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.
S.M.A.
Largest movements
- Cash +€2.0m
up €2.0m (+3175.3%), from €63,739 to €2.1m
mainly Net result for the year (+€3.0m) and Other debts (+€2.0m)
- Current investments +€819,720
up €819,720 (+48.8%), from €1.7m to €2.5m
- Financial fixed assets +€218,000
up €218,000 (+13.6%), from €1.6m to €1.8m
- Other debts +€2.0m
new in 2025: €2.0m
- Profit (loss) carried forward +€975,851
up €975,851 (+28.0%), from €3.5m to €4.5m
- Financial income +€960,248
up €960,248 (+45.9%), from €2.1m to €3.1m
- Gross operating margin -€36,031
down €36,031 (-68.5%), from €52,565 to €16,534
- Financial charges +€13,630
up €13,630 (+1655.7%), from €823 to €14,453
- Depreciation +€10,978
up €10,978 (+20.4%), from €53,883 to €64,861
- Other operating charges +€708
up €708 (+15.0%), from €4,735 to €5,443
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 | €3,765,332 | €6,724,790 | +€3.0m | +78.6% |
| Fixed assets | 21/28 | €1,860,695 | €2,013,834 | +€153,139 | +8.2% |
| Tangible fixed assets | 22/27 | €260,695 | €195,834 | -€64,861 | -24.9% |
| Land and buildings | 22 | €2,958 | €2,958 | = | 0.0% |
| Furniture and vehicles | 24 | €247,804 | €185,177 | -€62,627 | -25.3% |
| Other tangible fixed assets | 26 | €9,933 | €7,699 | -€2,234 | -22.5% |
| Financial fixed assets | 28 | €1,600,000 | €1,818,000 | +€218,000 | +13.6% |
| Current assets | 29/58 | €1,904,637 | €4,710,957 | +€2.8m | +147.3% |
| Amounts receivable within one year | 40/41 | €161,588 | €124,425 | -€37,164 | -23.0% |
| Trade receivables | 40 | €124,316 | €87,834 | -€36,483 | -29.3% |
| Other amounts receivable | 41 | €37,272 | €36,591 | -€681 | -1.8% |
| Current investments | 50/53 | €1,678,785 | €2,498,505 | +€819,720 | +48.8% |
| Cash at bank and in hand | 54/58 | €63,739 | €2,087,677 | +€2.0m | +3175.3% |
| Deferred charges and accrued income | 490/1 | €525 | €350 | -€175 | -33.3% |
| Total equity and liabilities | 10/49 | €3,765,332 | €6,724,790 | +€3.0m | +78.6% |
| Equity | 10/15 | €3,666,673 | €4,642,524 | +€975,851 | +26.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €122,600 | €122,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €116,450 | €116,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,482,573 | €4,458,424 | +€975,851 | +28.0% |
| Amounts payable | 17/49 | €98,659 | €2,082,266 | +€2.0m | +2010.6% |
| Amounts payable within one year | 42/48 | €98,659 | €2,082,109 | +€2.0m | +2010.4% |
| Trade debts | 44 | €72,005 | €50,433 | -€21,573 | -30.0% |
| Suppliers | 440/4 | €72,005 | €50,433 | -€21,573 | -30.0% |
| Taxes, remuneration and social security | 45 | €26,654 | €31,676 | +€5,022 | +18.8% |
| Taxes | 450/3 | €26,654 | €31,676 | +€5,022 | +18.8% |
| Other amounts payable | 47/48 | - | €2,000,000 | +€2.0m | |
| Accrued charges and deferred income | 492/3 | - | €157 | +€157 | |
| Non-recurring operating income | 76A | €8,000 | €0 | -€8,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,883 | €64,861 | +€10,978 | +20.4% |
| Other operating charges | 640/8 | €4,735 | €5,443 | +€708 | +15.0% |
| Non-recurring operating charges | 66A | - | €7,000 | +€7,000 | |
| Gross operating margin | 9900 | €52,565 | €16,534 | -€36,031 | -68.5% |
| Operating profit (loss) | 9901 | -€6,053 | -€60,770 | -€54,717 | -904.0% |
| Financial income | 75/76B | €2,093,259 | €3,053,507 | +€960,248 | +45.9% |
| Recurring financial income | 75 | €2,093,259 | €3,053,507 | +€960,248 | +45.9% |
| Financial charges | 65/66B | €823 | €14,453 | +€13,630 | +1655.7% |
| Recurring financial charges | 65 | €823 | €14,453 | +€13,630 | +1655.7% |
| Profit (loss) for the period before taxes | 9903 | €2,086,383 | €2,978,284 | +€891,901 | +42.7% |
| Income taxes | 67/77 | €1,956 | €2,433 | +€477 | +24.4% |
| Profit (loss) for the period | 9904 | €2,084,427 | €2,975,851 | +€891,424 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,084,427 | €2,975,851 | +€891,424 | +42.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.