S.M.: what changed
Two fiscal 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.
S.M.
Largest movements
- Tangible fixed assets -€3,399
down €3,399 (-12.7%), from €26,782 to €23,383
of which Plant, machinery and equipment: -€2,878
- Receivables within one year +€3,268
up €3,268 (+8.3%), from €39,570 to €42,838
of which Other amounts receivable: +€12,398
- Tax, wage and social debts +€14,492
up €14,492 (+81.5%), from €17,778 to €32,270
of which Remuneration and social security: +€17,288
- Debts after one year -€9,211
down €9,211 (-33.4%), from €27,587 to €18,376
- Trade debts -€7,033
down €7,033 (-91.0%), from €7,729 to €696
- Staff costs +€34,344
up €34,344 (+48.5%), from €70,853 to €105,197
- Gross operating margin +€34,113
up €34,113 (+43.3%), from €78,710 to €112,824
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.
Cash bridge derived
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 | €91,207 | €90,703 | -€504 | -0.6% |
| Fixed assets | 21/28 | €26,782 | €23,383 | -€3,399 | -12.7% |
| Tangible fixed assets | 22/27 | €26,782 | €23,383 | -€3,399 | -12.7% |
| Plant, machinery and equipment | 23 | €25,220 | €22,342 | -€2,878 | -11.4% |
| Furniture and vehicles | 24 | €1,561 | €1,041 | -€521 | -33.3% |
| Current assets | 29/58 | €64,425 | €67,319 | +€2,894 | +4.5% |
| Stocks and contracts in progress | 3 | €2,414 | €1,889 | -€526 | -21.8% |
| Stocks | 30/36 | €2,414 | €1,889 | -€526 | -21.8% |
| Amounts receivable within one year | 40/41 | €39,570 | €42,838 | +€3,268 | +8.3% |
| Trade receivables | 40 | €15,403 | €6,272 | -€9,130 | -59.3% |
| Other amounts receivable | 41 | €24,167 | €36,566 | +€12,398 | +51.3% |
| Cash at bank and in hand | 54/58 | €20,870 | €20,901 | +€32 | +0.2% |
| Deferred charges and accrued income | 490/1 | €1,571 | €1,691 | +€120 | +7.7% |
| Total equity and liabilities | 10/49 | €91,207 | €90,703 | -€504 | -0.6% |
| Equity | 10/15 | €29,629 | €30,441 | +€812 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €534 | €534 | = | 0.0% |
| Non-distributable reserves | 130/1 | €534 | €534 | = | 0.0% |
| Reserves not available under the articles | 1311 | €534 | €534 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,495 | €11,307 | +€812 | +7.7% |
| Amounts payable | 17/49 | €61,578 | €60,262 | -€1,316 | -2.1% |
| Amounts payable after more than one year | 17 | €27,587 | €18,376 | -€9,211 | -33.4% |
| Other amounts payable | 178/9 | €27,587 | €18,376 | -€9,211 | -33.4% |
| Amounts payable within one year | 42/48 | €33,991 | €41,887 | +€7,895 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €8,485 | €8,921 | +€436 | +5.1% |
| Trade debts | 44 | €7,729 | €696 | -€7,033 | -91.0% |
| Suppliers | 440/4 | €7,729 | €696 | -€7,033 | -91.0% |
| Taxes, remuneration and social security | 45 | €17,778 | €32,270 | +€14,492 | +81.5% |
| Taxes | 450/3 | €13,042 | €10,246 | -€2,796 | -21.4% |
| Remuneration and social security | 454/9 | €4,736 | €22,024 | +€17,288 | +365.0% |
| Remuneration, social security and pensions | 62 | €70,853 | €105,197 | +€34,344 | +48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,384 | €3,399 | +€1,014 | +42.5% |
| Other operating charges | 640/8 | €716 | €121 | -€595 | -83.1% |
| Gross operating margin | 9900 | €78,710 | €112,824 | +€34,113 | +43.3% |
| Operating profit (loss) | 9901 | €4,757 | €4,107 | -€651 | -13.7% |
| Financial charges | 65/66B | €1,456 | €1,793 | +€337 | +23.1% |
| Recurring financial charges | 65 | €1,456 | €1,793 | +€337 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €3,301 | €2,314 | -€987 | -29.9% |
| Income taxes | 67/77 | €2,067 | €1,502 | -€566 | -27.4% |
| Profit (loss) for the period | 9904 | €1,234 | €812 | -€422 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,234 | €812 | -€422 | -34.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.