SEMOULIN PACKAGING: 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.
What changed
SEMOULIN PACKAGING
NACE 17.120, Manufacture of paper and paper products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €1.9m+€32,866
Equity
€14.0m
2024 · €13.9m+€65,857
Cash
€1.2m
2024 · €971,754+€265,091
Balance sheet total
€17.7m
2024 · €19.5m-€1.8m
Largest movements
Assets
- Current investments -€1.2m
down €1.2m (-45.1%), from €2.6m to €1.4m
- Tangible fixed assets -€1.0m
down €1.0m (-14.3%), from €7.1m to €6.1m
of which Leasing and similar rights: -€558,457
- Cash +€265,091
up €265,091 (+27.3%), from €971,754 to €1.2m
mainly Net result for the year (+€1.9m) and Depreciation (+€1.8m)
Equity and liabilities
- Debts after one year -€754,861
down €754,861 (-49.8%), from €1.5m to €760,283
- Trade debts -€586,511
down €586,511 (-30.9%), from €1.9m to €1.3m
- Other debts -€420,000
no longer reported in 2025 (was €420,000)
Income statement
- Turnover +€1.7m
up €1.7m (+8.2%), from €21.0m to €22.7m
- Goods and materials +€1.0m
up €1.0m (+12.2%), from €8.4m to €9.4m
of which Change in stocks: decrease (increase): +€865,373
- Services and other goods +€660,592
up €660,592 (+21.9%), from €3.0m to €3.7m
- Staff costs +€386,875
up €386,875 (+7.4%), from €5.2m to €5.6m
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.
Result 2024
€1.9m
Turnover
+€1.7m
Other operating income
-€38,811
Goods and materials
-€1.0m
Services and other goods
-€660,592
Staff costs
-€386,875
Depreciation
-€92,982
Write-downs
-€117,492
Provisions
+€4,535
Other operating charges
+€148,233
Other operating items
+€514,844
Financial income
-€13,958
Financial charges
-€6,204
Taxes
-€19,389
Result 2025
€1.9m
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.
From operations
+€2.7m
Investment
+€370,186
Financing
-€2.8m
Cash 2024
€971,754
From operations (derived)
+€2.7m
Net result for the year
+€1.9m
Depreciation
+€1.8m
Stocks and contracts
-€22,875
Receivables within one year
-€95,840
Deferred charges and accrued income
+€29,076
Provisions
-€11,057
Trade debts
-€586,511
Tax, wage and social debts
-€133,186
Advances received
+€183,959
Other debts
-€420,000
Investment (derived)
+€370,186
Investment in fixed assets (net)
-€779,814
Current investments
+€1.2m
Financing
-€2.8m
Debts after one year
-€754,861
Current portion of long-term debt
-€152,674
Contributions, distributions and other
-€1.9m
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,474,350 | €17,665,878 | -€1.8m | -9.3% |
| Fixed assets | 21/28 | €7,132,575 | €6,119,373 | -€1.0m | -14.2% |
| Intangible fixed assets | 21 | €12,151 | €14,152 | +€2,000 | +16.5% |
| Tangible fixed assets | 22/27 | €7,119,916 | €6,104,713 | -€1.0m | -14.3% |
| Land and buildings | 22 | €741,141 | €648,137 | -€93,004 | -12.5% |
| Plant, machinery and equipment | 23 | €3,312,282 | €3,098,649 | -€213,632 | -6.4% |
| Furniture and vehicles | 24 | €48,388 | €27,840 | -€20,548 | -42.5% |
| Leasing and similar rights | 25 | €1,916,480 | €1,358,023 | -€558,457 | -29.1% |
| Other tangible fixed assets | 26 | €1,041,878 | €843,064 | -€198,813 | -19.1% |
