SEMOIS MANAGEMENT: 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.
SEMOIS MANAGEMENT
Largest movements
- Current investments +€420,000
new in 2025: €420,000
- Receivables within one year +€295,196
up €295,196, from €0 to €295,196
of which Other amounts receivable: +€295,196
- Other debts +€769,591
up €769,591 (+285%), from €269,842 to €1.0m
- Debts after one year -€131,820
down €131,820 (-5.6%), from €2.4m to €2.2m
of which Financial debts: -€131,820
- Current portion of long-term debt +€106,742
up €106,742 (+23.4%), from €456,904 to €563,647
- Financial income +€113,863
up €113,863 (+28.5%), from €400,000 to €513,863
- Financial charges +€78,786
up €78,786 (+129%), from €61,257 to €140,043
- Taxes +€24,867
up €24,867 (+159%), from €15,599 to €40,466
- Gross operating margin -€22,092
down €22,092 (-17.3%), from €127,945 to €105,853
- Depreciation +€6,989
up €6,989 (+42.7%), from €16,354 to €23,343
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 | €5,581,493 | €6,381,364 | +€799,871 | +14.3% |
| Fixed assets | 21/28 | €5,540,952 | €5,582,357 | +€41,404 | +0.7% |
| Tangible fixed assets | 22/27 | €40,952 | €82,357 | +€41,404 | +101% |
| Furniture and vehicles | 24 | €40,952 | €82,357 | +€41,404 | +101% |
| Financial fixed assets | 28 | €5,500,000 | €5,500,000 | = | 0.0% |
| Current assets | 29/58 | €40,541 | €799,007 | +€758,466 | +1,871% |
| Amounts receivable within one year | 40/41 | €0 | €295,196 | +€295,196 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | €295,196 | +€295,196 | |
| Current investments | 50/53 | - | €420,000 | +€420,000 | |
| Cash at bank and in hand | 54/58 | €39,618 | €81,953 | +€42,335 | +107% |
| Deferred charges and accrued income | 490/1 | €923 | €1,858 | +€935 | +101% |
| Total equity and liabilities | 10/49 | €5,581,493 | €6,381,364 | +€799,871 | +14.3% |
| Equity | 10/15 | €2,410,293 | €2,450,074 | +€39,781 | +1.7% |
| Contributions | 10/11 | €240,000 | €240,000 | = | 0.0% |
| Reserves | 13 | €2,170,000 | €2,210,000 | +€40,000 | +1.8% |
| Non-distributable reserves | 130/1 | - | €420,000 | +€420,000 | |
| Own shares acquired | 1312 | - | €420,000 | +€420,000 | |
| Distributable reserves | 133 | €2,170,000 | €1,790,000 | -€380,000 | -17.5% |
| Profit (loss) carried forward | 14 | €293 | €74 | -€219 | -74.8% |
| Amounts payable | 17/49 | €3,171,200 | €3,931,290 | +€760,090 | +24.0% |
| Amounts payable after more than one year | 17 | €2,359,007 | €2,227,186 | -€131,820 | -5.6% |
| Financial debts | 170/4 | €2,359,007 | €2,227,186 | -€131,820 | -5.6% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €812,066 | €1,704,103 | +€892,037 | +110% |
| Current portion of amounts payable after more than one year | 42 | €456,904 | €563,647 | +€106,742 | +23.4% |
| Trade debts | 44 | €27,221 | €21,721 | -€5,500 | -20.2% |
| Suppliers | 440/4 | €27,221 | €21,721 | -€5,500 | -20.2% |
| Taxes, remuneration and social security | 45 | €58,099 | €79,303 | +€21,205 | +36.5% |
| Taxes | 450/3 | €58,099 | €79,303 | +€21,205 | +36.5% |
| Other amounts payable | 47/48 | €269,842 | €1,039,433 | +€769,591 | +285% |
| Accrued charges and deferred income | 492/3 | €127 | €0 | -€127 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,354 | €23,343 | +€6,989 | +42.7% |
| Other operating charges | 640/8 | €1,175 | €6,083 | +€4,907 | +418% |
| Gross operating margin | 9900 | €127,945 | €105,853 | -€22,092 | -17.3% |
| Operating profit (loss) | 9901 | €110,416 | €76,427 | -€33,988 | -30.8% |
| Financial income | 75/76B | €400,000 | €513,863 | +€113,863 | +28.5% |
| Recurring financial income | 75 | €400,000 | €513,863 | +€113,863 | +28.5% |
| Financial charges | 65/66B | €61,257 | €140,043 | +€78,786 | +129% |
| Recurring financial charges | 65 | €61,257 | €140,043 | +€78,786 | +129% |
| Profit (loss) for the period before taxes | 9903 | €449,159 | €450,247 | +€1,088 | +0.2% |
| Income taxes | 67/77 | €15,599 | €40,466 | +€24,867 | +159% |
| Profit (loss) for the period | 9904 | €433,560 | €409,781 | -€23,779 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €433,560 | €409,781 | -€23,779 | -5.5% |
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 14 October 2026 via checked.be.