Sematelier: 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.
Sematelier
Largest movements
- Tangible fixed assets -€157,901
down €157,901 (-6.9%), from €2.3m to €2.1m
of which Other tangible fixed assets: -€111,119
- Cash +€81,627
up €81,627 (+32.4%), from €251,594 to €333,221
mainly Depreciation (+€223,639) and Net result for the year (+€84,315)
- Debts after one year -€166,594
down €166,594 (-9.1%), from €1.8m to €1.7m
of which Financial debts: -€167,971
- Reserves +€84,300
up €84,300 (+22.5%), from €374,000 to €458,300
- Trade debts -€75,409
down €75,409 (-34.1%), from €220,869 to €145,460
- Current portion of long-term debt +€50,553
up €50,553 (+47.1%), from €107,444 to €157,997
- Staff costs +€57,766
up €57,766 (+14.0%), from €414,036 to €471,803
- Depreciation -€41,004
down €41,004 (-15.5%), from €264,643 to €223,639
- Gross operating margin +€39,388
up €39,388 (+4.7%), from €841,184 to €880,572
- Taxes +€19,653
up €19,653 (+127.0%), from €15,473 to €35,126
- Financial charges +€9,682
up €9,682 (+18.7%), from €51,840 to €61,522
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 | €2,597,156 | €2,513,464 | -€83,692 | -3.2% |
| Fixed assets | 21/28 | €2,304,957 | €2,144,283 | -€160,674 | -7.0% |
| Intangible fixed assets | 21 | €7,681 | €4,908 | -€2,773 | -36.1% |
| Tangible fixed assets | 22/27 | €2,297,101 | €2,139,199 | -€157,901 | -6.9% |
| Land and buildings | 22 | €1,269,627 | €1,270,380 | +€753 | +0.1% |
| Plant, machinery and equipment | 23 | €47,115 | €29,536 | -€17,578 | -37.3% |
| Furniture and vehicles | 24 | €100,364 | €70,408 | -€29,957 | -29.8% |
| Other tangible fixed assets | 26 | €879,994 | €768,875 | -€111,119 | -12.6% |
| Financial fixed assets | 28 | €176 | €176 | = | 0.0% |
| Current assets | 29/58 | €292,199 | €369,181 | +€76,982 | +26.3% |
| Stocks and contracts in progress | 3 | €10,751 | €10,751 | = | 0.0% |
| Stocks | 30/36 | €10,751 | €10,751 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,519 | €23,298 | -€2,221 | -8.7% |
| Trade receivables | 40 | €18,892 | €14,824 | -€4,068 | -21.5% |
| Other amounts receivable | 41 | €6,627 | €8,474 | +€1,847 | +27.9% |
| Cash at bank and in hand | 54/58 | €251,594 | €333,221 | +€81,627 | +32.4% |
| Deferred charges and accrued income | 490/1 | €4,335 | €1,910 | -€2,424 | -55.9% |
| Total equity and liabilities | 10/49 | €2,597,156 | €2,513,464 | -€83,692 | -3.2% |
| Equity | 10/15 | €376,126 | €460,440 | +€84,315 | +22.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €374,000 | €458,300 | +€84,300 | +22.5% |
| Distributable reserves | 133 | €374,000 | €458,300 | +€84,300 | +22.5% |
| Profit (loss) carried forward | 14 | €126 | €140 | +€15 | +11.7% |
| Amounts payable | 17/49 | €2,221,030 | €2,053,024 | -€168,007 | -7.6% |
| Amounts payable after more than one year | 17 | €1,825,229 | €1,658,635 | -€166,594 | -9.1% |
| Financial debts | 170/4 | €1,825,229 | €1,657,258 | -€167,971 | -9.2% |
| Other amounts payable | 178/9 | - | €1,377 | +€1,377 | |
| Amounts payable within one year | 42/48 | €394,329 | €381,252 | -€13,077 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €107,444 | €157,997 | +€50,553 | +47.1% |
| Trade debts | 44 | €220,869 | €145,460 | -€75,409 | -34.1% |
| Suppliers | 440/4 | €220,869 | €145,460 | -€75,409 | -34.1% |
| Taxes, remuneration and social security | 45 | €66,016 | €77,795 | +€11,779 | +17.8% |
| Taxes | 450/3 | €39,331 | €33,591 | -€5,740 | -14.6% |
| Remuneration and social security | 454/9 | €26,685 | €44,204 | +€17,519 | +65.7% |
| Accrued charges and deferred income | 492/3 | €1,472 | €13,137 | +€11,665 | +792.4% |
| Remuneration, social security and pensions | 62 | €414,036 | €471,803 | +€57,766 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264,643 | €223,639 | -€41,004 | -15.5% |
| Other operating charges | 640/8 | €5,058 | €5,785 | +€727 | +14.4% |
| Gross operating margin | 9900 | €841,184 | €880,572 | +€39,388 | +4.7% |
| Operating profit (loss) | 9901 | €157,447 | €179,345 | +€21,898 | +13.9% |
| Financial income | 75/76B | €35 | €1,618 | +€1,583 | +4478.2% |
| Recurring financial income | 75 | €35 | €1,618 | +€1,583 | +4478.2% |
| Financial charges | 65/66B | €51,840 | €61,522 | +€9,682 | +18.7% |
| Recurring financial charges | 65 | €51,840 | €61,522 | +€9,682 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €105,642 | €119,441 | +€13,799 | +13.1% |
| Income taxes | 67/77 | €15,473 | €35,126 | +€19,653 | +127.0% |
| Profit (loss) for the period | 9904 | €90,169 | €84,315 | -€5,854 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €90,169 | €84,315 | -€5,854 | -6.5% |
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 12 October 2026 via checked.be.