S&M CONSULTING: 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 CONSULTING
Largest movements
- Current investments -€90,659
down €90,659 (-22.1%), from €409,313 to €318,654
- Tangible fixed assets -€19,669
down €19,669 (-8.9%), from €220,478 to €200,809
of which Land and buildings: -€19,512
- Cash +€10,111
up €10,111 (+14.9%), from €68,012 to €78,123
mainly Current investments (+€90,659) and Depreciation (+€19,669)
- Reserves -€98,751
down €98,751 (-17.4%), from €566,042 to €467,291
of which Distributable reserves: -€95,934
- Gross operating margin -€12,049
down €12,049 (-37.3%), from -€32,266 to -€44,316
- Financial income +€5,510
up €5,510 (+141%), from €3,912 to €9,422
- Financial charges +€3,832
up €3,832 (+68.2%), from -€5,618 to -€1,786
- Other operating charges -€630
down €630 (-12.5%), from €5,055 to €4,426
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €698,888 | €598,672 | -€100,216 | -14.3% |
| Fixed assets | 21/28 | €220,478 | €200,809 | -€19,669 | -8.9% |
| Tangible fixed assets | 22/27 | €220,478 | €200,809 | -€19,669 | -8.9% |
| Land and buildings | 22 | €220,321 | €200,809 | -€19,512 | -8.9% |
| Plant, machinery and equipment | 23 | €157 | €0 | -€157 | -100% |
| Current assets | 29/58 | €478,410 | €397,863 | -€80,547 | -16.8% |
| Amounts receivable within one year | 40/41 | €803 | €799 | -€4 | -0.5% |
| Other amounts receivable | 41 | €803 | €799 | -€4 | -0.5% |
| Current investments | 50/53 | €409,313 | €318,654 | -€90,659 | -22.1% |
| Cash at bank and in hand | 54/58 | €68,012 | €78,123 | +€10,111 | +14.9% |
| Deferred charges and accrued income | 490/1 | €283 | €287 | +€5 | +1.6% |
| Total equity and liabilities | 10/49 | €698,888 | €598,672 | -€100,216 | -14.3% |
| Equity | 10/15 | €689,542 | €590,791 | -€98,751 | -14.3% |
| Contributions | 10/11 | €123,500 | €123,500 | = | 0.0% |
| Reserves | 13 | €566,042 | €467,291 | -€98,751 | -17.4% |
| Tax-exempt reserves | 132 | €17,372 | €14,555 | -€2,817 | -16.2% |
| Distributable reserves | 133 | €548,670 | €452,736 | -€95,934 | -17.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €8,949 | €7,498 | -€1,451 | -16.2% |
| Deferred taxes | 168 | €8,949 | €7,498 | -€1,451 | -16.2% |
| Amounts payable | 17/49 | €397 | €383 | -€14 | -3.6% |
| Amounts payable within one year | 42/48 | €397 | €383 | -€14 | -3.6% |
| Trade debts | 44 | - | €347 | +€347 | |
| Suppliers | 440/4 | - | €347 | +€347 | |
| Other amounts payable | 47/48 | €397 | €36 | -€361 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,669 | €19,669 | -€1 | 0.0% |
| Other operating charges | 640/8 | €5,055 | €4,426 | -€630 | -12.5% |
| Gross operating margin | 9900 | -€32,266 | -€44,316 | -€12,049 | -37.3% |
| Operating profit (loss) | 9901 | -€56,991 | -€68,410 | -€11,419 | -20.0% |
| Financial income | 75/76B | €3,912 | €9,422 | +€5,510 | +141% |
| Recurring financial income | 75 | €3,912 | €9,422 | +€5,510 | +141% |
| Financial charges | 65/66B | -€5,618 | -€1,786 | +€3,832 | +68.2% |
| Recurring financial charges | 65 | -€5,618 | -€1,786 | +€3,832 | +68.2% |
| Profit (loss) for the period before taxes | 9903 | -€47,461 | -€57,202 | -€9,741 | -20.5% |
| Transfer from deferred taxes | 780 | €1,451 | €1,451 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€46,010 | -€55,751 | -€9,741 | -21.2% |
| Transfer from tax-exempt reserves | 789 | €2,817 | €2,817 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,192 | -€52,934 | -€9,741 | -22.6% |
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 26 October 2026 via checked.be.