SEMASU: 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.
SEMASU
Largest movements
- Cash -€137,527
down €137,527 (-70.1%), from €196,081 to €58,554
mainly Contributions, distributions and other (-€150,000) and Other debts (-€100,135)
- Receivables within one year +€21,389
up €21,389 (+14.9%), from €143,469 to €164,857
of which Trade receivables: +€29,691
- Other debts -€100,135
down €100,135 (-100%), from €100,135 to €0
- Trade debts -€47,362
down €47,362 (-56.9%), from €83,271 to €35,909
- Tax, wage and social debts +€28,857
up €28,857 (+1,088%), from €2,653 to €31,510
of which Taxes: +€24,803
- Gross operating margin +€110,772
up €110,772 (+84.8%), from €130,671 to €241,443
- Taxes +€34,714
up €34,714 (+204%), from €17,004 to €51,717
- Staff costs -€10,587
down €10,587 (-22.2%), from €47,771 to €37,184
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 | €345,764 | €227,915 | -€117,849 | -34.1% |
| Fixed assets | 21/28 | €4,724 | €4,181 | -€543 | -11.5% |
| Tangible fixed assets | 22/27 | €815 | €272 | -€543 | -66.6% |
| Plant, machinery and equipment | 23 | €815 | €272 | -€543 | -66.6% |
| Financial fixed assets | 28 | €3,909 | €3,909 | = | 0.0% |
| Current assets | 29/58 | €341,040 | €223,733 | -€117,306 | -34.4% |
| Amounts receivable within one year | 40/41 | €143,469 | €164,857 | +€21,389 | +14.9% |
| Trade receivables | 40 | €135,167 | €164,857 | +€29,691 | +22.0% |
| Other amounts receivable | 41 | €8,302 | €0 | -€8,302 | -100% |
| Cash at bank and in hand | 54/58 | €196,081 | €58,554 | -€137,527 | -70.1% |
| Deferred charges and accrued income | 490/1 | €1,490 | €322 | -€1,168 | -78.4% |
| Total equity and liabilities | 10/49 | €345,764 | €227,915 | -€117,849 | -34.1% |
| Equity | 10/15 | €159,377 | €160,423 | +€1,046 | +0.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €158,377 | €159,423 | +€1,046 | +0.7% |
| Distributable reserves | 133 | €158,377 | €159,423 | +€1,046 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €186,387 | €67,491 | -€118,895 | -63.8% |
| Amounts payable within one year | 42/48 | €186,059 | €67,491 | -€118,568 | -63.7% |
| Financial debts | 43 | - | €73 | +€73 | |
| Credit institutions | 430/8 | - | €73 | +€73 | |
| Trade debts | 44 | €83,271 | €35,909 | -€47,362 | -56.9% |
| Suppliers | 440/4 | €83,271 | €35,909 | -€47,362 | -56.9% |
| Taxes, remuneration and social security | 45 | €2,653 | €31,510 | +€28,857 | +1,088% |
| Taxes | 450/3 | €1,438 | €26,241 | +€24,803 | +1,725% |
| Remuneration and social security | 454/9 | €1,215 | €5,269 | +€4,054 | +334% |
| Other amounts payable | 47/48 | €100,135 | €0 | -€100,135 | -100% |
| Accrued charges and deferred income | 492/3 | €328 | €0 | -€328 | -100% |
| Remuneration, social security and pensions | 62 | €47,771 | €37,184 | -€10,587 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €543 | €543 | = | 0.0% |
| Other operating charges | 640/8 | €966 | €1,007 | +€40 | +4.2% |
| Gross operating margin | 9900 | €130,671 | €241,443 | +€110,772 | +84.8% |
| Operating profit (loss) | 9901 | €81,390 | €202,709 | +€121,319 | +149% |
| Financial income | 75/76B | - | €245 | +€245 | |
| Recurring financial income | 75 | - | €245 | +€245 | |
| Financial charges | 65/66B | €61 | €190 | +€130 | +213% |
| Recurring financial charges | 65 | €61 | €190 | +€130 | +213% |
| Profit (loss) for the period before taxes | 9903 | €81,329 | €202,763 | +€121,434 | +149% |
| Income taxes | 67/77 | €17,004 | €51,717 | +€34,714 | +204% |
| Profit (loss) for the period | 9904 | €64,325 | €151,046 | +€86,720 | +135% |
| Profit (loss) for the period to be appropriated | 9905 | €64,325 | €151,046 | +€86,720 | +135% |
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 14 October 2026 via checked.be.