SEMA: 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.
SEMA
Largest movements
- Financial fixed assets +€6,790
new in 2025: €6,790
- Cash -€6,774
down €6,774 (-9.1%), from €74,103 to €67,329
mainly Net result for the year (-€53,899) and Investment in fixed assets (net) (-€10,100)
- Tangible fixed assets -€5,460
down €5,460 (-18.7%), from €29,150 to €23,690
- Receivables within one year +€3,279
up €3,279 (+31.2%), from €10,522 to €13,801
of which Other amounts receivable: +€6,122
- Profit (loss) carried forward -€53,899
down €53,899 (-65.3%), from -€82,594 to -€136,493
- Trade debts +€22,965
up €22,965 (+30.5%), from €75,228 to €98,193
- Other debts +€19,841
up €19,841 (+25.3%), from €78,360 to €98,201
- Tax, wage and social debts +€9,122
up €9,122 (+28.2%), from €32,330 to €41,452
of which Remuneration and social security: +€9,976
- Gross operating margin -€86,485
down €86,485 (-38.9%), from €222,568 to €136,083
- Staff costs +€8,446
up €8,446 (+5.1%), from €166,377 to €174,823
- Financial charges -€2,754
down €2,754 (-78.1%), from €3,528 to €774
- Other operating charges -€2,413
down €2,413 (-29.9%), from €8,060 to €5,647
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 | €123,776 | €121,805 | -€1,971 | -1.6% |
| Fixed assets | 21/28 | €29,150 | €30,480 | +€1,330 | +4.6% |
| Tangible fixed assets | 22/27 | €29,150 | €23,690 | -€5,460 | -18.7% |
| Plant, machinery and equipment | 23 | €29,150 | €23,690 | -€5,460 | -18.7% |
| Financial fixed assets | 28 | - | €6,790 | +€6,790 | |
| Current assets | 29/58 | €94,626 | €91,325 | -€3,301 | -3.5% |
| Stocks and contracts in progress | 3 | €10,001 | €10,195 | +€194 | +1.9% |
| Stocks | 30/36 | €10,001 | €10,195 | +€194 | +1.9% |
| Amounts receivable within one year | 40/41 | €10,522 | €13,801 | +€3,279 | +31.2% |
| Trade receivables | 40 | €9,961 | €7,118 | -€2,843 | -28.5% |
| Other amounts receivable | 41 | €561 | €6,683 | +€6,122 | +1091.3% |
| Cash at bank and in hand | 54/58 | €74,103 | €67,329 | -€6,774 | -9.1% |
| Total equity and liabilities | 10/49 | €123,776 | €121,805 | -€1,971 | -1.6% |
| Equity | 10/15 | -€62,142 | -€116,041 | -€53,899 | -86.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,594 | -€136,493 | -€53,899 | -65.3% |
| Amounts payable | 17/49 | €185,918 | €237,846 | +€51,928 | +27.9% |
| Amounts payable within one year | 42/48 | €185,918 | €237,846 | +€51,928 | +27.9% |
| Trade debts | 44 | €75,228 | €98,193 | +€22,965 | +30.5% |
| Suppliers | 440/4 | €75,228 | €98,193 | +€22,965 | +30.5% |
| Taxes, remuneration and social security | 45 | €32,330 | €41,452 | +€9,122 | +28.2% |
| Taxes | 450/3 | €3,981 | €3,127 | -€854 | -21.5% |
| Remuneration and social security | 454/9 | €28,349 | €38,325 | +€9,976 | +35.2% |
| Other amounts payable | 47/48 | €78,360 | €98,201 | +€19,841 | +25.3% |
| Remuneration, social security and pensions | 62 | €166,377 | €174,823 | +€8,446 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,742 | €8,770 | +€28 | +0.3% |
| Other operating charges | 640/8 | €8,060 | €5,647 | -€2,413 | -29.9% |
| Non-recurring operating charges | 66A | €1,753 | - | -€1,753 | |
| Gross operating margin | 9900 | €222,568 | €136,083 | -€86,485 | -38.9% |
| Operating profit (loss) | 9901 | €37,636 | -€53,157 | -€90,793 | |
| Financial income | 75/76B | €12 | €32 | +€20 | +166.7% |
| Recurring financial income | 75 | €12 | €32 | +€20 | +166.7% |
| Financial charges | 65/66B | €3,528 | €774 | -€2,754 | -78.1% |
| Recurring financial charges | 65 | €3,528 | €774 | -€2,754 | -78.1% |
| Profit (loss) for the period before taxes | 9903 | €34,120 | -€53,899 | -€88,019 | |
| Profit (loss) for the period | 9904 | €34,120 | -€53,899 | -€88,019 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,120 | -€53,899 | -€88,019 |
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 8 October 2026 via checked.be.