| Assets under construction and advance payments | 27 | €59,747 | €129,000 | +€69,253 | +115.9% |
| Financial fixed assets | 28 | €508 | €508 | = | 0.0% |
| Other financial fixed assets | 284/8 | €508 | €508 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €508 | €508 | = | 0.0% |
| Current assets | 29/58 | €12,341,775 | €11,546,505 | -€795,270 | -6.4% |
| Stocks and contracts in progress | 3 | €4,194,011 | €4,216,886 | +€22,875 | +0.5% |
| Stocks | 30/36 | €4,194,011 | €4,216,886 | +€22,875 | +0.5% |
| Raw materials and consumables | 30/31 | €3,480,697 | €3,322,021 | -€158,676 | -4.6% |
| Work in progress | 32 | €102,122 | €40,771 | -€61,351 | -60.1% |
| Finished goods | 33 | €611,192 | €845,780 | +€234,589 | +38.4% |
| Advance payments | 36 | - | €8,314 | +€8,314 | |
| Amounts receivable within one year | 40/41 | €4,579,599 | €4,675,440 | +€95,840 | +2.1% |
| Trade receivables | 40 | €3,991,179 | €3,850,505 | -€140,674 | -3.5% |
| Other amounts receivable | 41 | €588,421 | €824,935 | +€236,514 | +40.2% |
| Current investments | 50/53 | €2,550,000 | €1,400,000 | -€1.2m | -45.1% |
| Other investments | 51/53 | €2,550,000 | €1,400,000 | -€1.2m | -45.1% |
| Cash at bank and in hand | 54/58 | €971,754 | €1,236,845 | +€265,091 | +27.3% |
| Deferred charges and accrued income | 490/1 | €46,411 | €17,334 | -€29,076 | -62.7% |
| Total equity and liabilities | 10/49 | €19,474,350 | €17,665,878 | -€1.8m | -9.3% |
| Equity | 10/15 | €13,900,720 | €13,966,577 | +€65,857 | +0.5% |
| Contributions | 10/11 | €750,634 | €750,634 | = | 0.0% |
| Capital | 10 | €713,500 | €713,500 | = | 0.0% |
| Issued capital | 100 | €713,500 | €713,500 | = | 0.0% |
| Contributions outside capital | 11 | €37,134 | €37,134 | = | 0.0% |
| Share premium | 1100/10 | €37,134 | €37,134 | = | 0.0% |
| Reserves | 13 | €12,883,415 | €13,023,210 | +€139,795 | +1.1% |
| Non-distributable reserves | 130/1 | €71,350 | €71,350 | = | 0.0% |
| Legal reserve | 130 | €71,350 | €71,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €683,065 | €422,860 | -€260,205 | -38.1% |
| Distributable reserves | 133 | €12,129,000 | €12,529,000 | +€400,000 | +3.3% |
| Profit (loss) carried forward | 14 | €38,755 | €28,926 | -€9,828 | -25.4% |
| Investment grants | 15 | €227,915 | €163,806 | -€64,109 | -28.1% |
| Provisions and deferred taxes | 16 | €18,557 | €7,500 | -€11,057 | -59.6% |
| Provisions for liabilities and charges | 160/5 | €8,162 | - | -€8,162 | |
| Pensions and similar obligations | 160 | €8,162 | - | -€8,162 | |
| Deferred taxes | 168 | €10,395 | €7,500 | -€2,895 | -27.8% |
| Amounts payable | 17/49 | €5,555,073 | €3,691,801 | -€1.9m | -33.5% |
| Amounts payable after more than one year | 17 | €1,515,143 | €760,283 | -€754,861 | -49.8% |
| Financial debts | 170/4 | €1,515,143 | €760,283 | -€754,861 | -49.8% |
| Leasing and similar obligations | 172 | €1,316,780 | €760,283 | -€556,497 | -42.3% |
| Credit institutions | 173 | €198,364 | - | -€198,364 | |
| Amounts payable within one year | 42/48 | €4,039,930 | €2,931,519 | -€1.1m | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €907,535 | €754,861 | -€152,674 | -16.8% |
