SEM MANAGEMENT: 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 MANAGEMENT
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward +€44,885
up €44,885 (+16.8%), from €267,065 to €311,949
- Provisions -€38,366
no longer reported in 2025 (was €38,366)
- Gross operating margin +€87,629
up €87,629, from -€29,502 to €58,128
- Staff costs +€10,159
new in 2025: €10,159
- Taxes +€2,180
new in 2025: €2,180
- Financial charges -€1,107
down €1,107 (-55.0%), from €2,011 to €905
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 | €2,512,714 | €2,513,923 | +€1,209 | 0.0% |
| Fixed assets | 21/28 | €1,971,800 | €1,971,800 | = | 0.0% |
| Financial fixed assets | 28 | €1,971,800 | €1,971,800 | = | 0.0% |
| Current assets | 29/58 | €540,914 | €542,123 | +€1,209 | +0.2% |
| Amounts receivable within one year | 40/41 | €540,743 | €519,025 | -€21,718 | -4.0% |
| Other amounts receivable | 41 | €540,743 | €519,025 | -€21,718 | -4.0% |
| Cash at bank and in hand | 54/58 | €146 | €23,098 | +€22,952 | +15759.6% |
| Deferred charges and accrued income | 490/1 | €25 | - | -€25 | |
| Total equity and liabilities | 10/49 | €2,512,714 | €2,513,923 | +€1,209 | 0.0% |
| Equity | 10/15 | €1,916,676 | €1,961,561 | +€44,885 | +2.3% |
| Contributions | 10/11 | €1,252,000 | €1,252,000 | = | 0.0% |
| Capital | 10 | €1,252,000 | €1,252,000 | = | 0.0% |
| Issued capital | 100 | €1,261,300 | €1,261,300 | = | 0.0% |
| Uncalled capital | 101 | €9,300 | €9,300 | = | 0.0% |
| Revaluation surpluses | 12 | €103,423 | €103,423 | = | 0.0% |
| Reserves | 13 | €294,188 | €294,188 | = | 0.0% |
| Non-distributable reserves | 130/1 | €126,130 | €126,130 | = | 0.0% |
| Reserves not available under the articles | 1311 | €126,130 | €126,130 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,058 | €75,058 | = | 0.0% |
| Distributable reserves | 133 | €93,000 | €93,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €267,065 | €311,949 | +€44,885 | +16.8% |
| Provisions and deferred taxes | 16 | €38,366 | - | -€38,366 | |
| Deferred taxes | 168 | €38,366 | - | -€38,366 | |
| Amounts payable | 17/49 | €557,672 | €552,362 | -€5,310 | -1.0% |
| Amounts payable after more than one year | 17 | €550,000 | €550,000 | = | 0.0% |
| Financial debts | 170/4 | €550,000 | €550,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,672 | €2,325 | -€5,347 | -69.7% |
| Trade debts | 44 | €172 | €145 | -€27 | -15.4% |
| Suppliers | 440/4 | €172 | €145 | -€27 | -15.4% |
| Taxes, remuneration and social security | 45 | - | €2,180 | +€2,180 | |
| Taxes | 450/3 | - | €2,180 | +€2,180 | |
| Other amounts payable | 47/48 | €7,500 | - | -€7,500 | |
| Accrued charges and deferred income | 492/3 | - | €37 | +€37 | |
| Remuneration, social security and pensions | 62 | - | €10,159 | +€10,159 | |
| Gross operating margin | 9900 | -€29,502 | €58,128 | +€87,629 | |
| Operating profit (loss) | 9901 | -€29,502 | €47,969 | +€77,470 | |
| Financial charges | 65/66B | €2,011 | €905 | -€1,107 | -55.0% |
| Recurring financial charges | 65 | €2,011 | €905 | -€1,107 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | -€31,513 | €47,064 | +€78,577 | |
| Income taxes | 67/77 | - | €2,180 | +€2,180 | |
| Profit (loss) for the period | 9904 | -€31,513 | €44,885 | +€76,397 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,513 | €44,885 | +€76,397 |
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 5 October 2026 via checked.be.