SEMAFOOR: 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.
SEMAFOOR
Largest movements
- Cash -€20,982
down €20,982 (-70.8%), from €29,655 to €8,673
mainly Net result for the year (-€38,946) and Tax, wage and social debts (-€6,494)
- Tangible fixed assets -€15,034
down €15,034 (-4.6%), from €325,965 to €310,931
of which Furniture and vehicles: -€10,490
- Receivables within one year -€5,401
down €5,401 (-55.5%), from €9,731 to €4,331
of which Other amounts receivable: -€6,350
- Profit (loss) carried forward -€38,946
down €38,946 (-1442.6%), from -€2,700 to -€41,646
- Tax, wage and social debts -€6,494
down €6,494 (-93.6%), from €6,937 to €443
- Gross operating margin -€80,860
down €80,860, from €68,509 to -€12,351
- Depreciation -€9,762
down €9,762 (-31.9%), from €30,581 to €20,819
- Taxes -€6,494
down €6,494 (-93.6%), from €6,937 to €443
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 | €366,994 | €325,618 | -€41,376 | -11.3% |
| Fixed assets | 21/28 | €327,039 | €312,005 | -€15,034 | -4.6% |
| Tangible fixed assets | 22/27 | €325,965 | €310,931 | -€15,034 | -4.6% |
| Land and buildings | 22 | €280,229 | €274,029 | -€6,200 | -2.2% |
| Plant, machinery and equipment | 23 | €5,650 | €7,307 | +€1,656 | +29.3% |
| Furniture and vehicles | 24 | €19,586 | €9,096 | -€10,490 | -53.6% |
| Other tangible fixed assets | 26 | €20,500 | €20,500 | = | 0.0% |
| Financial fixed assets | 28 | €1,073 | €1,073 | = | 0.0% |
| Current assets | 29/58 | €39,955 | €13,613 | -€26,342 | -65.9% |
| Amounts receivable within one year | 40/41 | €9,731 | €4,331 | -€5,401 | -55.5% |
| Trade receivables | 40 | €1,210 | €2,159 | +€949 | +78.4% |
| Other amounts receivable | 41 | €8,521 | €2,171 | -€6,350 | -74.5% |
| Cash at bank and in hand | 54/58 | €29,655 | €8,673 | -€20,982 | -70.8% |
| Deferred charges and accrued income | 490/1 | €569 | €610 | +€40 | +7.1% |
| Total equity and liabilities | 10/49 | €366,994 | €325,618 | -€41,376 | -11.3% |
| Equity | 10/15 | €250,424 | €211,477 | -€38,946 | -15.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €234,523 | €234,523 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,718 | €3,718 | = | 0.0% |
| Distributable reserves | 133 | €230,805 | €230,805 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,700 | -€41,646 | -€38,946 | -1442.6% |
| Amounts payable | 17/49 | €116,570 | €114,140 | -€2,430 | -2.1% |
| Amounts payable within one year | 42/48 | €116,570 | €114,140 | -€2,430 | -2.1% |
| Trade debts | 44 | €123 | €597 | +€474 | +384.4% |
| Suppliers | 440/4 | €123 | €597 | +€474 | +384.4% |
| Taxes, remuneration and social security | 45 | €6,937 | €443 | -€6,494 | -93.6% |
| Taxes | 450/3 | €6,937 | €443 | -€6,494 | -93.6% |
| Other amounts payable | 47/48 | €109,510 | €113,100 | +€3,590 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,581 | €20,819 | -€9,762 | -31.9% |
| Other operating charges | 640/8 | €5,590 | €5,203 | -€388 | -6.9% |
| Gross operating margin | 9900 | €68,509 | -€12,351 | -€80,860 | |
| Operating profit (loss) | 9901 | €32,337 | -€38,372 | -€70,710 | |
| Financial income | 75/76B | €10 | €9 | -€1 | -9.3% |
| Recurring financial income | 75 | €10 | €9 | -€1 | -9.3% |
| Financial charges | 65/66B | €135 | €140 | +€5 | +3.8% |
| Recurring financial charges | 65 | €135 | €140 | +€5 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €32,213 | -€38,503 | -€70,716 | |
| Income taxes | 67/77 | €6,937 | €443 | -€6,494 | -93.6% |
| Profit (loss) for the period | 9904 | €25,276 | -€38,946 | -€64,222 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,276 | -€38,946 | -€64,222 |
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 8 October 2026 via checked.be.