SEMAFORE & CO: what changed
Two financial 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.
SEMAFORE & CO
Largest movements
- Cash +€10,634
up €10,634 (+28.4%), from €37,494 to €48,128
mainly Receivables within one year (+€10,098) and Depreciation (+€5,832)
- Receivables within one year -€10,098
down €10,098 (-47.5%), from €21,257 to €11,159
of which Trade receivables: -€7,746
- Tangible fixed assets -€3,079
down €3,079 (-25.8%), from €11,926 to €8,847
- Tax, wage and social debts +€1,996
up €1,996 (+367.2%), from €544 to €2,540
of which Remuneration and social security: +€2,006
- Trade debts -€1,861
down €1,861 (-21.4%), from €8,696 to €6,835
- Other debts -€1,127
down €1,127 (-5.3%), from €21,277 to €20,149
- Profit (loss) carried forward -€978
down €978 (-2.5%), from €39,198 to €38,220
- Gross operating margin +€8,834
up €8,834 (+167.5%), from €5,273 to €14,107
- Write-downs +€4,839
new in 2025: €4,839
- Taxes +€2,850
up €2,850, from -€757 to €2,093
- Financial charges -€1,929
down €1,929 (-59.2%), from €3,258 to €1,330
- Staff costs -€1,553
down €1,553 (-100.0%), from €1,553 to €0
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 | €71,714 | €69,744 | -€1,970 | -2.7% |
| Fixed assets | 21/28 | €11,926 | €8,847 | -€3,079 | -25.8% |
| Tangible fixed assets | 22/27 | €11,926 | €8,847 | -€3,079 | -25.8% |
| Land and buildings | 22 | €1,319 | €1,285 | -€35 | -2.6% |
| Plant, machinery and equipment | 23 | €2,077 | €667 | -€1,411 | -67.9% |
| Furniture and vehicles | 24 | €7,729 | €6,495 | -€1,234 | -16.0% |
| Other tangible fixed assets | 26 | €800 | €400 | -€400 | -50.0% |
| Current assets | 29/58 | €59,788 | €60,898 | +€1,109 | +1.9% |
| Amounts receivable within one year | 40/41 | €21,257 | €11,159 | -€10,098 | -47.5% |
| Trade receivables | 40 | €15,015 | €7,269 | -€7,746 | -51.6% |
| Other amounts receivable | 41 | €6,241 | €3,889 | -€2,352 | -37.7% |
| Cash at bank and in hand | 54/58 | €37,494 | €48,128 | +€10,634 | +28.4% |
| Deferred charges and accrued income | 490/1 | €1,038 | €1,611 | +€573 | +55.2% |
| Total equity and liabilities | 10/49 | €71,714 | €69,744 | -€1,970 | -2.7% |
| Equity | 10/15 | €41,198 | €40,220 | -€978 | -2.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,198 | €38,220 | -€978 | -2.5% |
| Amounts payable | 17/49 | €30,516 | €29,524 | -€992 | -3.2% |
| Amounts payable within one year | 42/48 | €30,516 | €29,524 | -€992 | -3.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €8,696 | €6,835 | -€1,861 | -21.4% |
| Suppliers | 440/4 | €8,696 | €6,835 | -€1,861 | -21.4% |
| Taxes, remuneration and social security | 45 | €544 | €2,540 | +€1,996 | +367.2% |
| Taxes | 450/3 | €544 | €534 | -€10 | -1.8% |
| Remuneration and social security | 454/9 | - | €2,006 | +€2,006 | |
| Other amounts payable | 47/48 | €21,277 | €20,149 | -€1,127 | -5.3% |
| Non-recurring operating income | 76A | €1,440 | €0 | -€1,440 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,553 | €0 | -€1,553 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,309 | €5,832 | -€477 | -7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,839 | +€4,839 | |
| Other operating charges | 640/8 | €1,528 | €584 | -€945 | -61.8% |
| Non-recurring operating charges | 66A | - | €1,086 | +€1,086 | |
| Gross operating margin | 9900 | €5,273 | €14,107 | +€8,834 | +167.5% |
| Operating profit (loss) | 9901 | -€4,118 | €1,766 | +€5,884 | |
| Financial income | 75/76B | €294 | €678 | +€384 | +130.7% |
| Recurring financial income | 75 | €294 | €678 | +€384 | +130.7% |
| Financial charges | 65/66B | €3,258 | €1,330 | -€1,929 | -59.2% |
| Recurring financial charges | 65 | €3,258 | €1,330 | -€1,929 | -59.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,082 | €1,115 | +€8,197 | |
| Income taxes | 67/77 | -€757 | €2,093 | +€2,850 | |
| Profit (loss) for the period | 9904 | -€6,325 | -€978 | +€5,347 | +84.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,325 | -€978 | +€5,347 | +84.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.