Marhfour Smiles: what changed
Marhfour Smiles
Largest movements
- Cash +€71,559
up €71,559 (+70.5%), from €101,447 to €173,006
mainly Net result for the year (+€172,288) and Depreciation (+€77,291)
- Intangible fixed assets -€42,857
down €42,857 (-16.9%), from €253,571 to €210,714
- Tangible fixed assets -€33,083
down €33,083 (-26.4%), from €125,215 to €92,133
of which Furniture and vehicles: -€16,754
- Receivables within one year +€19,476
new in 2025: €19,476
of which Other amounts receivable: +€19,341
- Reserves +€172,288
up €172,288 (+72.0%), from €239,179 to €411,467
- Other debts -€121,760
down €121,760 (-100%), from €121,760 to €0
- Tax, wage and social debts -€22,341
down €22,341 (-42.9%), from €52,126 to €29,785
of which Taxes: -€22,963
- Debts after one year -€14,972
down €14,972 (-28.7%), from €52,154 to €37,182
- Gross operating margin +€31,853
up €31,853 (+10.2%), from €311,924 to €343,778
- Taxes +€9,908
up €9,908 (+22.5%), from €43,996 to €53,904
- Depreciation +€7,390
up €7,390 (+10.6%), from €69,901 to €77,291
- Financial charges -€7,064
down €7,064 (-74.4%), from €9,498 to €2,434
of which Financial charges: -€6,913
Change in the result, 2024 to 2025
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 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €486,343 | €500,525 | +€14,182 | +2.9% |
| Fixed assets | 21/28 | €378,787 | €302,847 | -€75,940 | -20.0% |
| Intangible fixed assets | 21 | €253,571 | €210,714 | -€42,857 | -16.9% |
| Tangible fixed assets | 22/27 | €125,215 | €92,133 | -€33,083 | -26.4% |
| Plant, machinery and equipment | 23 | €55,614 | €39,286 | -€16,328 | -29.4% |
| Furniture and vehicles | 24 | €69,602 | €52,847 | -€16,754 | -24.1% |
| Current assets | 29/58 | €107,556 | €197,678 | +€90,122 | +83.8% |
| Amounts receivable within one year | 40/41 | - | €19,476 | +€19,476 | |
| Trade receivables | 40 | - | €134 | +€134 | |
| Other amounts receivable | 41 | - | €19,341 | +€19,341 | |
| Cash at bank and in hand | 54/58 | €101,447 | €173,006 | +€71,559 | +70.5% |
| Deferred charges and accrued income | 490/1 | €6,109 | €5,196 | -€913 | -14.9% |
| Total equity and liabilities | 10/49 | €486,343 | €500,525 | +€14,182 | +2.9% |
| Equity | 10/15 | €242,179 | €414,467 | +€172,288 | +71.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €239,179 | €411,467 | +€172,288 | +72.0% |
| Distributable reserves | 133 | €239,179 | €411,467 | +€172,288 | +72.0% |
| Amounts payable | 17/49 | €244,164 | €86,058 | -€158,106 | -64.8% |
| Amounts payable after more than one year | 17 | €52,154 | €37,182 | -€14,972 | -28.7% |
| Financial debts | 170/4 | €52,154 | €37,182 | -€14,972 | -28.7% |
| Amounts payable within one year | 42/48 | €188,956 | €46,465 | -€142,492 | -75.4% |
| Current portion of amounts payable after more than one year | 42 | €14,424 | €14,972 | +€548 | +3.8% |
| Trade debts | 44 | €646 | €1,708 | +€1,063 | +165% |
| Suppliers | 440/4 | €646 | €1,708 | +€1,063 | +165% |
| Taxes, remuneration and social security | 45 | €52,126 | €29,785 | -€22,341 | -42.9% |
| Taxes | 450/3 | €47,064 | €24,101 | -€22,963 | -48.8% |
| Remuneration and social security | 454/9 | €5,062 | €5,684 | +€621 | +12.3% |
| Other amounts payable | 47/48 | €121,760 | €0 | -€121,760 | -100% |
| Accrued charges and deferred income | 492/3 | €3,054 | €2,411 | -€643 | -21.0% |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100% |
| Remuneration, social security and pensions | 62 | €34,905 | €32,723 | -€2,182 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,901 | €77,291 | +€7,390 | +10.6% |
| Other operating charges | 640/8 | €4,999 | €5,145 | +€146 | +2.9% |
| Gross operating margin | 9900 | €311,924 | €343,778 | +€31,853 | +10.2% |
| Operating profit (loss) | 9901 | €202,119 | €228,618 | +€26,499 | +13.1% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €9,498 | €2,434 | -€7,064 | -74.4% |
| Recurring financial charges | 65 | €9,347 | €2,434 | -€6,913 | -74.0% |
| Non-recurring financial charges | 66B | €151 | €0 | -€151 | -100% |
| Profit (loss) for the period before taxes | 9903 | €192,621 | €226,192 | +€33,571 | +17.4% |
| Income taxes | 67/77 | €43,996 | €53,904 | +€9,908 | +22.5% |
| Profit (loss) for the period | 9904 | €148,625 | €172,288 | +€23,663 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €148,625 | €172,288 | +€23,663 | +15.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.