S.M.C.: 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.C.
Largest movements
- Receivables within one year +€547,279
up €547,279 (+11007.4%), from €4,972 to €552,251
of which Trade receivables: +€547,279
- Financial fixed assets -€248,306
down €248,306 (-100.0%), from €248,306 to €0
- Cash -€133,930
down €133,930 (-50.4%), from €265,900 to €131,970
mainly Receivables within one year (-€547,279) and Provisions (-€151,037)
- Tangible fixed assets -€35,117
down €35,117 (-3.8%), from €912,428 to €877,311
- Reserves +€213,784
up €213,784 (+28.6%), from €747,106 to €960,890
of which Distributable reserves: +€744,454
- Provisions -€151,037
down €151,037 (-100.0%), from €151,037 to €0
- Tax, wage and social debts +€90,211
up €90,211, from €0 to €90,211
- Other debts -€33,040
down €33,040 (-42.5%), from €77,778 to €44,738
- Gross operating margin +€286,127
up €286,127 (+301.2%), from €94,983 to €381,110
- Taxes +€233,183
up €233,183 (+3317.9%), from €7,028 to €240,211
- Financial income +€28,050
new in 2025: €28,050
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 | €1,442,819 | €1,561,533 | +€118,713 | +8.2% |
| Fixed assets | 21/28 | €1,160,734 | €877,311 | -€283,423 | -24.4% |
| Tangible fixed assets | 22/27 | €912,428 | €877,311 | -€35,117 | -3.8% |
| Land and buildings | 22 | €912,428 | €877,311 | -€35,117 | -3.8% |
| Financial fixed assets | 28 | €248,306 | €0 | -€248,306 | -100.0% |
| Current assets | 29/58 | €282,085 | €684,221 | +€402,136 | +142.6% |
| Amounts receivable within one year | 40/41 | €4,972 | €552,251 | +€547,279 | +11007.4% |
| Trade receivables | 40 | €2,000 | €549,279 | +€547,279 | +27364.0% |
| Other amounts receivable | 41 | €2,972 | €2,972 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €265,900 | €131,970 | -€133,930 | -50.4% |
| Deferred charges and accrued income | 490/1 | €11,213 | €0 | -€11,213 | -100.0% |
| Total equity and liabilities | 10/49 | €1,442,819 | €1,561,533 | +€118,713 | +8.2% |
| Equity | 10/15 | €1,211,100 | €1,424,884 | +€213,784 | +17.7% |
| Contributions | 10/11 | €87,472 | €87,472 | = | 0.0% |
| Capital | 10 | €87,472 | €87,472 | = | 0.0% |
| Issued capital | 100 | €87,472 | €87,472 | = | 0.0% |
| Reserves | 13 | €747,106 | €960,890 | +€213,784 | +28.6% |
| Non-distributable reserves | 130/1 | €8,747 | €8,747 | = | 0.0% |
| Legal reserve | 130 | €8,747 | €8,747 | = | 0.0% |
| Tax-exempt reserves | 132 | €530,670 | €0 | -€530,670 | -100.0% |
| Distributable reserves | 133 | €207,689 | €952,143 | +€744,454 | +358.4% |
| Profit (loss) carried forward | 14 | €376,521 | €376,521 | = | 0.0% |
| Provisions and deferred taxes | 16 | €151,037 | €0 | -€151,037 | -100.0% |
| Deferred taxes | 168 | €151,037 | €0 | -€151,037 | -100.0% |
| Amounts payable | 17/49 | €80,683 | €136,649 | +€55,966 | +69.4% |
| Amounts payable within one year | 42/48 | €79,183 | €135,149 | +€55,966 | +70.7% |
| Trade debts | 44 | €1,404 | €199 | -€1,205 | -85.8% |
| Suppliers | 440/4 | €1,404 | €199 | -€1,205 | -85.8% |
| Taxes, remuneration and social security | 45 | €0 | €90,211 | +€90,211 | |
| Taxes | 450/3 | €0 | €90,211 | +€90,211 | |
| Other amounts payable | 47/48 | €77,778 | €44,738 | -€33,040 | -42.5% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Non-recurring operating income | 76A | - | €298,669 | +€298,669 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,157 | €39,549 | +€392 | +1.0% |
| Other operating charges | 640/8 | €11,222 | €9,661 | -€1,562 | -13.9% |
| Gross operating margin | 9900 | €94,983 | €381,110 | +€286,127 | +301.2% |
| Operating profit (loss) | 9901 | €44,604 | €331,900 | +€287,296 | +644.1% |
| Financial income | 75/76B | - | €28,050 | +€28,050 | |
| Recurring financial income | 75 | - | €28,050 | +€28,050 | |
| Financial charges | 65/66B | €0 | €122 | +€122 | +42103.4% |
| Recurring financial charges | 65 | €0 | €122 | +€122 | +42103.4% |
| Profit (loss) for the period before taxes | 9903 | €44,603 | €359,828 | +€315,224 | +706.7% |
| Transfer from deferred taxes | 780 | €7,631 | €151,037 | +€143,406 | +1879.3% |
| Income taxes | 67/77 | €7,028 | €240,211 | +€233,183 | +3317.9% |
| Profit (loss) for the period | 9904 | €45,206 | €270,653 | +€225,447 | +498.7% |
| Transfer from tax-exempt reserves | 789 | €22,893 | €530,670 | +€507,777 | +2218.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,099 | €801,323 | +€733,224 | +1076.7% |
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 4 October 2026 via checked.be.