SEM CONSTRUCT: 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 CONSTRUCT
Largest movements
- Receivables within one year +€234,356
up €234,356 (+85.7%), from €273,608 to €507,964
- Stocks and contracts +€125,423
up €125,423 (+249.1%), from €50,352 to €175,775
- Tangible fixed assets +€79,934
up €79,934 (+227.5%), from €35,140 to €115,074
- Trade debts +€340,360
up €340,360 (+196.1%), from €173,522 to €513,882
- Profit (loss) carried forward +€44,247
up €44,247 (+1066.2%), from €4,150 to €48,397
- Tax, wage and social debts +€25,484
up €25,484 (+49.9%), from €51,119 to €76,603
of which Remuneration and social security: +€15,987
- Current portion of long-term debt +€16,524
up €16,524 (+237.7%), from €6,952 to €23,476
- Advances received +€13,924
up €13,924 (+232.1%), from €6,000 to €19,924
- Gross operating margin +€126,032
up €126,032 (+333.6%), from €37,783 to €163,815
- Staff costs +€62,655
new in 2025: €62,655
- Depreciation +€11,728
up €11,728 (+467.2%), from €2,510 to €14,238
- Taxes +€8,587
up €8,587 (+89.1%), from €9,643 to €18,230
- Financial charges +€6,461
up €6,461 (+93.2%), from €6,930 to €13,391
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 | €392,228 | €844,031 | +€451,804 | +115.2% |
| Fixed assets | 21/28 | €42,890 | €128,374 | +€85,484 | +199.3% |
| Tangible fixed assets | 22/27 | €35,140 | €115,074 | +€79,934 | +227.5% |
| Plant, machinery and equipment | 23 | - | €10,732 | +€10,732 | |
| Furniture and vehicles | 24 | €35,140 | €68,651 | +€33,511 | +95.4% |
| Leasing and similar rights | 25 | - | €35,692 | +€35,692 | |
| Financial fixed assets | 28 | €7,750 | €13,300 | +€5,550 | +71.6% |
| Current assets | 29/58 | €349,338 | €715,657 | +€366,319 | +104.9% |
| Stocks and contracts in progress | 3 | €50,352 | €175,775 | +€125,423 | +249.1% |
| Stocks | 30/36 | €50,352 | €175,775 | +€125,423 | +249.1% |
| Amounts receivable within one year | 40/41 | €273,608 | €507,964 | +€234,356 | +85.7% |
| Trade receivables | 40 | €273,608 | €507,964 | +€234,356 | +85.7% |
| Cash at bank and in hand | 54/58 | €25,378 | €31,919 | +€6,541 | +25.8% |
| Total equity and liabilities | 10/49 | €392,228 | €844,031 | +€451,804 | +115.2% |
| Equity | 10/15 | €34,150 | €78,397 | +€44,247 | +129.6% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,150 | €48,397 | +€44,247 | +1066.2% |
| Amounts payable | 17/49 | €358,078 | €765,634 | +€407,557 | +113.8% |
| Amounts payable after more than one year | 17 | €107,174 | €115,559 | +€8,384 | +7.8% |
| Financial debts | 170/4 | €107,174 | €115,559 | +€8,384 | +7.8% |
| Amounts payable within one year | 42/48 | €250,904 | €650,076 | +€399,172 | +159.1% |
| Current portion of amounts payable after more than one year | 42 | €6,952 | €23,476 | +€16,524 | +237.7% |
| Trade debts | 44 | €173,522 | €513,882 | +€340,360 | +196.1% |
| Suppliers | 440/4 | €173,522 | €513,882 | +€340,360 | +196.1% |
| Advances received on contracts in progress | 46 | €6,000 | €19,924 | +€13,924 | +232.1% |
| Taxes, remuneration and social security | 45 | €51,119 | €76,603 | +€25,484 | +49.9% |
| Taxes | 450/3 | €51,119 | €60,616 | +€9,497 | +18.6% |
| Remuneration and social security | 454/9 | - | €15,987 | +€15,987 | |
| Other amounts payable | 47/48 | €13,311 | €16,191 | +€2,880 | +21.6% |
| Remuneration, social security and pensions | 62 | - | €62,655 | +€62,655 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,510 | €14,238 | +€11,728 | +467.2% |
| Other operating charges | 640/8 | €7,682 | €11,174 | +€3,492 | +45.5% |
| Gross operating margin | 9900 | €37,783 | €163,815 | +€126,032 | +333.6% |
| Operating profit (loss) | 9901 | €27,591 | €75,748 | +€48,157 | +174.5% |
| Financial income | 75/76B | €171 | €120 | -€51 | -30.0% |
| Recurring financial income | 75 | €171 | €120 | -€51 | -30.0% |
| Financial charges | 65/66B | €6,930 | €13,391 | +€6,461 | +93.2% |
| Recurring financial charges | 65 | €6,930 | €13,391 | +€6,461 | +93.2% |
| Profit (loss) for the period before taxes | 9903 | €20,832 | €62,477 | +€41,645 | +199.9% |
| Income taxes | 67/77 | €9,643 | €18,230 | +€8,587 | +89.1% |
| Profit (loss) for the period | 9904 | €11,190 | €44,247 | +€33,057 | +295.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,190 | €44,247 | +€33,057 | +295.4% |
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 7 October 2026 via checked.be.