SEMS: 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.
SEMS
Largest movements
- Receivables within one year +€644,858
up €644,858 (+41.5%), from €1.6m to €2.2m
of which Trade receivables: +€690,273
- Cash -€267,308
down €267,308 (-89.1%), from €299,976 to €32,667
mainly Receivables within one year (-€644,858) and Trade debts (-€2,060)
- Deferred charges and accrued income -€177,816
down €177,816 (-99.8%), from €178,219 to €403
- Profit (loss) carried forward +€196,869
up €196,869 (+937.0%), from €21,012 to €217,881
- Gross operating margin +€247,128
up €247,128 (+1228.5%), from €20,117 to €267,245
- Taxes +€63,121
up €63,121 (+1311.2%), from €4,814 to €67,935
- Financial income +€11,338
up €11,338 (+464651.6%), from €2 to €11,340
of which Non-recurring financial income: +€11,260
- Other operating charges +€5,649
up €5,649 (+502.6%), from €1,124 to €6,772
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 | €2,278,943 | €2,473,606 | +€194,662 | +8.5% |
| Fixed assets | 21/28 | €246,321 | €241,251 | -€5,071 | -2.1% |
| Tangible fixed assets | 22/27 | €246,321 | €241,251 | -€5,071 | -2.1% |
| Furniture and vehicles | 24 | €9,104 | €4,034 | -€5,071 | -55.7% |
| Other tangible fixed assets | 26 | €237,217 | €237,217 | = | 0.0% |
| Current assets | 29/58 | €2,032,622 | €2,232,355 | +€199,733 | +9.8% |
| Amounts receivable within one year | 40/41 | €1,554,427 | €2,199,285 | +€644,858 | +41.5% |
| Trade receivables | 40 | €1,089,961 | €1,780,234 | +€690,273 | +63.3% |
| Other amounts receivable | 41 | €464,466 | €419,051 | -€45,415 | -9.8% |
| Cash at bank and in hand | 54/58 | €299,976 | €32,667 | -€267,308 | -89.1% |
| Deferred charges and accrued income | 490/1 | €178,219 | €403 | -€177,816 | -99.8% |
| Total equity and liabilities | 10/49 | €2,278,943 | €2,473,606 | +€194,662 | +8.5% |
| Equity | 10/15 | €89,212 | €286,081 | +€196,869 | +220.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,012 | €217,881 | +€196,869 | +937.0% |
| Amounts payable | 17/49 | €2,189,732 | €2,187,525 | -€2,207 | -0.1% |
| Amounts payable within one year | 42/48 | €2,189,732 | €2,187,525 | -€2,207 | -0.1% |
| Financial debts | 43 | €83,572 | €83,052 | -€520 | -0.6% |
| Credit institutions | 430/8 | €83,572 | €83,052 | -€520 | -0.6% |
| Trade debts | 44 | €2,089,959 | €2,087,899 | -€2,060 | -0.1% |
| Suppliers | 440/4 | €2,089,959 | €2,087,899 | -€2,060 | -0.1% |
| Advances received on contracts in progress | 46 | - | €373 | +€373 | |
| Other amounts payable | 47/48 | €16,201 | €16,201 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,901 | €5,071 | +€170 | +3.5% |
| Other operating charges | 640/8 | €1,124 | €6,772 | +€5,649 | +502.6% |
| Gross operating margin | 9900 | €20,117 | €267,245 | +€247,128 | +1228.5% |
| Operating profit (loss) | 9901 | €14,092 | €255,402 | +€241,310 | +1712.4% |
| Financial income | 75/76B | €2 | €11,340 | +€11,338 | +464651.6% |
| Recurring financial income | 75 | €2 | €80 | +€77 | +3162.7% |
| Non-recurring financial income | 76B | - | €11,260 | +€11,260 | |
| Financial charges | 65/66B | €2,973 | €1,938 | -€1,035 | -34.8% |
| Recurring financial charges | 65 | €2,973 | €1,938 | -€1,035 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | €11,121 | €264,804 | +€253,683 | +2281.1% |
| Income taxes | 67/77 | €4,814 | €67,935 | +€63,121 | +1311.2% |
| Profit (loss) for the period | 9904 | €6,307 | €196,869 | +€190,562 | +3021.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,307 | €196,869 | +€190,562 | +3021.3% |
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 8 October 2026 via checked.be.