R-SMAK: 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.
R-SMAK
Largest movements
- Cash +€78,083
up €78,083 (+42.2%), from €184,932 to €263,014
mainly Net result for the year (+€111,597) and Depreciation (+€30,844)
- Tangible fixed assets -€16,622
down €16,622 (-3.0%), from €561,756 to €545,134
of which Land and buildings: -€15,158
- Profit (loss) carried forward +€101,597
up €101,597 (+39.3%), from €258,684 to €360,281
- Debts after one year -€28,323
down €28,323 (-7.4%), from €381,285 to €352,962
of which Financial debts: -€28,323
- Tax, wage and social debts -€19,975
down €19,975 (-24.9%), from €80,269 to €60,294
of which Taxes: -€31,184
- Trade debts +€10,256
up €10,256 (+48.4%), from €21,191 to €31,447
- Staff costs +€7,852
up €7,852 (+17.6%), from €44,689 to €52,541
- Gross operating margin +€5,904
up €5,904 (+2.4%), from €244,535 to €250,439
- Financial charges -€4,443
down €4,443 (-25.7%), from €17,318 to €12,876
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 | €787,207 | €852,378 | +€65,171 | +8.3% |
| Fixed assets | 21/28 | €566,031 | €549,409 | -€16,622 | -2.9% |
| Tangible fixed assets | 22/27 | €561,756 | €545,134 | -€16,622 | -3.0% |
| Land and buildings | 22 | €537,604 | €522,446 | -€15,158 | -2.8% |
| Plant, machinery and equipment | 23 | €11,602 | €7,593 | -€4,010 | -34.6% |
| Furniture and vehicles | 24 | €7,050 | €10,826 | +€3,776 | +53.6% |
| Other tangible fixed assets | 26 | €5,499 | €4,269 | -€1,230 | -22.4% |
| Financial fixed assets | 28 | €4,275 | €4,275 | = | 0.0% |
| Current assets | 29/58 | €221,177 | €302,970 | +€81,793 | +37.0% |
| Stocks and contracts in progress | 3 | €32,051 | €31,606 | -€445 | -1.4% |
| Stocks | 30/36 | €32,051 | €31,606 | -€445 | -1.4% |
| Amounts receivable within one year | 40/41 | €2,171 | €8,066 | +€5,895 | +272% |
| Trade receivables | 40 | €2,171 | €8,066 | +€5,894 | +271% |
| Other amounts receivable | 41 | - | €1 | +€1 | |
| Cash at bank and in hand | 54/58 | €184,932 | €263,014 | +€78,083 | +42.2% |
| Deferred charges and accrued income | 490/1 | €2,023 | €283 | -€1,741 | -86.0% |
| Total equity and liabilities | 10/49 | €787,207 | €852,378 | +€65,171 | +8.3% |
| Equity | 10/15 | €266,744 | €368,341 | +€101,597 | +38.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 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 | €258,684 | €360,281 | +€101,597 | +39.3% |
| Amounts payable | 17/49 | €520,464 | €484,038 | -€36,426 | -7.0% |
| Amounts payable after more than one year | 17 | €381,285 | €352,962 | -€28,323 | -7.4% |
| Financial debts | 170/4 | €377,010 | €348,687 | -€28,323 | -7.5% |
| Other amounts payable | 178/9 | €4,275 | €4,275 | = | 0.0% |
| Amounts payable within one year | 42/48 | €139,179 | €131,076 | -€8,103 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €27,719 | €28,323 | +€604 | +2.2% |
| Trade debts | 44 | €21,191 | €31,447 | +€10,256 | +48.4% |
| Suppliers | 440/4 | €21,191 | €31,447 | +€10,256 | +48.4% |
| Taxes, remuneration and social security | 45 | €80,269 | €60,294 | -€19,975 | -24.9% |
| Taxes | 450/3 | €72,118 | €40,934 | -€31,184 | -43.2% |
| Remuneration and social security | 454/9 | €8,151 | €19,360 | +€11,209 | +138% |
| Other amounts payable | 47/48 | €10,000 | €11,012 | +€1,012 | +10.1% |
| Non-recurring operating income | 76A | - | €16,210 | +€16,210 | |
| Remuneration, social security and pensions | 62 | €44,689 | €52,541 | +€7,852 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,756 | €30,844 | +€2,088 | +7.3% |
| Other operating charges | 640/8 | €6,715 | €7,090 | +€375 | +5.6% |
| Gross operating margin | 9900 | €244,535 | €250,439 | +€5,904 | +2.4% |
| Operating profit (loss) | 9901 | €164,375 | €159,964 | -€4,411 | -2.7% |
| Financial income | 75/76B | €51 | €55 | +€3 | +6.7% |
| Recurring financial income | 75 | €51 | €55 | +€3 | +6.7% |
| Financial charges | 65/66B | €17,318 | €12,876 | -€4,443 | -25.7% |
| Recurring financial charges | 65 | €17,318 | €12,876 | -€4,443 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €147,108 | €147,143 | +€36 | 0.0% |
| Income taxes | 67/77 | €34,968 | €35,546 | +€578 | +1.7% |
| Profit (loss) for the period | 9904 | €112,139 | €111,597 | -€542 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €112,139 | €111,597 | -€542 | -0.5% |
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 29 October 2026 via checked.be.