Sepro: 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.
Sepro
Largest movements
- Receivables within one year -€960,457
down €960,457 (-95.5%), from €1.0m to €45,097
of which Other amounts receivable: -€997,122
- Stocks and contracts +€631,581
up €631,581 (+2,871%), from €21,998 to €653,579
- Tangible fixed assets +€556,875
up €556,875 (+63.6%), from €875,411 to €1.4m
of which Land and buildings: +€546,511
- Cash +€78,124
up €78,124 (+50.4%), from €154,901 to €233,025
mainly Receivables within one year (+€960,457) and Debts after one year (+€878,686)
- Reserves -€1.2m
down €1.2m (-66.1%), from €1.8m to €597,955
- Debts after one year +€878,686
up €878,686 (+349%), from €251,989 to €1.1m
of which Other amounts payable: +€500,000
- Other debts +€417,211
new in 2025: €417,211
- Short-term financial debts +€166,000
new in 2025: €166,000
- Gross operating margin -€1.5m
down €1.5m, from €1.5m to -€30,635
- Taxes -€353,237
down €353,237 (-99.9%), from €353,595 to €358
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 | €2,057,865 | €2,365,427 | +€307,563 | +14.9% |
| Fixed assets | 21/28 | €875,411 | €1,432,286 | +€556,875 | +63.6% |
| Tangible fixed assets | 22/27 | €875,411 | €1,432,286 | +€556,875 | +63.6% |
| Land and buildings | 22 | €874,828 | €1,421,339 | +€546,511 | +62.5% |
| Plant, machinery and equipment | 23 | €583 | - | -€583 | |
| Furniture and vehicles | 24 | - | €10,947 | +€10,947 | |
| Current assets | 29/58 | €1,182,453 | €933,141 | -€249,312 | -21.1% |
| Stocks and contracts in progress | 3 | €21,998 | €653,579 | +€631,581 | +2,871% |
| Stocks | 30/36 | €21,998 | €653,579 | +€631,581 | +2,871% |
| Amounts receivable within one year | 40/41 | €1,005,554 | €45,097 | -€960,457 | -95.5% |
| Trade receivables | 40 | €6,995 | €43,660 | +€36,665 | +524% |
| Other amounts receivable | 41 | €998,559 | €1,437 | -€997,122 | -99.9% |
| Cash at bank and in hand | 54/58 | €154,901 | €233,025 | +€78,124 | +50.4% |
| Deferred charges and accrued income | 490/1 | - | €1,440 | +€1,440 | |
| Total equity and liabilities | 10/49 | €2,057,865 | €2,365,427 | +€307,563 | +14.9% |
| Equity | 10/15 | €1,764,916 | €600,455 | -€1.2m | -66.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €1,762,416 | €597,955 | -€1.2m | -66.1% |
| Distributable reserves | 133 | €1,762,416 | €597,955 | -€1.2m | -66.1% |
| Amounts payable | 17/49 | €292,948 | €1,764,973 | +€1.5m | +502% |
| Amounts payable after more than one year | 17 | €251,989 | €1,130,675 | +€878,686 | +349% |
| Financial debts | 170/4 | €251,989 | €630,675 | +€378,686 | +150% |
| Other amounts payable | 178/9 | - | €500,000 | +€500,000 | |
| Amounts payable within one year | 42/48 | €40,959 | €634,298 | +€593,339 | +1,449% |
| Current portion of amounts payable after more than one year | 42 | €12,962 | €25,974 | +€13,011 | +100% |
| Financial debts | 43 | - | €166,000 | +€166,000 | |
| Credit institutions | 430/8 | - | €166,000 | +€166,000 | |
| Trade debts | 44 | €2,117 | €10,125 | +€8,008 | +378% |
| Suppliers | 440/4 | €2,117 | €10,125 | +€8,008 | +378% |
| Taxes, remuneration and social security | 45 | €25,880 | €14,987 | -€10,892 | -42.1% |
| Taxes | 450/3 | €25,880 | €8,970 | -€16,910 | -65.3% |
| Remuneration and social security | 454/9 | - | €6,018 | +€6,018 | |
| Other amounts payable | 47/48 | - | €417,211 | +€417,211 | |
| Non-recurring operating income | 76A | €155,598 | - | -€155,598 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,490 | €46,390 | +€6,900 | +17.5% |
| Other operating charges | 640/8 | €5,346 | €14,311 | +€8,965 | +168% |
| Non-recurring operating charges | 66A | - | €1,033 | +€1,033 | |
| Gross operating margin | 9900 | €1,513,972 | -€30,635 | -€1.5m | |
| Operating profit (loss) | 9901 | €1,469,136 | -€92,369 | -€1.6m | |
| Financial income | 75/76B | €97 | €879 | +€782 | +808% |
| Recurring financial income | 75 | €97 | €879 | +€782 | +808% |
| Financial charges | 65/66B | €11,284 | €22,614 | +€11,330 | +100% |
| Recurring financial charges | 65 | €11,284 | €22,614 | +€11,330 | +100% |
| Profit (loss) for the period before taxes | 9903 | €1,457,949 | -€114,104 | -€1.6m | |
| Income taxes | 67/77 | €353,595 | €358 | -€353,237 | -99.9% |
| Profit (loss) for the period | 9904 | €1,104,353 | -€114,462 | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,104,353 | -€114,462 | -€1.2m |
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 27 October 2026 via checked.be.