CEVEN SEMRAY MANAGEMENT: 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.
CEVEN SEMRAY MANAGEMENT
Largest movements
- Cash +€19,807
up €19,807 (+31.2%), from €63,518 to €83,325
mainly Other debts (+€24,573) and Depreciation (+€15,789)
- Tangible fixed assets -€15,789
down €15,789 (-46.9%), from €33,689 to €17,900
- Receivables within one year +€5,055
up €5,055 (+30.1%), from €16,782 to €21,838
of which Trade receivables: +€10,000
- Other debts +€24,573
up €24,573 (+46.2%), from €53,182 to €77,755
- Current portion of long-term debt -€10,517
down €10,517 (-83.3%), from €12,632 to €2,115
- Tax, wage and social debts -€2,968
down €2,968 (-56.1%), from €5,287 to €2,319
of which Taxes: -€2,951
- Debts after one year -€2,115
no longer reported in 2025 (was €2,115)
- Accrued charges and deferred income +€1,564
up €1,564 (+170%), from €923 to €2,487
- Gross operating margin +€39,347
up €39,347 (+106%), from €37,076 to €76,423
- Financial charges +€23,691
up €23,691 (+63.6%), from €37,240 to €60,932
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 | €118,027 | €126,509 | +€8,482 | +7.2% |
| Fixed assets | 21/28 | €36,689 | €20,900 | -€15,789 | -43.0% |
| Tangible fixed assets | 22/27 | €33,689 | €17,900 | -€15,789 | -46.9% |
| Furniture and vehicles | 24 | €33,689 | €17,900 | -€15,789 | -46.9% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €81,338 | €105,609 | +€24,271 | +29.8% |
| Amounts receivable within one year | 40/41 | €16,782 | €21,838 | +€5,055 | +30.1% |
| Trade receivables | 40 | €7,000 | €17,000 | +€10,000 | +143% |
| Other amounts receivable | 41 | €9,782 | €4,838 | -€4,945 | -50.5% |
| Cash at bank and in hand | 54/58 | €63,518 | €83,325 | +€19,807 | +31.2% |
| Deferred charges and accrued income | 490/1 | €1,038 | €446 | -€591 | -57.0% |
| Total equity and liabilities | 10/49 | €118,027 | €126,509 | +€8,482 | +7.2% |
| Equity | 10/15 | €41,442 | €40,879 | -€563 | -1.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €52,171 | €52,171 | = | 0.0% |
| Distributable reserves | 133 | €52,171 | €52,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,729 | -€17,292 | -€563 | -3.4% |
| Amounts payable | 17/49 | €76,586 | €85,630 | +€9,045 | +11.8% |
| Amounts payable after more than one year | 17 | €2,115 | - | -€2,115 | |
| Financial debts | 170/4 | €2,115 | - | -€2,115 | |
| Amounts payable within one year | 42/48 | €73,548 | €83,144 | +€9,596 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €12,632 | €2,115 | -€10,517 | -83.3% |
| Trade debts | 44 | €2,447 | €954 | -€1,493 | -61.0% |
| Suppliers | 440/4 | €2,447 | €954 | -€1,493 | -61.0% |
| Taxes, remuneration and social security | 45 | €5,287 | €2,319 | -€2,968 | -56.1% |
| Taxes | 450/3 | €2,951 | - | -€2,951 | |
| Remuneration and social security | 454/9 | €2,335 | €2,319 | -€16 | -0.7% |
| Other amounts payable | 47/48 | €53,182 | €77,755 | +€24,573 | +46.2% |
| Accrued charges and deferred income | 492/3 | €923 | €2,487 | +€1,564 | +170% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,120 | €15,789 | -€332 | -2.1% |
| Other operating charges | 640/8 | €485 | €500 | +€16 | +3.3% |
| Gross operating margin | 9900 | €37,076 | €76,423 | +€39,347 | +106% |
| Operating profit (loss) | 9901 | €20,471 | €60,134 | +€39,663 | +194% |
| Financial income | 75/76B | €183 | €397 | +€214 | +117% |
| Recurring financial income | 75 | €183 | €397 | +€214 | +117% |
| Financial charges | 65/66B | €37,240 | €60,932 | +€23,691 | +63.6% |
| Recurring financial charges | 65 | €37,240 | €60,932 | +€23,691 | +63.6% |
| Profit (loss) for the period before taxes | 9903 | -€16,586 | -€401 | +€16,185 | +97.6% |
| Income taxes | 67/77 | €218 | €162 | -€55 | -25.5% |
| Profit (loss) for the period | 9904 | -€16,804 | -€563 | +€16,241 | +96.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,804 | -€563 | +€16,241 | +96.6% |
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 17 October 2026 via checked.be.