SEMAL: 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.
SEMAL
Largest movements
- Current investments +€30,000
new in 2025: €30,000
- Tangible fixed assets -€21,372
down €21,372 (-26.4%), from €80,969 to €59,596
of which Furniture and vehicles: -€14,313
- Cash -€2,944
down €2,944 (-6.7%), from €43,928 to €40,984
mainly Contributions, distributions and other (-€30,000) and Current investments (-€30,000)
- Other debts +€32,287
up €32,287 (+309%), from €10,440 to €42,726
- Reserves -€14,609
down €14,609 (-22.8%), from €64,159 to €49,550
of which Distributable reserves: -€15,147
- Debts after one year -€8,469
down €8,469 (-49.8%), from €17,015 to €8,546
- Advances received -€2,852
down €2,852 (-41.9%), from €6,812 to €3,960
- Depreciation +€889
up €889 (+3.0%), from €30,076 to €30,966
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 | €130,198 | €137,027 | +€6,829 | +5.2% |
| Fixed assets | 21/28 | €80,969 | €59,596 | -€21,372 | -26.4% |
| Tangible fixed assets | 22/27 | €80,969 | €59,596 | -€21,372 | -26.4% |
| Plant, machinery and equipment | 23 | €13,167 | €14,354 | +€1,187 | +9.0% |
| Furniture and vehicles | 24 | €38,386 | €24,074 | -€14,313 | -37.3% |
| Other tangible fixed assets | 26 | €29,415 | €21,169 | -€8,246 | -28.0% |
| Current assets | 29/58 | €49,230 | €77,430 | +€28,201 | +57.3% |
| Stocks and contracts in progress | 3 | €620 | €780 | +€160 | +25.8% |
| Stocks | 30/36 | €620 | €780 | +€160 | +25.8% |
| Amounts receivable within one year | 40/41 | €993 | €2,027 | +€1,034 | +104% |
| Trade receivables | 40 | €317 | €285 | -€32 | -10.0% |
| Other amounts receivable | 41 | €676 | €1,742 | +€1,066 | +158% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €43,928 | €40,984 | -€2,944 | -6.7% |
| Deferred charges and accrued income | 490/1 | €3,689 | €3,639 | -€49 | -1.3% |
| Total equity and liabilities | 10/49 | €130,198 | €137,027 | +€6,829 | +5.2% |
| Equity | 10/15 | €82,751 | €68,142 | -€14,609 | -17.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €64,159 | €49,550 | -€14,609 | -22.8% |
| Tax-exempt reserves | 132 | €1,075 | €1,613 | +€538 | +50.0% |
| Distributable reserves | 133 | €63,084 | €47,937 | -€15,147 | -24.0% |
| Amounts payable | 17/49 | €47,447 | €68,885 | +€21,438 | +45.2% |
| Amounts payable after more than one year | 17 | €17,015 | €8,546 | -€8,469 | -49.8% |
| Financial debts | 170/4 | €17,015 | €8,546 | -€8,469 | -49.8% |
| Amounts payable within one year | 42/48 | €30,432 | €60,338 | +€29,906 | +98.3% |
| Current portion of amounts payable after more than one year | 42 | €8,391 | €8,469 | +€77 | +0.9% |
| Trade debts | 44 | €2,292 | €1,897 | -€395 | -17.2% |
| Suppliers | 440/4 | €2,292 | €1,897 | -€395 | -17.2% |
| Advances received on contracts in progress | 46 | €6,812 | €3,960 | -€2,852 | -41.9% |
| Taxes, remuneration and social security | 45 | €2,496 | €3,287 | +€790 | +31.6% |
| Taxes | 450/3 | €1,696 | €3,287 | +€1,590 | +93.7% |
| Remuneration and social security | 454/9 | €800 | - | -€800 | |
| Other amounts payable | 47/48 | €10,440 | €42,726 | +€32,287 | +309% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,076 | €30,966 | +€889 | +3.0% |
| Other operating charges | 640/8 | €2,194 | €1,996 | -€199 | -9.0% |
| Gross operating margin | 9900 | €49,887 | €50,357 | +€470 | +0.9% |
| Operating profit (loss) | 9901 | €17,616 | €17,396 | -€220 | -1.3% |
| Financial income | 75/76B | €345 | €75 | -€270 | -78.4% |
| Recurring financial income | 75 | €345 | €75 | -€270 | -78.4% |
| Financial charges | 65/66B | €661 | €454 | -€207 | -31.4% |
| Recurring financial charges | 65 | €661 | €454 | -€207 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €17,300 | €17,017 | -€284 | -1.6% |
| Income taxes | 67/77 | €1,660 | €1,626 | -€34 | -2.1% |
| Profit (loss) for the period | 9904 | €15,640 | €15,391 | -€249 | -1.6% |
| Transfer to tax-exempt reserves | 689 | €538 | €538 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,102 | €14,853 | -€249 | -1.7% |
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 17 October 2026 via checked.be.