SEM: 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.
SEM
Largest movements
- Current investments -€100,000
down €100,000 (-25.0%), from €400,000 to €300,000
- Tangible fixed assets +€99,804
up €99,804 (+49.5%), from €201,521 to €301,325
of which Land and buildings: +€118,363
- Receivables within one year +€20,326
up €20,326 (+228.9%), from €8,878 to €29,205
of which Trade receivables: +€19,729
- Cash -€10,318
down €10,318 (-14.4%), from €71,442 to €61,124
mainly Investment in fixed assets (net) (-€118,636) and Receivables within one year (-€20,326)
- Profit (loss) carried forward +€9,961
up €9,961 (+6.4%), from €154,532 to €164,492
- Financial income +€11,209
up €11,209 (+1754.2%), from €639 to €11,848
- Taxes +€2,655
up €2,655 (+315.9%), from €840 to €3,495
- Depreciation +€2,572
up €2,572 (+15.8%), from €16,260 to €18,832
- Gross operating margin +€1,097
up €1,097 (+4.6%), from €24,062 to €25,159
- Other operating charges +€256
up €256 (+6.8%), from €3,788 to €4,044
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.
Cash bridge derived
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 | €682,481 | €693,659 | +€11,177 | +1.6% |
| Fixed assets | 21/28 | €201,521 | €301,325 | +€99,804 | +49.5% |
| Tangible fixed assets | 22/27 | €201,521 | €301,325 | +€99,804 | +49.5% |
| Land and buildings | 22 | €156,904 | €275,268 | +€118,363 | +75.4% |
| Other tangible fixed assets | 26 | €44,617 | €26,058 | -€18,559 | -41.6% |
| Current assets | 29/58 | €480,960 | €392,333 | -€88,626 | -18.4% |
| Amounts receivable within one year | 40/41 | €8,878 | €29,205 | +€20,326 | +228.9% |
| Trade receivables | 40 | €4,350 | €24,079 | +€19,729 | +453.5% |
| Other amounts receivable | 41 | €4,528 | €5,126 | +€597 | +13.2% |
| Current investments | 50/53 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Cash at bank and in hand | 54/58 | €71,442 | €61,124 | -€10,318 | -14.4% |
| Deferred charges and accrued income | 490/1 | €639 | €2,004 | +€1,365 | +213.6% |
| Total equity and liabilities | 10/49 | €682,481 | €693,659 | +€11,177 | +1.6% |
| Equity | 10/15 | €672,130 | €682,615 | +€10,486 | +1.6% |
| Contributions | 10/11 | €509,500 | €509,500 | = | 0.0% |
| Capital | 10 | €509,500 | €509,500 | = | 0.0% |
| Issued capital | 100 | €509,500 | €509,500 | = | 0.0% |
| Reserves | 13 | €8,098 | €8,623 | +€525 | +6.5% |
| Non-distributable reserves | 130/1 | €8,098 | €8,623 | +€525 | +6.5% |
| Legal reserve | 130 | €8,098 | €8,623 | +€525 | +6.5% |
| Profit (loss) carried forward | 14 | €154,532 | €164,492 | +€9,961 | +6.4% |
| Amounts payable | 17/49 | €10,351 | €11,043 | +€692 | +6.7% |
| Amounts payable within one year | 42/48 | €10,160 | €10,442 | +€282 | +2.8% |
| Trade debts | 44 | €7,064 | €4,987 | -€2,077 | -29.4% |
| Suppliers | 440/4 | €7,064 | €4,987 | -€2,077 | -29.4% |
| Taxes, remuneration and social security | 45 | €0 | €2,360 | +€2,360 | |
| Taxes | 450/3 | €0 | €2,360 | +€2,360 | |
| Other amounts payable | 47/48 | €3,096 | €3,096 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €192 | €601 | +€410 | +213.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,260 | €18,832 | +€2,572 | +15.8% |
| Other operating charges | 640/8 | €3,788 | €4,044 | +€256 | +6.8% |
| Gross operating margin | 9900 | €24,062 | €25,159 | +€1,097 | +4.6% |
| Operating profit (loss) | 9901 | €4,013 | €2,282 | -€1,730 | -43.1% |
| Financial income | 75/76B | €639 | €11,848 | +€11,209 | +1754.2% |
| Recurring financial income | 75 | €639 | €11,848 | +€11,209 | +1754.2% |
| Financial charges | 65/66B | €150 | €150 | = | 0.0% |
| Recurring financial charges | 65 | €150 | €150 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €4,502 | €13,981 | +€9,479 | +210.6% |
| Income taxes | 67/77 | €840 | €3,495 | +€2,655 | +315.9% |
| Profit (loss) for the period | 9904 | €3,661 | €10,486 | +€6,824 | +186.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,661 | €10,486 | +€6,824 | +186.4% |
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 10 October 2026 via checked.be.