S.E.M.: what changed
Two fiscal 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.
S.E.M.
Largest movements
- Stocks and contracts -€3,550
down €3,550 (-1.3%), from €272,304 to €268,754
- Trade debts -€10,043
down €10,043 (-35.6%), from €28,251 to €18,207
- Short-term financial debts +€6,239
up €6,239 (+523.5%), from €1,192 to €7,431
- Debts after one year -€5,330
down €5,330 (-3.9%), from €138,216 to €132,886
- Profit (loss) carried forward +€3,943
up €3,943 (+5.2%), from €75,417 to €79,360
- Turnover -€22,367
down €22,367 (-9.5%), from €234,325 to €211,958
- Staff costs -€21,571
no longer reported in 2025 (was €21,571)
- Gross operating margin -€20,924
down €20,924 (-69.2%), from €30,235 to €9,311
- Taxes -€14,763
no longer reported in 2025 (was €14,763)
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.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €272,974 | €269,424 | -€3,550 | -1.3% |
| Fixed assets | 21/28 | €670 | €670 | = | 0.0% |
| Financial fixed assets | 28 | €670 | €670 | = | 0.0% |
| Current assets | 29/58 | €272,304 | €268,754 | -€3,550 | -1.3% |
| Stocks and contracts in progress | 3 | €272,304 | €268,754 | -€3,550 | -1.3% |
| Stocks | 30/36 | €272,304 | €268,754 | -€3,550 | -1.3% |
| Total equity and liabilities | 10/49 | €272,974 | €269,424 | -€3,550 | -1.3% |
| Equity | 10/15 | €95,868 | €99,812 | +€3,943 | +4.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Share premium | 1100/10 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,417 | €79,360 | +€3,943 | +5.2% |
| Amounts payable | 17/49 | €177,106 | €169,612 | -€7,493 | -4.2% |
| Amounts payable after more than one year | 17 | €138,216 | €132,886 | -€5,330 | -3.9% |
| Financial debts | 170/4 | €138,216 | €132,886 | -€5,330 | -3.9% |
| Amounts payable within one year | 42/48 | €38,890 | €36,726 | -€2,164 | -5.6% |
| Financial debts | 43 | €1,192 | €7,431 | +€6,239 | +523.5% |
| Credit institutions | 430/8 | €1,192 | €7,431 | +€6,239 | +523.5% |
| Trade debts | 44 | €28,251 | €18,207 | -€10,043 | -35.6% |
| Suppliers | 440/4 | €28,251 | €18,207 | -€10,043 | -35.6% |
| Taxes, remuneration and social security | 45 | €9,447 | €11,088 | +€1,641 | +17.4% |
| Taxes | 450/3 | €9,447 | €11,088 | +€1,641 | +17.4% |
| Turnover | 70 | €234,325 | €211,958 | -€22,367 | -9.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €204,089 | €203,250 | -€840 | -0.4% |
| Remuneration, social security and pensions | 62 | €21,571 | - | -€21,571 | |
| Other operating charges | 640/8 | €3,416 | €3,951 | +€535 | +15.6% |
| Gross operating margin | 9900 | €30,235 | €9,311 | -€20,924 | -69.2% |
| Operating profit (loss) | 9901 | €5,248 | €5,360 | +€112 | +2.1% |
| Financial charges | 65/66B | €1,034 | €1,417 | +€382 | +36.9% |
| Recurring financial charges | 65 | €1,034 | €1,417 | +€382 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €4,214 | €3,943 | -€270 | -6.4% |
| Income taxes | 67/77 | €14,763 | - | -€14,763 | |
| Profit (loss) for the period | 9904 | -€10,549 | €3,943 | +€14,493 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,549 | €3,943 | +€14,493 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.