,880 | €122,636 | -€16,244 | -11.7% |
| Current investments | 50/53 | €6,000 | €6,000 | -€0 | 0.0% |
| Other investments | 51/53 | €6,000 | €6,000 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €935,178 | €1,335,543 | +€400,365 | +42.8% |
| Deferred charges and accrued income | 490/1 | €34,689 | €28,828 | -€5,860 | -16.9% |
| Total equity and liabilities | 10/49 | €4,051,913 | €4,589,314 | +€537,401 | +13.3% |
| Equity | 10/15 | €824,319 | €1,401,616 | +€577,297 | +70.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €520,000 | €1,100,000 | +€580,000 | +111.5% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €490,000 | €1,070,000 | +€580,000 | +118.4% |
| Profit (loss) carried forward | 14 | €4,319 | €1,616 | -€2,703 | -62.6% |
| Amounts payable | 17/49 | €3,227,594 | €3,187,698 | -€39,896 | -1.2% |
| Amounts payable after more than one year | 17 | €34,550 | €116,189 | +€81,639 | +236.3% |
| Financial debts | 170/4 | €34,550 | €116,189 | +€81,639 | +236.3% |
| Credit institutions | 173 | €34,550 | €116,189 | +€81,639 | +236.3% |
| Amounts payable within one year | 42/48 | €3,193,044 | €3,071,509 | -€121,535 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €214,692 | €242,928 | +€28,237 | +13.2% |
| Financial debts | 43 | €200,000 | €0 | -€200,000 | -100.0% |
| Credit institutions | 430/8 | €200,000 | - | -€200,000 | |
| Trade debts | 44 | €1,597,066 | €1,893,017 | +€295,952 | +18.5% |
| Suppliers | 440/4 | €1,597,066 | €1,893,017 | +€295,952 | +18.5% |
| Advances received on contracts in progress | 46 | €235,275 | €148,934 | -€86,341 | -36.7% |
| Taxes, remuneration and social security | 45 | €497,479 | €553,584 | +€56,105 | +11.3% |
| Taxes | 450/3 | €51,717 | €70,518 | +€18,801 | +36.4% |
| Remuneration and social security | 454/9 | €445,761 | €483,066 | +€37,305 | +8.4% |
| Other amounts payable | 47/48 | €448,532 | €233,045 | -€215,488 | -48.0% |
| Operating income | 70/76A | €12,244,043 | €11,961,585 | -€282,458 | -2.3% |
| Turnover | 70 | €11,498,251 | €11,615,162 | +€116,911 | +1.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €494,081 | €86,341 | -€407,740 | -82.5% |
| Other operating income | 74 | €251,711 | €260,082 | +€8,371 | +3.3% |
| Operating charges | 60/66A | €11,578,095 | €11,156,796 | -€421,300 | -3.6% |
| Goods for resale, raw materials and consumables | 60 | €6,710,010 | €5,853,182 | -€856,828 | -12.8% |
| Purchases | 600/8 | €6,679,873 | €5,826,940 | -€852,933 | -12.8% |
| Change in stocks: decrease (increase) | 609 | €30,138 | €26,242 | -€3,895 | -12.9% |
| Services and other goods | 61 | €1,172,511 | €1,313,968 | +€141,457 | +12.1% |
| Remuneration, social security and pensions | 62 | €3,593,497 | €3,903,945 | +€310,448 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,235 | €59,488 | -€6,746 | -10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,596 | €16,362 | -€11,234 | -40.7% |
| Other operating charges | 640/8 | €8,247 | €9,850 | +€1,603 | +19.4% |
| Operating profit (loss) | 9901 | €665,948 | €804,789 | +€138,841 | +20.8% |
| Financial income | 75/76B | €28,966 | €32,252 | +€3,286 | +11.3% |
| Recurring financial income | 75 | €28,966 | €32,252 | +€3,286 | +11.3% |
| Income from financial fixed assets | 750 | - | €114 | +€114 | |
| Income from current assets | 751 | €5,377 | €5,646 | +€269 | +5.0% |
| Other financial income | 752/9 | €23,589 | €26,492 | +€2,904 | +12.3% |
| Financial charges | 65/66B | €44,512 | €54,402 | +€9,890 | +22.2% |
| Recurring financial charges | 65 | €44,512 | €54,402 | +€9,890 | +22.2% |
| Debt charges | 650 | €41,936 | €37,587 | -€4,349 | -10.4% |
| Other financial charges | 652/9 | €2,576 | €16,815 | +€14,240 | +552.9% |
| Profit (loss) for the period before taxes | 9903 | €650,402 | €782,639 | +€132,237 | +20.3% |
| Income taxes | 67/77 | €175,393 | €205,342 | +€29,950 | +17.1% |
| Taxes | 670/3 | €175,393 | €205,342 | +€29,950 | +17.1% |
| Profit (loss) for the period | 9904 | €475,010 | €577,297 | +€102,287 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €475,010 | €577,297 | +€102,287 | +21.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.