S.M.D.W.: 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.W.
Largest movements
- Cash -€6,846
down €6,846 (-15.3%), from €44,778 to €37,932
mainly Other debts (-€17,232) and Investment in fixed assets (net) (-€6,551)
- Stocks and contracts -€5,000
down €5,000 (-44.6%), from €11,214 to €6,214
- Tangible fixed assets +€3,671
up €3,671 (+58.1%), from €6,316 to €9,987
of which Land and buildings: +€3,977
- Receivables within one year +€2,653
up €2,653 (+110%), from €2,420 to €5,073
of which Other amounts receivable: +€1,786
- Other debts -€17,232
down €17,232 (-17.2%), from €100,474 to €83,241
- Profit (loss) carried forward +€11,913
up €11,913 (+14.8%), from -€80,297 to -€68,384
- Other operating charges -€40,839
down €40,839 (-90.1%), from €45,344 to €4,505
- Gross operating margin -€6,088
down €6,088 (-23.7%), from €25,693 to €19,606
- Depreciation +€1,080
up €1,080 (+60.0%), from €1,800 to €2,880
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 | €65,016 | €59,493 | -€5,522 | -8.5% |
| Fixed assets | 21/28 | €6,604 | €10,275 | +€3,671 | +55.6% |
| Tangible fixed assets | 22/27 | €6,316 | €9,987 | +€3,671 | +58.1% |
| Land and buildings | 22 | €4,859 | €8,837 | +€3,977 | +81.9% |
| Furniture and vehicles | 24 | €1,457 | €1,151 | -€306 | -21.0% |
| Financial fixed assets | 28 | €288 | €288 | = | 0.0% |
| Current assets | 29/58 | €58,412 | €49,218 | -€9,194 | -15.7% |
| Stocks and contracts in progress | 3 | €11,214 | €6,214 | -€5,000 | -44.6% |
| Stocks | 30/36 | €11,214 | €6,214 | -€5,000 | -44.6% |
| Amounts receivable within one year | 40/41 | €2,420 | €5,073 | +€2,653 | +110% |
| Trade receivables | 40 | €312 | €1,178 | +€866 | +277% |
| Other amounts receivable | 41 | €2,108 | €3,894 | +€1,786 | +84.8% |
| Cash at bank and in hand | 54/58 | €44,778 | €37,932 | -€6,846 | -15.3% |
| Total equity and liabilities | 10/49 | €65,016 | €59,493 | -€5,522 | -8.5% |
| Equity | 10/15 | -€41,299 | -€29,387 | +€11,913 | +28.8% |
| Contributions | 10/11 | €18,620 | €18,620 | = | 0.0% |
| Reserves | 13 | €20,377 | €20,377 | = | 0.0% |
| Non-distributable reserves | 130/1 | €525 | €525 | = | 0.0% |
| Reserves not available under the articles | 1311 | €525 | €525 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,853 | €19,853 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,297 | -€68,384 | +€11,913 | +14.8% |
| Amounts payable | 17/49 | €106,315 | €88,880 | -€17,435 | -16.4% |
| Amounts payable within one year | 42/48 | €106,315 | €88,880 | -€17,435 | -16.4% |
| Trade debts | 44 | €5,842 | €5,639 | -€203 | -3.5% |
| Suppliers | 440/4 | €5,842 | €5,639 | -€203 | -3.5% |
| Other amounts payable | 47/48 | €100,474 | €83,241 | -€17,232 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,800 | €2,880 | +€1,080 | +60.0% |
| Other operating charges | 640/8 | €45,344 | €4,505 | -€40,839 | -90.1% |
| Gross operating margin | 9900 | €25,693 | €19,606 | -€6,088 | -23.7% |
| Operating profit (loss) | 9901 | -€21,450 | €12,221 | +€33,671 | |
| Financial charges | 65/66B | €233 | €308 | +€75 | +32.3% |
| Recurring financial charges | 65 | €233 | €308 | +€75 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | -€21,683 | €11,913 | +€33,596 | |
| Profit (loss) for the period | 9904 | -€21,683 | €11,913 | +€33,596 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,683 | €11,913 | +€33,596 |
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.