SEMA 35: 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 35
Largest movements
- Tangible fixed assets -€40,000
down €40,000 (-6.9%), from €580,000 to €540,000
- Cash -€17,348
down €17,348 (-69.9%), from €24,814 to €7,466
mainly Other debts (-€64,999) and Debts after one year (-€51,000)
- Current portion of long-term debt +€65,000
new in 2025: €65,000
- Other debts -€64,999
no longer reported in 2025 (was €64,999)
- Debts after one year -€51,000
down €51,000 (-11.7%), from €434,668 to €383,667
of which Financial debts: -€65,000
- Gross operating margin +€3,095
up €3,095 (+6.5%), from €47,662 to €50,757
- Financial charges -€1,122
down €1,122 (-19.1%), from €5,872 to €4,750
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 | €606,534 | €554,108 | -€52,427 | -8.6% |
| Fixed assets | 21/28 | €580,450 | €540,450 | -€40,000 | -6.9% |
| Tangible fixed assets | 22/27 | €580,000 | €540,000 | -€40,000 | -6.9% |
| Land and buildings | 22 | €580,000 | €540,000 | -€40,000 | -6.9% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €26,084 | €13,658 | -€12,427 | -47.6% |
| Amounts receivable within one year | 40/41 | €1,270 | €6,192 | +€4,922 | +387.6% |
| Trade receivables | 40 | €1,270 | €4,192 | +€2,922 | +230.1% |
| Other amounts receivable | 41 | - | €2,000 | +€2,000 | |
| Cash at bank and in hand | 54/58 | €24,814 | €7,466 | -€17,348 | -69.9% |
| Total equity and liabilities | 10/49 | €606,534 | €554,108 | -€52,427 | -8.6% |
| Equity | 10/15 | €106,867 | €102,375 | -€4,492 | -4.2% |
| Contributions | 10/11 | €25,687 | €25,687 | = | 0.0% |
| Reserves | 13 | €2,569 | €2,569 | = | 0.0% |
| Distributable reserves | 133 | €2,569 | €2,569 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,612 | €74,119 | -€4,492 | -5.7% |
| Amounts payable | 17/49 | €499,667 | €451,733 | -€47,934 | -9.6% |
| Amounts payable after more than one year | 17 | €434,668 | €383,667 | -€51,000 | -11.7% |
| Financial debts | 170/4 | €281,668 | €216,667 | -€65,000 | -23.1% |
| Other amounts payable | 178/9 | €153,000 | €167,000 | +€14,000 | +9.2% |
| Amounts payable within one year | 42/48 | €64,999 | €65,066 | +€66 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | - | €65,000 | +€65,000 | |
| Trade debts | 44 | - | €66 | +€66 | |
| Suppliers | 440/4 | - | €66 | +€66 | |
| Other amounts payable | 47/48 | €64,999 | - | -€64,999 | |
| Accrued charges and deferred income | 492/3 | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,000 | €40,000 | = | 0.0% |
| Other operating charges | 640/8 | €10,247 | €10,499 | +€252 | +2.5% |
| Gross operating margin | 9900 | €47,662 | €50,757 | +€3,095 | +6.5% |
| Operating profit (loss) | 9901 | -€2,585 | €258 | +€2,843 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €5,872 | €4,750 | -€1,122 | -19.1% |
| Recurring financial charges | 65 | €5,872 | €4,750 | -€1,122 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,457 | -€4,492 | +€3,965 | +46.9% |
| Profit (loss) for the period | 9904 | -€8,457 | -€4,492 | +€3,965 | +46.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,457 | -€4,492 | +€3,965 | +46.9% |
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 2 October 2026 via checked.be.