SEMAX: 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.
SEMAX
Largest movements
- Tangible fixed assets -€47,346
down €47,346 (-36.0%), from €131,515 to €84,169
of which Furniture and vehicles: -€39,914
- Receivables within one year +€4,968
up €4,968 (+15.6%), from €31,931 to €36,899
of which Trade receivables: +€4,968
- Other debts -€26,909
down €26,909 (-11.0%), from €244,913 to €218,004
- Trade debts -€10,921
down €10,921 (-52.6%), from €20,761 to €9,840
- Debts after one year -€7,821
down €7,821 (-47.2%), from €16,586 to €8,765
- Tax, wage and social debts +€1,965
up €1,965 (+68.2%), from €2,882 to €4,847
of which Taxes: +€1,965
- Gross operating margin -€8,915
down €8,915 (-14.1%), from €63,002 to €54,088
- Depreciation -€4,733
down €4,733 (-8.8%), from €53,729 to €48,996
- Financial charges -€1,077
down €1,077 (-30.4%), from €3,539 to €2,462
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 | €169,947 | €127,526 | -€42,421 | -25.0% |
| Fixed assets | 21/28 | €131,575 | €84,229 | -€47,346 | -36.0% |
| Tangible fixed assets | 22/27 | €131,515 | €84,169 | -€47,346 | -36.0% |
| Plant, machinery and equipment | 23 | €37,608 | €30,177 | -€7,431 | -19.8% |
| Furniture and vehicles | 24 | €93,907 | €53,993 | -€39,914 | -42.5% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €38,372 | €43,297 | +€4,925 | +12.8% |
| Stocks and contracts in progress | 3 | €1,274 | €1,912 | +€638 | +50.1% |
| Stocks | 30/36 | €1,274 | €1,912 | +€638 | +50.1% |
| Amounts receivable within one year | 40/41 | €31,931 | €36,899 | +€4,968 | +15.6% |
| Trade receivables | 40 | €31,755 | €36,722 | +€4,968 | +15.6% |
| Other amounts receivable | 41 | €176 | €176 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,648 | €3,304 | -€344 | -9.4% |
| Deferred charges and accrued income | 490/1 | €1,518 | €1,182 | -€336 | -22.2% |
| Total equity and liabilities | 10/49 | €169,947 | €127,526 | -€42,421 | -25.0% |
| Equity | 10/15 | -€122,765 | -€121,750 | +€1,016 | +0.8% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €22,587 | €22,587 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,629 | €17,629 | = | 0.0% |
| Distributable reserves | 133 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€194,931 | -€193,915 | +€1,016 | +0.5% |
| Amounts payable | 17/49 | €292,712 | €249,276 | -€43,436 | -14.8% |
| Amounts payable after more than one year | 17 | €16,586 | €8,765 | -€7,821 | -47.2% |
| Financial debts | 170/4 | €16,586 | €8,765 | -€7,821 | -47.2% |
| Amounts payable within one year | 42/48 | €276,126 | €240,511 | -€35,615 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €7,571 | €7,821 | +€250 | +3.3% |
| Trade debts | 44 | €20,761 | €9,840 | -€10,921 | -52.6% |
| Suppliers | 440/4 | €20,761 | €9,840 | -€10,921 | -52.6% |
| Taxes, remuneration and social security | 45 | €2,882 | €4,847 | +€1,965 | +68.2% |
| Taxes | 450/3 | €2,757 | €4,722 | +€1,965 | +71.3% |
| Remuneration and social security | 454/9 | €125 | €125 | = | 0.0% |
| Other amounts payable | 47/48 | €244,913 | €218,004 | -€26,909 | -11.0% |
| Remuneration, social security and pensions | 62 | €589 | €483 | -€106 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,729 | €48,996 | -€4,733 | -8.8% |
| Other operating charges | 640/8 | €935 | €953 | +€18 | +1.9% |
| Gross operating margin | 9900 | €63,002 | €54,088 | -€8,915 | -14.1% |
| Operating profit (loss) | 9901 | €7,749 | €3,655 | -€4,094 | -52.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | +2300.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +2300.0% |
| Financial charges | 65/66B | €3,539 | €2,462 | -€1,077 | -30.4% |
| Recurring financial charges | 65 | €3,539 | €2,462 | -€1,077 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €4,211 | €1,194 | -€3,017 | -71.6% |
| Income taxes | 67/77 | €34 | €178 | +€145 | +431.3% |
| Profit (loss) for the period | 9904 | €4,177 | €1,016 | -€3,161 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,177 | €1,016 | -€3,161 | -75.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.