SEMGI: what changed
What changed
SEMGI
NACE 68.122, Development of non-residential building projects
filed annual accounts (NBB)
Net result for the year
€131,842
2024 · €41,924+€89,918
Equity
€399,449
2024 · €267,607+€131,842
Cash
€266,372
2024 · €73,439+€192,933
Balance sheet total
€513,449
2024 · €338,406+€175,042
Largest movements
Assets
- Cash +€192,933
up €192,933 (+263%), from €73,439 to €266,372
mainly Net result for the year (+€131,842) and Tax, wage and social debts (+€39,497)
- Receivables within one year -€15,898
down €15,898 (-35.9%), from €44,286 to €28,388
of which Trade receivables: -€14,421
Equity and liabilities
- Profit (loss) carried forward +€131,842
up €131,842 (+53.3%), from €247,147 to €378,989
- Tax, wage and social debts +€39,497
up €39,497 (+166%), from €23,739 to €63,235
- Other debts +€13,256
up €13,256 (+88.8%), from €14,935 to €28,191
- Current portion of long-term debt -€8,207
no longer reported in 2025 (was €8,207)
Income statement
- Gross operating margin +€112,697
up €112,697 (+152%), from €74,204 to €186,901
- Taxes +€23,889
up €23,889 (+123%), from €19,360 to €43,248
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€41,924
Gross operating margin
+€112,697
Depreciation
+€333
Other operating charges
-€193
Financial income
-€0
Financial charges
+€969
Taxes
-€23,889
Result 2025
€131,842
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€208,814
Investment
-€7,674
Financing
-€8,207
Cash 2024
€73,439
From operations (derived)
+€208,814
Net result for the year
+€131,842
Depreciation
+€7,741
Receivables within one year
+€15,898
Deferred charges and accrued income
+€1,926
Trade debts
-€463
Tax, wage and social debts
+€39,497
Other debts
+€13,256
Accrued charges and deferred income
-€883
Investment (derived)
-€7,674
Investment in fixed assets (net)
-€7,674
Financing
-€8,207
Current portion of long-term debt
-€8,207
Cash 2025
€266,372
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €338,406 | €513,449 | +€175,042 | +51.7% |
| Fixed assets | 21/28 | €216,074 | €216,008 | -€66 | 0.0% |
| Tangible fixed assets | 22/27 | €216,074 | €216,008 | -€66 | 0.0% |
| Land and buildings | 22 | €198,458 | €198,458 | = | 0.0% |
| Plant, machinery and equipment | 23 | €156 | - | -€156 | |
| Furniture and vehicles | 24 | €17,460 | €17,550 | +€90 | +0.5% |
| Current assets | 29/58 | €122,332 | €297,441 | +€175,109 | +143% |
| Amounts receivable within one year | 40/41 | €44,286 | €28,388 | -€15,898 | -35.9% |
| Trade receivables | 40 | €42,750 | €28,329 | -€14,421 | -33.7% |
| Other amounts receivable | 41 | €1,536 | €59 | -€1,477 | -96.1% |
| Cash at bank and in hand | 54/58 | €73,439 | €266,372 | +€192,933 | +263% |
| Deferred charges and accrued income | 490/1 | €4,606 | €2,681 | -€1,926 | -41.8% |
| Total equity and liabilities | 10/49 | €338,406 | €513,449 | +€175,042 | +51.7% |
| Equity | 10/15 | €267,607 | €399,449 | +€131,842 | +49.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €247,147 | €378,989 | +€131,842 | +53.3% |
| Amounts payable | 17/49 | €70,799 | €113,999 | +€43,200 | +61.0% |
| Amounts payable within one year | 42/48 | €67,926 | €112,009 | +€44,083 | +64.9% |
| Current portion of amounts payable after more than one year | 42 | €8,207 | - | -€8,207 | |
| Trade debts | 44 | €21,046 | €20,584 | -€463 | -2.2% |
| Suppliers | 440/4 | €21,046 | €20,584 | -€463 | -2.2% |
| Taxes, remuneration and social security | 45 | €23,739 | €63,235 | +€39,497 | +166% |
| Taxes | 450/3 | €23,739 | €63,235 | +€39,497 | +166% |
| Other amounts payable | 47/48 | €14,935 | €28,191 | +€13,256 | +88.8% |
| Accrued charges and deferred income | 492/3 | €2,873 | €1,990 | -€883 | -30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,074 | €7,741 | -€333 | -4.1% |
| Other operating charges | 640/8 | €2,534 | €2,726 | +€193 | +7.6% |
| Gross operating margin | 9900 | €74,204 | €186,901 | +€112,697 | +152% |
| Operating profit (loss) | 9901 | €63,596 | €176,434 | +€112,838 | +177% |
| Financial income | 75/76B | €0 | €0 | -€0 | -75.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -75.0% |
| Financial charges | 65/66B | €2,313 | €1,343 | -€969 | -41.9% |
| Recurring financial charges | 65 | €2,313 | €1,343 | -€969 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €61,283 | €175,090 | +€113,807 | +186% |
| Income taxes | 67/77 | €19,360 | €43,248 | +€23,889 | +123% |
| Profit (loss) for the period | 9904 | €41,924 | €131,842 | +€89,918 | +214% |
| Profit (loss) for the period to be appropriated | 9905 | €41,924 | €131,842 | +€89,918 | +214% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.