DE SMUL STEFAN: what changed
DE SMUL STEFAN
Largest movements
- Tangible fixed assets +€30,420
up €30,420 (+54.8%), from €55,518 to €85,937
of which Furniture and vehicles: +€30,979
- Cash +€28,529
up €28,529 (+38.0%), from €74,979 to €103,508
mainly Current investments (+€22,355) and Depreciation (+€22,330)
- Current investments -€22,355
down €22,355 (-42.7%), from €52,355 to €30,001
- Receivables within one year -€18,164
down €18,164 (-81.1%), from €22,399 to €4,235
of which Trade receivables: -€21,914
- Reserves +€20,631
up €20,631 (+11.0%), from €187,534 to €208,165
of which Distributable reserves: +€20,631
- Tax, wage and social debts -€5,925
down €5,925 (-70.8%), from €8,366 to €2,441
- Trade debts +€3,720
up €3,720 (+94.2%), from €3,951 to €7,671
- Taxes -€6,183
down €6,183 (-36.5%), from €16,948 to €10,765
- Gross operating margin -€5,565
down €5,565 (-9.4%), from €59,342 to €53,777
- Depreciation +€2,646
up €2,646 (+13.4%), from €19,684 to €22,330
- Financial income -€2,216
down €2,216 (-66.9%), from €3,310 to €1,094
- Other operating charges -€1,514
down €1,514 (-62.0%), from €2,444 to €930
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €278,411 | €297,442 | +€19,031 | +6.8% |
| Fixed assets | 21/28 | €55,518 | €85,937 | +€30,420 | +54.8% |
| Tangible fixed assets | 22/27 | €55,518 | €85,937 | +€30,420 | +54.8% |
| Plant, machinery and equipment | 23 | €2,002 | €1,443 | -€559 | -27.9% |
| Furniture and vehicles | 24 | €53,515 | €84,494 | +€30,979 | +57.9% |
| Current assets | 29/58 | €222,893 | €211,504 | -€11,389 | -5.1% |
| Stocks and contracts in progress | 3 | €70,522 | €69,465 | -€1,057 | -1.5% |
| Stocks | 30/36 | €10,522 | €9,465 | -€1,057 | -10.0% |
| Contracts in progress | 37 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,399 | €4,235 | -€18,164 | -81.1% |
| Trade receivables | 40 | €21,914 | - | -€21,914 | |
| Other amounts receivable | 41 | €485 | €4,235 | +€3,750 | +773% |
| Current investments | 50/53 | €52,355 | €30,001 | -€22,355 | -42.7% |
| Cash at bank and in hand | 54/58 | €74,979 | €103,508 | +€28,529 | +38.0% |
| Deferred charges and accrued income | 490/1 | €2,638 | €4,296 | +€1,658 | +62.9% |
| Total equity and liabilities | 10/49 | €278,411 | €297,442 | +€19,031 | +6.8% |
| Equity | 10/15 | €206,126 | €226,757 | +€20,631 | +10.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €187,534 | €208,165 | +€20,631 | +11.0% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €184,534 | €205,165 | +€20,631 | +11.2% |
| Amounts payable | 17/49 | €72,284 | €70,684 | -€1,600 | -2.2% |
| Amounts payable within one year | 42/48 | €72,284 | €70,684 | -€1,600 | -2.2% |
| Trade debts | 44 | €3,951 | €7,671 | +€3,720 | +94.2% |
| Suppliers | 440/4 | €3,951 | €7,671 | +€3,720 | +94.2% |
| Taxes, remuneration and social security | 45 | €8,366 | €2,441 | -€5,925 | -70.8% |
| Taxes | 450/3 | €8,366 | €2,441 | -€5,925 | -70.8% |
| Other amounts payable | 47/48 | €59,967 | €60,572 | +€605 | +1.0% |
| Non-recurring operating income | 76A | €3,942 | - | -€3,942 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,684 | €22,330 | +€2,646 | +13.4% |
| Other operating charges | 640/8 | €2,444 | €930 | -€1,514 | -62.0% |
| Gross operating margin | 9900 | €59,342 | €53,777 | -€5,565 | -9.4% |
| Operating profit (loss) | 9901 | €37,214 | €30,517 | -€6,697 | -18.0% |
| Financial income | 75/76B | €3,310 | €1,094 | -€2,216 | -66.9% |
| Recurring financial income | 75 | €3,310 | €1,094 | -€2,216 | -66.9% |
| Financial charges | 65/66B | €1,082 | €215 | -€867 | -80.1% |
| Recurring financial charges | 65 | €1,082 | €215 | -€867 | -80.1% |
| Profit (loss) for the period before taxes | 9903 | €39,442 | €31,396 | -€8,046 | -20.4% |
| Income taxes | 67/77 | €16,948 | €10,765 | -€6,183 | -36.5% |
| Profit (loss) for the period | 9904 | €22,494 | €20,631 | -€1,863 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,494 | €20,631 | -€1,863 | -8.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.