SEMALU: 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.
SEMALU
Largest movements
- Current investments -€39,000
no longer reported in 2024 (was €39,000)
- Tangible fixed assets -€11,664
down €11,664 (-6.7%), from €174,360 to €162,696
of which Leasing and similar rights: -€30,930
- Receivables within one year +€11,317
up €11,317 (+37.8%), from €29,906 to €41,223
of which Trade receivables: +€12,531
- Deferred charges and accrued income +€2,543
up €2,543 (+615.6%), from €413 to €2,957
- Profit (loss) carried forward -€86,996
down €86,996 (-74.5%), from €116,773 to €29,777
- Other debts +€36,993
up €36,993 (+3389.4%), from €1,091 to €38,085
- Debts after one year -€34,140
down €34,140 (-77.0%), from €44,347 to €10,207
of which Financial debts: -€34,140
- Trade debts +€33,680
up €33,680 (+72.6%), from €46,390 to €80,070
- Accrued charges and deferred income +€9,028
up €9,028 (+16097.8%), from €56 to €9,084
- Gross operating margin -€91,381
down €91,381 (-55.8%), from €163,646 to €72,265
- Other operating charges +€35,838
up €35,838 (+187.1%), from €19,156 to €54,994
- Staff costs -€28,788
down €28,788 (-28.7%), from €100,475 to €71,687
- Depreciation -€8,282
down €8,282 (-30.4%), from €27,212 to €18,931
- Financial charges -€1,757
down €1,757 (-11.4%), from €15,406 to €13,649
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €253,886 | €217,137 | -€36,749 | -14.5% |
| Fixed assets | 21/28 | €178,631 | €166,967 | -€11,664 | -6.5% |
| Tangible fixed assets | 22/27 | €174,360 | €162,696 | -€11,664 | -6.7% |
| Land and buildings | 22 | €80,956 | €80,284 | -€672 | -0.8% |
| Plant, machinery and equipment | 23 | €62,474 | €82,411 | +€19,937 | +31.9% |
| Leasing and similar rights | 25 | €30,930 | - | -€30,930 | |
| Financial fixed assets | 28 | €4,271 | €4,271 | = | 0.0% |
| Current assets | 29/58 | €75,255 | €50,170 | -€25,085 | -33.3% |
| Stocks and contracts in progress | 3 | €3,800 | €3,800 | = | 0.0% |
| Stocks | 30/36 | €3,800 | €3,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €29,906 | €41,223 | +€11,317 | +37.8% |
| Trade receivables | 40 | €844 | €13,375 | +€12,531 | +1484.8% |
| Other amounts receivable | 41 | €29,062 | €27,848 | -€1,214 | -4.2% |
| Current investments | 50/53 | €39,000 | - | -€39,000 | |
| Cash at bank and in hand | 54/58 | €2,135 | €2,190 | +€55 | +2.6% |
| Deferred charges and accrued income | 490/1 | €413 | €2,957 | +€2,543 | +615.6% |
| Total equity and liabilities | 10/49 | €253,886 | €217,137 | -€36,749 | -14.5% |
| Equity | 10/15 | €137,453 | €50,457 | -€86,996 | -63.3% |
| Contributions | 10/11 | €18,800 | €18,800 | = | 0.0% |
| Reserves | 13 | €1,880 | €1,880 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,880 | €1,880 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,880 | €1,880 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,773 | €29,777 | -€86,996 | -74.5% |
| Amounts payable | 17/49 | €116,433 | €166,680 | +€50,247 | +43.2% |
| Amounts payable after more than one year | 17 | €44,347 | €10,207 | -€34,140 | -77.0% |
| Financial debts | 170/4 | €42,423 | €8,283 | -€34,140 | -80.5% |
| Other amounts payable | 178/9 | €1,924 | €1,924 | = | 0.0% |
| Amounts payable within one year | 42/48 | €72,030 | €147,390 | +€75,359 | +104.6% |
| Current portion of amounts payable after more than one year | 42 | €11,129 | €9,537 | -€1,592 | -14.3% |
| Trade debts | 44 | €46,390 | €80,070 | +€33,680 | +72.6% |
| Suppliers | 440/4 | €46,390 | €80,070 | +€33,680 | +72.6% |
| Taxes, remuneration and social security | 45 | €13,420 | €19,698 | +€6,278 | +46.8% |
| Taxes | 450/3 | €2,164 | €2,124 | -€40 | -1.8% |
| Remuneration and social security | 454/9 | €11,256 | €17,574 | +€6,318 | +56.1% |
| Other amounts payable | 47/48 | €1,091 | €38,085 | +€36,993 | +3389.4% |
| Accrued charges and deferred income | 492/3 | €56 | €9,084 | +€9,028 | +16097.8% |
| Non-recurring operating income | 76A | €6,841 | - | -€6,841 | |
| Remuneration, social security and pensions | 62 | €100,475 | €71,687 | -€28,788 | -28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,212 | €18,931 | -€8,282 | -30.4% |
| Other operating charges | 640/8 | €19,156 | €54,994 | +€35,838 | +187.1% |
| Gross operating margin | 9900 | €163,646 | €72,265 | -€91,381 | -55.8% |
| Operating profit (loss) | 9901 | €16,803 | -€73,347 | -€90,150 | |
| Financial income | 75/76B | €186 | - | -€186 | |
| Recurring financial income | 75 | €186 | - | -€186 | |
| Financial charges | 65/66B | €15,406 | €13,649 | -€1,757 | -11.4% |
| Recurring financial charges | 65 | €15,406 | €13,649 | -€1,757 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €1,583 | -€86,996 | -€88,579 | |
| Income taxes | 67/77 | €183 | - | -€183 | |
| Profit (loss) for the period | 9904 | €1,400 | -€86,996 | -€88,396 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,400 | -€86,996 | -€88,396 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.