SEM: 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.
SEM
Largest movements
- Tangible fixed assets +€26,816
up €26,816 (+8.9%), from €301,325 to €328,141
of which Land and buildings: +€28,812
- Cash -€17,378
down €17,378 (-28.4%), from €61,124 to €43,746
mainly Investment in fixed assets (net) (-€49,052) and Other debts (-€3,096)
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€6,240
down €6,240 (-52.7%), from €11,848 to €5,608
- Gross operating margin +€4,039
up €4,039 (+16.1%), from €25,159 to €29,198
- Depreciation +€3,405
up €3,405 (+18.1%), from €18,832 to €22,237
- Taxes -€1,443
down €1,443 (-41.3%), from €3,495 to €2,053
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 | €693,659 | €696,531 | +€2,873 | +0.4% |
| Fixed assets | 21/28 | €301,325 | €328,141 | +€26,816 | +8.9% |
| Tangible fixed assets | 22/27 | €301,325 | €328,141 | +€26,816 | +8.9% |
| Land and buildings | 22 | €275,268 | €304,079 | +€28,812 | +10.5% |
| Other tangible fixed assets | 26 | €26,058 | €24,062 | -€1,996 | -7.7% |
| Current assets | 29/58 | €392,333 | €368,390 | -€23,943 | -6.1% |
| Amounts receivable within one year | 40/41 | €29,205 | €23,642 | -€5,562 | -19.0% |
| Trade receivables | 40 | €24,079 | €5,264 | -€18,816 | -78.1% |
| Other amounts receivable | 41 | €5,126 | €18,379 | +€13,253 | +259% |
| Current investments | 50/53 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €61,124 | €43,746 | -€17,378 | -28.4% |
| Deferred charges and accrued income | 490/1 | €2,004 | €1,002 | -€1,003 | -50.0% |
| Total equity and liabilities | 10/49 | €693,659 | €696,531 | +€2,873 | +0.4% |
| Equity | 10/15 | €682,615 | €688,773 | +€6,158 | +0.9% |
| Contributions | 10/11 | €509,500 | €509,500 | = | 0.0% |
| Capital | 10 | €509,500 | €509,500 | = | 0.0% |
| Issued capital | 100 | €509,500 | €509,500 | = | 0.0% |
| Reserves | 13 | €8,623 | €8,893 | +€270 | +3.1% |
| Non-distributable reserves | 130/1 | €8,623 | €8,893 | +€270 | +3.1% |
| Legal reserve | 130 | €8,623 | €8,893 | +€270 | +3.1% |
| Profit (loss) carried forward | 14 | €164,492 | €170,380 | +€5,888 | +3.6% |
| Amounts payable | 17/49 | €11,043 | €7,758 | -€3,285 | -29.7% |
| Amounts payable within one year | 42/48 | €10,442 | €7,458 | -€2,984 | -28.6% |
| Trade debts | 44 | €4,987 | €6,556 | +€1,569 | +31.5% |
| Suppliers | 440/4 | €4,987 | €6,556 | +€1,569 | +31.5% |
| Taxes, remuneration and social security | 45 | €2,360 | €902 | -€1,458 | -61.8% |
| Taxes | 450/3 | €2,360 | €902 | -€1,458 | -61.8% |
| Other amounts payable | 47/48 | €3,096 | €0 | -€3,096 | -100% |
| Accrued charges and deferred income | 492/3 | €601 | €301 | -€301 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,832 | €22,237 | +€3,405 | +18.1% |
| Other operating charges | 640/8 | €4,044 | €4,178 | +€134 | +3.3% |
| Gross operating margin | 9900 | €25,159 | €29,198 | +€4,039 | +16.1% |
| Operating profit (loss) | 9901 | €2,282 | €2,782 | +€500 | +21.9% |
| Financial income | 75/76B | €11,848 | €5,608 | -€6,240 | -52.7% |
| Recurring financial income | 75 | €11,848 | €5,608 | -€6,240 | -52.7% |
| Financial charges | 65/66B | €150 | €180 | +€30 | +20.0% |
| Recurring financial charges | 65 | €150 | €180 | +€30 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €13,981 | €8,211 | -€5,770 | -41.3% |
| Income taxes | 67/77 | €3,495 | €2,053 | -€1,443 | -41.3% |
| Profit (loss) for the period | 9904 | €10,486 | €6,158 | -€4,328 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,486 | €6,158 | -€4,328 | -41.3% |
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 26 October 2026 via checked.be.