SEMAFORCE: 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.
SEMAFORCE
Largest movements
- Cash +€13,339
up €13,339 (+13.4%), from €99,630 to €112,969
mainly Net result for the year (+€47,366) and Tax, wage and social debts (+€6,615)
- Receivables within one year +€9,961
up €9,961 (+38.6%), from €25,802 to €35,763
of which Trade receivables: +€14,889
- Reserves +€21,636
up €21,636 (+16.7%), from €129,708 to €151,344
of which Distributable reserves: +€21,636
- Tax, wage and social debts +€6,615
up €6,615 (+221.8%), from €2,982 to €9,597
of which Taxes: +€6,615
- Other debts -€5,226
down €5,226 (-100.0%), from €5,226 to €0
- Gross operating margin +€44,296
up €44,296 (+180.2%), from €24,584 to €68,879
- Taxes +€11,934
up €11,934 (+192.0%), from €6,214 to €18,148
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 | €147,679 | €169,796 | +€22,117 | +15.0% |
| Fixed assets | 21/28 | €13,347 | €12,395 | -€952 | -7.1% |
| Tangible fixed assets | 22/27 | €13,347 | €12,395 | -€952 | -7.1% |
| Plant, machinery and equipment | 23 | €1,020 | €644 | -€376 | -36.9% |
| Furniture and vehicles | 24 | €3,882 | €3,987 | +€105 | +2.7% |
| Other tangible fixed assets | 26 | €8,445 | €7,764 | -€681 | -8.1% |
| Current assets | 29/58 | €134,332 | €157,401 | +€23,069 | +17.2% |
| Amounts receivable within one year | 40/41 | €25,802 | €35,763 | +€9,961 | +38.6% |
| Trade receivables | 40 | €16,324 | €31,213 | +€14,889 | +91.2% |
| Other amounts receivable | 41 | €9,478 | €4,550 | -€4,928 | -52.0% |
| Cash at bank and in hand | 54/58 | €99,630 | €112,969 | +€13,339 | +13.4% |
| Deferred charges and accrued income | 490/1 | €8,899 | €8,669 | -€230 | -2.6% |
| Total equity and liabilities | 10/49 | €147,679 | €169,796 | +€22,117 | +15.0% |
| Equity | 10/15 | €137,145 | €158,781 | +€21,636 | +15.8% |
| Contributions | 10/11 | €7,437 | €7,437 | = | 0.0% |
| Reserves | 13 | €129,708 | €151,344 | +€21,636 | +16.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €129,708 | €151,344 | +€21,636 | +16.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €10,533 | €11,015 | +€482 | +4.6% |
| Amounts payable within one year | 42/48 | €10,473 | €10,973 | +€500 | +4.8% |
| Trade debts | 44 | €2,265 | €1,375 | -€889 | -39.3% |
| Suppliers | 440/4 | €2,265 | €1,375 | -€889 | -39.3% |
| Taxes, remuneration and social security | 45 | €2,982 | €9,597 | +€6,615 | +221.8% |
| Taxes | 450/3 | €2,982 | €9,597 | +€6,615 | +221.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,226 | €0 | -€5,226 | -100.0% |
| Accrued charges and deferred income | 492/3 | €61 | €42 | -€18 | -30.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,232 | €2,937 | -€295 | -9.1% |
| Other operating charges | 640/8 | €751 | €970 | +€220 | +29.3% |
| Gross operating margin | 9900 | €24,584 | €68,879 | +€44,296 | +180.2% |
| Operating profit (loss) | 9901 | €20,601 | €64,972 | +€44,371 | +215.4% |
| Financial income | 75/76B | €838 | €678 | -€161 | -19.2% |
| Recurring financial income | 75 | €838 | €678 | -€161 | -19.2% |
| Financial charges | 65/66B | €147 | €135 | -€12 | -8.1% |
| Recurring financial charges | 65 | €147 | €135 | -€12 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €21,292 | €65,514 | +€44,222 | +207.7% |
| Income taxes | 67/77 | €6,214 | €18,148 | +€11,934 | +192.0% |
| Profit (loss) for the period | 9904 | €15,078 | €47,366 | +€32,289 | +214.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,078 | €47,366 | +€32,289 | +214.1% |
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.