SEMALIN: 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.
SEMALIN
Largest movements
- Cash +€808,396
up €808,396 (+524.6%), from €154,105 to €962,501
mainly Net result for the year (+€646,840) and Investment in fixed assets (net) (+€266,084)
- Financial fixed assets -€250,000
down €250,000 (-26.3%), from €950,000 to €700,000
- Tangible fixed assets -€70,663
down €70,663 (-18.8%), from €375,490 to €304,826
- Receivables after one year -€70,000
down €70,000 (-25.9%), from €270,000 to €200,000
of which Trade receivables: -€70,000
- Receivables within one year +€54,833
up €54,833 (+60.0%), from €91,390 to €146,222
of which Other amounts receivable: +€52,946
- Reserves +€646,800
up €646,800 (+47.9%), from €1.3m to €2.0m
of which Distributable reserves: +€646,800
- Other debts -€128,891
down €128,891 (-96.7%), from €133,358 to €4,466
- Debts after one year -€60,808
down €60,808 (-59.8%), from €101,691 to €40,883
- Tax, wage and social debts +€46,754
up €46,754 (+74.2%), from €63,003 to €109,757
- Gross operating margin +€40,383
up €40,383 (+4.4%), from €921,122 to €961,505
- Financial income +€29,599
up €29,599 (+196.2%), from €15,090 to €44,689
- Financial charges -€21,791
down €21,791 (-92.0%), from €23,692 to €1,901
- Taxes +€17,831
up €17,831 (+6.4%), from €276,903 to €294,733
- Depreciation +€13,553
up €13,553 (+33.0%), from €41,027 to €54,580
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 | €1,843,498 | €2,313,877 | +€470,380 | +25.5% |
| Fixed assets | 21/28 | €1,325,490 | €1,004,826 | -€320,663 | -24.2% |
| Tangible fixed assets | 22/27 | €375,490 | €304,826 | -€70,663 | -18.8% |
| Land and buildings | 22 | €166,817 | €151,324 | -€15,493 | -9.3% |
| Plant, machinery and equipment | 23 | €174,755 | €141,485 | -€33,270 | -19.0% |
| Furniture and vehicles | 24 | €33,918 | €12,018 | -€21,900 | -64.6% |
| Financial fixed assets | 28 | €950,000 | €700,000 | -€250,000 | -26.3% |
| Current assets | 29/58 | €518,008 | €1,309,051 | +€791,043 | +152.7% |
| Amounts receivable after more than one year | 29 | €270,000 | €200,000 | -€70,000 | -25.9% |
| Trade receivables | 290 | €70,000 | - | -€70,000 | |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €91,390 | €146,222 | +€54,833 | +60.0% |
| Trade receivables | 40 | - | €1,887 | +€1,887 | |
| Other amounts receivable | 41 | €91,390 | €144,335 | +€52,946 | +57.9% |
| Cash at bank and in hand | 54/58 | €154,105 | €962,501 | +€808,396 | +524.6% |
| Deferred charges and accrued income | 490/1 | €2,514 | €328 | -€2,186 | -86.9% |
| Total equity and liabilities | 10/49 | €1,843,498 | €2,313,877 | +€470,380 | +25.5% |
| Equity | 10/15 | €1,448,864 | €2,094,044 | +€645,180 | +44.5% |
| Contributions | 10/11 | €87,907 | €87,907 | = | 0.0% |
| Capital | 10 | €87,907 | €87,907 | = | 0.0% |
| Issued capital | 100 | €87,907 | €87,907 | = | 0.0% |
| Reserves | 13 | €1,349,345 | €1,996,145 | +€646,800 | +47.9% |
| Non-distributable reserves | 130/1 | €8,800 | €8,800 | = | 0.0% |
| Legal reserve | 130 | €8,800 | €8,800 | = | 0.0% |
| Distributable reserves | 133 | €1,340,545 | €1,987,345 | +€646,800 | +48.2% |
| Profit (loss) carried forward | 14 | €11,612 | €9,992 | -€1,620 | -14.0% |
| Amounts payable | 17/49 | €394,634 | €219,834 | -€174,800 | -44.3% |
| Amounts payable after more than one year | 17 | €101,691 | €40,883 | -€60,808 | -59.8% |
| Financial debts | 170/4 | €101,691 | €40,883 | -€60,808 | -59.8% |
| Amounts payable within one year | 42/48 | €273,165 | €178,951 | -€94,214 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €64,266 | €60,808 | -€3,458 | -5.4% |
| Trade debts | 44 | €12,538 | €3,920 | -€8,618 | -68.7% |
| Suppliers | 440/4 | €12,538 | €3,920 | -€8,618 | -68.7% |
| Taxes, remuneration and social security | 45 | €63,003 | €109,757 | +€46,754 | +74.2% |
| Taxes | 450/3 | €63,003 | €109,757 | +€46,754 | +74.2% |
| Other amounts payable | 47/48 | €133,358 | €4,466 | -€128,891 | -96.7% |
| Accrued charges and deferred income | 492/3 | €19,778 | - | -€19,778 | |
| Non-recurring operating income | 76A | - | €22,003 | +€22,003 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,027 | €54,580 | +€13,553 | +33.0% |
| Other operating charges | 640/8 | €8,045 | €8,140 | +€94 | +1.2% |
| Gross operating margin | 9900 | €921,122 | €961,505 | +€40,383 | +4.4% |
| Operating profit (loss) | 9901 | €872,050 | €898,786 | +€26,736 | +3.1% |
| Financial income | 75/76B | €15,090 | €44,689 | +€29,599 | +196.2% |
| Recurring financial income | 75 | €15,090 | €44,689 | +€29,599 | +196.2% |
| Financial charges | 65/66B | €23,692 | €1,901 | -€21,791 | -92.0% |
| Recurring financial charges | 65 | €23,692 | €1,901 | -€21,791 | -92.0% |
| Profit (loss) for the period before taxes | 9903 | €863,448 | €941,573 | +€78,125 | +9.0% |
| Income taxes | 67/77 | €276,903 | €294,733 | +€17,831 | +6.4% |
| Profit (loss) for the period | 9904 | €586,545 | €646,840 | +€60,295 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €586,545 | €646,840 | +€60,295 | +10.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.