SemFin: 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.
SemFin
Largest movements
- Cash -€6,432
down €6,432 (-99.8%), from €6,446 to €14
mainly Net result for the year (-€12,431) and Investment in fixed assets (net) (-€727)
- Receivables within one year -€4,680
no longer reported in 2025 (was €4,680)
- Tangible fixed assets +€345
up €345 (+11.3%), from €3,051 to €3,396
of which Plant, machinery and equipment: +€345
- Deferred charges and accrued income -€298
down €298 (-64.4%), from €463 to €165
- Profit (loss) carried forward -€12,431
down €12,431 (-108.0%), from -€11,513 to -€23,944
- Other debts +€943
up €943 (+27.2%), from €3,470 to €4,413
- Tax, wage and social debts +€424
up €424 (+89.6%), from €473 to €897
- Gross operating margin -€25,067
down €25,067, from €14,520 to -€10,547
- Other operating charges -€1,045
down €1,045 (-49.6%), from €2,109 to €1,063
- Depreciation -€452
down €452 (-54.2%), from €834 to €382
- Financial charges -€146
down €146 (-85.5%), from €171 to €25
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 | €14,640 | €3,576 | -€11,065 | -75.6% |
| Fixed assets | 21/28 | €3,051 | €3,396 | +€345 | +11.3% |
| Tangible fixed assets | 22/27 | €3,051 | €3,396 | +€345 | +11.3% |
| Land and buildings | 22 | €2,584 | €2,584 | = | 0.0% |
| Plant, machinery and equipment | 23 | €466 | €812 | +€345 | +74.0% |
| Current assets | 29/58 | €11,590 | €179 | -€11,410 | -98.5% |
| Amounts receivable within one year | 40/41 | €4,680 | - | -€4,680 | |
| Trade receivables | 40 | €4,680 | - | -€4,680 | |
| Cash at bank and in hand | 54/58 | €6,446 | €14 | -€6,432 | -99.8% |
| Deferred charges and accrued income | 490/1 | €463 | €165 | -€298 | -64.4% |
| Total equity and liabilities | 10/49 | €14,640 | €3,576 | -€11,065 | -75.6% |
| Equity | 10/15 | €10,697 | -€1,734 | -€12,431 | |
| Contributions | 10/11 | €20,087 | €20,087 | = | 0.0% |
| Reserves | 13 | €2,123 | €2,123 | = | 0.0% |
| Distributable reserves | 133 | €2,123 | €2,123 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,513 | -€23,944 | -€12,431 | -108.0% |
| Amounts payable | 17/49 | €3,943 | €5,310 | +€1,367 | +34.7% |
| Amounts payable within one year | 42/48 | €3,943 | €5,310 | +€1,367 | +34.7% |
| Taxes, remuneration and social security | 45 | €473 | €897 | +€424 | +89.6% |
| Taxes | 450/3 | €473 | €897 | +€424 | +89.6% |
| Other amounts payable | 47/48 | €3,470 | €4,413 | +€943 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €834 | €382 | -€452 | -54.2% |
| Other operating charges | 640/8 | €2,109 | €1,063 | -€1,045 | -49.6% |
| Gross operating margin | 9900 | €14,520 | -€10,547 | -€25,067 | |
| Operating profit (loss) | 9901 | €11,578 | -€11,992 | -€23,570 | |
| Financial income | 75/76B | €25 | €13 | -€11 | -46.0% |
| Recurring financial income | 75 | €25 | €13 | -€11 | -46.0% |
| Financial charges | 65/66B | €171 | €25 | -€146 | -85.5% |
| Recurring financial charges | 65 | €171 | €25 | -€146 | -85.5% |
| Profit (loss) for the period before taxes | 9903 | €11,431 | -€12,004 | -€23,435 | |
| Income taxes | 67/77 | €481 | €428 | -€53 | -11.0% |
| Profit (loss) for the period | 9904 | €10,951 | -€12,431 | -€23,382 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,951 | -€12,431 | -€23,382 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.