SEMSA: 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.
SEMSA
Largest movements
- Tangible fixed assets +€112,931
up €112,931 (+62.0%), from €182,089 to €295,020
- Cash +€9,252
up €9,252 (+728.0%), from €1,271 to €10,523
mainly Current portion of long-term debt (+€204,580) and Other debts (+€81,886)
- Current portion of long-term debt +€204,580
new in 2025: €204,580
- Trade debts -€128,359
no longer reported in 2025 (was €128,359)
- Other debts +€81,886
up €81,886 (+69.2%), from €118,301 to €200,187
- Profit (loss) carried forward -€35,924
down €35,924 (-27.2%), from -€132,153 to -€168,077
- Depreciation +€22,665
up €22,665 (+597.4%), from €3,794 to €26,459
- Gross operating margin +€9,710
up €9,710 (+97.0%), from -€10,008 to -€297
- Staff costs -€8,936
no longer reported in 2025 (was €8,936)
- Other operating charges +€7,819
up €7,819 (+15637.9%), from €50 to €7,869
- Financial charges -€978
down €978 (-43.0%), from €2,276 to €1,298
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 | €183,581 | €305,764 | +€122,183 | +66.6% |
| Fixed assets | 21/28 | €182,310 | €295,241 | +€112,931 | +61.9% |
| Tangible fixed assets | 22/27 | €182,089 | €295,020 | +€112,931 | +62.0% |
| Land and buildings | 22 | €182,089 | €295,020 | +€112,931 | +62.0% |
| Financial fixed assets | 28 | €221 | €221 | = | 0.0% |
| Current assets | 29/58 | €1,271 | €10,523 | +€9,252 | +728.0% |
| Cash at bank and in hand | 54/58 | €1,271 | €10,523 | +€9,252 | +728.0% |
| Total equity and liabilities | 10/49 | €183,581 | €305,764 | +€122,183 | +66.6% |
| Equity | 10/15 | -€63,079 | -€99,003 | -€35,924 | -57.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Share premium | 1100/10 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €50,524 | €50,524 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €44,327 | €44,327 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€132,153 | -€168,077 | -€35,924 | -27.2% |
| Amounts payable | 17/49 | €246,660 | €404,767 | +€158,107 | +64.1% |
| Amounts payable within one year | 42/48 | €246,660 | €404,767 | +€158,107 | +64.1% |
| Current portion of amounts payable after more than one year | 42 | - | €204,580 | +€204,580 | |
| Trade debts | 44 | €128,359 | - | -€128,359 | |
| Suppliers | 440/4 | €128,359 | - | -€128,359 | |
| Other amounts payable | 47/48 | €118,301 | €200,187 | +€81,886 | +69.2% |
| Remuneration, social security and pensions | 62 | €8,936 | - | -€8,936 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,794 | €26,459 | +€22,665 | +597.4% |
| Other operating charges | 640/8 | €50 | €7,869 | +€7,819 | +15637.9% |
| Gross operating margin | 9900 | -€10,008 | -€297 | +€9,710 | +97.0% |
| Operating profit (loss) | 9901 | -€22,787 | -€34,625 | -€11,838 | -51.9% |
| Financial charges | 65/66B | €2,276 | €1,298 | -€978 | -43.0% |
| Recurring financial charges | 65 | €2,276 | €1,298 | -€978 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | -€25,063 | -€35,924 | -€10,860 | -43.3% |
| Profit (loss) for the period | 9904 | -€25,063 | -€35,924 | -€10,860 | -43.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,063 | -€35,924 | -€10,860 | -43.3% |
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 30 September 2026 via checked.be.