SEM & CO: 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.
SEM & CO
Largest movements
- Tangible fixed assets -€54,294
down €54,294 (-7.9%), from €689,640 to €635,346
of which Land and buildings: -€43,228
- Cash +€32,318
up €32,318 (+1747.0%), from €1,850 to €34,168
mainly Depreciation (+€54,294) and Receivables within one year (+€13,247)
- Receivables within one year -€13,247
down €13,247 (-31.8%), from €41,710 to €28,463
of which Other amounts receivable: -€20,000
- Debts after one year -€39,774
down €39,774 (-10.5%), from €379,417 to €339,643
- Gross operating margin +€9,184
up €9,184 (+19.3%), from €47,581 to €56,765
- Taxes -€4,316
down €4,316 (-96.6%), from €4,470 to €154
- Other operating charges -€3,181
down €3,181 (-49.7%), from €6,405 to €3,224
- Depreciation -€2,605
down €2,605 (-4.6%), from €56,899 to €54,294
- Financial charges -€2,384
down €2,384 (-33.8%), from €7,060 to €4,677
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
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 | €738,187 | €702,977 | -€35,210 | -4.8% |
| Fixed assets | 21/28 | €693,140 | €638,846 | -€54,294 | -7.8% |
| Tangible fixed assets | 22/27 | €689,640 | €635,346 | -€54,294 | -7.9% |
| Land and buildings | 22 | €669,727 | €626,499 | -€43,228 | -6.5% |
| Plant, machinery and equipment | 23 | €6,741 | €3,586 | -€3,155 | -46.8% |
| Furniture and vehicles | 24 | €13,172 | €5,260 | -€7,911 | -60.1% |
| Financial fixed assets | 28 | €3,500 | €3,500 | = | 0.0% |
| Current assets | 29/58 | €45,047 | €64,132 | +€19,084 | +42.4% |
| Amounts receivable within one year | 40/41 | €41,710 | €28,463 | -€13,247 | -31.8% |
| Trade receivables | 40 | €21,710 | €28,463 | +€6,753 | +31.1% |
| Other amounts receivable | 41 | €20,000 | €0 | -€20,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,850 | €34,168 | +€32,318 | +1747.0% |
| Deferred charges and accrued income | 490/1 | €1,487 | €1,500 | +€13 | +0.9% |
| Total equity and liabilities | 10/49 | €738,187 | €702,977 | -€35,210 | -4.8% |
| Equity | 10/15 | -€62,127 | -€67,710 | -€5,583 | -9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,032 | €63,032 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,032 | €18,032 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,032 | €18,032 | = | 0.0% |
| Distributable reserves | 133 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€143,759 | -€149,342 | -€5,583 | -3.9% |
| Amounts payable | 17/49 | €800,314 | €770,687 | -€29,627 | -3.7% |
| Amounts payable after more than one year | 17 | €379,417 | €339,643 | -€39,774 | -10.5% |
| Financial debts | 170/4 | €379,417 | €339,643 | -€39,774 | -10.5% |
| Amounts payable within one year | 42/48 | €419,447 | €431,044 | +€11,597 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €39,774 | €39,774 | = | 0.0% |
| Trade debts | 44 | €41,179 | €46,894 | +€5,715 | +13.9% |
| Suppliers | 440/4 | €41,179 | €46,894 | +€5,715 | +13.9% |
| Taxes, remuneration and social security | 45 | €5,159 | €5,625 | +€465 | +9.0% |
| Taxes | 450/3 | €5,159 | €5,625 | +€465 | +9.0% |
| Other amounts payable | 47/48 | €333,335 | €338,752 | +€5,417 | +1.6% |
| Accrued charges and deferred income | 492/3 | €1,450 | €0 | -€1,450 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,899 | €54,294 | -€2,605 | -4.6% |
| Other operating charges | 640/8 | €6,405 | €3,224 | -€3,181 | -49.7% |
| Gross operating margin | 9900 | €47,581 | €56,765 | +€9,184 | +19.3% |
| Operating profit (loss) | 9901 | -€15,723 | -€753 | +€14,970 | +95.2% |
| Financial income | 75/76B | €56 | €1 | -€55 | -98.6% |
| Recurring financial income | 75 | €56 | €1 | -€55 | -98.6% |
| Financial charges | 65/66B | €7,060 | €4,677 | -€2,384 | -33.8% |
| Recurring financial charges | 65 | €7,060 | €4,677 | -€2,384 | -33.8% |
| Profit (loss) for the period before taxes | 9903 | -€22,728 | -€5,429 | +€17,299 | +76.1% |
| Income taxes | 67/77 | €4,470 | €154 | -€4,316 | -96.6% |
| Profit (loss) for the period | 9904 | -€27,198 | -€5,583 | +€21,615 | +79.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,198 | -€5,583 | +€21,615 | +79.5% |
Source: filed annual accounts (NBB), fiscal years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.