SEMATZ: 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.
SEMATZ
Largest movements
- Receivables within one year -€10,538
down €10,538 (-45.8%), from €22,998 to €12,460
of which Trade receivables: -€12,750
- Cash +€2,561
new in 2025: €2,561
mainly Receivables within one year (+€10,538) and Advances received (+€4,500)
- Tangible fixed assets -€507
down €507 (-80.0%), from €634 to €127
- Other debts -€10,915
no longer reported in 2025 (was €10,915)
- Advances received +€4,500
new in 2025: €4,500
- Short-term financial debts -€3,521
no longer reported in 2025 (was €3,521)
- Profit (loss) carried forward +€1,173
up €1,173 (+12.3%), from -€9,531 to -€8,357
- Tax, wage and social debts +€875
up €875 (+259.2%), from €337 to €1,212
- Gross operating margin +€24,751
up €24,751, from -€2,766 to €21,984
- Other operating charges +€18,335
new in 2025: €18,335
- Taxes +€871
up €871 (+511.0%), from €170 to €1,042
- Financial charges +€242
up €242 (+35.3%), from €685 to €927
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 | €38,891 | €30,407 | -€8,484 | -21.8% |
| Fixed assets | 21/28 | €634 | €127 | -€507 | -80.0% |
| Tangible fixed assets | 22/27 | €634 | €127 | -€507 | -80.0% |
| Plant, machinery and equipment | 23 | €634 | €127 | -€507 | -80.0% |
| Current assets | 29/58 | €38,257 | €30,280 | -€7,977 | -20.9% |
| Stocks and contracts in progress | 3 | €15,259 | €15,259 | = | 0.0% |
| Stocks | 30/36 | €15,259 | €15,259 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,998 | €12,460 | -€10,538 | -45.8% |
| Trade receivables | 40 | €22,710 | €9,960 | -€12,750 | -56.1% |
| Other amounts receivable | 41 | €288 | €2,500 | +€2,212 | +767.8% |
| Cash at bank and in hand | 54/58 | - | €2,561 | +€2,561 | |
| Total equity and liabilities | 10/49 | €38,891 | €30,407 | -€8,484 | -21.8% |
| Equity | 10/15 | €20,171 | €21,345 | +€1,173 | +5.8% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Capital | 10 | €6,400 | €6,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €23,302 | €23,302 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €21,442 | €21,442 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,531 | -€8,357 | +€1,173 | +12.3% |
| Amounts payable | 17/49 | €18,720 | €9,062 | -€9,658 | -51.6% |
| Amounts payable within one year | 42/48 | €18,720 | €9,062 | -€9,658 | -51.6% |
| Financial debts | 43 | €3,521 | - | -€3,521 | |
| Credit institutions | 430/8 | €3,521 | - | -€3,521 | |
| Trade debts | 44 | €3,947 | €3,350 | -€596 | -15.1% |
| Suppliers | 440/4 | €3,947 | €3,350 | -€596 | -15.1% |
| Advances received on contracts in progress | 46 | - | €4,500 | +€4,500 | |
| Taxes, remuneration and social security | 45 | €337 | €1,212 | +€875 | +259.2% |
| Taxes | 450/3 | €337 | €1,212 | +€875 | +259.2% |
| Other amounts payable | 47/48 | €10,915 | - | -€10,915 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €507 | €507 | = | 0.0% |
| Other operating charges | 640/8 | - | €18,335 | +€18,335 | |
| Gross operating margin | 9900 | -€2,766 | €21,984 | +€24,751 | |
| Operating profit (loss) | 9901 | -€3,274 | €3,142 | +€6,416 | |
| Financial charges | 65/66B | €685 | €927 | +€242 | +35.3% |
| Recurring financial charges | 65 | €685 | €927 | +€242 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,959 | €2,215 | +€6,174 | |
| Income taxes | 67/77 | €170 | €1,042 | +€871 | +511.0% |
| Profit (loss) for the period | 9904 | -€4,129 | €1,173 | +€5,303 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,129 | €1,173 | +€5,303 |
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 4 October 2026 via checked.be.