SEMEX: 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.
SEMEX
Largest movements
- Receivables within one year -€29,947
down €29,947 (-63.0%), from €47,542 to €17,595
of which Other amounts receivable: -€23,576
- Cash +€5,689
up €5,689 (+7.3%), from €77,534 to €83,223
mainly Net result for the year (+€78,313) and Receivables within one year (+€29,947)
- Tangible fixed assets -€4,069
down €4,069 (-60.1%), from €6,765 to €2,696
- Reserves -€29,987
down €29,987 (-25.7%), from €116,474 to €86,487
- Other debts +€4,489
new in 2026: €4,489
- Accrued charges and deferred income -€1,854
down €1,854 (-100.0%), from €1,854 to €0
- Tax, wage and social debts -€1,455
down €1,455 (-10.3%), from €14,092 to €12,637
- Gross operating margin +€7,126
up €7,126 (+7.2%), from €99,652 to €106,778
- Other operating charges -€3,236
down €3,236 (-77.7%), from €4,167 to €931
- Taxes +€3,107
up €3,107 (+16.9%), from €18,422 to €21,529
- Financial charges -€2,674
down €2,674 (-56.7%), from €4,717 to €2,043
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €134,498 | €105,641 | -€28,857 | -21.5% |
| Fixed assets | 21/28 | €6,765 | €2,696 | -€4,069 | -60.1% |
| Tangible fixed assets | 22/27 | €6,765 | €2,696 | -€4,069 | -60.1% |
| Furniture and vehicles | 24 | €6,765 | €2,696 | -€4,069 | -60.1% |
| Current assets | 29/58 | €127,733 | €102,945 | -€24,787 | -19.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €47,542 | €17,595 | -€29,947 | -63.0% |
| Trade receivables | 40 | €21,995 | €15,624 | -€6,372 | -29.0% |
| Other amounts receivable | 41 | €25,547 | €1,971 | -€23,576 | -92.3% |
| Cash at bank and in hand | 54/58 | €77,534 | €83,223 | +€5,689 | +7.3% |
| Deferred charges and accrued income | 490/1 | €2,657 | €2,128 | -€529 | -19.9% |
| Total equity and liabilities | 10/49 | €134,498 | €105,641 | -€28,857 | -21.5% |
| Equity | 10/15 | €118,474 | €88,487 | -€29,987 | -25.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €116,474 | €86,487 | -€29,987 | -25.7% |
| Distributable reserves | 133 | €116,474 | €86,487 | -€29,987 | -25.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €16,024 | €17,155 | +€1,130 | +7.1% |
| Amounts payable within one year | 42/48 | €14,170 | €17,155 | +€2,984 | +21.1% |
| Trade debts | 44 | €79 | €28 | -€50 | -63.8% |
| Suppliers | 440/4 | €79 | €28 | -€50 | -63.8% |
| Taxes, remuneration and social security | 45 | €14,092 | €12,637 | -€1,455 | -10.3% |
| Taxes | 450/3 | €14,092 | €12,637 | -€1,455 | -10.3% |
| Other amounts payable | 47/48 | - | €4,489 | +€4,489 | |
| Accrued charges and deferred income | 492/3 | €1,854 | €0 | -€1,854 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,947 | €4,069 | +€122 | +3.1% |
| Other operating charges | 640/8 | €4,167 | €931 | -€3,236 | -77.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €99,652 | €106,778 | +€7,126 | +7.2% |
| Operating profit (loss) | 9901 | €91,538 | €101,778 | +€10,240 | +11.2% |
| Financial income | 75/76B | €747 | €107 | -€640 | -85.6% |
| Recurring financial income | 75 | €747 | €107 | -€640 | -85.6% |
| Financial charges | 65/66B | €4,717 | €2,043 | -€2,674 | -56.7% |
| Recurring financial charges | 65 | €4,717 | €2,043 | -€2,674 | -56.7% |
| Profit (loss) for the period before taxes | 9903 | €87,568 | €99,842 | +€12,274 | +14.0% |
| Income taxes | 67/77 | €18,422 | €21,529 | +€3,107 | +16.9% |
| Profit (loss) for the period | 9904 | €69,147 | €78,313 | +€9,166 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,147 | €78,313 | +€9,166 | +13.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.