SEMPER EXCELSIUS: 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.
SEMPER EXCELSIUS
Largest movements
- Receivables after one year +€181,922
up €181,922 (+512.5%), from €35,500 to €217,422
- Cash -€58,074
down €58,074 (-50.0%), from €116,059 to €57,985
mainly Receivables after one year (-€181,922) and Tax, wage and social debts (-€24,912)
- Receivables within one year -€18,682
down €18,682 (-99.6%), from €18,751 to €69
of which Trade receivables: -€18,233
- Profit (loss) carried forward +€91,284
up €91,284 (+76.1%), from €119,887 to €211,170
- Trade debts +€38,184
up €38,184 (+2185.4%), from €1,747 to €39,931
- Tax, wage and social debts -€24,912
down €24,912 (-51.2%), from €48,612 to €23,700
of which Taxes: -€24,912
- Gross operating margin -€37,860
down €37,860 (-23.9%), from €158,545 to €120,686
- Taxes -€9,269
down €9,269 (-24.4%), from €37,995 to €28,726
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 | €173,561 | €277,802 | +€104,240 | +60.1% |
| Fixed assets | 21/28 | €1,687 | €918 | -€769 | -45.6% |
| Tangible fixed assets | 22/27 | €1,687 | €918 | -€769 | -45.6% |
| Furniture and vehicles | 24 | €1,687 | €918 | -€769 | -45.6% |
| Current assets | 29/58 | €171,874 | €276,883 | +€105,009 | +61.1% |
| Amounts receivable after more than one year | 29 | €35,500 | €217,422 | +€181,922 | +512.5% |
| Other amounts receivable | 291 | €35,500 | €217,422 | +€181,922 | +512.5% |
| Amounts receivable within one year | 40/41 | €18,751 | €69 | -€18,682 | -99.6% |
| Trade receivables | 40 | €18,233 | €0 | -€18,233 | -100.0% |
| Other amounts receivable | 41 | €518 | €69 | -€448 | -86.6% |
| Cash at bank and in hand | 54/58 | €116,059 | €57,985 | -€58,074 | -50.0% |
| Deferred charges and accrued income | 490/1 | €1,563 | €1,407 | -€157 | -10.0% |
| Total equity and liabilities | 10/49 | €173,561 | €277,802 | +€104,240 | +60.1% |
| Equity | 10/15 | €122,887 | €214,170 | +€91,284 | +74.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,887 | €211,170 | +€91,284 | +76.1% |
| Amounts payable | 17/49 | €50,674 | €63,631 | +€12,957 | +25.6% |
| Amounts payable within one year | 42/48 | €50,359 | €63,631 | +€13,272 | +26.4% |
| Trade debts | 44 | €1,747 | €39,931 | +€38,184 | +2185.4% |
| Suppliers | 440/4 | €1,747 | €39,931 | +€38,184 | +2185.4% |
| Taxes, remuneration and social security | 45 | €48,612 | €23,700 | -€24,912 | -51.2% |
| Taxes | 450/3 | €47,412 | €22,500 | -€24,912 | -52.5% |
| Remuneration and social security | 454/9 | €1,200 | €1,200 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €315 | €0 | -€315 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €608 | €769 | +€161 | +26.4% |
| Other operating charges | 640/8 | - | €124 | +€124 | |
| Gross operating margin | 9900 | €158,545 | €120,686 | -€37,860 | -23.9% |
| Operating profit (loss) | 9901 | €157,937 | €119,793 | -€38,144 | -24.2% |
| Financial income | 75/76B | €15 | €258 | +€243 | +1654.5% |
| Recurring financial income | 75 | €15 | €258 | +€243 | +1654.5% |
| Financial charges | 65/66B | €70 | €40 | -€29 | -42.1% |
| Recurring financial charges | 65 | €70 | €40 | -€29 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €157,882 | €120,010 | -€37,872 | -24.0% |
| Income taxes | 67/77 | €37,995 | €28,726 | -€9,269 | -24.4% |
| Profit (loss) for the period | 9904 | €119,887 | €91,284 | -€28,603 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €119,887 | €91,284 | -€28,603 | -23.9% |
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.