Sémaj: 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.
Sémaj
Largest movements
- Receivables within one year +€28,243
up €28,243 (+219%), from €12,879 to €41,122
of which Trade receivables: +€30,645
- Tangible fixed assets -€9,905
down €9,905 (-5.1%), from €194,748 to €184,843
of which Land and buildings: -€10,004
- Deferred charges and accrued income -€2,730
down €2,730 (-90.0%), from €3,034 to €304
- Debts after one year -€20,916
down €20,916 (-17.4%), from €120,072 to €99,156
- Other debts +€19,250
new in 2025: €19,250
- Reserves +€18,758
up €18,758 (+21.7%), from €86,512 to €105,270
of which Distributable reserves: +€18,758
- Current portion of long-term debt -€4,967
down €4,967 (-19.2%), from €25,882 to €20,916
- Depreciation -€6,669
down €6,669 (-32.2%), from €20,730 to €14,062
- Gross operating margin +€1,578
up €1,578 (+2.2%), from €72,083 to €73,662
- Taxes +€1,214
up €1,214 (+7.7%), from €15,673 to €16,887
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.
Derived cash bridge
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 | €247,017 | €264,457 | +€17,440 | +7.1% |
| Fixed assets | 21/28 | €194,748 | €184,843 | -€9,905 | -5.1% |
| Tangible fixed assets | 22/27 | €194,748 | €184,843 | -€9,905 | -5.1% |
| Land and buildings | 22 | €185,444 | €175,440 | -€10,004 | -5.4% |
| Plant, machinery and equipment | 23 | €2,326 | €1,705 | -€621 | -26.7% |
| Furniture and vehicles | 24 | €2,813 | €3,953 | +€1,140 | +40.5% |
| Other tangible fixed assets | 26 | €4,165 | €3,745 | -€420 | -10.1% |
| Current assets | 29/58 | €52,269 | €79,614 | +€27,345 | +52.3% |
| Amounts receivable within one year | 40/41 | €12,879 | €41,122 | +€28,243 | +219% |
| Trade receivables | 40 | €3,000 | €33,645 | +€30,645 | +1,021% |
| Other amounts receivable | 41 | €9,879 | €7,477 | -€2,402 | -24.3% |
| Cash at bank and in hand | 54/58 | €36,356 | €38,187 | +€1,832 | +5.0% |
| Deferred charges and accrued income | 490/1 | €3,034 | €304 | -€2,730 | -90.0% |
| Total equity and liabilities | 10/49 | €247,017 | €264,457 | +€17,440 | +7.1% |
| Equity | 10/15 | €89,012 | €107,770 | +€18,758 | +21.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €86,512 | €105,270 | +€18,758 | +21.7% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Distributable reserves | 133 | €86,262 | €105,020 | +€18,758 | +21.7% |
| Amounts payable | 17/49 | €158,005 | €156,687 | -€1,318 | -0.8% |
| Amounts payable after more than one year | 17 | €120,072 | €99,156 | -€20,916 | -17.4% |
| Financial debts | 170/4 | €120,072 | €99,156 | -€20,916 | -17.4% |
| Amounts payable within one year | 42/48 | €37,933 | €57,114 | +€19,181 | +50.6% |
| Current portion of amounts payable after more than one year | 42 | €25,882 | €20,916 | -€4,967 | -19.2% |
| Trade debts | 44 | €914 | €2,833 | +€1,919 | +210% |
| Suppliers | 440/4 | €914 | €2,833 | +€1,919 | +210% |
| Advances received on contracts in progress | 46 | - | €2,401 | +€2,401 | |
| Taxes, remuneration and social security | 45 | €11,137 | €11,714 | +€577 | +5.2% |
| Taxes | 450/3 | €11,137 | €11,714 | +€577 | +5.2% |
| Other amounts payable | 47/48 | - | €19,250 | +€19,250 | |
| Accrued charges and deferred income | 492/3 | - | €417 | +€417 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,730 | €14,062 | -€6,669 | -32.2% |
| Other operating charges | 640/8 | €1,607 | €1,996 | +€389 | +24.2% |
| Gross operating margin | 9900 | €72,083 | €73,662 | +€1,578 | +2.2% |
| Operating profit (loss) | 9901 | €49,746 | €57,604 | +€7,858 | +15.8% |
| Financial charges | 65/66B | €3,115 | €2,709 | -€406 | -13.0% |
| Recurring financial charges | 65 | €3,115 | €2,709 | -€406 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €46,631 | €54,895 | +€8,264 | +17.7% |
| Income taxes | 67/77 | €15,673 | €16,887 | +€1,214 | +7.7% |
| Profit (loss) for the period | 9904 | €30,957 | €38,008 | +€7,051 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,957 | €38,008 | +€7,051 | +22.8% |
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 21 October 2026 via checked.be.