S.M.C.H.: 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.C.H.
Largest movements
- Cash +€23,457
up €23,457 (+105%), from €22,434 to €45,891
mainly Net result for the year (+€12,965) and Receivables within one year (+€8,921)
- Receivables within one year -€8,921
down €8,921 (-86.9%), from €10,262 to €1,340
of which Trade receivables: -€5,593
- Stocks and contracts -€5,339
no longer reported in 2026 (was €5,339)
- Tangible fixed assets -€3,381
down €3,381 (-38.8%), from €8,723 to €5,342
of which Furniture and vehicles: -€2,727
- Intangible fixed assets +€765
new in 2026: €765
- Profit (loss) carried forward +€12,965
up €12,965 (+30.0%), from -€43,261 to -€30,297
- Trade debts -€8,164
down €8,164 (-77.8%), from €10,489 to €2,325
- Tax, wage and social debts +€1,545
new in 2026: €1,545
- Gross operating margin -€14,007
down €14,007 (-44.6%), from €31,440 to €17,433
- Depreciation +€509
up €509 (+17.2%), from €2,957 to €3,466
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €46,758 | €53,338 | +€6,580 | +14.1% |
| Fixed assets | 21/28 | €8,723 | €6,107 | -€2,616 | -30.0% |
| Intangible fixed assets | 21 | - | €765 | +€765 | |
| Tangible fixed assets | 22/27 | €8,723 | €5,342 | -€3,381 | -38.8% |
| Furniture and vehicles | 24 | €5,968 | €3,241 | -€2,727 | -45.7% |
| Other tangible fixed assets | 26 | €2,755 | €2,101 | -€654 | -23.7% |
| Current assets | 29/58 | €38,035 | €47,231 | +€9,196 | +24.2% |
| Stocks and contracts in progress | 3 | €5,339 | - | -€5,339 | |
| Stocks | 30/36 | €5,339 | - | -€5,339 | |
| Amounts receivable within one year | 40/41 | €10,262 | €1,340 | -€8,921 | -86.9% |
| Trade receivables | 40 | €6,934 | €1,340 | -€5,593 | -80.7% |
| Other amounts receivable | 41 | €3,328 | - | -€3,328 | |
| Cash at bank and in hand | 54/58 | €22,434 | €45,891 | +€23,457 | +105% |
| Total equity and liabilities | 10/49 | €46,758 | €53,338 | +€6,580 | +14.1% |
| Equity | 10/15 | -€22,810 | -€9,845 | +€12,965 | +56.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,261 | -€30,297 | +€12,965 | +30.0% |
| Amounts payable | 17/49 | €69,568 | €63,183 | -€6,385 | -9.2% |
| Amounts payable after more than one year | 17 | €32,500 | €32,500 | = | 0.0% |
| Financial debts | 170/4 | €32,500 | €32,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,068 | €30,683 | -€6,385 | -17.2% |
| Trade debts | 44 | €10,489 | €2,325 | -€8,164 | -77.8% |
| Suppliers | 440/4 | €10,489 | €2,325 | -€8,164 | -77.8% |
| Taxes, remuneration and social security | 45 | - | €1,545 | +€1,545 | |
| Taxes | 450/3 | - | €1,545 | +€1,545 | |
| Other amounts payable | 47/48 | €26,579 | €26,813 | +€234 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,957 | €3,466 | +€509 | +17.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €31,440 | €17,433 | -€14,007 | -44.6% |
| Operating profit (loss) | 9901 | €28,096 | €13,568 | -€14,528 | -51.7% |
| Financial income | 75/76B | €8 | €40 | +€32 | +400% |
| Recurring financial income | 75 | €8 | €40 | +€32 | +400% |
| Financial charges | 65/66B | €513 | €643 | +€130 | +25.4% |
| Recurring financial charges | 65 | €513 | €643 | +€130 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | €27,591 | €12,965 | -€14,626 | -53.0% |
| Profit (loss) for the period | 9904 | €27,591 | €12,965 | -€14,626 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,591 | €12,965 | -€14,626 | -53.0% |
Source: filed annual accounts (NBB), financial years ended 1 January 2025 and 1 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.