SEMANCO: 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.
SEMANCO
Largest movements
- Tangible fixed assets -€44,618
down €44,618 (-14.8%), from €300,522 to €255,904
of which Furniture and vehicles: -€23,466
- Financial fixed assets +€23,200
up €23,200 (+9.2%), from €251,182 to €274,382
- Cash -€20,330
down €20,330 (-22.2%), from €91,471 to €71,141
mainly Contributions, distributions and other (-€86,928) and Investment in fixed assets (net) (-€24,920)
- Receivables within one year -€17,294
down €17,294 (-25.7%), from €67,364 to €50,070
- Reserves -€87,508
down €87,508 (-20.8%), from €419,717 to €332,210
- Other debts +€65,364
up €65,364 (+68.5%), from €95,411 to €160,776
- Current portion of long-term debt -€18,923
down €18,923 (-61.0%), from €31,040 to €12,117
- Debts after one year -€10,503
down €10,503 (-8.0%), from €130,674 to €120,171
of which Financial debts: -€10,503
- Gross operating margin -€8,677
down €8,677 (-13.3%), from €65,301 to €56,624
- Depreciation +€8,579
up €8,579 (+22.7%), from €37,760 to €46,338
- Other operating charges -€8,301
down €8,301 (-66.8%), from €12,424 to €4,123
- Taxes -€1,110
down €1,110 (-19.4%), from €5,724 to €4,614
- Financial income +€662
up €662 (+878.1%), from €75 to €737
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 | €717,503 | €660,598 | -€56,905 | -7.9% |
| Fixed assets | 21/28 | €551,704 | €530,286 | -€21,418 | -3.9% |
| Tangible fixed assets | 22/27 | €300,522 | €255,904 | -€44,618 | -14.8% |
| Land and buildings | 22 | €225,004 | €204,301 | -€20,703 | -9.2% |
| Plant, machinery and equipment | 23 | €1,229 | €780 | -€449 | -36.5% |
| Furniture and vehicles | 24 | €74,289 | €50,823 | -€23,466 | -31.6% |
| Financial fixed assets | 28 | €251,182 | €274,382 | +€23,200 | +9.2% |
| Current assets | 29/58 | €165,799 | €130,312 | -€35,487 | -21.4% |
| Amounts receivable within one year | 40/41 | €67,364 | €50,070 | -€17,294 | -25.7% |
| Other amounts receivable | 41 | €67,364 | €50,070 | -€17,294 | -25.7% |
| Cash at bank and in hand | 54/58 | €91,471 | €71,141 | -€20,330 | -22.2% |
| Deferred charges and accrued income | 490/1 | €6,964 | €9,101 | +€2,137 | +30.7% |
| Total equity and liabilities | 10/49 | €717,503 | €660,598 | -€56,905 | -7.9% |
| Equity | 10/15 | €432,117 | €344,610 | -€87,508 | -20.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €419,717 | €332,210 | -€87,508 | -20.8% |
| Distributable reserves | 133 | €419,717 | €332,210 | -€87,508 | -20.8% |
| Amounts payable | 17/49 | €285,386 | €315,989 | +€30,603 | +10.7% |
| Amounts payable after more than one year | 17 | €130,674 | €120,171 | -€10,503 | -8.0% |
| Financial debts | 170/4 | €30,674 | €20,171 | -€10,503 | -34.2% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €151,068 | €190,848 | +€39,780 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €31,040 | €12,117 | -€18,923 | -61.0% |
| Trade debts | 44 | €3,132 | €2,786 | -€346 | -11.0% |
| Suppliers | 440/4 | €3,132 | €2,786 | -€346 | -11.0% |
| Taxes, remuneration and social security | 45 | €21,485 | €15,170 | -€6,315 | -29.4% |
| Taxes | 450/3 | €21,485 | €15,170 | -€6,315 | -29.4% |
| Other amounts payable | 47/48 | €95,411 | €160,776 | +€65,364 | +68.5% |
| Accrued charges and deferred income | 492/3 | €3,644 | €4,969 | +€1,325 | +36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,760 | €46,338 | +€8,579 | +22.7% |
| Other operating charges | 640/8 | €12,424 | €4,123 | -€8,301 | -66.8% |
| Gross operating margin | 9900 | €65,301 | €56,624 | -€8,677 | -13.3% |
| Operating profit (loss) | 9901 | €15,117 | €6,162 | -€8,955 | -59.2% |
| Financial income | 75/76B | €75 | €737 | +€662 | +878.1% |
| Recurring financial income | 75 | €75 | €737 | +€662 | +878.1% |
| Financial charges | 65/66B | €3,274 | €2,865 | -€408 | -12.5% |
| Recurring financial charges | 65 | €3,274 | €2,865 | -€408 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €11,919 | €4,034 | -€7,885 | -66.2% |
| Income taxes | 67/77 | €5,724 | €4,614 | -€1,110 | -19.4% |
| Profit (loss) for the period | 9904 | €6,195 | -€579 | -€6,774 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,195 | -€579 | -€6,774 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.