SemKo!: 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.
SemKo!
Largest movements
- Current investments -€750,000
down €750,000 (-100%), from €750,000 to €0
- Cash +€567,395
up €567,395 (+333%), from €170,138 to €737,533
mainly Current investments (+€750,000) and Debts after one year (+€217,150)
- Tangible fixed assets +€133,772
up €133,772 (+2,200%), from €6,080 to €139,853
of which Assets under construction and advance payments: +€93,821
- Receivables within one year +€59,404
up €59,404 (+103%), from €57,926 to €117,330
of which Trade receivables: +€65,262
- Other debts -€294,457
down €294,457 (-32.2%), from €915,457 to €621,000
- Debts after one year +€217,150
up €217,150 (+181%), from €120,000 to €337,150
- Reserves +€101,217
up €101,217 (+96.9%), from €104,443 to €205,660
- Tax, wage and social debts -€25,507
down €25,507 (-44.3%), from €57,605 to €32,097
- Financial income -€1.4m
down €1.4m (-99.1%), from €1.4m to €12,496
- Financial charges -€381,758
down €381,758 (-96.9%), from €393,915 to €12,157
- Gross operating margin -€79,606
down €79,606 (-35.3%), from €225,819 to €146,213
- Taxes -€16,324
down €16,324 (-30.2%), from €53,980 to €37,655
- Depreciation +€3,752
up €3,752 (+157%), from €2,383 to €6,135
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 | €1,254,812 | €1,263,094 | +€8,281 | +0.7% |
| Fixed assets | 21/28 | €271,760 | €405,532 | +€133,772 | +49.2% |
| Tangible fixed assets | 22/27 | €6,080 | €139,853 | +€133,772 | +2,200% |
| Land and buildings | 22 | - | €41,148 | +€41,148 | |
| Furniture and vehicles | 24 | €4,137 | €3,417 | -€720 | -17.4% |
| Other tangible fixed assets | 26 | €1,944 | €1,467 | -€477 | -24.5% |
| Assets under construction and advance payments | 27 | - | €93,821 | +€93,821 | |
| Financial fixed assets | 28 | €265,679 | €265,679 | = | 0.0% |
| Current assets | 29/58 | €983,053 | €857,561 | -€125,491 | -12.8% |
| Amounts receivable within one year | 40/41 | €57,926 | €117,330 | +€59,404 | +103% |
| Trade receivables | 40 | €16,368 | €81,630 | +€65,262 | +399% |
| Other amounts receivable | 41 | €41,558 | €35,700 | -€5,858 | -14.1% |
| Current investments | 50/53 | €750,000 | €0 | -€750,000 | -100% |
| Cash at bank and in hand | 54/58 | €170,138 | €737,533 | +€567,395 | +333% |
| Deferred charges and accrued income | 490/1 | €4,989 | €2,699 | -€2,290 | -45.9% |
| Total equity and liabilities | 10/49 | €1,254,812 | €1,263,094 | +€8,281 | +0.7% |
| Equity | 10/15 | €122,993 | €224,210 | +€101,217 | +82.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €104,443 | €205,660 | +€101,217 | +96.9% |
| Distributable reserves | 133 | €104,443 | €205,660 | +€101,217 | +96.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,131,819 | €1,038,884 | -€92,936 | -8.2% |
| Amounts payable after more than one year | 17 | €120,000 | €337,150 | +€217,150 | +181% |
| Financial debts | 170/4 | €120,000 | €337,150 | +€217,150 | +181% |
| Amounts payable within one year | 42/48 | €1,007,007 | €688,426 | -€318,581 | -31.6% |
| Current portion of amounts payable after more than one year | 42 | €29,167 | €20,629 | -€8,537 | -29.3% |
| Trade debts | 44 | €4,779 | €14,699 | +€9,920 | +208% |
| Suppliers | 440/4 | €4,779 | €14,699 | +€9,920 | +208% |
| Taxes, remuneration and social security | 45 | €57,605 | €32,097 | -€25,507 | -44.3% |
| Taxes | 450/3 | €57,605 | €32,097 | -€25,507 | -44.3% |
| Other amounts payable | 47/48 | €915,457 | €621,000 | -€294,457 | -32.2% |
| Accrued charges and deferred income | 492/3 | €4,812 | €13,308 | +€8,496 | +177% |
| Non-recurring operating income | 76A | - | €7,868 | +€7,868 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,383 | €6,135 | +€3,752 | +157% |
| Other operating charges | 640/8 | €2,181 | €1,544 | -€636 | -29.2% |
| Gross operating margin | 9900 | €225,819 | €146,213 | -€79,606 | -35.3% |
| Operating profit (loss) | 9901 | €221,255 | €138,534 | -€82,721 | -37.4% |
| Financial income | 75/76B | €1,439,083 | €12,496 | -€1.4m | -99.1% |
| Recurring financial income | 75 | €1,439,083 | €12,496 | -€1.4m | -99.1% |
| Financial charges | 65/66B | €393,915 | €12,157 | -€381,758 | -96.9% |
| Recurring financial charges | 65 | €393,915 | €12,157 | -€381,758 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €1,266,422 | €138,872 | -€1.1m | -89.0% |
| Income taxes | 67/77 | €53,980 | €37,655 | -€16,324 | -30.2% |
| Profit (loss) for the period | 9904 | €1,212,443 | €101,217 | -€1.1m | -91.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,212,443 | €101,217 | -€1.1m | -91.7% |
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 20 October 2026 via checked.be.