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.
SEMPELS PROJECTS
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+207.7%), from €488,778 to €1.5m
- Receivables within one year -€655,653
down €655,653 (-97.0%), from €675,810 to €20,156
of which Other amounts receivable: -€551,608
- Cash -€124,595
down €124,595 (-67.6%), from €184,432 to €59,837
mainly Stocks and contracts (-€1.0m) and Short-term financial debts (-€300,000)
- Trade debts +€305,388
up €305,388 (+65.2%), from €468,574 to €773,963
- Short-term financial debts -€300,000
down €300,000 (-100.0%), from €300,000 to €0
- Other debts +€225,601
up €225,601 (+47.6%), from €474,399 to €700,000
- Reserves +€39,009
up €39,009 (+241.7%), from €16,141 to €55,150
- Tax, wage and social debts -€33,772
down €33,772 (-46.7%), from €72,253 to €38,481
of which Taxes: -€33,772
- Gross operating margin +€138,530
up €138,530 (+243.1%), from €56,980 to €195,510
- Financial charges +€101,922
up €101,922 (+208.1%), from €48,989 to €150,912
- Write-downs +€2,039
new in 2025: €2,039
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 | €1,349,968 | €1,586,194 | +€236,226 | +17.5% |
| Fixed assets | 21/28 | €948 | €1,956 | +€1,008 | +106.3% |
| Tangible fixed assets | 22/27 | €948 | €1,956 | +€1,008 | +106.3% |
| Furniture and vehicles | 24 | €948 | €1,956 | +€1,008 | +106.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,349,020 | €1,584,238 | +€235,218 | +17.4% |
| Stocks and contracts in progress | 3 | €488,778 | €1,503,815 | +€1.0m | +207.7% |
| Contracts in progress | 37 | €488,778 | €1,503,815 | +€1.0m | +207.7% |
| Amounts receivable within one year | 40/41 | €675,810 | €20,156 | -€655,653 | -97.0% |
| Trade receivables | 40 | €106,703 | €2,658 | -€104,045 | -97.5% |
| Other amounts receivable | 41 | €569,107 | €17,499 | -€551,608 | -96.9% |
| Cash at bank and in hand | 54/58 | €184,432 | €59,837 | -€124,595 | -67.6% |
| Deferred charges and accrued income | 490/1 | €0 | €430 | +€430 | |
| Total equity and liabilities | 10/49 | €1,349,968 | €1,586,194 | +€236,226 | +17.5% |
| Equity | 10/15 | €34,741 | €73,750 | +€39,009 | +112.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,141 | €55,150 | +€39,009 | +241.7% |
| Distributable reserves | 133 | €16,141 | €55,150 | +€39,009 | +241.7% |
| Amounts payable | 17/49 | €1,315,227 | €1,512,444 | +€197,217 | +15.0% |
| Amounts payable within one year | 42/48 | €1,315,227 | €1,512,444 | +€197,217 | +15.0% |
| Financial debts | 43 | €300,000 | €0 | -€300,000 | -100.0% |
| Other loans | 439 | €300,000 | €0 | -€300,000 | -100.0% |
| Trade debts | 44 | €468,574 | €773,963 | +€305,388 | +65.2% |
| Suppliers | 440/4 | €468,574 | €773,963 | +€305,388 | +65.2% |
| Taxes, remuneration and social security | 45 | €72,253 | €38,481 | -€33,772 | -46.7% |
| Taxes | 450/3 | €70,885 | €37,113 | -€33,772 | -47.6% |
| Remuneration and social security | 454/9 | €1,368 | €1,368 | = | 0.0% |
| Other amounts payable | 47/48 | €474,399 | €700,000 | +€225,601 | +47.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €878 | €756 | -€122 | -13.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,039 | +€2,039 | |
| Other operating charges | 640/8 | €3,153 | €2,867 | -€286 | -9.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €56,980 | €195,510 | +€138,530 | +243.1% |
| Operating profit (loss) | 9901 | €52,949 | €189,848 | +€136,899 | +258.5% |
| Financial income | 75/76B | €231 | €1,783 | +€1,552 | +671.2% |
| Recurring financial income | 75 | €231 | €1,783 | +€1,552 | +671.2% |
| Financial charges | 65/66B | €48,989 | €150,912 | +€101,922 | +208.1% |
| Recurring financial charges | 65 | €48,989 | €150,912 | +€101,922 | +208.1% |
| Profit (loss) for the period before taxes | 9903 | €4,191 | €40,719 | +€36,529 | +871.6% |
| Income taxes | 67/77 | €163 | €1,710 | +€1,547 | +947.7% |
| Profit (loss) for the period | 9904 | €4,028 | €39,009 | +€34,982 | +868.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,028 | €39,009 | +€34,982 | +868.6% |
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 27 September 2026 via checked.be.