SEMAPHAR: 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.
SEMAPHAR
Largest movements
- Cash +€68,176
up €68,176 (+101%), from €67,417 to €135,593
mainly Other debts (+€320,640) and Net result for the year (+€101,958)
- Current investments +€35,336
up €35,336 (+20.5%), from €172,686 to €208,022
- Tangible fixed assets -€10,294
down €10,294 (-5.4%), from €190,890 to €180,596
of which Furniture and vehicles: -€6,267
- Receivables within one year +€9,717
up €9,717 (+22.4%), from €43,308 to €53,025
of which Trade receivables: +€30,023
- Other debts +€320,640
up €320,640 (+21,376%), from €1,500 to €322,140
- Reserves -€240,200
down €240,200 (-57.2%), from €419,782 to €179,582
of which Distributable reserves: -€240,200
- Tax, wage and social debts +€58,576
up €58,576, from €0 to €58,576
- Profit (loss) carried forward -€35,066
down €35,066 (-100%), from €35,066 to €0
- Gross operating margin +€133,342
up €133,342 (+618%), from €21,560 to €154,902
- Taxes +€27,599
up €27,599 (+6,662%), from €414 to €28,014
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 | €476,377 | €579,404 | +€103,028 | +21.6% |
| Fixed assets | 21/28 | €190,890 | €180,596 | -€10,294 | -5.4% |
| Tangible fixed assets | 22/27 | €190,890 | €180,596 | -€10,294 | -5.4% |
| Furniture and vehicles | 24 | €31,566 | €25,299 | -€6,267 | -19.9% |
| Other tangible fixed assets | 26 | €159,324 | €155,297 | -€4,027 | -2.5% |
| Current assets | 29/58 | €285,486 | €398,808 | +€113,322 | +39.7% |
| Amounts receivable within one year | 40/41 | €43,308 | €53,025 | +€9,717 | +22.4% |
| Trade receivables | 40 | €19,442 | €49,466 | +€30,023 | +154% |
| Other amounts receivable | 41 | €23,865 | €3,559 | -€20,306 | -85.1% |
| Current investments | 50/53 | €172,686 | €208,022 | +€35,336 | +20.5% |
| Cash at bank and in hand | 54/58 | €67,417 | €135,593 | +€68,176 | +101% |
| Deferred charges and accrued income | 490/1 | €2,075 | €2,167 | +€93 | +4.5% |
| Total equity and liabilities | 10/49 | €476,377 | €579,404 | +€103,028 | +21.6% |
| Equity | 10/15 | €473,448 | €198,182 | -€275,266 | -58.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €419,782 | €179,582 | -€240,200 | -57.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €417,922 | €177,722 | -€240,200 | -57.5% |
| Profit (loss) carried forward | 14 | €35,066 | €0 | -€35,066 | -100% |
| Amounts payable | 17/49 | €2,929 | €381,222 | +€378,294 | +12,917% |
| Amounts payable within one year | 42/48 | €2,929 | €381,222 | +€378,294 | +12,917% |
| Trade debts | 44 | €1,429 | €506 | -€922 | -64.6% |
| Suppliers | 440/4 | €1,429 | €506 | -€922 | -64.6% |
| Taxes, remuneration and social security | 45 | €0 | €58,576 | +€58,576 | |
| Taxes | 450/3 | €0 | €58,576 | +€58,576 | |
| Other amounts payable | 47/48 | €1,500 | €322,140 | +€320,640 | +21,376% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,350 | €25,979 | -€1,372 | -5.0% |
| Other operating charges | 640/8 | €1,362 | €1,500 | +€138 | +10.1% |
| Gross operating margin | 9900 | €21,560 | €154,902 | +€133,342 | +618% |
| Operating profit (loss) | 9901 | -€7,152 | €127,424 | +€134,576 | |
| Financial income | 75/76B | €1,486 | €2,619 | +€1,133 | +76.2% |
| Recurring financial income | 75 | €1,486 | €2,619 | +€1,133 | +76.2% |
| Financial charges | 65/66B | €71 | €71 | +€1 | +0.8% |
| Recurring financial charges | 65 | €71 | €71 | +€1 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,737 | €129,971 | +€135,708 | |
| Income taxes | 67/77 | €414 | €28,014 | +€27,599 | +6,662% |
| Profit (loss) for the period | 9904 | -€6,151 | €101,958 | +€108,109 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,151 | €101,958 | +€108,109 |
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.