SEMAFAN: 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.
SEMAFAN
Largest movements
- Tangible fixed assets -€11,116
down €11,116 (-17.6%), from €63,025 to €51,909
of which Furniture and vehicles: -€10,362
- Cash -€6,844
down €6,844 (-8.2%), from €83,301 to €76,457
mainly Debts after one year (-€20,000) and Net result for the year (-€4,342)
- Debts after one year -€20,000
no longer reported in 2025 (was €20,000)
- Reserves -€10,000
down €10,000 (-8.1%), from €123,000 to €113,000
- Other debts +€8,148
up €8,148 (+1000.8%), from €814 to €8,963
- Profit (loss) carried forward +€5,658
up €5,658 (+333.9%), from €1,694 to €7,352
- Tax, wage and social debts -€2,392
no longer reported in 2025 (was €2,392)
- Gross operating margin -€6,661
down €6,661 (-48.0%), from €13,863 to €7,202
- Depreciation +€1,816
up €1,816 (+19.5%), from €9,300 to €11,116
- Financial income +€320
up €320 (+49.3%), from €649 to €968
- Taxes -€296
down €296 (-89.1%), from €333 to €36
- Other operating charges -€269
down €269 (-17.0%), from €1,584 to €1,315
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 | €166,678 | €149,085 | -€17,593 | -10.6% |
| Fixed assets | 21/28 | €63,025 | €51,909 | -€11,116 | -17.6% |
| Tangible fixed assets | 22/27 | €63,025 | €51,909 | -€11,116 | -17.6% |
| Plant, machinery and equipment | 23 | €3,205 | €2,451 | -€754 | -23.5% |
| Furniture and vehicles | 24 | €59,821 | €49,458 | -€10,362 | -17.3% |
| Current assets | 29/58 | €103,653 | €97,176 | -€6,477 | -6.2% |
| Stocks and contracts in progress | 3 | €3,148 | €3,882 | +€734 | +23.3% |
| Stocks | 30/36 | €1,648 | €1,882 | +€234 | +14.2% |
| Contracts in progress | 37 | €1,500 | €2,000 | +€500 | +33.3% |
| Amounts receivable within one year | 40/41 | €14,400 | €14,832 | +€432 | +3.0% |
| Trade receivables | 40 | €10,257 | €9,550 | -€707 | -6.9% |
| Other amounts receivable | 41 | €4,143 | €5,282 | +€1,139 | +27.5% |
| Cash at bank and in hand | 54/58 | €83,301 | €76,457 | -€6,844 | -8.2% |
| Deferred charges and accrued income | 490/1 | €2,804 | €2,005 | -€799 | -28.5% |
| Total equity and liabilities | 10/49 | €166,678 | €149,085 | -€17,593 | -10.6% |
| Equity | 10/15 | €143,294 | €138,952 | -€4,342 | -3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,000 | €113,000 | -€10,000 | -8.1% |
| Distributable reserves | 133 | €123,000 | €113,000 | -€10,000 | -8.1% |
| Profit (loss) carried forward | 14 | €1,694 | €7,352 | +€5,658 | +333.9% |
| Amounts payable | 17/49 | €23,384 | €10,133 | -€13,250 | -56.7% |
| Amounts payable after more than one year | 17 | €20,000 | - | -€20,000 | |
| Other amounts payable | 178/9 | €20,000 | - | -€20,000 | |
| Amounts payable within one year | 42/48 | €3,384 | €10,133 | +€6,750 | +199.5% |
| Trade debts | 44 | €177 | €1,171 | +€993 | +560.2% |
| Suppliers | 440/4 | €177 | €1,171 | +€993 | +560.2% |
| Taxes, remuneration and social security | 45 | €2,392 | - | -€2,392 | |
| Taxes | 450/3 | €2,392 | - | -€2,392 | |
| Other amounts payable | 47/48 | €814 | €8,963 | +€8,148 | +1000.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,300 | €11,116 | +€1,816 | +19.5% |
| Other operating charges | 640/8 | €1,584 | €1,315 | -€269 | -17.0% |
| Non-recurring operating charges | 66A | €6,325 | - | -€6,325 | |
| Gross operating margin | 9900 | €13,863 | €7,202 | -€6,661 | -48.0% |
| Operating profit (loss) | 9901 | -€3,346 | -€5,229 | -€1,883 | -56.3% |
| Financial income | 75/76B | €649 | €968 | +€320 | +49.3% |
| Recurring financial income | 75 | €649 | €968 | +€320 | +49.3% |
| Financial charges | 65/66B | €46 | €45 | -€1 | -2.0% |
| Recurring financial charges | 65 | €46 | €45 | -€1 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,744 | -€4,306 | -€1,563 | -57.0% |
| Income taxes | 67/77 | €333 | €36 | -€296 | -89.1% |
| Profit (loss) for the period | 9904 | -€3,076 | -€4,342 | -€1,266 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,076 | -€4,342 | -€1,266 | -41.2% |
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 4 October 2026 via checked.be.