S.M.A. Management: 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. Management
Largest movements
- Receivables within one year -€8,839
down €8,839 (-26.3%), from €33,618 to €24,779
of which Other amounts receivable: -€8,388
- Tangible fixed assets -€1,818
down €1,818 (-45.3%), from €4,014 to €2,196
of which Furniture and vehicles: -€1,628
- Profit (loss) carried forward -€28,537
down €28,537 (-60.8%), from -€46,949 to -€75,486
- Tax, wage and social debts +€17,506
up €17,506 (+40.7%), from €43,050 to €60,556
of which Remuneration and social security: +€19,474
- Other debts +€7,248
up €7,248 (+85.6%), from €8,471 to €15,719
- Trade debts -€5,279
down €5,279 (-81.9%), from €6,443 to €1,163
- Reserves -€1,860
no longer reported in 2025 (was €1,860)
- Gross operating margin -€5,439
down €5,439, from €5,211 to -€227
- Staff costs +€2,231
up €2,231 (+9.6%), from €23,238 to €25,469
- Depreciation +€451
up €451 (+33.0%), from €1,367 to €1,818
- Taxes -€80
down €80 (-57.1%), from €140 to €60
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,425 | €30,425 | -€11,000 | -26.6% |
| Fixed assets | 21/28 | €7,464 | €5,646 | -€1,818 | -24.4% |
| Tangible fixed assets | 22/27 | €4,014 | €2,196 | -€1,818 | -45.3% |
| Furniture and vehicles | 24 | €3,824 | €2,196 | -€1,628 | -42.6% |
| Other tangible fixed assets | 26 | €190 | - | -€190 | |
| Financial fixed assets | 28 | €3,450 | €3,450 | = | 0.0% |
| Current assets | 29/58 | €33,961 | €24,779 | -€9,182 | -27.0% |
| Amounts receivable within one year | 40/41 | €33,618 | €24,779 | -€8,839 | -26.3% |
| Trade receivables | 40 | €8,241 | €7,790 | -€451 | -5.5% |
| Other amounts receivable | 41 | €25,377 | €16,989 | -€8,388 | -33.1% |
| Deferred charges and accrued income | 490/1 | €343 | - | -€343 | |
| Total equity and liabilities | 10/49 | €41,425 | €30,425 | -€11,000 | -26.6% |
| Equity | 10/15 | -€26,489 | -€56,886 | -€30,397 | -115% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | - | -€1,860 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | -€46,949 | -€75,486 | -€28,537 | -60.8% |
| Amounts payable | 17/49 | €67,914 | €87,311 | +€19,397 | +28.6% |
| Amounts payable within one year | 42/48 | €67,914 | €87,208 | +€19,294 | +28.4% |
| Financial debts | 43 | €9,951 | €9,770 | -€181 | -1.8% |
| Credit institutions | 430/8 | €9,951 | €9,770 | -€181 | -1.8% |
| Trade debts | 44 | €6,443 | €1,163 | -€5,279 | -81.9% |
| Suppliers | 440/4 | €6,443 | €1,163 | -€5,279 | -81.9% |
| Taxes, remuneration and social security | 45 | €43,050 | €60,556 | +€17,506 | +40.7% |
| Taxes | 450/3 | €4,676 | €2,708 | -€1,968 | -42.1% |
| Remuneration and social security | 454/9 | €38,375 | €57,849 | +€19,474 | +50.7% |
| Other amounts payable | 47/48 | €8,471 | €15,719 | +€7,248 | +85.6% |
| Accrued charges and deferred income | 492/3 | - | €103 | +€103 | |
| Remuneration, social security and pensions | 62 | €23,238 | €25,469 | +€2,231 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,367 | €1,818 | +€451 | +33.0% |
| Other operating charges | 640/8 | €394 | €404 | +€10 | +2.4% |
| Non-recurring operating charges | 66A | €1,043 | €170 | -€873 | -83.7% |
| Gross operating margin | 9900 | €5,211 | -€227 | -€5,439 | |
| Operating profit (loss) | 9901 | -€20,830 | -€28,088 | -€7,258 | -34.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,233 | €2,250 | +€16 | +0.7% |
| Recurring financial charges | 65 | €2,233 | €2,250 | +€16 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€23,064 | -€30,337 | -€7,274 | -31.5% |
| Income taxes | 67/77 | €140 | €60 | -€80 | -57.1% |
| Profit (loss) for the period | 9904 | -€23,203 | -€30,397 | -€7,194 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,203 | -€30,397 | -€7,194 | -31.0% |
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 28 October 2026 via checked.be.