SEMAF: 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.
SEMAF
Largest movements
- Receivables within one year +€311,766
up €311,766 (+17.4%), from €1.8m to €2.1m
of which Trade receivables: +€189,664
- Cash -€276,366
down €276,366 (-59.8%), from €462,100 to €185,735
mainly Receivables within one year (-€311,766) and Investment in fixed assets (net) (-€191,046)
- Tangible fixed assets +€98,893
up €98,893 (+39.5%), from €250,295 to €349,188
- Deferred charges and accrued income -€92,254
down €92,254 (-55.0%), from €167,824 to €75,570
- Trade debts +€359,985
up €359,985 (+16.6%), from €2.2m to €2.5m
- Profit (loss) carried forward -€133,443
down €133,443, from €78,708 to -€54,735
- Other debts -€97,832
down €97,832 (-22.7%), from €431,000 to €333,168
- Debts after one year -€42,238
down €42,238 (-37.5%), from €112,534 to €70,297
- Gross operating margin -€394,115
down €394,115 (-24.9%), from €1.6m to €1.2m
- Depreciation -€134,243
down €134,243 (-59.3%), from €226,395 to €92,152
- Staff costs +€95,205
up €95,205 (+8.8%), from €1.1m to €1.2m
- Financial charges -€39,884
down €39,884 (-64.4%), from €61,976 to €22,092
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 | €3,250,413 | €3,307,944 | +€57,531 | +1.8% |
| Fixed assets | 21/28 | €261,819 | €360,713 | +€98,893 | +37.8% |
| Tangible fixed assets | 22/27 | €250,295 | €349,188 | +€98,893 | +39.5% |
| Land and buildings | 22 | €67,918 | €97,444 | +€29,526 | +43.5% |
| Plant, machinery and equipment | 23 | €174,551 | €200,205 | +€25,654 | +14.7% |
| Furniture and vehicles | 24 | €7,826 | €51,539 | +€43,713 | +558.6% |
| Financial fixed assets | 28 | €11,524 | €11,524 | = | 0.0% |
| Current assets | 29/58 | €2,988,594 | €2,947,232 | -€41,362 | -1.4% |
| Stocks and contracts in progress | 3 | €564,644 | €580,134 | +€15,490 | +2.7% |
| Stocks | 30/36 | €564,644 | €580,134 | +€15,490 | +2.7% |
| Amounts receivable within one year | 40/41 | €1,794,026 | €2,105,792 | +€311,766 | +17.4% |
| Trade receivables | 40 | €96,742 | €286,406 | +€189,664 | +196.1% |
| Other amounts receivable | 41 | €1,697,284 | €1,819,386 | +€122,102 | +7.2% |
| Cash at bank and in hand | 54/58 | €462,100 | €185,735 | -€276,366 | -59.8% |
| Deferred charges and accrued income | 490/1 | €167,824 | €75,570 | -€92,254 | -55.0% |
| Total equity and liabilities | 10/49 | €3,250,413 | €3,307,944 | +€57,531 | +1.8% |
| Equity | 10/15 | €370,281 | €236,837 | -€133,443 | -36.0% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €43,679 | €43,679 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Distributable reserves | 133 | €18,889 | €18,889 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,708 | -€54,735 | -€133,443 | |
| Amounts payable | 17/49 | €2,880,133 | €3,071,107 | +€190,974 | +6.6% |
| Amounts payable after more than one year | 17 | €112,534 | €70,297 | -€42,238 | -37.5% |
| Financial debts | 170/4 | €112,534 | €70,297 | -€42,238 | -37.5% |
| Amounts payable within one year | 42/48 | €2,767,599 | €3,000,811 | +€233,212 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €40,920 | €42,238 | +€1,317 | +3.2% |
| Financial debts | 43 | €20,546 | €20,489 | -€56 | -0.3% |
| Credit institutions | 430/8 | €20,546 | €20,489 | -€56 | -0.3% |
| Trade debts | 44 | €2,167,101 | €2,527,086 | +€359,985 | +16.6% |
| Suppliers | 440/4 | €2,167,101 | €2,527,086 | +€359,985 | +16.6% |
| Taxes, remuneration and social security | 45 | €108,032 | €77,829 | -€30,203 | -28.0% |
| Taxes | 450/3 | €7,610 | €2,036 | -€5,574 | -73.2% |
| Remuneration and social security | 454/9 | €100,422 | €75,793 | -€24,629 | -24.5% |
| Other amounts payable | 47/48 | €431,000 | €333,168 | -€97,832 | -22.7% |
| Remuneration, social security and pensions | 62 | €1,076,297 | €1,171,502 | +€95,205 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €226,395 | €92,152 | -€134,243 | -59.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,220 | +€11,220 | |
| Other operating charges | 640/8 | €1,802 | €2,271 | +€470 | +26.1% |
| Gross operating margin | 9900 | €1,582,912 | €1,188,796 | -€394,115 | -24.9% |
| Operating profit (loss) | 9901 | €278,418 | -€88,349 | -€366,767 | |
| Financial income | 75/76B | €1,484 | €1,384 | -€100 | -6.7% |
| Recurring financial income | 75 | €1,484 | €1,384 | -€100 | -6.7% |
| Financial charges | 65/66B | €61,976 | €22,092 | -€39,884 | -64.4% |
| Recurring financial charges | 65 | €61,976 | €22,092 | -€39,884 | -64.4% |
| Profit (loss) for the period before taxes | 9903 | €217,926 | -€109,057 | -€326,983 | |
| Income taxes | 67/77 | €1,116 | €210 | -€907 | -81.2% |
| Profit (loss) for the period | 9904 | €216,809 | -€109,266 | -€326,076 | |
| Profit (loss) for the period to be appropriated | 9905 | €216,809 | -€109,266 | -€326,076 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.