S.M.A.: 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.
What changed
S.M.A.
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€2,382
2023 · -€30,199+€32,580
Equity
€991,893
2023 · €989,511+€2,382
Cash
-
2023 · €2,739-€2,739
Balance sheet total
€2.2m
2023 · €2.2m-€83,697
Largest movements
Assets
- Tangible fixed assets -€120,047
down €120,047 (-7.6%), from €1.6m to €1.5m
of which Land and buildings: -€103,422
- Receivables within one year +€37,545
up €37,545 (+20.1%), from €186,440 to €223,986
of which Other amounts receivable: +€24,845
Equity and liabilities
- Debts after one year -€191,404
down €191,404 (-25.6%), from €748,296 to €556,892
- Short-term financial debts +€91,081
up €91,081 (+977.5%), from €9,317 to €100,399
Income statement
- Gross operating margin +€72,044
up €72,044 (+57.8%), from €124,631 to €196,675
- Taxes +€30,165
up €30,165 (+1930.1%), from €1,563 to €31,728
- Financial charges +€11,087
up €11,087 (+58.5%), from €18,948 to €30,035
- Write-downs +€3,279
no longer reported in 2024 (was -€3,279)
- Financial income +€2,992
up €2,992 (+20.5%), from €14,561 to €17,553
From the 2023 result to the 2024 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.
Result 2023
-€30,199
Gross operating margin
+€72,044
Depreciation
-€452
Write-downs
-€3,279
Other operating charges
+€937
Other operating items
+€1,591
Financial income
+€2,992
Financial charges
-€11,087
Taxes
-€30,165
Result 2024
€2,382
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€98,131
Investment
-€6,398
Financing
-€94,473
Cash 2023
€2,739
From operations (derived)
+€98,131
Net result for the year
+€2,382
Depreciation
+€126,445
Receivables within one year
-€37,545
Deferred charges and accrued income
-€1,544
Provisions
-€4,646
Trade debts
-€7,132
Tax, wage and social debts
+€21,728
Accrued charges and deferred income
-€1,556
Investment (derived)
-€6,398
Investment in fixed assets (net)
-€6,398
Financing
-€94,473
Debts after one year
-€191,404
Current portion of long-term debt
+€5,850
Short-term financial debts
+€91,081
Cash 2024
€0
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,245,761 | €2,162,063 | -€83,697 | -3.7% |
| Fixed assets | 21/28 | €1,582,757 | €1,462,710 | -€120,047 | -7.6% |
| Tangible fixed assets | 22/27 | €1,582,571 | €1,462,524 | -€120,047 | -7.6% |
| Land and buildings | 22 | €1,519,813 | €1,416,391 | -€103,422 | -6.8% |
| Furniture and vehicles | 24 | €62,758 | €46,133 | -€16,626 | -26.5% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €663,004 | €699,354 | +€36,350 | +5.5% |
| Amounts receivable after more than one year | 29 | €453,535 | €453,535 | = | 0.0% |
| Other amounts receivable | 291 | €453,535 | €453,535 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €186,440 | €223,986 | +€37,545 | +20.1% |
| Trade receivables | 40 | €68,779 | €81,479 | +€12,700 | +18.5% |
| Other amounts receivable | 41 | €117,661 | €142,506 | +€24,845 | +21.1% |
| Cash at bank and in hand | 54/58 | €2,739 | - | -€2,739 | |
| Deferred charges and accrued income | 490/1 | €20,289 | €21,833 | +€1,544 | +7.6% |
| Total equity and liabilities | 10/49 | €2,245,761 | €2,162,063 | -€83,697 | -3.7% |
| Equity | 10/15 | €989,511 | €991,893 | +€2,382 | +0.2% |
| Contributions | 10/11 | €170,847 | €170,847 | = | 0.0% |
| Reserves | 13 | €200,452 | €186,516 | -€13,937 | -7.0% |
| Tax-exempt reserves | 132 | €200,452 | €186,516 | -€13,937 | -7.0% |
| Profit (loss) carried forward | 14 | €618,212 | €634,530 | +€16,318 | +2.6% |
| Provisions and deferred taxes | 16 | €66,817 | €62,172 | -€4,646 | -7.0% |
| Deferred taxes | 168 | €66,817 | €62,172 | -€4,646 | -7.0% |
| Amounts payable | 17/49 | €1,189,432 | €1,107,998 | -€81,433 | -6.8% |
| Amounts payable after more than one year | 17 | €748,296 | €556,892 | -€191,404 | -25.6% |
| Financial debts | 170/4 | €748,296 | €556,892 | -€191,404 | -25.6% |
| Amounts payable within one year | 42/48 | €439,580 | €551,106 | +€111,526 | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €93,372 | €99,222 | +€5,850 | +6.3% |
| Financial debts | 43 | €9,317 | €100,399 | +€91,081 | +977.5% |
| Credit institutions | 430/8 | €9,317 | €100,399 | +€91,081 | +977.5% |
| Trade debts | 44 | €53,167 | €46,035 | -€7,132 | -13.4% |
| Suppliers | 440/4 | €53,167 | €46,035 | -€7,132 | -13.4% |
| Taxes, remuneration and social security | 45 | €283,723 | €305,451 | +€21,728 | +7.7% |
| Taxes | 450/3 | €283,723 | €305,451 | +€21,728 | +7.7% |
| Accrued charges and deferred income | 492/3 | €1,556 | - | -€1,556 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,993 | €126,445 | +€452 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,279 | - | +€3,279 | |
| Other operating charges | 640/8 | €29,221 | €28,284 | -€937 | -3.2% |
| Non-recurring operating charges | 66A | €1,591 | - | -€1,591 | |
| Gross operating margin | 9900 | €124,631 | €196,675 | +€72,044 | +57.8% |
| Operating profit (loss) | 9901 | -€28,895 | €41,946 | +€70,841 | |
| Financial income | 75/76B | €14,561 | €17,553 | +€2,992 | +20.5% |
| Recurring financial income | 75 | €14,561 | €17,553 | +€2,992 | +20.5% |
| Financial charges | 65/66B | €18,948 | €30,035 | +€11,087 | +58.5% |
| Recurring financial charges | 65 | €18,948 | €30,035 | +€11,087 | +58.5% |
| Profit (loss) for the period before taxes | 9903 | -€33,282 | €29,464 | +€62,746 | |
| Transfer from deferred taxes | 780 | €4,646 | €4,646 | = | 0.0% |
| Income taxes | 67/77 | €1,563 | €31,728 | +€30,165 | +1930.1% |
| Profit (loss) for the period | 9904 | -€30,199 | €2,382 | +€32,580 | |
| Transfer from tax-exempt reserves | 789 | €13,937 | €13,937 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,262 | €16,318 | +€32,580 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.