SEPTIEM: 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.
SEPTIEM
Largest movements
- Tangible fixed assets -€49,550
down €49,550 (-89.0%), from €55,671 to €6,120
of which Land and buildings: -€39,887
- Cash +€24,264
up €24,264 (+19.8%), from €122,366 to €146,630
mainly Investment in fixed assets (net) (+€39,887) and Net result for the year (+€25,015)
- Receivables within one year +€5,867
up €5,867 (+42.3%), from €13,868 to €19,735
of which Trade receivables: +€5,876
- Other debts -€16,425
down €16,425 (-50.6%), from €32,490 to €16,066
- Debts after one year -€11,000
down €11,000 (-100%), from €11,000 to €0
- Reserves +€8,988
up €8,988 (+14.6%), from €61,452 to €70,440
- Depreciation -€19,176
down €19,176 (-66.5%), from €28,840 to €9,663
- Taxes +€4,761
up €4,761 (+80.6%), from €5,904 to €10,665
- Gross operating margin -€3,251
down €3,251 (-6.3%), from €51,536 to €48,285
- Financial charges -€667
down €667 (-36.4%), from €1,832 to €1,165
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 | €218,797 | €198,877 | -€19,920 | -9.1% |
| Fixed assets | 21/28 | €55,671 | €6,120 | -€49,550 | -89.0% |
| Tangible fixed assets | 22/27 | €55,671 | €6,120 | -€49,550 | -89.0% |
| Land and buildings | 22 | €39,887 | €0 | -€39,887 | -100% |
| Furniture and vehicles | 24 | €15,783 | €6,120 | -€9,663 | -61.2% |
| Current assets | 29/58 | €163,126 | €192,756 | +€29,630 | +18.2% |
| Stocks and contracts in progress | 3 | €149 | €149 | = | 0.0% |
| Stocks | 30/36 | €149 | €149 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,868 | €19,735 | +€5,867 | +42.3% |
| Trade receivables | 40 | €13,859 | €19,735 | +€5,876 | +42.4% |
| Other amounts receivable | 41 | €9 | €0 | -€9 | -100% |
| Current investments | 50/53 | €25,380 | €25,380 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €122,366 | €146,630 | +€24,264 | +19.8% |
| Deferred charges and accrued income | 490/1 | €1,364 | €863 | -€501 | -36.7% |
| Total equity and liabilities | 10/49 | €218,797 | €198,877 | -€19,920 | -9.1% |
| Equity | 10/15 | €159,139 | €168,127 | +€8,988 | +5.6% |
| Contributions | 10/11 | €97,688 | €97,688 | = | 0.0% |
| Reserves | 13 | €61,452 | €70,440 | +€8,988 | +14.6% |
| Distributable reserves | 133 | €61,452 | €70,440 | +€8,988 | +14.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,657 | €30,749 | -€28,908 | -48.5% |
| Amounts payable after more than one year | 17 | €11,000 | €0 | -€11,000 | -100% |
| Financial debts | 170/4 | €11,000 | €0 | -€11,000 | -100% |
| Amounts payable within one year | 42/48 | €47,330 | €29,571 | -€17,759 | -37.5% |
| Current portion of amounts payable after more than one year | 42 | €833 | €0 | -€833 | -100% |
| Trade debts | 44 | €1,076 | €504 | -€572 | -53.1% |
| Suppliers | 440/4 | €1,076 | €504 | -€572 | -53.1% |
| Taxes, remuneration and social security | 45 | €12,930 | €13,001 | +€71 | +0.5% |
| Taxes | 450/3 | €12,930 | €13,001 | +€71 | +0.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €32,490 | €16,066 | -€16,425 | -50.6% |
| Accrued charges and deferred income | 492/3 | €1,327 | €1,179 | -€148 | -11.2% |
| Non-recurring operating income | 76A | - | €113 | +€113 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,840 | €9,663 | -€19,176 | -66.5% |
| Other operating charges | 640/8 | €1,750 | €1,815 | +€65 | +3.7% |
| Gross operating margin | 9900 | €51,536 | €48,285 | -€3,251 | -6.3% |
| Operating profit (loss) | 9901 | €20,946 | €36,807 | +€15,861 | +75.7% |
| Financial income | 75/76B | €0 | €38 | +€38 | +18,860% |
| Recurring financial income | 75 | €0 | €38 | +€38 | +18,860% |
| Financial charges | 65/66B | €1,832 | €1,165 | -€667 | -36.4% |
| Recurring financial charges | 65 | €1,832 | €1,165 | -€667 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €19,115 | €35,680 | +€16,565 | +86.7% |
| Income taxes | 67/77 | €5,904 | €10,665 | +€4,761 | +80.6% |
| Profit (loss) for the period | 9904 | €13,211 | €25,015 | +€11,804 | +89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,211 | €25,015 | +€11,804 | +89.4% |
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 23 October 2026 via checked.be.