S.E.M. REAL ESTATE: 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. REAL ESTATE
Largest movements
- Tangible fixed assets +€88,295
up €88,295 (+247%), from €35,808 to €124,103
of which Furniture and vehicles: +€89,116
- Intangible fixed assets -€23,729
down €23,729 (-3.4%), from €690,322 to €666,592
- Profit (loss) carried forward +€29,145
up €29,145 (+40.0%), from €72,848 to €101,993
- Tax, wage and social debts +€20,865
up €20,865 (+104%), from €20,157 to €41,022
- Debts after one year -€17,164
down €17,164 (-3.5%), from €484,411 to €467,247
- Current portion of long-term debt +€14,938
up €14,938 (+20.9%), from €71,488 to €86,425
- Other debts +€10,565
up €10,565 (+17.7%), from €59,595 to €70,160
- Gross operating margin +€30,705
up €30,705 (+30.5%), from €100,807 to €131,513
- Depreciation +€9,146
up €9,146 (+28.5%), from €32,076 to €41,222
- Other operating charges +€6,824
up €6,824 (+61.7%), from €11,055 to €17,879
- Taxes +€5,292
up €5,292 (+48.8%), from €10,841 to €16,133
- Financial charges -€1,996
down €1,996 (-6.9%), from €29,131 to €27,135
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 | €733,084 | €790,696 | +€57,612 | +7.9% |
| Fixed assets | 21/28 | €726,130 | €790,696 | +€64,566 | +8.9% |
| Intangible fixed assets | 21 | €690,322 | €666,592 | -€23,729 | -3.4% |
| Tangible fixed assets | 22/27 | €35,808 | €124,103 | +€88,295 | +247% |
| Furniture and vehicles | 24 | €33,345 | €122,461 | +€89,116 | +267% |
| Other tangible fixed assets | 26 | €2,464 | €1,643 | -€821 | -33.3% |
| Current assets | 29/58 | €6,954 | - | -€6,954 | |
| Amounts receivable within one year | 40/41 | €4,561 | - | -€4,561 | |
| Trade receivables | 40 | €1,854 | - | -€1,854 | |
| Other amounts receivable | 41 | €2,707 | - | -€2,707 | |
| Cash at bank and in hand | 54/58 | €1,760 | - | -€1,760 | |
| Deferred charges and accrued income | 490/1 | €633 | - | -€633 | |
| Total equity and liabilities | 10/49 | €733,084 | €790,696 | +€57,612 | +7.9% |
| Equity | 10/15 | €91,448 | €120,593 | +€29,145 | +31.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,848 | €101,993 | +€29,145 | +40.0% |
| Amounts payable | 17/49 | €641,636 | €670,103 | +€28,467 | +4.4% |
| Amounts payable after more than one year | 17 | €484,411 | €467,247 | -€17,164 | -3.5% |
| Financial debts | 170/4 | €484,411 | €467,247 | -€17,164 | -3.5% |
| Amounts payable within one year | 42/48 | €157,225 | €202,856 | +€45,631 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €71,488 | €86,425 | +€14,938 | +20.9% |
| Financial debts | 43 | - | €4,542 | +€4,542 | |
| Credit institutions | 430/8 | - | €4,542 | +€4,542 | |
| Trade debts | 44 | €3,838 | €706 | -€3,132 | -81.6% |
| Suppliers | 440/4 | €3,838 | €706 | -€3,132 | -81.6% |
| Advances received on contracts in progress | 46 | €2,147 | - | -€2,147 | |
| Taxes, remuneration and social security | 45 | €20,157 | €41,022 | +€20,865 | +104% |
| Taxes | 450/3 | €20,157 | €41,022 | +€20,865 | +104% |
| Other amounts payable | 47/48 | €59,595 | €70,160 | +€10,565 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,076 | €41,222 | +€9,146 | +28.5% |
| Other operating charges | 640/8 | €11,055 | €17,879 | +€6,824 | +61.7% |
| Gross operating margin | 9900 | €100,807 | €131,513 | +€30,705 | +30.5% |
| Operating profit (loss) | 9901 | €57,676 | €72,412 | +€14,736 | +25.6% |
| Financial charges | 65/66B | €29,131 | €27,135 | -€1,996 | -6.9% |
| Recurring financial charges | 65 | €29,131 | €27,135 | -€1,996 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €28,545 | €45,277 | +€16,732 | +58.6% |
| Income taxes | 67/77 | €10,841 | €16,133 | +€5,292 | +48.8% |
| Profit (loss) for the period | 9904 | €17,704 | €29,145 | +€11,440 | +64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,704 | €29,145 | +€11,440 | +64.6% |
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 31 October 2026 via checked.be.