SEMAN: 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.
SEMAN
Largest movements
- Tangible fixed assets -€16,742
down €16,742 (-4.3%), from €391,171 to €374,429
of which Land and buildings: -€16,727
- Intangible fixed assets -€5,000
down €5,000 (-14.9%), from €33,549 to €28,549
- Debts after one year -€23,857
down €23,857 (-8.3%), from €287,247 to €263,391
- Profit (loss) carried forward +€6,569
up €6,569 (+25.9%), from -€25,325 to -€18,756
- Other debts -€6,148
down €6,148 (-13.0%), from €47,443 to €41,295
- Depreciation -€7,402
down €7,402 (-25.4%), from €29,143 to €21,742
- Gross operating margin -€7,310
down €7,310 (-16.3%), from €44,731 to €37,421
- Other operating charges -€4,856
down €4,856 (-64.2%), from €7,562 to €2,706
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 | €441,077 | €420,941 | -€20,135 | -4.6% |
| Fixed assets | 21/28 | €424,720 | €402,979 | -€21,742 | -5.1% |
| Intangible fixed assets | 21 | €33,549 | €28,549 | -€5,000 | -14.9% |
| Tangible fixed assets | 22/27 | €391,171 | €374,429 | -€16,742 | -4.3% |
| Land and buildings | 22 | €391,156 | €374,429 | -€16,727 | -4.3% |
| Furniture and vehicles | 24 | €15 | €0 | -€15 | -100.0% |
| Current assets | 29/58 | €16,356 | €17,963 | +€1,606 | +9.8% |
| Amounts receivable within one year | 40/41 | €3,861 | €5,673 | +€1,812 | +46.9% |
| Trade receivables | 40 | €3,861 | €5,673 | +€1,812 | +46.9% |
| Cash at bank and in hand | 54/58 | €12,495 | €12,247 | -€248 | -2.0% |
| Deferred charges and accrued income | 490/1 | - | €43 | +€43 | |
| Total equity and liabilities | 10/49 | €441,077 | €420,941 | -€20,135 | -4.6% |
| Equity | 10/15 | €74,675 | €81,245 | +€6,569 | +8.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,325 | -€18,756 | +€6,569 | +25.9% |
| Amounts payable | 17/49 | €366,401 | €339,697 | -€26,705 | -7.3% |
| Amounts payable after more than one year | 17 | €287,247 | €263,391 | -€23,857 | -8.3% |
| Financial debts | 170/4 | €287,247 | €263,391 | -€23,857 | -8.3% |
| Amounts payable within one year | 42/48 | €79,154 | €75,823 | -€3,331 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €23,398 | €23,797 | +€398 | +1.7% |
| Trade debts | 44 | €4,863 | €4,586 | -€277 | -5.7% |
| Suppliers | 440/4 | €4,863 | €4,586 | -€277 | -5.7% |
| Advances received on contracts in progress | 46 | - | €900 | +€900 | |
| Taxes, remuneration and social security | 45 | €3,450 | €5,246 | +€1,796 | +52.1% |
| Taxes | 450/3 | €3,450 | €3,746 | +€296 | +8.6% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €47,443 | €41,295 | -€6,148 | -13.0% |
| Accrued charges and deferred income | 492/3 | - | €483 | +€483 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,143 | €21,742 | -€7,402 | -25.4% |
| Other operating charges | 640/8 | €7,562 | €2,706 | -€4,856 | -64.2% |
| Gross operating margin | 9900 | €44,731 | €37,421 | -€7,310 | -16.3% |
| Operating profit (loss) | 9901 | €8,026 | €12,974 | +€4,948 | +61.7% |
| Financial charges | 65/66B | €6,327 | €6,228 | -€98 | -1.6% |
| Recurring financial charges | 65 | €6,327 | €6,228 | -€98 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €1,699 | €6,745 | +€5,047 | +297.1% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | €1,524 | €6,569 | +€5,045 | +330.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,524 | €6,569 | +€5,045 | +330.9% |
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 10 October 2026 via checked.be.