SEMSO: 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.
SEMSO
Largest movements
- Receivables after one year -€174,400
down €174,400 (-66.0%), from €264,400 to €90,000
- Cash +€51,742
up €51,742 (+210%), from €24,662 to €76,404
mainly Receivables after one year (+€174,400) and Net result for the year (+€79,439)
- Tangible fixed assets -€10,503
down €10,503 (-1.6%), from €654,697 to €644,194
of which Land and buildings: -€11,333
- Reserves -€120,000
no longer reported in 2025 (was €120,000)
- Profit (loss) carried forward +€79,439
up €79,439 (+48.0%), from €165,417 to €244,856
- Tax, wage and social debts -€62,631
down €62,631 (-60.8%), from €103,043 to €40,413
- Debts after one year -€29,136
down €29,136 (-6.0%), from €485,022 to €455,886
- Taxes -€3,799
down €3,799 (-15.2%), from €25,000 to €21,200
- Gross operating margin -€3,527
down €3,527 (-2.7%), from €128,793 to €125,266
- Financial charges +€2,991
up €2,991 (+30.2%), from €9,920 to €12,911
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.
Derived cash bridge
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 | €990,968 | €861,211 | -€129,757 | -13.1% |
| Fixed assets | 21/28 | €654,697 | €644,194 | -€10,503 | -1.6% |
| Tangible fixed assets | 22/27 | €654,697 | €644,194 | -€10,503 | -1.6% |
| Land and buildings | 22 | €651,415 | €640,082 | -€11,333 | -1.7% |
| Plant, machinery and equipment | 23 | €576 | €340 | -€236 | -40.9% |
| Furniture and vehicles | 24 | €2,705 | €3,771 | +€1,066 | +39.4% |
| Current assets | 29/58 | €336,271 | €217,018 | -€119,253 | -35.5% |
| Amounts receivable after more than one year | 29 | €264,400 | €90,000 | -€174,400 | -66.0% |
| Other amounts receivable | 291 | €264,400 | €90,000 | -€174,400 | -66.0% |
| Amounts receivable within one year | 40/41 | €23,814 | €20,958 | -€2,855 | -12.0% |
| Trade receivables | 40 | €21,080 | €20,958 | -€121 | -0.6% |
| Other amounts receivable | 41 | €2,734 | - | -€2,734 | |
| Cash at bank and in hand | 54/58 | €24,662 | €76,404 | +€51,742 | +210% |
| Deferred charges and accrued income | 490/1 | €23,395 | €29,655 | +€6,260 | +26.8% |
| Total equity and liabilities | 10/49 | €990,968 | €861,211 | -€129,757 | -13.1% |
| Equity | 10/15 | €292,417 | €251,856 | -€40,561 | -13.9% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €120,000 | - | -€120,000 | |
| Distributable reserves | 133 | €120,000 | - | -€120,000 | |
| Profit (loss) carried forward | 14 | €165,417 | €244,856 | +€79,439 | +48.0% |
| Amounts payable | 17/49 | €698,551 | €609,355 | -€89,195 | -12.8% |
| Amounts payable after more than one year | 17 | €485,022 | €455,886 | -€29,136 | -6.0% |
| Financial debts | 170/4 | €485,022 | €455,886 | -€29,136 | -6.0% |
| Amounts payable within one year | 42/48 | €213,529 | €153,469 | -€60,059 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €28,638 | €29,136 | +€498 | +1.7% |
| Trade debts | 44 | €1,439 | €1,380 | -€59 | -4.1% |
| Suppliers | 440/4 | €1,439 | €1,380 | -€59 | -4.1% |
| Taxes, remuneration and social security | 45 | €103,043 | €40,413 | -€62,631 | -60.8% |
| Taxes | 450/3 | €103,043 | €40,413 | -€62,631 | -60.8% |
| Other amounts payable | 47/48 | €80,408 | €82,541 | +€2,133 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,746 | €13,790 | +€1,044 | +8.2% |
| Other operating charges | 640/8 | €4,408 | €4,641 | +€233 | +5.3% |
| Non-recurring operating charges | 66A | - | €299 | +€299 | |
| Gross operating margin | 9900 | €128,793 | €125,266 | -€3,527 | -2.7% |
| Operating profit (loss) | 9901 | €111,638 | €106,536 | -€5,103 | -4.6% |
| Financial income | 75/76B | €6,883 | €7,014 | +€131 | +1.9% |
| Recurring financial income | 75 | €6,883 | €7,014 | +€131 | +1.9% |
| Financial charges | 65/66B | €9,920 | €12,911 | +€2,991 | +30.2% |
| Recurring financial charges | 65 | €9,920 | €12,911 | +€2,991 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | €108,601 | €100,639 | -€7,962 | -7.3% |
| Income taxes | 67/77 | €25,000 | €21,200 | -€3,799 | -15.2% |
| Profit (loss) for the period | 9904 | €83,602 | €79,439 | -€4,163 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €83,602 | €79,439 | -€4,163 | -5.0% |
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 17 October 2026 via checked.be.