S.M.G. Construct: 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.G. Construct
Largest movements
- Receivables within one year -€40,886
down €40,886 (-27.7%), from €147,793 to €106,907
of which Trade receivables: -€48,656
- Tangible fixed assets -€34,129
down €34,129 (-67.6%), from €50,450 to €16,321
- Deferred charges and accrued income +€3,916
up €3,916 (+258.2%), from €1,517 to €5,433
- Trade debts -€42,270
down €42,270 (-49.0%), from €86,250 to €43,980
- Current portion of long-term debt -€26,641
down €26,641 (-73.2%), from €36,378 to €9,737
- Debts after one year -€7,545
down €7,545 (-45.8%), from €16,490 to €8,945
- Profit (loss) carried forward +€3,254
up €3,254 (+5.0%), from €65,074 to €68,328
- Tax, wage and social debts +€3,128
up €3,128 (+84.5%), from €3,701 to €6,829
of which Remuneration and social security: +€2,600
- Other operating charges -€8,541
down €8,541 (-56.7%), from €15,063 to €6,522
- Taxes -€7,676
down €7,676 (-84.3%), from €9,105 to €1,429
- Gross operating margin +€2,841
up €2,841 (+6.0%), from €47,400 to €50,241
- Depreciation -€1,888
down €1,888 (-5.2%), from €36,016 to €34,128
- Financial charges +€1,538
up €1,538 (+36.3%), from €4,235 to €5,773
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 | €208,143 | €138,070 | -€70,074 | -33.7% |
| Fixed assets | 21/28 | €50,450 | €16,321 | -€34,129 | -67.6% |
| Tangible fixed assets | 22/27 | €50,450 | €16,321 | -€34,129 | -67.6% |
| Plant, machinery and equipment | 23 | €13,897 | - | -€13,897 | |
| Furniture and vehicles | 24 | €26,942 | €15,480 | -€11,462 | -42.5% |
| Leasing and similar rights | 25 | €9,611 | €841 | -€8,770 | -91.3% |
| Current assets | 29/58 | €157,693 | €121,749 | -€35,944 | -22.8% |
| Amounts receivable within one year | 40/41 | €147,793 | €106,907 | -€40,886 | -27.7% |
| Trade receivables | 40 | €134,631 | €85,975 | -€48,656 | -36.1% |
| Other amounts receivable | 41 | €13,162 | €20,933 | +€7,771 | +59.0% |
| Cash at bank and in hand | 54/58 | €8,383 | €9,408 | +€1,025 | +12.2% |
| Deferred charges and accrued income | 490/1 | €1,517 | €5,433 | +€3,916 | +258.2% |
| Total equity and liabilities | 10/49 | €208,143 | €138,070 | -€70,074 | -33.7% |
| Equity | 10/15 | €65,324 | €68,578 | +€3,254 | +5.0% |
| Contributions | 10/11 | €227 | €227 | = | 0.0% |
| Outside capital | 11 | €227 | - | -€227 | |
| Other | 1109/19 | €227 | - | -€227 | |
| Reserves | 13 | €23 | €23 | -€0 | -1.3% |
| Non-distributable reserves | 130/1 | €23 | €23 | -€0 | -1.3% |
| Reserves not available under the articles | 1311 | €23 | €23 | -€0 | -1.3% |
| Profit (loss) carried forward | 14 | €65,074 | €68,328 | +€3,254 | +5.0% |
| Amounts payable | 17/49 | €142,819 | €69,492 | -€73,327 | -51.3% |
| Amounts payable after more than one year | 17 | €16,490 | €8,945 | -€7,545 | -45.8% |
| Financial debts | 170/4 | €16,490 | €8,945 | -€7,545 | -45.8% |
| Amounts payable within one year | 42/48 | €126,329 | €60,547 | -€65,782 | -52.1% |
| Current portion of amounts payable after more than one year | 42 | €36,378 | €9,737 | -€26,641 | -73.2% |
| Trade debts | 44 | €86,250 | €43,980 | -€42,270 | -49.0% |
| Suppliers | 440/4 | €86,250 | €43,980 | -€42,270 | -49.0% |
| Taxes, remuneration and social security | 45 | €3,701 | €6,829 | +€3,128 | +84.5% |
| Taxes | 450/3 | €1,701 | €2,229 | +€528 | +31.1% |
| Remuneration and social security | 454/9 | €2,000 | €4,600 | +€2,600 | +130.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,016 | €34,128 | -€1,888 | -5.2% |
| Other operating charges | 640/8 | €15,063 | €6,522 | -€8,541 | -56.7% |
| Gross operating margin | 9900 | €47,400 | €50,241 | +€2,841 | +6.0% |
| Operating profit (loss) | 9901 | -€3,679 | €9,590 | +€13,269 | |
| Financial income | 75/76B | €727 | €866 | +€139 | +19.1% |
| Recurring financial income | 75 | €727 | €866 | +€139 | +19.1% |
| Financial charges | 65/66B | €4,235 | €5,773 | +€1,538 | +36.3% |
| Recurring financial charges | 65 | €4,235 | €5,773 | +€1,538 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,187 | €4,683 | +€11,870 | |
| Income taxes | 67/77 | €9,105 | €1,429 | -€7,676 | -84.3% |
| Profit (loss) for the period | 9904 | -€16,292 | €3,255 | +€19,547 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,292 | €3,255 | +€19,547 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.