SEM-IS: 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-IS
Largest movements
- Tangible fixed assets -€5,293
down €5,293 (-4.6%), from €114,760 to €109,467
- Cash -€3,687
down €3,687 (-93.7%), from €3,933 to €246
mainly Trade debts (-€7,855) and Net result for the year (-€3,313)
- Deferred charges and accrued income +€1,549
up €1,549 (+71.7%), from €2,160 to €3,709
- Trade debts -€7,855
down €7,855 (-92.4%), from €8,499 to €644
- Tax, wage and social debts +€3,564
up €3,564 (+160.7%), from €2,219 to €5,783
- Reserves -€1,974
down €1,974 (-14.9%), from €13,274 to €11,300
of which Distributable reserves: -€1,974
- Taxes +€6,333
new in 2025: €6,333
- Gross operating margin +€4,650
up €4,650 (+70.8%), from €6,570 to €11,219
- Financial charges +€256
up €256 (+98.8%), from €259 to €516
- Other operating charges -€217
down €217 (-8.3%), from €2,608 to €2,391
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 | €147,419 | €139,719 | -€7,699 | -5.2% |
| Fixed assets | 21/28 | €114,760 | €109,467 | -€5,293 | -4.6% |
| Tangible fixed assets | 22/27 | €114,760 | €109,467 | -€5,293 | -4.6% |
| Land and buildings | 22 | €114,760 | €109,467 | -€5,293 | -4.6% |
| Current assets | 29/58 | €32,659 | €30,253 | -€2,407 | -7.4% |
| Amounts receivable within one year | 40/41 | €26,565 | €26,297 | -€268 | -1.0% |
| Trade receivables | 40 | €268 | €0 | -€268 | -100.0% |
| Other amounts receivable | 41 | €26,297 | €26,297 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,933 | €246 | -€3,687 | -93.7% |
| Deferred charges and accrued income | 490/1 | €2,160 | €3,709 | +€1,549 | +71.7% |
| Total equity and liabilities | 10/49 | €147,419 | €139,719 | -€7,699 | -5.2% |
| Equity | 10/15 | €125,942 | €122,629 | -€3,313 | -2.6% |
| Contributions | 10/11 | €112,668 | €112,668 | = | 0.0% |
| Capital | 10 | €112,668 | €112,668 | = | 0.0% |
| Issued capital | 100 | €112,668 | €112,668 | = | 0.0% |
| Reserves | 13 | €13,274 | €11,300 | -€1,974 | -14.9% |
| Non-distributable reserves | 130/1 | €11,300 | €11,300 | = | 0.0% |
| Legal reserve | 130 | €11,300 | €11,300 | = | 0.0% |
| Distributable reserves | 133 | €1,974 | €0 | -€1,974 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€1,339 | -€1,339 | |
| Amounts payable | 17/49 | €21,477 | €17,090 | -€4,386 | -20.4% |
| Amounts payable after more than one year | 17 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 178/9 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,477 | €14,090 | -€4,386 | -23.7% |
| Trade debts | 44 | €8,499 | €644 | -€7,855 | -92.4% |
| Suppliers | 440/4 | €8,499 | €644 | -€7,855 | -92.4% |
| Taxes, remuneration and social security | 45 | €2,219 | €5,783 | +€3,564 | +160.7% |
| Taxes | 450/3 | €2,219 | €5,783 | +€3,564 | +160.7% |
| Other amounts payable | 47/48 | €7,759 | €7,663 | -€96 | -1.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,293 | €5,293 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,608 | €2,391 | -€217 | -8.3% |
| Gross operating margin | 9900 | €6,570 | €11,219 | +€4,650 | +70.8% |
| Operating profit (loss) | 9901 | -€1,332 | €3,536 | +€4,867 | |
| Financial charges | 65/66B | €259 | €516 | +€256 | +98.8% |
| Recurring financial charges | 65 | €259 | €516 | +€256 | +98.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,591 | €3,020 | +€4,611 | |
| Income taxes | 67/77 | - | €6,333 | +€6,333 | |
| Profit (loss) for the period | 9904 | -€1,591 | -€3,313 | -€1,722 | -108.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,591 | -€3,313 | -€1,722 | -108.2% |
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 4 October 2026 via checked.be.