SENAMAX: 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.
SENAMAX
Largest movements
- Cash +€41,611
up €41,611 (+58.8%), from €70,801 to €112,412
mainly Net result for the year (+€102,483) and Other debts (+€70,000)
- Receivables within one year +€26,323
up €26,323 (+746.4%), from €3,527 to €29,850
of which Trade receivables: +€21,473
- Tangible fixed assets +€3,334
new in 2025: €3,334
- Other debts +€70,000
up €70,000 (+218.2%), from €32,077 to €102,077
- Reserves +€2,483
up €2,483 (+7.4%), from €33,391 to €35,874
- Trade debts -€1,691
down €1,691 (-88.8%), from €1,905 to €214
- Gross operating margin +€52,834
up €52,834 (+61.8%), from €85,490 to €138,324
- Taxes +€13,312
up €13,312 (+60.0%), from €22,177 to €35,489
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 | €74,327 | €145,889 | +€71,561 | +96.3% |
| Fixed assets | 21/28 | - | €3,334 | +€3,334 | |
| Tangible fixed assets | 22/27 | - | €3,334 | +€3,334 | |
| Furniture and vehicles | 24 | - | €3,334 | +€3,334 | |
| Current assets | 29/58 | €74,327 | €142,554 | +€68,227 | +91.8% |
| Amounts receivable within one year | 40/41 | €3,527 | €29,850 | +€26,323 | +746.4% |
| Trade receivables | 40 | - | €21,473 | +€21,473 | |
| Other amounts receivable | 41 | €3,527 | €8,378 | +€4,851 | +137.5% |
| Cash at bank and in hand | 54/58 | €70,801 | €112,412 | +€41,611 | +58.8% |
| Deferred charges and accrued income | 490/1 | - | €292 | +€292 | |
| Total equity and liabilities | 10/49 | €74,327 | €145,889 | +€71,561 | +96.3% |
| Equity | 10/15 | €35,391 | €37,874 | +€2,483 | +7.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €33,391 | €35,874 | +€2,483 | +7.4% |
| Distributable reserves | 133 | €33,391 | €35,874 | +€2,483 | +7.4% |
| Amounts payable | 17/49 | €38,936 | €108,014 | +€69,078 | +177.4% |
| Amounts payable within one year | 42/48 | €38,936 | €107,950 | +€69,014 | +177.3% |
| Trade debts | 44 | €1,905 | €214 | -€1,691 | -88.8% |
| Suppliers | 440/4 | €1,905 | €214 | -€1,691 | -88.8% |
| Taxes, remuneration and social security | 45 | €4,954 | €5,660 | +€706 | +14.2% |
| Taxes | 450/3 | €4,954 | €5,660 | +€706 | +14.2% |
| Other amounts payable | 47/48 | €32,077 | €102,077 | +€70,000 | +218.2% |
| Accrued charges and deferred income | 492/3 | - | €64 | +€64 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €734 | +€734 | |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Non-recurring operating charges | 66A | - | €309 | +€309 | |
| Gross operating margin | 9900 | €85,490 | €138,324 | +€52,834 | +61.8% |
| Operating profit (loss) | 9901 | €85,490 | €136,882 | +€51,392 | +60.1% |
| Financial income | 75/76B | €101 | €1,132 | +€1,031 | +1016.7% |
| Recurring financial income | 75 | €101 | €1,132 | +€1,031 | +1016.7% |
| Financial charges | 65/66B | €23 | €42 | +€19 | +81.3% |
| Recurring financial charges | 65 | €23 | €42 | +€19 | +81.3% |
| Profit (loss) for the period before taxes | 9903 | €85,568 | €137,972 | +€52,404 | +61.2% |
| Income taxes | 67/77 | €22,177 | €35,489 | +€13,312 | +60.0% |
| Profit (loss) for the period | 9904 | €63,391 | €102,483 | +€39,092 | +61.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,391 | €102,483 | +€39,092 | +61.7% |
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.