GHC-SMILE: 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.
GHC-SMILE
Largest movements
- Current investments +€375,000
new in 2025: €375,000
- Cash -€225,477
down €225,477 (-40.0%), from €563,376 to €337,899
mainly Current investments (-€375,000) and Other debts (-€8,272)
- Tangible fixed assets -€26,943
down €26,943 (-8.6%), from €313,746 to €286,803
- Reserves +€131,635
up €131,635 (+18.0%), from €733,077 to €864,712
of which Distributable reserves: +€131,635
- Gross operating margin +€20,542
up €20,542 (+7.7%), from €266,866 to €287,408
- Staff costs +€19,474
up €19,474 (+44.1%), from €44,198 to €63,672
- Financial income -€9,772
down €9,772 (-76.5%), from €12,781 to €3,008
of which Non-recurring financial income: -€12,000
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 | €887,177 | €1,011,072 | +€123,895 | +14.0% |
| Fixed assets | 21/28 | €313,826 | €286,883 | -€26,943 | -8.6% |
| Tangible fixed assets | 22/27 | €313,746 | €286,803 | -€26,943 | -8.6% |
| Land and buildings | 22 | €196,690 | €191,037 | -€5,653 | -2.9% |
| Plant, machinery and equipment | 23 | €71,446 | €61,453 | -€9,993 | -14.0% |
| Furniture and vehicles | 24 | €45,611 | €34,314 | -€11,297 | -24.8% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €573,351 | €724,189 | +€150,838 | +26.3% |
| Stocks and contracts in progress | 3 | €5,125 | €3,652 | -€1,473 | -28.7% |
| Stocks | 30/36 | €5,125 | €3,652 | -€1,473 | -28.7% |
| Amounts receivable within one year | 40/41 | €3,530 | €6,743 | +€3,213 | +91.0% |
| Trade receivables | 40 | €3,530 | €6,743 | +€3,213 | +91.0% |
| Current investments | 50/53 | - | €375,000 | +€375,000 | |
| Cash at bank and in hand | 54/58 | €563,376 | €337,899 | -€225,477 | -40.0% |
| Deferred charges and accrued income | 490/1 | €1,320 | €894 | -€425 | -32.2% |
| Total equity and liabilities | 10/49 | €887,177 | €1,011,072 | +€123,895 | +14.0% |
| Equity | 10/15 | €802,546 | €934,181 | +€131,635 | +16.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €733,077 | €864,712 | +€131,635 | +18.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €731,217 | €862,852 | +€131,635 | +18.0% |
| Profit (loss) carried forward | 14 | €63,269 | €63,269 | = | 0.0% |
| Amounts payable | 17/49 | €84,631 | €76,891 | -€7,740 | -9.1% |
| Amounts payable within one year | 42/48 | €79,245 | €73,900 | -€5,345 | -6.7% |
| Trade debts | 44 | €12,281 | €10,555 | -€1,726 | -14.1% |
| Suppliers | 440/4 | €12,281 | €10,555 | -€1,726 | -14.1% |
| Taxes, remuneration and social security | 45 | €14,704 | €19,358 | +€4,654 | +31.6% |
| Taxes | 450/3 | €8,469 | €7,768 | -€701 | -8.3% |
| Remuneration and social security | 454/9 | €6,236 | €11,590 | +€5,354 | +85.9% |
| Other amounts payable | 47/48 | €52,260 | €43,988 | -€8,272 | -15.8% |
| Accrued charges and deferred income | 492/3 | €5,386 | €2,991 | -€2,395 | -44.5% |
| Remuneration, social security and pensions | 62 | €44,198 | €63,672 | +€19,474 | +44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,712 | €32,379 | +€667 | +2.1% |
| Other operating charges | 640/8 | €1,147 | €899 | -€247 | -21.6% |
| Gross operating margin | 9900 | €266,866 | €287,408 | +€20,542 | +7.7% |
| Operating profit (loss) | 9901 | €189,809 | €190,458 | +€649 | +0.3% |
| Financial income | 75/76B | €12,781 | €3,008 | -€9,772 | -76.5% |
| Recurring financial income | 75 | €781 | €3,008 | +€2,228 | +285% |
| Non-recurring financial income | 76B | €12,000 | - | -€12,000 | |
| Financial charges | 65/66B | €6,349 | €3,898 | -€2,451 | -38.6% |
| Recurring financial charges | 65 | €6,349 | €3,898 | -€2,451 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €196,241 | €189,569 | -€6,673 | -3.4% |
| Income taxes | 67/77 | €58,666 | €57,934 | -€732 | -1.2% |
| Profit (loss) for the period | 9904 | €137,576 | €131,635 | -€5,941 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €137,576 | €131,635 | -€5,941 | -4.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.