Semeraro: 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.
Semeraro
Largest movements
- Cash -€51,547
down €51,547 (-69.7%), from €73,975 to €22,428
mainly Contributions, distributions and other (-€40,000) and Other debts (-€35,863)
- Tangible fixed assets -€37,570
down €37,570 (-7.9%), from €477,985 to €440,415
- Receivables within one year +€9,293
up €9,293 (+98.1%), from €9,477 to €18,770
of which Trade receivables: +€9,281
- Other debts -€35,863
down €35,863 (-96.0%), from €37,377 to €1,513
- Contributions -€24,353
down €24,353 (-40.6%), from €60,000 to €35,647
- Reserves +€22,086
up €22,086 (+33.9%), from €65,183 to €87,269
of which Distributable reserves: +€22,086
- Debts after one year -€20,329
down €20,329 (-6.7%), from €305,502 to €285,173
- Profit (loss) carried forward -€15,647
down €15,647 (-42.2%), from €37,117 to €21,470
- Staff costs +€87,891
up €87,891 (+41.6%), from €211,080 to €298,972
- Gross operating margin +€67,677
up €67,677 (+21.5%), from €315,375 to €383,052
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 | €599,709 | €522,327 | -€77,382 | -12.9% |
| Fixed assets | 21/28 | €479,645 | €442,075 | -€37,570 | -7.8% |
| Tangible fixed assets | 22/27 | €477,985 | €440,415 | -€37,570 | -7.9% |
| Land and buildings | 22 | €354,771 | €340,275 | -€14,496 | -4.1% |
| Plant, machinery and equipment | 23 | €105,717 | €91,073 | -€14,644 | -13.9% |
| Furniture and vehicles | 24 | €17,497 | €9,067 | -€8,430 | -48.2% |
| Financial fixed assets | 28 | €1,660 | €1,660 | = | 0.0% |
| Current assets | 29/58 | €120,064 | €80,252 | -€39,812 | -33.2% |
| Stocks and contracts in progress | 3 | €35,850 | €38,373 | +€2,523 | +7.0% |
| Stocks | 30/36 | €35,850 | €38,373 | +€2,523 | +7.0% |
| Amounts receivable within one year | 40/41 | €9,477 | €18,770 | +€9,293 | +98.1% |
| Trade receivables | 40 | €9,477 | €18,758 | +€9,281 | +97.9% |
| Other amounts receivable | 41 | - | €12 | +€12 | |
| Cash at bank and in hand | 54/58 | €73,975 | €22,428 | -€51,547 | -69.7% |
| Deferred charges and accrued income | 490/1 | €763 | €682 | -€81 | -10.6% |
| Total equity and liabilities | 10/49 | €599,709 | €522,327 | -€77,382 | -12.9% |
| Equity | 10/15 | €162,300 | €144,386 | -€17,914 | -11.0% |
| Contributions | 10/11 | €60,000 | €35,647 | -€24,353 | -40.6% |
| Reserves | 13 | €65,183 | €87,269 | +€22,086 | +33.9% |
| Non-distributable reserves | 130/1 | €1,433 | €1,433 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,433 | €1,433 | = | 0.0% |
| Distributable reserves | 133 | €63,751 | €85,836 | +€22,086 | +34.6% |
| Profit (loss) carried forward | 14 | €37,117 | €21,470 | -€15,647 | -42.2% |
| Amounts payable | 17/49 | €437,409 | €377,941 | -€59,468 | -13.6% |
| Amounts payable after more than one year | 17 | €305,502 | €285,173 | -€20,329 | -6.7% |
| Financial debts | 170/4 | €305,502 | €285,173 | -€20,329 | -6.7% |
| Amounts payable within one year | 42/48 | €131,907 | €92,769 | -€39,139 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €44,419 | €53,048 | +€8,629 | +19.4% |
| Trade debts | 44 | €12,013 | €4,364 | -€7,649 | -63.7% |
| Suppliers | 440/4 | €12,013 | €4,364 | -€7,649 | -63.7% |
| Taxes, remuneration and social security | 45 | €38,099 | €33,843 | -€4,256 | -11.2% |
| Taxes | 450/3 | €15,820 | €16,790 | +€970 | +6.1% |
| Remuneration and social security | 454/9 | €22,279 | €17,053 | -€5,226 | -23.5% |
| Other amounts payable | 47/48 | €37,377 | €1,513 | -€35,863 | -96.0% |
| Remuneration, social security and pensions | 62 | €211,080 | €298,972 | +€87,891 | +41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,414 | €38,934 | -€480 | -1.2% |
| Other operating charges | 640/8 | €2,644 | €2,734 | +€89 | +3.4% |
| Gross operating margin | 9900 | €315,375 | €383,052 | +€67,677 | +21.5% |
| Operating profit (loss) | 9901 | €62,237 | €42,413 | -€19,824 | -31.9% |
| Financial income | 75/76B | €41 | €256 | +€214 | +517.0% |
| Recurring financial income | 75 | €41 | €256 | +€214 | +517.0% |
| Financial charges | 65/66B | €10,804 | €10,816 | +€12 | +0.1% |
| Recurring financial charges | 65 | €10,804 | €10,816 | +€12 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €51,474 | €31,852 | -€19,622 | -38.1% |
| Income taxes | 67/77 | €7,998 | €9,767 | +€1,769 | +22.1% |
| Profit (loss) for the period | 9904 | €43,476 | €22,086 | -€21,390 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €43,476 | €22,086 | -€21,390 | -49.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.