S.M.A.: 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.
S.M.A.
Largest movements
- Current investments -€10,109
down €10,109 (-13.6%), from €74,568 to €64,459
- Tangible fixed assets -€8,518
down €8,518 (-6.3%), from €134,256 to €125,738
- Receivables within one year +€3,997
up €3,997 (+8.1%), from €49,240 to €53,237
of which Trade receivables: +€3,997
- Debts after one year -€14,486
down €14,486 (-33.8%), from €42,885 to €28,399
- Current portion of long-term debt -€4,944
down €4,944 (-25.4%), from €19,430 to €14,486
- Gross operating margin +€15,999
up €15,999, from -€5,903 to €10,096
- Financial charges -€5,334
down €5,334 (-75.8%), from €7,037 to €1,703
- Financial income -€3,592
down €3,592 (-51.6%), from €6,959 to €3,367
- Depreciation -€1,611
down €1,611 (-15.9%), from €10,129 to €8,518
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 | €278,983 | €262,189 | -€16,794 | -6.0% |
| Fixed assets | 21/28 | €134,306 | €125,788 | -€8,518 | -6.3% |
| Tangible fixed assets | 22/27 | €134,256 | €125,738 | -€8,518 | -6.3% |
| Land and buildings | 22 | €134,256 | €125,738 | -€8,518 | -6.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €144,677 | €136,401 | -€8,275 | -5.7% |
| Amounts receivable within one year | 40/41 | €49,240 | €53,237 | +€3,997 | +8.1% |
| Trade receivables | 40 | €9,018 | €13,015 | +€3,997 | +44.3% |
| Other amounts receivable | 41 | €40,222 | €40,222 | = | 0.0% |
| Current investments | 50/53 | €74,568 | €64,459 | -€10,109 | -13.6% |
| Cash at bank and in hand | 54/58 | €20,402 | €18,239 | -€2,163 | -10.6% |
| Deferred charges and accrued income | 490/1 | €467 | €467 | = | 0.0% |
| Total equity and liabilities | 10/49 | €278,983 | €262,189 | -€16,794 | -6.0% |
| Equity | 10/15 | €204,001 | €204,249 | +€247 | +0.1% |
| Contributions | 10/11 | €227,500 | €227,500 | = | 0.0% |
| Reserves | 13 | €42,160 | €42,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,500 | €17,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,500 | €17,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,660 | €6,660 | = | 0.0% |
| Distributable reserves | 133 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,659 | -€65,411 | +€247 | +0.4% |
| Amounts payable | 17/49 | €74,981 | €57,940 | -€17,041 | -22.7% |
| Amounts payable after more than one year | 17 | €42,885 | €28,399 | -€14,486 | -33.8% |
| Financial debts | 170/4 | €42,885 | €28,399 | -€14,486 | -33.8% |
| Amounts payable within one year | 42/48 | €32,097 | €28,345 | -€3,752 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €19,430 | €14,486 | -€4,944 | -25.4% |
| Trade debts | 44 | €49 | €900 | +€851 | +1,728% |
| Suppliers | 440/4 | €49 | €900 | +€851 | +1,728% |
| Taxes, remuneration and social security | 45 | €909 | €624 | -€285 | -31.3% |
| Taxes | 450/3 | €909 | €624 | -€285 | -31.3% |
| Other amounts payable | 47/48 | €11,709 | €12,335 | +€626 | +5.3% |
| Accrued charges and deferred income | 492/3 | - | €1,196 | +€1,196 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,129 | €8,518 | -€1,611 | -15.9% |
| Other operating charges | 640/8 | €2,780 | €2,803 | +€23 | +0.8% |
| Gross operating margin | 9900 | -€5,903 | €10,096 | +€15,999 | |
| Operating profit (loss) | 9901 | -€18,812 | -€1,225 | +€17,586 | +93.5% |
| Financial income | 75/76B | €6,959 | €3,367 | -€3,592 | -51.6% |
| Recurring financial income | 75 | €6,959 | €3,367 | -€3,592 | -51.6% |
| Financial charges | 65/66B | €7,037 | €1,703 | -€5,334 | -75.8% |
| Recurring financial charges | 65 | €7,037 | €1,703 | -€5,334 | -75.8% |
| Profit (loss) for the period before taxes | 9903 | -€18,889 | €439 | +€19,328 | |
| Income taxes | 67/77 | €187 | €191 | +€4 | +2.2% |
| Profit (loss) for the period | 9904 | -€19,077 | €247 | +€19,324 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,077 | €247 | +€19,324 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.