SEMACO: 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.
SEMACO
Largest movements
- Tangible fixed assets -€50,744
down €50,744 (-9.7%), from €523,697 to €472,953
of which Other tangible fixed assets: -€30,436
- Cash +€33,233
up €33,233 (+46.9%), from €70,897 to €104,130
mainly Depreciation (+€55,186) and Trade debts (+€43,998)
- Stocks and contracts +€15,000
up €15,000 (+15.8%), from €94,980 to €109,980
- Trade debts +€43,998
up €43,998 (+726.9%), from €6,053 to €50,051
- Debts after one year -€20,923
down €20,923 (-6.6%), from €315,801 to €294,878
- Reserves -€14,533
down €14,533 (-5.8%), from €250,211 to €235,678
of which Tax-exempt reserves: -€15,208
- Other operating charges -€15,955
down €15,955 (-75.0%), from €21,278 to €5,323
- Write-downs +€11,978
no longer reported in 2025 (was -€11,978)
- Gross operating margin -€4,083
down €4,083 (-7.4%), from €55,366 to €51,283
- Financial income -€2,550
down €2,550 (-93.2%), from €2,737 to €187
- Depreciation +€1,088
up €1,088 (+2.0%), from €54,099 to €55,186
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 | €713,516 | €712,995 | -€521 | -0.1% |
| Fixed assets | 21/28 | €523,747 | €473,003 | -€50,744 | -9.7% |
| Tangible fixed assets | 22/27 | €523,697 | €472,953 | -€50,744 | -9.7% |
| Plant, machinery and equipment | 23 | €44,209 | €36,608 | -€7,601 | -17.2% |
| Furniture and vehicles | 24 | €36,164 | €23,457 | -€12,707 | -35.1% |
| Other tangible fixed assets | 26 | €443,324 | €412,888 | -€30,436 | -6.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €189,769 | €239,992 | +€50,223 | +26.5% |
| Stocks and contracts in progress | 3 | €94,980 | €109,980 | +€15,000 | +15.8% |
| Stocks | 30/36 | €94,980 | €109,980 | +€15,000 | +15.8% |
| Amounts receivable within one year | 40/41 | €21,289 | €21,994 | +€705 | +3.3% |
| Trade receivables | 40 | - | €18,272 | +€18,272 | |
| Other amounts receivable | 41 | €21,289 | €3,722 | -€17,567 | -82.5% |
| Cash at bank and in hand | 54/58 | €70,897 | €104,130 | +€33,233 | +46.9% |
| Deferred charges and accrued income | 490/1 | €2,603 | €3,888 | +€1,285 | +49.4% |
| Total equity and liabilities | 10/49 | €713,516 | €712,995 | -€521 | -0.1% |
| Equity | 10/15 | €268,806 | €254,273 | -€14,533 | -5.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €250,211 | €235,678 | -€14,533 | -5.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €138,066 | €122,858 | -€15,208 | -11.0% |
| Distributable reserves | 133 | €110,285 | €110,961 | +€675 | +0.6% |
| Profit (loss) carried forward | 14 | €4 | €4 | = | 0.0% |
| Provisions and deferred taxes | 16 | €46,022 | €40,953 | -€5,069 | -11.0% |
| Deferred taxes | 168 | €46,022 | €40,953 | -€5,069 | -11.0% |
| Amounts payable | 17/49 | €398,688 | €417,769 | +€19,081 | +4.8% |
| Amounts payable after more than one year | 17 | €315,801 | €294,878 | -€20,923 | -6.6% |
| Financial debts | 170/4 | €315,801 | €294,878 | -€20,923 | -6.6% |
| Amounts payable within one year | 42/48 | €82,887 | €122,891 | +€40,004 | +48.3% |
| Current portion of amounts payable after more than one year | 42 | €20,645 | €20,923 | +€278 | +1.3% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €6,053 | €50,051 | +€43,998 | +726.9% |
| Suppliers | 440/4 | €6,053 | €50,051 | +€43,998 | +726.9% |
| Taxes, remuneration and social security | 45 | - | €1,918 | +€1,918 | |
| Taxes | 450/3 | - | €1,918 | +€1,918 | |
| Other amounts payable | 47/48 | €6,189 | - | -€6,189 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,099 | €55,186 | +€1,088 | +2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,978 | - | +€11,978 | |
| Other operating charges | 640/8 | €21,278 | €5,323 | -€15,955 | -75.0% |
| Gross operating margin | 9900 | €55,366 | €51,283 | -€4,083 | -7.4% |
| Operating profit (loss) | 9901 | -€8,033 | -€9,226 | -€1,194 | -14.9% |
| Financial income | 75/76B | €2,737 | €187 | -€2,550 | -93.2% |
| Recurring financial income | 75 | €2,737 | €187 | -€2,550 | -93.2% |
| Financial charges | 65/66B | €9,570 | €8,646 | -€925 | -9.7% |
| Recurring financial charges | 65 | €9,570 | €8,646 | -€925 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€14,866 | -€17,685 | -€2,819 | -19.0% |
| Transfer from deferred taxes | 780 | €5,069 | €5,069 | = | 0.0% |
| Income taxes | 67/77 | €1,856 | €1,918 | +€62 | +3.3% |
| Profit (loss) for the period | 9904 | -€11,652 | -€14,533 | -€2,881 | -24.7% |
| Transfer from tax-exempt reserves | 789 | €15,208 | €15,208 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,556 | €675 | -€2,881 | -81.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.