Semsen: 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.
Semsen
Largest movements
- Receivables within one year +€26,144
up €26,144 (+165.5%), from €15,793 to €41,937
of which Trade receivables: +€23,298
- Tangible fixed assets +€11,140
up €11,140 (+141.8%), from €7,856 to €18,996
of which Other tangible fixed assets: +€10,676
- Current investments +€10,000
new in 2025: €10,000
- Cash +€3,202
up €3,202 (+3.2%), from €100,146 to €103,348
mainly Other debts (+€67,075) and Net result for the year (+€43,427)
- Deferred charges and accrued income +€3,183
up €3,183 (+941.7%), from €338 to €3,520
- Other debts +€67,075
up €67,075 (+803.6%), from €8,347 to €75,422
- Reserves -€45,453
down €45,453 (-51.1%), from €88,880 to €43,427
- Trade debts +€9,410
up €9,410 (+574.7%), from €1,637 to €11,047
- Tax, wage and social debts +€9,265
up €9,265 (+72.0%), from €12,869 to €22,135
of which Taxes: +€7,732
- Accrued charges and deferred income +€7,171
new in 2025: €7,171
- Gross operating margin +€7,412
up €7,412 (+10.8%), from €68,432 to €75,844
- Financial charges +€6,644
up €6,644 (+144.1%), from €4,612 to €11,256
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 | €124,134 | €177,801 | +€53,668 | +43.2% |
| Fixed assets | 21/28 | €7,856 | €18,996 | +€11,140 | +141.8% |
| Tangible fixed assets | 22/27 | €7,856 | €18,996 | +€11,140 | +141.8% |
| Plant, machinery and equipment | 23 | €774 | €209 | -€565 | -73.0% |
| Furniture and vehicles | 24 | €7,083 | €8,111 | +€1,028 | +14.5% |
| Other tangible fixed assets | 26 | - | €10,676 | +€10,676 | |
| Current assets | 29/58 | €116,277 | €158,806 | +€42,528 | +36.6% |
| Amounts receivable within one year | 40/41 | €15,793 | €41,937 | +€26,144 | +165.5% |
| Trade receivables | 40 | €12,500 | €35,798 | +€23,298 | +186.4% |
| Other amounts receivable | 41 | €3,293 | €6,139 | +€2,846 | +86.4% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €100,146 | €103,348 | +€3,202 | +3.2% |
| Deferred charges and accrued income | 490/1 | €338 | €3,520 | +€3,183 | +941.7% |
| Total equity and liabilities | 10/49 | €124,134 | €177,801 | +€53,668 | +43.2% |
| Equity | 10/15 | €101,280 | €62,027 | -€39,253 | -38.8% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €88,880 | €43,427 | -€45,453 | -51.1% |
| Distributable reserves | 133 | €88,880 | €43,427 | -€45,453 | -51.1% |
| Amounts payable | 17/49 | €22,854 | €115,775 | +€92,921 | +406.6% |
| Amounts payable within one year | 42/48 | €22,854 | €108,604 | +€85,750 | +375.2% |
| Trade debts | 44 | €1,637 | €11,047 | +€9,410 | +574.7% |
| Suppliers | 440/4 | €1,637 | €11,047 | +€9,410 | +574.7% |
| Taxes, remuneration and social security | 45 | €12,869 | €22,135 | +€9,265 | +72.0% |
| Taxes | 450/3 | €12,869 | €20,602 | +€7,732 | +60.1% |
| Remuneration and social security | 454/9 | - | €1,533 | +€1,533 | |
| Other amounts payable | 47/48 | €8,347 | €75,422 | +€67,075 | +803.6% |
| Accrued charges and deferred income | 492/3 | - | €7,171 | +€7,171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,606 | €4,306 | +€700 | +19.4% |
| Other operating charges | 640/8 | €505 | €872 | +€367 | +72.6% |
| Gross operating margin | 9900 | €68,432 | €75,844 | +€7,412 | +10.8% |
| Operating profit (loss) | 9901 | €64,321 | €70,666 | +€6,345 | +9.9% |
| Financial charges | 65/66B | €4,612 | €11,256 | +€6,644 | +144.1% |
| Recurring financial charges | 65 | €4,612 | €11,256 | +€6,644 | +144.1% |
| Profit (loss) for the period before taxes | 9903 | €59,709 | €59,411 | -€299 | -0.5% |
| Income taxes | 67/77 | €16,289 | €15,984 | -€305 | -1.9% |
| Profit (loss) for the period | 9904 | €43,420 | €43,427 | +€6 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,420 | €43,427 | +€6 | 0.0% |
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 3 October 2026 via checked.be.