SEMERU: 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.
SEMERU
Largest movements
- Cash +€202,550
up €202,550 (+169%), from €120,196 to €322,746
mainly Current investments (+€110,000) and Investment in fixed assets (net) (+€62,372)
- Current investments -€110,000
down €110,000 (-40.7%), from €270,519 to €160,519
- Tangible fixed assets -€66,696
down €66,696 (-81.8%), from €81,572 to €14,876
of which Land and buildings: -€62,372
- Receivables within one year -€8,043
down €8,043 (-14.1%), from €56,895 to €48,852
of which Trade receivables: -€14,292
- Reserves +€26,011
up €26,011 (+4.9%), from €526,654 to €552,665
of which Distributable reserves: +€26,011
- Tax, wage and social debts -€7,974
down €7,974 (-72.8%), from €10,959 to €2,986
- Gross operating margin -€31,181
down €31,181 (-32.1%), from €97,033 to €65,853
- Financial income +€9,464
up €9,464 (+93.6%), from €10,106 to €19,571
- Other operating charges +€7,437
up €7,437 (+332%), from €2,242 to €9,679
- Taxes -€4,535
down €4,535 (-17.0%), from €26,646 to €22,111
- Depreciation -€3,879
down €3,879 (-47.3%), from €8,203 to €4,324
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 | €553,449 | €568,754 | +€15,305 | +2.8% |
| Fixed assets | 21/28 | €81,712 | €15,016 | -€66,696 | -81.6% |
| Tangible fixed assets | 22/27 | €81,572 | €14,876 | -€66,696 | -81.8% |
| Land and buildings | 22 | €62,372 | €0 | -€62,372 | -100% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €19,200 | €14,876 | -€4,324 | -22.5% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €471,737 | €553,738 | +€82,002 | +17.4% |
| Amounts receivable after more than one year | 29 | €23,314 | €21,484 | -€1,830 | -7.8% |
| Other amounts receivable | 291 | €23,314 | €21,484 | -€1,830 | -7.8% |
| Amounts receivable within one year | 40/41 | €56,895 | €48,852 | -€8,043 | -14.1% |
| Trade receivables | 40 | €14,292 | €0 | -€14,292 | -100% |
| Other amounts receivable | 41 | €42,603 | €48,852 | +€6,249 | +14.7% |
| Current investments | 50/53 | €270,519 | €160,519 | -€110,000 | -40.7% |
| Cash at bank and in hand | 54/58 | €120,196 | €322,746 | +€202,550 | +169% |
| Deferred charges and accrued income | 490/1 | €812 | €137 | -€675 | -83.1% |
| Total equity and liabilities | 10/49 | €553,449 | €568,754 | +€15,305 | +2.8% |
| Equity | 10/15 | €539,054 | €565,065 | +€26,011 | +4.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €526,654 | €552,665 | +€26,011 | +4.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €524,794 | €550,805 | +€26,011 | +5.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,395 | €3,690 | -€10,706 | -74.4% |
| Amounts payable within one year | 42/48 | €14,395 | €3,600 | -€10,795 | -75.0% |
| Trade debts | 44 | €2,593 | €614 | -€1,979 | -76.3% |
| Suppliers | 440/4 | €2,593 | €614 | -€1,979 | -76.3% |
| Taxes, remuneration and social security | 45 | €10,959 | €2,986 | -€7,974 | -72.8% |
| Taxes | 450/3 | €10,959 | €2,986 | -€7,974 | -72.8% |
| Other amounts payable | 47/48 | €843 | €0 | -€843 | -100% |
| Accrued charges and deferred income | 492/3 | - | €90 | +€90 | |
| Non-recurring operating income | 76A | €1,653 | €60,667 | +€59,014 | +3,570% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,203 | €4,324 | -€3,879 | -47.3% |
| Other operating charges | 640/8 | €2,242 | €9,679 | +€7,437 | +332% |
| Gross operating margin | 9900 | €97,033 | €65,853 | -€31,181 | -32.1% |
| Operating profit (loss) | 9901 | €86,588 | €51,850 | -€34,738 | -40.1% |
| Financial income | 75/76B | €10,106 | €19,571 | +€9,464 | +93.6% |
| Recurring financial income | 75 | €10,106 | €19,571 | +€9,464 | +93.6% |
| Financial charges | 65/66B | €221 | €2,603 | +€2,382 | +1,079% |
| Recurring financial charges | 65 | €221 | €2,603 | +€2,382 | +1,079% |
| Profit (loss) for the period before taxes | 9903 | €96,474 | €68,817 | -€27,656 | -28.7% |
| Income taxes | 67/77 | €26,646 | €22,111 | -€4,535 | -17.0% |
| Profit (loss) for the period | 9904 | €69,827 | €46,706 | -€23,121 | -33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €69,827 | €46,706 | -€23,121 | -33.1% |
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 18 October 2026 via checked.be.