| Trade debts | 44 | €1,897,639 | €1,311,129 | -€586,511 | -30.9% |
| Suppliers | 440/4 | €1,897,639 | €1,311,129 | -€586,511 | -30.9% |
| Advances received on contracts in progress | 46 | - | €183,959 | +€183,959 | |
| Taxes, remuneration and social security | 45 | €814,756 | €681,570 | -€133,186 | -16.3% |
| Taxes | 450/3 | €161,879 | €34,475 | -€127,404 | -78.7% |
| Remuneration and social security | 454/9 | €652,877 | €647,095 | -€5,782 | -0.9% |
| Other amounts payable | 47/48 | €420,000 | - | -€420,000 | |
| Operating income | 70/76A | €20,964,955 | €23,168,136 | +€2.2m | +10.5% |
| Turnover | 70 | €20,957,907 | €22,685,054 | +€1.7m | +8.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€252,060 | €173,237 | +€425,297 | |
| Other operating income | 74 | €258,656 | €219,845 | -€38,811 | -15.0% |
| Non-recurring operating income | 76A | €452 | €90,000 | +€89,548 | +19789.9% |
| Operating charges | 60/66A | €18,546,569 | €20,677,333 | +€2.1m | +11.5% |
| Goods for resale, raw materials and consumables | 60 | €8,404,982 | €9,430,572 | +€1.0m | +12.2% |
| Purchases | 600/8 | €9,051,922 | €9,212,139 | +€160,218 | +1.8% |
| Change in stocks: decrease (increase) | 609 | -€646,940 | €218,433 | +€865,373 | |
| Services and other goods | 61 | €3,013,750 | €3,674,342 | +€660,592 | +21.9% |
| Remuneration, social security and pensions | 62 | €5,241,127 | €5,628,003 | +€386,875 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,700,034 | €1,793,016 | +€92,982 | +5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,811 | €121,302 | +€117,492 | +3083.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,628 | -€8,162 | -€4,535 | -125.0% |
| Other operating charges | 640/8 | €186,492 | €38,259 | -€148,233 | -79.5% |
| Operating profit (loss) | 9901 | €2,418,387 | €2,490,803 | +€72,416 | +3.0% |
| Financial income | 75/76B | €213,117 | €199,160 | -€13,958 | -6.5% |
| Recurring financial income | 75 | €213,117 | €199,160 | -€13,958 | -6.5% |
| Income from current assets | 751 | €91,255 | €65,916 | -€25,339 | -27.8% |
| Other financial income | 752/9 | €121,862 | €133,244 | +€11,382 | +9.3% |
| Financial charges | 65/66B | €38,369 | €44,573 | +€6,204 | +16.2% |
| Recurring financial charges | 65 | €38,369 | €44,573 | +€6,204 | +16.2% |
| Debt charges | 650 | €16,971 | €13,167 | -€3,805 | -22.4% |
| Other financial charges | 652/9 | €21,398 | €31,406 | +€10,009 | +46.8% |
| Profit (loss) for the period before taxes | 9903 | €2,593,134 | €2,645,389 | +€52,255 | +2.0% |
| Transfer from deferred taxes | 780 | €2,895 | €2,895 | = | 0.0% |
| Income taxes | 67/77 | €698,928 | €718,318 | +€19,389 | +2.8% |
| Taxes | 670/3 | €698,928 | €718,318 | +€19,389 | +2.8% |
| Profit (loss) for the period | 9904 | €1,897,101 | €1,929,966 | +€32,866 | +1.7% |
| Transfer from tax-exempt reserves | 789 | €428,605 | €260,205 | -€168,400 | -39.3% |
| Transfer to tax-exempt reserves | 689 | €336,800 | - | -€336,800 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,988,906 | €2,190,172 | +€201,266 | +10.1% |
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 12 October 2026 via checked.be.