SEMES: 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.
SEMES
Largest movements
- Cash +€101,599
up €101,599 (+216.0%), from €47,033 to €148,632
mainly Investment in fixed assets (net) (+€48,612) and Net result for the year (+€40,923)
- Financial fixed assets -€49,361
no longer reported in 2025 (was €49,361)
- Tangible fixed assets -€13,844
down €13,844 (-19.5%), from €71,151 to €57,307
of which Land and buildings: -€9,069
- Profit (loss) carried forward +€40,923
up €40,923 (+134.8%), from €30,364 to €71,288
- Debts after one year -€16,159
down €16,159 (-25.9%), from €62,468 to €46,310
- Tax, wage and social debts +€14,213
up €14,213 (+245.6%), from €5,786 to €19,999
- Gross operating margin +€48,135
up €48,135 (+142.5%), from €33,775 to €81,910
- Taxes +€12,224
up €12,224 (+308.9%), from €3,958 to €16,181
- Depreciation +€1,610
up €1,610 (+12.4%), from €12,984 to €14,593
- Other operating charges -€1,184
down €1,184 (-15.5%), from €7,628 to €6,444
- Financial charges -€1,076
down €1,076 (-20.1%), from €5,343 to €4,267
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 | €169,065 | €206,889 | +€37,824 | +22.4% |
| Fixed assets | 21/28 | €120,512 | €57,307 | -€63,205 | -52.4% |
| Tangible fixed assets | 22/27 | €71,151 | €57,307 | -€13,844 | -19.5% |
| Land and buildings | 22 | €29,475 | €20,406 | -€9,069 | -30.8% |
| Plant, machinery and equipment | 23 | €1,144 | €875 | -€269 | -23.5% |
| Furniture and vehicles | 24 | €277 | €541 | +€264 | +95.6% |
| Other tangible fixed assets | 26 | €40,255 | €35,485 | -€4,770 | -11.8% |
| Financial fixed assets | 28 | €49,361 | - | -€49,361 | |
| Current assets | 29/58 | €48,553 | €149,582 | +€101,029 | +208.1% |
| Amounts receivable within one year | 40/41 | €1,520 | €950 | -€570 | -37.5% |
| Trade receivables | 40 | €220 | €220 | = | 0.0% |
| Other amounts receivable | 41 | €1,300 | €730 | -€570 | -43.8% |
| Cash at bank and in hand | 54/58 | €47,033 | €148,632 | +€101,599 | +216.0% |
| Total equity and liabilities | 10/49 | €169,065 | €206,889 | +€37,824 | +22.4% |
| Equity | 10/15 | €43,929 | €84,853 | +€40,923 | +93.2% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,065 | €1,065 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,065 | €1,065 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,065 | €1,065 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,364 | €71,288 | +€40,923 | +134.8% |
| Amounts payable | 17/49 | €125,135 | €122,036 | -€3,099 | -2.5% |
| Amounts payable after more than one year | 17 | €62,468 | €46,310 | -€16,159 | -25.9% |
| Financial debts | 170/4 | €62,468 | €46,310 | -€16,159 | -25.9% |
| Amounts payable within one year | 42/48 | €62,667 | €75,727 | +€13,060 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €15,206 | €16,159 | +€952 | +6.3% |
| Trade debts | 44 | €1,717 | €846 | -€871 | -50.7% |
| Suppliers | 440/4 | €1,717 | €846 | -€871 | -50.7% |
| Taxes, remuneration and social security | 45 | €5,786 | €19,999 | +€14,213 | +245.6% |
| Taxes | 450/3 | €5,786 | €19,999 | +€14,213 | +245.6% |
| Other amounts payable | 47/48 | €39,957 | €38,723 | -€1,235 | -3.1% |
| Non-recurring operating income | 76A | - | €47,709 | +€47,709 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,984 | €14,593 | +€1,610 | +12.4% |
| Other operating charges | 640/8 | €7,628 | €6,444 | -€1,184 | -15.5% |
| Gross operating margin | 9900 | €33,775 | €81,910 | +€48,135 | +142.5% |
| Operating profit (loss) | 9901 | €13,163 | €60,873 | +€47,710 | +362.4% |
| Financial income | 75/76B | €253 | €499 | +€246 | +97.3% |
| Recurring financial income | 75 | €253 | €499 | +€246 | +97.3% |
| Financial charges | 65/66B | €5,343 | €4,267 | -€1,076 | -20.1% |
| Recurring financial charges | 65 | €5,343 | €4,267 | -€1,076 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €8,073 | €57,105 | +€49,032 | +607.4% |
| Income taxes | 67/77 | €3,958 | €16,181 | +€12,224 | +308.9% |
| Profit (loss) for the period | 9904 | €4,115 | €40,923 | +€36,808 | +894.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,115 | €40,923 | +€36,808 | +894.5% |
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 12 October 2026 via checked.be.