SEMACO PM: 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 PM
Largest movements
- Tangible fixed assets +€101,621
up €101,621 (+2279.9%), from €4,457 to €106,078
of which Furniture and vehicles: +€102,388
- Receivables within one year -€99,699
down €99,699 (-20.5%), from €487,435 to €387,736
of which Other amounts receivable: -€172,662
- Cash -€41,582
down €41,582 (-45.4%), from €91,553 to €49,971
mainly Contributions, distributions and other (-€158,320) and Investment in fixed assets (net) (-€115,745)
- Deferred charges and accrued income -€11,462
down €11,462 (-44.1%), from €26,002 to €14,540
- Trade debts -€76,795
down €76,795 (-62.6%), from €122,664 to €45,869
- Debts after one year +€68,960
new in 2025: €68,960
- Profit (loss) carried forward -€43,604
down €43,604 (-92.9%), from €46,914 to €3,310
- Other debts -€28,203
down €28,203 (-18.7%), from €150,958 to €122,756
- Current portion of long-term debt +€17,214
new in 2025: €17,214
- Gross operating margin +€315,322
up €315,322 (+110.9%), from €284,406 to €599,728
- Financial income -€231,172
down €231,172 (-100.0%), from €231,172 to €0
- Staff costs +€89,065
up €89,065 (+27.2%), from €327,127 to €416,192
- Taxes +€45,288
up €45,288 (+3162.5%), from €1,432 to €46,720
- Financial charges -€12,061
down €12,061 (-81.3%), from €14,842 to €2,781
of which Financial charges: -€12,061
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 | €626,871 | €575,748 | -€51,123 | -8.2% |
| Fixed assets | 21/28 | €4,957 | €106,578 | +€101,621 | +2049.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €4,457 | €106,078 | +€101,621 | +2279.9% |
| Plant, machinery and equipment | 23 | €2,100 | €1,332 | -€768 | -36.6% |
| Furniture and vehicles | 24 | €2,357 | €104,746 | +€102,388 | +4343.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €621,914 | €469,171 | -€152,743 | -24.6% |
| Amounts receivable after more than one year | 29 | €16,800 | €16,800 | = | 0.0% |
| Other amounts receivable | 291 | €16,800 | €16,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €487,435 | €387,736 | -€99,699 | -20.5% |
| Trade receivables | 40 | €234,687 | €307,650 | +€72,963 | +31.1% |
| Other amounts receivable | 41 | €252,748 | €80,086 | -€172,662 | -68.3% |
| Current investments | 50/53 | €124 | €124 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €91,553 | €49,971 | -€41,582 | -45.4% |
| Deferred charges and accrued income | 490/1 | €26,002 | €14,540 | -€11,462 | -44.1% |
| Total equity and liabilities | 10/49 | €626,871 | €575,748 | -€51,123 | -8.2% |
| Equity | 10/15 | €299,157 | €255,553 | -€43,604 | -14.6% |
| Contributions | 10/11 | €156,715 | €156,715 | = | 0.0% |
| Reserves | 13 | €95,528 | €95,528 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,528 | €9,528 | = | 0.0% |
| Distributable reserves | 133 | €86,000 | €86,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,914 | €3,310 | -€43,604 | -92.9% |
| Amounts payable | 17/49 | €327,714 | €320,195 | -€7,519 | -2.3% |
| Amounts payable after more than one year | 17 | - | €68,960 | +€68,960 | |
| Financial debts | 170/4 | - | €68,960 | +€68,960 | |
| Amounts payable within one year | 42/48 | €327,714 | €249,926 | -€77,788 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | - | €17,214 | +€17,214 | |
| Trade debts | 44 | €122,664 | €45,869 | -€76,795 | -62.6% |
| Suppliers | 440/4 | €122,664 | €45,869 | -€76,795 | -62.6% |
| Taxes, remuneration and social security | 45 | €54,092 | €64,086 | +€9,995 | +18.5% |
| Taxes | 450/3 | €15,415 | €20,560 | +€5,145 | +33.4% |
| Remuneration and social security | 454/9 | €38,676 | €43,526 | +€4,850 | +12.5% |
| Other amounts payable | 47/48 | €150,958 | €122,756 | -€28,203 | -18.7% |
| Accrued charges and deferred income | 492/3 | €0 | €1,309 | +€1,309 | |
| Remuneration, social security and pensions | 62 | €327,127 | €416,192 | +€89,065 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,879 | €14,125 | +€11,246 | +390.6% |
| Other operating charges | 640/8 | €2,053 | €5,195 | +€3,142 | +153.1% |
| Gross operating margin | 9900 | €284,406 | €599,728 | +€315,322 | +110.9% |
| Operating profit (loss) | 9901 | -€47,653 | €164,216 | +€211,869 | |
| Financial income | 75/76B | €231,172 | €0 | -€231,172 | -100.0% |
| Recurring financial income | 75 | €231,172 | €0 | -€231,172 | -100.0% |
| Financial charges | 65/66B | €14,842 | €2,781 | -€12,061 | -81.3% |
| Recurring financial charges | 65 | €14,842 | €2,781 | -€12,061 | -81.3% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €168,677 | €161,436 | -€7,242 | -4.3% |
| Income taxes | 67/77 | €1,432 | €46,720 | +€45,288 | +3162.5% |
| Profit (loss) for the period | 9904 | €167,245 | €114,716 | -€52,529 | -31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €167,245 | €114,716 | -€52,529 | -31.4% |
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 5 October 2026 via checked.be.