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
- Receivables within one year +€43,432
up €43,432 (+88.3%), from €49,199 to €92,631
of which Other amounts receivable: +€34,760
- Cash +€14,150
up €14,150 (+205.7%), from €6,878 to €21,027
mainly Accrued charges and deferred income (+€27,640) and Other debts (+€17,632)
- Tangible fixed assets -€1,651
down €1,651 (-6.4%), from €25,725 to €24,074
- Accrued charges and deferred income +€27,640
new in 2025: €27,640
- Other debts +€17,632
up €17,632 (+271.3%), from €6,500 to €24,132
- Reserves +€15,883
up €15,883 (+73.3%), from €21,674 to €37,557
- Debts after one year -€7,275
down €7,275 (-24.4%), from €29,785 to €22,511
- Trade debts -€2,739
down €2,739 (-63.4%), from €4,319 to €1,580
- Gross operating margin -€9,378
down €9,378 (-24.9%), from €37,649 to €28,272
- Staff costs -€3,840
down €3,840, from €1,920 to -€1,920
- Financial income -€917
down €917 (-100.0%), from €917 to €0
- Depreciation +€770
up €770 (+13.3%), from €5,775 to €6,545
- Taxes -€416
down €416 (-9.0%), from €4,619 to €4,204
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 | €82,050 | €137,732 | +€55,682 | +67.9% |
| Fixed assets | 21/28 | €25,725 | €24,074 | -€1,651 | -6.4% |
| Tangible fixed assets | 22/27 | €25,725 | €24,074 | -€1,651 | -6.4% |
| Furniture and vehicles | 24 | €25,725 | €24,074 | -€1,651 | -6.4% |
| Current assets | 29/58 | €56,325 | €113,658 | +€57,333 | +101.8% |
| Amounts receivable within one year | 40/41 | €49,199 | €92,631 | +€43,432 | +88.3% |
| Trade receivables | 40 | €480 | €9,152 | +€8,672 | +1808.6% |
| Other amounts receivable | 41 | €48,719 | €83,479 | +€34,760 | +71.3% |
| Cash at bank and in hand | 54/58 | €6,878 | €21,027 | +€14,150 | +205.7% |
| Deferred charges and accrued income | 490/1 | €249 | - | -€249 | |
| Total equity and liabilities | 10/49 | €82,050 | €137,732 | +€55,682 | +67.9% |
| Equity | 10/15 | €24,674 | €40,557 | +€15,883 | +64.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €21,674 | €37,557 | +€15,883 | +73.3% |
| Distributable reserves | 133 | €21,674 | €37,557 | +€15,883 | +73.3% |
| Amounts payable | 17/49 | €57,376 | €97,175 | +€39,799 | +69.4% |
| Amounts payable after more than one year | 17 | €29,785 | €22,511 | -€7,275 | -24.4% |
| Financial debts | 170/4 | €29,785 | €22,511 | -€7,275 | -24.4% |
| Amounts payable within one year | 42/48 | €27,590 | €47,025 | +€19,435 | +70.4% |
| Current portion of amounts payable after more than one year | 42 | €9,555 | €11,442 | +€1,887 | +19.8% |
| Trade debts | 44 | €4,319 | €1,580 | -€2,739 | -63.4% |
| Suppliers | 440/4 | €4,319 | €1,580 | -€2,739 | -63.4% |
| Taxes, remuneration and social security | 45 | €7,217 | €9,870 | +€2,653 | +36.8% |
| Taxes | 450/3 | €7,217 | €9,870 | +€2,653 | +36.8% |
| Other amounts payable | 47/48 | €6,500 | €24,132 | +€17,632 | +271.3% |
| Accrued charges and deferred income | 492/3 | - | €27,640 | +€27,640 | |
| Remuneration, social security and pensions | 62 | €1,920 | -€1,920 | -€3,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,775 | €6,545 | +€770 | +13.3% |
| Other operating charges | 640/8 | €1,473 | €1,414 | -€60 | -4.0% |
| Gross operating margin | 9900 | €37,649 | €28,272 | -€9,378 | -24.9% |
| Operating profit (loss) | 9901 | €28,481 | €22,233 | -€6,248 | -21.9% |
| Financial income | 75/76B | €917 | €0 | -€917 | -100.0% |
| Recurring financial income | 75 | €917 | €0 | -€917 | -100.0% |
| Financial charges | 65/66B | €1,944 | €2,147 | +€202 | +10.4% |
| Recurring financial charges | 65 | €1,944 | €2,147 | +€202 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €27,454 | €20,087 | -€7,367 | -26.8% |
| Income taxes | 67/77 | €4,619 | €4,204 | -€416 | -9.0% |
| Profit (loss) for the period | 9904 | €22,834 | €15,883 | -€6,951 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,834 | €15,883 | -€6,951 | -30.4% |
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 1 October 2026 via checked.be.