S.M.G.: 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.G.
Largest movements
- Receivables within one year +€12,796
up €12,796 (+160%), from €8,022 to €20,818
of which Other amounts receivable: +€9,476
- Cash -€535
down €535 (-38.4%), from €1,391 to €857
mainly Receivables within one year (-€12,796) and Other debts (-€4,566)
- Tangible fixed assets -€281
down €281 (-84.6%), from €333 to €51
of which Furniture and vehicles: -€148
- Profit (loss) carried forward +€21,165
up €21,165, from -€5,214 to €15,951
- Other debts -€4,566
no longer reported in 2025 (was €4,566)
- Tax, wage and social debts -€3,000
down €3,000 (-50.0%), from €6,000 to €3,000
- Trade debts -€1,940
down €1,940 (-59.8%), from €3,245 to €1,305
- Accrued charges and deferred income +€320
up €320 (+71.3%), from €449 to €770
- Gross operating margin +€14,206
up €14,206 (+104%), from €13,689 to €27,895
- Taxes +€3,000
new in 2025: €3,000
- Other operating charges -€509
down €509 (-26.7%), from €1,905 to €1,396
- Depreciation -€465
down €465 (-62.3%), from €746 to €281
- Financial charges +€297
up €297 (+17.0%), from €1,754 to €2,052
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 | €11,046 | €23,026 | +€11,980 | +108% |
| Fixed assets | 21/28 | €1,633 | €1,351 | -€281 | -17.2% |
| Tangible fixed assets | 22/27 | €333 | €51 | -€281 | -84.6% |
| Plant, machinery and equipment | 23 | €185 | €51 | -€133 | -72.2% |
| Furniture and vehicles | 24 | €148 | - | -€148 | |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €9,414 | €21,675 | +€12,261 | +130% |
| Amounts receivable within one year | 40/41 | €8,022 | €20,818 | +€12,796 | +160% |
| Trade receivables | 40 | €7,259 | €10,579 | +€3,320 | +45.7% |
| Other amounts receivable | 41 | €764 | €10,239 | +€9,476 | +1,241% |
| Cash at bank and in hand | 54/58 | €1,391 | €857 | -€535 | -38.4% |
| Total equity and liabilities | 10/49 | €11,046 | €23,026 | +€11,980 | +108% |
| Equity | 10/15 | -€3,214 | €17,951 | +€21,165 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,214 | €15,951 | +€21,165 | |
| Amounts payable | 17/49 | €14,260 | €5,075 | -€9,185 | -64.4% |
| Amounts payable within one year | 42/48 | €13,811 | €4,305 | -€9,506 | -68.8% |
| Trade debts | 44 | €3,245 | €1,305 | -€1,940 | -59.8% |
| Suppliers | 440/4 | €3,245 | €1,305 | -€1,940 | -59.8% |
| Taxes, remuneration and social security | 45 | €6,000 | €3,000 | -€3,000 | -50.0% |
| Taxes | 450/3 | €6,000 | €3,000 | -€3,000 | -50.0% |
| Other amounts payable | 47/48 | €4,566 | - | -€4,566 | |
| Accrued charges and deferred income | 492/3 | €449 | €770 | +€320 | +71.3% |
| Non-recurring operating income | 76A | - | €4,773 | +€4,773 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €746 | €281 | -€465 | -62.3% |
| Other operating charges | 640/8 | €1,905 | €1,396 | -€509 | -26.7% |
| Gross operating margin | 9900 | €13,689 | €27,895 | +€14,206 | +104% |
| Operating profit (loss) | 9901 | €11,038 | €26,217 | +€15,179 | +138% |
| Financial charges | 65/66B | €1,754 | €2,052 | +€297 | +17.0% |
| Recurring financial charges | 65 | €1,754 | €2,052 | +€297 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €9,283 | €24,165 | +€14,882 | +160% |
| Income taxes | 67/77 | - | €3,000 | +€3,000 | |
| Profit (loss) for the period | 9904 | €9,283 | €21,165 | +€11,882 | +128% |
| Profit (loss) for the period to be appropriated | 9905 | €9,283 | €21,165 | +€11,882 | +128% |
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 27 October 2026 via checked.be.