S.E.M.D.: 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.
S.E.M.D.
Largest movements
- Receivables within one year -€27,472
down €27,472 (-89.6%), from €30,672 to €3,200
of which Other amounts receivable: -€17,377
- Cash +€16,021
up €16,021 (+143%), from €11,183 to €27,203
mainly Receivables within one year (+€27,472) and Trade debts (+€6,700)
- Stocks and contracts +€13,203
up €13,203 (+59.0%), from €22,372 to €35,575
- Tangible fixed assets +€1,956
up €1,956 (+31.0%), from €6,310 to €8,266
of which Plant, machinery and equipment: +€2,351
- Trade debts +€6,700
up €6,700 (+146%), from €4,600 to €11,300
- Tax, wage and social debts -€5,938
down €5,938 (-68.4%), from €8,680 to €2,742
of which Taxes: -€5,575
- Profit (loss) carried forward +€1,559
up €1,559 (+5.2%), from €29,691 to €31,250
- Other debts +€1,385
up €1,385 (+18.2%), from €7,610 to €8,995
- Gross operating margin -€11,303
down €11,303 (-45.0%), from €25,134 to €13,831
- Depreciation -€5,705
down €5,705 (-68.3%), from €8,349 to €2,644
- Staff costs -€2,857
down €2,857 (-25.2%), from €11,354 to €8,498
- Taxes +€554
new in 2024: €554
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €71,040 | €74,746 | +€3,706 | +5.2% |
| Fixed assets | 21/28 | €6,460 | €8,416 | +€1,956 | +30.3% |
| Tangible fixed assets | 22/27 | €6,310 | €8,266 | +€1,956 | +31.0% |
| Plant, machinery and equipment | 23 | €5,915 | €8,266 | +€2,351 | +39.7% |
| Furniture and vehicles | 24 | €395 | - | -€395 | |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €64,580 | €66,330 | +€1,750 | +2.7% |
| Stocks and contracts in progress | 3 | €22,372 | €35,575 | +€13,203 | +59.0% |
| Stocks | 30/36 | €22,372 | €35,575 | +€13,203 | +59.0% |
| Amounts receivable within one year | 40/41 | €30,672 | €3,200 | -€27,472 | -89.6% |
| Trade receivables | 40 | €10,672 | €577 | -€10,096 | -94.6% |
| Other amounts receivable | 41 | €20,000 | €2,623 | -€17,377 | -86.9% |
| Cash at bank and in hand | 54/58 | €11,183 | €27,203 | +€16,021 | +143% |
| Deferred charges and accrued income | 490/1 | €353 | €351 | -€1 | -0.4% |
| Total equity and liabilities | 10/49 | €71,040 | €74,746 | +€3,706 | +5.2% |
| Equity | 10/15 | €50,151 | €51,710 | +€1,559 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,691 | €31,250 | +€1,559 | +5.2% |
| Amounts payable | 17/49 | €20,889 | €23,037 | +€2,147 | +10.3% |
| Amounts payable within one year | 42/48 | €20,889 | €23,037 | +€2,147 | +10.3% |
| Trade debts | 44 | €4,600 | €11,300 | +€6,700 | +146% |
| Suppliers | 440/4 | €4,600 | €11,300 | +€6,700 | +146% |
| Taxes, remuneration and social security | 45 | €8,680 | €2,742 | -€5,938 | -68.4% |
| Taxes | 450/3 | €6,129 | €554 | -€5,575 | -91.0% |
| Remuneration and social security | 454/9 | €2,551 | €2,188 | -€363 | -14.2% |
| Other amounts payable | 47/48 | €7,610 | €8,995 | +€1,385 | +18.2% |
| Remuneration, social security and pensions | 62 | €11,354 | €8,498 | -€2,857 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,349 | €2,644 | -€5,705 | -68.3% |
| Other operating charges | 640/8 | €484 | €474 | -€10 | -2.2% |
| Gross operating margin | 9900 | €25,134 | €13,831 | -€11,303 | -45.0% |
| Operating profit (loss) | 9901 | €4,947 | €2,216 | -€2,731 | -55.2% |
| Financial charges | 65/66B | €267 | €103 | -€164 | -61.5% |
| Recurring financial charges | 65 | €267 | €103 | -€164 | -61.5% |
| Profit (loss) for the period before taxes | 9903 | €4,680 | €2,113 | -€2,567 | -54.9% |
| Income taxes | 67/77 | - | €554 | +€554 | |
| Profit (loss) for the period | 9904 | €4,680 | €1,559 | -€3,121 | -66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,680 | €1,559 | -€3,121 | -66.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.