M-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.
M-SMILE
Largest movements
- Receivables within one year +€41,967
up €41,967 (+10.1%), from €417,564 to €459,531
of which Trade receivables: +€34,880
- Tangible fixed assets -€8,771
down €8,771 (-13.7%), from €64,102 to €55,331
of which Furniture and vehicles: -€12,372
- Trade debts +€75,197
up €75,197 (+5,453%), from €1,379 to €76,576
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Other debts +€8,761
up €8,761 (+2.5%), from €347,849 to €356,610
- Financial charges +€23,567
up €23,567 (+351%), from €6,711 to €30,278
of which Non-recurring financial charges: +€20,435
- Staff costs -€15,273
down €15,273 (-62.9%), from €24,298 to €9,025
- Depreciation -€4,089
down €4,089 (-14.5%), from €28,140 to €24,052
- Gross operating margin +€3,841
up €3,841 (+5.9%), from €65,231 to €69,072
- Taxes +€1,235
up €1,235, from -€117 to €1,118
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 | €492,343 | €529,969 | +€37,627 | +7.6% |
| Fixed assets | 21/28 | €65,502 | €56,731 | -€8,771 | -13.4% |
| Tangible fixed assets | 22/27 | €64,102 | €55,331 | -€8,771 | -13.7% |
| Plant, machinery and equipment | 23 | €7,799 | €9,228 | +€1,429 | +18.3% |
| Furniture and vehicles | 24 | €28,351 | €15,979 | -€12,372 | -43.6% |
| Other tangible fixed assets | 26 | €27,952 | €30,124 | +€2,172 | +7.8% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €426,840 | €473,238 | +€46,397 | +10.9% |
| Amounts receivable within one year | 40/41 | €417,564 | €459,531 | +€41,967 | +10.1% |
| Trade receivables | 40 | €402,403 | €437,283 | +€34,880 | +8.7% |
| Other amounts receivable | 41 | €15,161 | €22,248 | +€7,088 | +46.7% |
| Cash at bank and in hand | 54/58 | €9,277 | €13,707 | +€4,430 | +47.8% |
| Total equity and liabilities | 10/49 | €492,343 | €529,969 | +€37,627 | +7.6% |
| Equity | 10/15 | €64,257 | €67,428 | +€3,171 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,797 | €46,968 | +€3,171 | +7.2% |
| Amounts payable | 17/49 | €428,085 | €462,541 | +€34,456 | +8.0% |
| Amounts payable within one year | 42/48 | €428,085 | €462,541 | +€34,456 | +8.0% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €1,379 | €76,576 | +€75,197 | +5,453% |
| Suppliers | 440/4 | €1,379 | €76,576 | +€75,197 | +5,453% |
| Taxes, remuneration and social security | 45 | €28,858 | €29,355 | +€497 | +1.7% |
| Taxes | 450/3 | €21,666 | €2,030 | -€19,636 | -90.6% |
| Remuneration and social security | 454/9 | €7,191 | €27,325 | +€20,134 | +280% |
| Other amounts payable | 47/48 | €347,849 | €356,610 | +€8,761 | +2.5% |
| Non-recurring operating income | 76A | €61,932 | - | -€61,932 | |
| Remuneration, social security and pensions | 62 | €24,298 | €9,025 | -€15,273 | -62.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,140 | €24,052 | -€4,089 | -14.5% |
| Other operating charges | 640/8 | €1,265 | €1,429 | +€164 | +12.9% |
| Non-recurring operating charges | 66A | €90 | - | -€90 | |
| Gross operating margin | 9900 | €65,231 | €69,072 | +€3,841 | +5.9% |
| Operating profit (loss) | 9901 | €11,438 | €34,567 | +€23,129 | +202% |
| Financial charges | 65/66B | €6,711 | €30,278 | +€23,567 | +351% |
| Recurring financial charges | 65 | €6,711 | €9,843 | +€3,132 | +46.7% |
| Non-recurring financial charges | 66B | - | €20,435 | +€20,435 | |
| Profit (loss) for the period before taxes | 9903 | €4,727 | €4,289 | -€438 | -9.3% |
| Income taxes | 67/77 | -€117 | €1,118 | +€1,235 | |
| Profit (loss) for the period | 9904 | €4,844 | €3,171 | -€1,673 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,844 | €3,171 | -€1,673 | -34.5% |
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 16 October 2026 via checked.be.