SEMRA: 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.
SEMRA
Largest movements
- Tangible fixed assets +€18,452
up €18,452 (+428.4%), from €4,307 to €22,759
of which Furniture and vehicles: +€19,202
- Cash +€15,119
up €15,119 (+104.9%), from €14,416 to €29,535
mainly Net result for the year (+€48,409) and Tax, wage and social debts (+€3,862)
- Receivables within one year +€9,791
up €9,791 (+16.0%), from €61,015 to €70,806
of which Other amounts receivable: +€39,733
- Stocks and contracts -€2,135
no longer reported in 2025 (was €2,135)
- Reserves +€72,301
up €72,301 (+3888.8%), from €1,859 to €74,160
- Profit (loss) carried forward -€23,891
no longer reported in 2025 (was €23,891)
- Trade debts -€9,422
down €9,422 (-37.1%), from €25,393 to €15,972
- Tax, wage and social debts +€3,862
new in 2025: €3,862
- Gross operating margin -€22,802
down €22,802 (-29.2%), from €78,070 to €55,267
- Taxes +€3,285
new in 2025: €3,285
- Depreciation +€2,974
up €2,974 (+1539.8%), from €193 to €3,167
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 | €81,873 | €124,252 | +€42,378 | +51.8% |
| Fixed assets | 21/28 | €4,307 | €22,759 | +€18,452 | +428.4% |
| Tangible fixed assets | 22/27 | €4,307 | €22,759 | +€18,452 | +428.4% |
| Plant, machinery and equipment | 23 | €1,389 | €639 | -€750 | -54.0% |
| Furniture and vehicles | 24 | €2,918 | €22,120 | +€19,202 | +658.1% |
| Current assets | 29/58 | €77,567 | €101,492 | +€23,926 | +30.8% |
| Stocks and contracts in progress | 3 | €2,135 | - | -€2,135 | |
| Stocks | 30/36 | €2,135 | - | -€2,135 | |
| Amounts receivable within one year | 40/41 | €61,015 | €70,806 | +€9,791 | +16.0% |
| Trade receivables | 40 | €55,260 | €25,318 | -€29,943 | -54.2% |
| Other amounts receivable | 41 | €5,755 | €45,488 | +€39,733 | +690.4% |
| Cash at bank and in hand | 54/58 | €14,416 | €29,535 | +€15,119 | +104.9% |
| Deferred charges and accrued income | 490/1 | - | €1,152 | +€1,152 | |
| Total equity and liabilities | 10/49 | €81,873 | €124,252 | +€42,378 | +51.8% |
| Equity | 10/15 | €44,750 | €93,160 | +€48,409 | +108.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,859 | €74,160 | +€72,301 | +3888.8% |
| Distributable reserves | 133 | €1,859 | €74,160 | +€72,301 | +3888.8% |
| Profit (loss) carried forward | 14 | €23,891 | - | -€23,891 | |
| Amounts payable | 17/49 | €37,123 | €31,092 | -€6,031 | -16.2% |
| Amounts payable within one year | 42/48 | €37,123 | €31,092 | -€6,031 | -16.2% |
| Financial debts | 43 | €14 | - | -€14 | |
| Credit institutions | 430/8 | €14 | - | -€14 | |
| Trade debts | 44 | €25,393 | €15,972 | -€9,422 | -37.1% |
| Suppliers | 440/4 | €25,393 | €15,972 | -€9,422 | -37.1% |
| Taxes, remuneration and social security | 45 | - | €3,862 | +€3,862 | |
| Taxes | 450/3 | - | €3,862 | +€3,862 | |
| Other amounts payable | 47/48 | €11,716 | €11,258 | -€458 | -3.9% |
| Non-recurring operating income | 76A | - | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193 | €3,167 | +€2,974 | +1539.8% |
| Gross operating margin | 9900 | €78,070 | €55,267 | -€22,802 | -29.2% |
| Operating profit (loss) | 9901 | €77,877 | €52,100 | -€25,777 | -33.1% |
| Financial income | 75/76B | €1 | €8 | +€7 | +721.0% |
| Recurring financial income | 75 | €1 | €8 | +€7 | +721.0% |
| Financial charges | 65/66B | €265 | €414 | +€150 | +56.5% |
| Recurring financial charges | 65 | €265 | €414 | +€150 | +56.5% |
| Profit (loss) for the period before taxes | 9903 | €77,613 | €51,694 | -€25,919 | -33.4% |
| Income taxes | 67/77 | - | €3,285 | +€3,285 | |
| Profit (loss) for the period | 9904 | €77,613 | €48,409 | -€29,204 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €77,613 | €48,409 | -€29,204 | -37.6% |
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 11 October 2026 via checked.be.