S.M.D.P.: 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.D.P.
Largest movements
- Tangible fixed assets +€348,320
up €348,320 (+113%), from €308,079 to €656,398
of which Land and buildings: +€343,255
- Cash -€66,671
down €66,671 (-69.3%), from €96,185 to €29,514
mainly Investment in fixed assets (net) (-€431,413) and Receivables within one year (-€26,663)
- Receivables within one year +€26,663
up €26,663 (+42,614%), from €63 to €26,726
of which Other amounts receivable: +€26,726
- Deferred charges and accrued income -€15,960
down €15,960 (-21.1%), from €75,715 to €59,755
- Debts after one year +€284,503
up €284,503 (+307%), from €92,794 to €377,297
of which Financial debts: +€244,081
- Current portion of long-term debt +€14,119
up €14,119 (+42.7%), from €33,061 to €47,180
- Tax, wage and social debts -€9,225
down €9,225 (-39.0%), from €23,643 to €14,418
of which Taxes: -€9,514
- Profit (loss) carried forward +€7,944
up €7,944 (+33.5%), from €23,696 to €31,639
- Financial charges +€126,686
up €126,686 (+89.3%), from €141,803 to €268,488
- Depreciation +€53,699
up €53,699 (+183%), from €29,394 to €83,093
- Taxes -€42,440
down €42,440 (-92.8%), from €45,714 to €3,274
- Gross operating margin +€37,934
up €37,934 (+10.7%), from €355,441 to €393,375
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
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 | €480,041 | €772,393 | +€292,352 | +60.9% |
| Fixed assets | 21/28 | €308,079 | €656,398 | +€348,320 | +113% |
| Tangible fixed assets | 22/27 | €308,079 | €656,398 | +€348,320 | +113% |
| Land and buildings | 22 | €300,631 | €643,886 | +€343,255 | +114% |
| Plant, machinery and equipment | 23 | - | €1,165 | +€1,165 | |
| Furniture and vehicles | 24 | €7,447 | €11,347 | +€3,900 | +52.4% |
| Current assets | 29/58 | €171,962 | €115,995 | -€55,968 | -32.5% |
| Amounts receivable within one year | 40/41 | €63 | €26,726 | +€26,663 | +42,614% |
| Trade receivables | 40 | €63 | €0 | -€63 | -100% |
| Other amounts receivable | 41 | - | €26,726 | +€26,726 | |
| Cash at bank and in hand | 54/58 | €96,185 | €29,514 | -€66,671 | -69.3% |
| Deferred charges and accrued income | 490/1 | €75,715 | €59,755 | -€15,960 | -21.1% |
| Total equity and liabilities | 10/49 | €480,041 | €772,393 | +€292,352 | +60.9% |
| Equity | 10/15 | €323,282 | €331,226 | +€7,944 | +2.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €279,126 | €279,126 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,126 | €4,126 | = | 0.0% |
| Distributable reserves | 133 | €275,000 | €275,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,696 | €31,639 | +€7,944 | +33.5% |
| Amounts payable | 17/49 | €156,760 | €441,168 | +€284,408 | +181% |
| Amounts payable after more than one year | 17 | €92,794 | €377,297 | +€284,503 | +307% |
| Financial debts | 170/4 | €22,500 | €266,581 | +€244,081 | +1,085% |
| Other amounts payable | 178/9 | €70,294 | €110,716 | +€40,423 | +57.5% |
| Amounts payable within one year | 42/48 | €63,966 | €63,871 | -€95 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €33,061 | €47,180 | +€14,119 | +42.7% |
| Trade debts | 44 | €4,753 | €912 | -€3,841 | -80.8% |
| Suppliers | 440/4 | €4,753 | €912 | -€3,841 | -80.8% |
| Taxes, remuneration and social security | 45 | €23,643 | €14,418 | -€9,225 | -39.0% |
| Taxes | 450/3 | €18,018 | €8,503 | -€9,514 | -52.8% |
| Remuneration and social security | 454/9 | €5,625 | €5,915 | +€290 | +5.1% |
| Other amounts payable | 47/48 | €2,508 | €1,360 | -€1,148 | -45.8% |
| Remuneration, social security and pensions | 62 | €25,821 | €26,710 | +€889 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,394 | €83,093 | +€53,699 | +183% |
| Other operating charges | 640/8 | €2,619 | €3,866 | +€1,247 | +47.6% |
| Gross operating margin | 9900 | €355,441 | €393,375 | +€37,934 | +10.7% |
| Operating profit (loss) | 9901 | €297,607 | €279,706 | -€17,901 | -6.0% |
| Financial income | 75/76B | €1 | €0 | -€0 | -51.9% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -51.9% |
| Financial charges | 65/66B | €141,803 | €268,488 | +€126,686 | +89.3% |
| Recurring financial charges | 65 | €141,803 | €268,488 | +€126,686 | +89.3% |
| Profit (loss) for the period before taxes | 9903 | €155,805 | €11,218 | -€144,587 | -92.8% |
| Income taxes | 67/77 | €45,714 | €3,274 | -€42,440 | -92.8% |
| Profit (loss) for the period | 9904 | €110,091 | €7,944 | -€102,147 | -92.8% |
| Profit (loss) for the period to be appropriated | 9905 | €110,091 | €7,944 | -€102,147 | -92.8% |
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 24 October 2026 via checked.be.