Semcor: 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.
Semcor
Largest movements
- Cash -€39,682
down €39,682 (-26.7%), from €148,404 to €108,722
mainly Contributions, distributions and other (-€336,470) and Net result for the year (-€16,006)
- Current investments -€7,700
down €7,700 (-2.7%), from €285,776 to €278,076
- Reserves -€352,476
down €352,476 (-88.2%), from €399,536 to €47,060
- Other debts +€303,825
up €303,825 (+973%), from €31,224 to €335,050
- Gross operating margin -€17,756
down €17,756 (-956%), from -€1,857 to -€19,614
- Financial charges +€13,762
up €13,762, from -€12,849 to €912
- Financial income +€1,537
up €1,537 (+23.4%), from €6,570 to €8,107
- Depreciation -€343
down €343 (-12.7%), from €2,703 to €2,360
- Other operating charges -€251
down €251 (-17.0%), from €1,478 to €1,227
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 | €454,058 | €402,026 | -€52,032 | -11.5% |
| Fixed assets | 21/28 | €13,574 | €11,214 | -€2,360 | -17.4% |
| Tangible fixed assets | 22/27 | €13,574 | €11,214 | -€2,360 | -17.4% |
| Furniture and vehicles | 24 | €875 | €875 | = | 0.0% |
| Other tangible fixed assets | 26 | €12,699 | €10,339 | -€2,360 | -18.6% |
| Current assets | 29/58 | €440,483 | €390,812 | -€49,671 | -11.3% |
| Amounts receivable within one year | 40/41 | €5,459 | €3,018 | -€2,441 | -44.7% |
| Other amounts receivable | 41 | €5,459 | €3,018 | -€2,441 | -44.7% |
| Current investments | 50/53 | €285,776 | €278,076 | -€7,700 | -2.7% |
| Cash at bank and in hand | 54/58 | €148,404 | €108,722 | -€39,682 | -26.7% |
| Deferred charges and accrued income | 490/1 | €844 | €996 | +€152 | +17.9% |
| Total equity and liabilities | 10/49 | €454,058 | €402,026 | -€52,032 | -11.5% |
| Equity | 10/15 | €418,136 | €65,660 | -€352,476 | -84.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €399,536 | €47,060 | -€352,476 | -88.2% |
| Distributable reserves | 133 | €399,536 | €47,060 | -€352,476 | -88.2% |
| Amounts payable | 17/49 | €35,922 | €336,366 | +€300,444 | +836% |
| Amounts payable within one year | 42/48 | €35,922 | €336,366 | +€300,444 | +836% |
| Trade debts | 44 | €4,657 | €1,316 | -€3,340 | -71.7% |
| Suppliers | 440/4 | €4,657 | €1,316 | -€3,340 | -71.7% |
| Taxes, remuneration and social security | 45 | €41 | - | -€41 | |
| Taxes | 450/3 | €41 | - | -€41 | |
| Other amounts payable | 47/48 | €31,224 | €335,050 | +€303,825 | +973% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,703 | €2,360 | -€343 | -12.7% |
| Other operating charges | 640/8 | €1,478 | €1,227 | -€251 | -17.0% |
| Gross operating margin | 9900 | -€1,857 | -€19,614 | -€17,756 | -956% |
| Operating profit (loss) | 9901 | -€6,038 | -€23,201 | -€17,162 | -284% |
| Financial income | 75/76B | €6,570 | €8,107 | +€1,537 | +23.4% |
| Recurring financial income | 75 | €6,570 | €8,107 | +€1,537 | +23.4% |
| Financial charges | 65/66B | -€12,849 | €912 | +€13,762 | |
| Recurring financial charges | 65 | -€12,849 | €912 | +€13,762 | |
| Profit (loss) for the period before taxes | 9903 | €13,381 | -€16,006 | -€29,387 | |
| Income taxes | 67/77 | €114 | - | -€114 | |
| Profit (loss) for the period | 9904 | €13,268 | -€16,006 | -€29,274 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,268 | -€16,006 | -€29,274 |
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 20 October 2026 via checked.be.