SEM-Group: 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-Group
Largest movements
- Cash -€175,685
down €175,685 (-68.0%), from €258,300 to €82,615
mainly Net result for the year (-€118,327) and Contributions, distributions and other (-€68,200)
- Tangible fixed assets -€24,408
down €24,408 (-14.7%), from €165,504 to €141,095
of which Furniture and vehicles: -€13,960
- Profit (loss) carried forward -€119,660
down €119,660, from €11,695 to -€107,965
- Reserves -€48,267
down €48,267 (-17.3%), from €279,067 to €230,800
of which Distributable reserves: -€48,000
- Other debts +€46,443
up €46,443 (+539.5%), from €8,609 to €55,052
- Tax, wage and social debts -€43,763
down €43,763 (-62.3%), from €70,215 to €26,452
of which Taxes: -€45,382
- Debts after one year -€22,810
down €22,810 (-20.7%), from €110,105 to €87,294
- Gross operating margin -€224,096
down €224,096 (-76.3%), from €293,796 to €69,700
- Taxes -€36,924
down €36,924, from €36,505 to -€419
- Staff costs -€31,359
down €31,359 (-19.8%), from €158,702 to €127,343
- Other operating charges +€10,116
up €10,116 (+61.3%), from €16,513 to €26,629
- Financial charges +€7,228
up €7,228 (+209.1%), from €3,457 to €10,685
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 | €526,776 | €325,823 | -€200,953 | -38.1% |
| Fixed assets | 21/28 | €171,804 | €147,395 | -€24,408 | -14.2% |
| Tangible fixed assets | 22/27 | €165,504 | €141,095 | -€24,408 | -14.7% |
| Land and buildings | 22 | €2,310 | €2,163 | -€147 | -6.3% |
| Plant, machinery and equipment | 23 | €4,310 | €3,441 | -€869 | -20.2% |
| Furniture and vehicles | 24 | €45,694 | €31,734 | -€13,960 | -30.6% |
| Other tangible fixed assets | 26 | €113,190 | €103,758 | -€9,433 | -8.3% |
| Financial fixed assets | 28 | €6,300 | €6,300 | = | 0.0% |
| Current assets | 29/58 | €354,972 | €178,427 | -€176,545 | -49.7% |
| Amounts receivable within one year | 40/41 | €94,966 | €91,768 | -€3,198 | -3.4% |
| Trade receivables | 40 | €73,817 | €89,996 | +€16,179 | +21.9% |
| Other amounts receivable | 41 | €21,149 | €1,772 | -€19,377 | -91.6% |
| Cash at bank and in hand | 54/58 | €258,300 | €82,615 | -€175,685 | -68.0% |
| Deferred charges and accrued income | 490/1 | €1,706 | €4,044 | +€2,338 | +137.1% |
| Total equity and liabilities | 10/49 | €526,776 | €325,823 | -€200,953 | -38.1% |
| Equity | 10/15 | €309,363 | €122,835 | -€186,527 | -60.3% |
| Contributions | 10/11 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €279,067 | €230,800 | -€48,267 | -17.3% |
| Non-distributable reserves | 130/1 | €267 | - | -€267 | |
| Reserves not available under the articles | 1311 | €267 | - | -€267 | |
| Distributable reserves | 133 | €278,800 | €230,800 | -€48,000 | -17.2% |
| Profit (loss) carried forward | 14 | €11,695 | -€107,965 | -€119,660 | |
| Amounts payable | 17/49 | €217,413 | €202,987 | -€14,426 | -6.6% |
| Amounts payable after more than one year | 17 | €110,105 | €87,294 | -€22,810 | -20.7% |
| Financial debts | 170/4 | €110,105 | €87,294 | -€22,810 | -20.7% |
| Amounts payable within one year | 42/48 | €107,308 | €115,693 | +€8,385 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €22,011 | €30,055 | +€8,044 | +36.5% |
| Trade debts | 44 | €6,474 | €4,134 | -€2,339 | -36.1% |
| Suppliers | 440/4 | €6,474 | €4,134 | -€2,339 | -36.1% |
| Taxes, remuneration and social security | 45 | €70,215 | €26,452 | -€43,763 | -62.3% |
| Taxes | 450/3 | €48,514 | €3,132 | -€45,382 | -93.5% |
| Remuneration and social security | 454/9 | €21,701 | €23,320 | +€1,619 | +7.5% |
| Other amounts payable | 47/48 | €8,609 | €55,052 | +€46,443 | +539.5% |
| Non-recurring operating income | 76A | - | €6,517 | +€6,517 | |
| Remuneration, social security and pensions | 62 | €158,702 | €127,343 | -€31,359 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,985 | €24,031 | +€45 | +0.2% |
| Other operating charges | 640/8 | €16,513 | €26,629 | +€10,116 | +61.3% |
| Gross operating margin | 9900 | €293,796 | €69,700 | -€224,096 | -76.3% |
| Operating profit (loss) | 9901 | €94,596 | -€108,302 | -€202,898 | |
| Financial income | 75/76B | €346 | €240 | -€105 | -30.5% |
| Recurring financial income | 75 | €346 | €240 | -€105 | -30.5% |
| Financial charges | 65/66B | €3,457 | €10,685 | +€7,228 | +209.1% |
| Recurring financial charges | 65 | €3,457 | €10,685 | +€7,228 | +209.1% |
| Profit (loss) for the period before taxes | 9903 | €91,485 | -€118,747 | -€210,231 | |
| Income taxes | 67/77 | €36,505 | -€419 | -€36,924 | |
| Profit (loss) for the period | 9904 | €54,980 | -€118,327 | -€173,307 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,980 | -€118,327 | -€173,307 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.