S M E: 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 E
Largest movements
- Cash -€63,816
down €63,816 (-65.0%), from €98,141 to €34,324
mainly Net result for the year (-€49,889) and Debts after one year (-€20,718)
- Tangible fixed assets -€21,626
down €21,626 (-3.7%), from €590,860 to €569,234
of which Land and buildings: -€16,739
- Profit (loss) carried forward -€49,889
down €49,889 (-42.8%), from -€116,460 to -€166,348
- Debts after one year -€20,718
down €20,718 (-43.0%), from €48,127 to €27,409
- Other debts -€11,451
down €11,451 (-23.9%), from €47,819 to €36,368
- Gross operating margin -€84,424
down €84,424, from €61,610 to -€22,814
- Taxes -€2,959
down €2,959 (-95.3%), from €3,105 to €146
- Financial charges -€1,045
down €1,045 (-25.1%), from €4,173 to €3,127
- Depreciation -€1,011
down €1,011 (-4.5%), from €22,637 to €21,626
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 | €691,312 | €606,064 | -€85,247 | -12.3% |
| Fixed assets | 21/28 | €590,860 | €569,234 | -€21,626 | -3.7% |
| Tangible fixed assets | 22/27 | €590,860 | €569,234 | -€21,626 | -3.7% |
| Land and buildings | 22 | €570,128 | €553,389 | -€16,739 | -2.9% |
| Plant, machinery and equipment | 23 | €4,847 | €3,025 | -€1,823 | -37.6% |
| Furniture and vehicles | 24 | €15,885 | €12,820 | -€3,065 | -19.3% |
| Current assets | 29/58 | €100,452 | €36,831 | -€63,621 | -63.3% |
| Amounts receivable within one year | 40/41 | €604 | €574 | -€30 | -4.9% |
| Other amounts receivable | 41 | €604 | €574 | -€30 | -4.9% |
| Cash at bank and in hand | 54/58 | €98,141 | €34,324 | -€63,816 | -65.0% |
| Deferred charges and accrued income | 490/1 | €1,708 | €1,932 | +€225 | +13.2% |
| Total equity and liabilities | 10/49 | €691,312 | €606,064 | -€85,247 | -12.3% |
| Equity | 10/15 | €566,781 | €516,892 | -€49,889 | -8.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €662,780 | €662,780 | = | 0.0% |
| Distributable reserves | 133 | €662,780 | €662,780 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€116,460 | -€166,348 | -€49,889 | -42.8% |
| Amounts payable | 17/49 | €124,531 | €89,172 | -€35,359 | -28.4% |
| Amounts payable after more than one year | 17 | €48,127 | €27,409 | -€20,718 | -43.0% |
| Financial debts | 170/4 | €48,127 | €27,409 | -€20,718 | -43.0% |
| Amounts payable within one year | 42/48 | €76,404 | €61,763 | -€14,641 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €19,700 | €20,718 | +€1,018 | +5.2% |
| Trade debts | 44 | €5,861 | €1,636 | -€4,225 | -72.1% |
| Suppliers | 440/4 | €5,861 | €1,636 | -€4,225 | -72.1% |
| Taxes, remuneration and social security | 45 | €3,024 | €3,041 | +€17 | +0.6% |
| Taxes | 450/3 | €3,024 | €3,041 | +€17 | +0.6% |
| Other amounts payable | 47/48 | €47,819 | €36,368 | -€11,451 | -23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,637 | €21,626 | -€1,011 | -4.5% |
| Other operating charges | 640/8 | €2,422 | €2,606 | +€184 | +7.6% |
| Gross operating margin | 9900 | €61,610 | -€22,814 | -€84,424 | |
| Operating profit (loss) | 9901 | €36,551 | -€47,046 | -€83,597 | |
| Financial income | 75/76B | €270 | €431 | +€162 | +59.9% |
| Recurring financial income | 75 | €270 | €431 | +€162 | +59.9% |
| Financial charges | 65/66B | €4,173 | €3,127 | -€1,045 | -25.1% |
| Recurring financial charges | 65 | €4,173 | €3,127 | -€1,045 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €32,648 | -€49,742 | -€82,390 | |
| Income taxes | 67/77 | €3,105 | €146 | -€2,959 | -95.3% |
| Profit (loss) for the period | 9904 | €29,543 | -€49,889 | -€79,431 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,543 | -€49,889 | -€79,431 |
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 6 October 2026 via checked.be.