S.M.H.s: 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.H.s
Largest movements
- Financial fixed assets +€6,000
new in 2025: €6,000
- Receivables after one year -€6,000
no longer reported in 2025 (was €6,000)
- Receivables within one year +€4,339
up €4,339 (+115%), from €3,781 to €8,120
of which Other amounts receivable: +€4,386
- Cash -€3,756
down €3,756 (-17.7%), from €21,214 to €17,458
mainly Investment in fixed assets (net) (-€6,000) and Net result for the year (-€5,227)
- Tangible fixed assets -€2,640
down €2,640 (-20.1%), from €13,141 to €10,501
of which Other tangible fixed assets: -€1,519
- Profit (loss) carried forward -€5,227
new in 2025: -€5,227
- Trade debts +€3,788
up €3,788 (+78.2%), from €4,846 to €8,634
- Other debts -€531
down €531 (-21.2%), from €2,509 to €1,978
- Gross operating margin -€24,470
down €24,470 (-21.9%), from €111,748 to €87,278
- Financial charges -€7,736
down €7,736 (-68.4%), from €11,313 to €3,577
- Staff costs +€4,459
up €4,459 (+5.5%), from €80,982 to €85,440
- Taxes -€3,475
down €3,475 (-100%), from €3,475 to €0
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 | €44,136 | €42,357 | -€1,778 | -4.0% |
| Fixed assets | 21/28 | €13,141 | €16,501 | +€3,360 | +25.6% |
| Tangible fixed assets | 22/27 | €13,141 | €10,501 | -€2,640 | -20.1% |
| Plant, machinery and equipment | 23 | €3,383 | €2,463 | -€920 | -27.2% |
| Furniture and vehicles | 24 | €988 | €787 | -€201 | -20.3% |
| Other tangible fixed assets | 26 | €8,770 | €7,251 | -€1,519 | -17.3% |
| Financial fixed assets | 28 | - | €6,000 | +€6,000 | |
| Current assets | 29/58 | €30,995 | €25,856 | -€5,139 | -16.6% |
| Amounts receivable after more than one year | 29 | €6,000 | - | -€6,000 | |
| Other amounts receivable | 291 | €6,000 | - | -€6,000 | |
| Amounts receivable within one year | 40/41 | €3,781 | €8,120 | +€4,339 | +115% |
| Trade receivables | 40 | €380 | €332 | -€47 | -12.5% |
| Other amounts receivable | 41 | €3,401 | €7,788 | +€4,386 | +129% |
| Cash at bank and in hand | 54/58 | €21,214 | €17,458 | -€3,756 | -17.7% |
| Deferred charges and accrued income | 490/1 | - | €278 | +€278 | |
| Total equity and liabilities | 10/49 | €44,136 | €42,357 | -€1,778 | -4.0% |
| Equity | 10/15 | €31,585 | €26,358 | -€5,227 | -16.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €28,585 | €28,585 | = | 0.0% |
| Distributable reserves | 133 | €28,585 | €28,585 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€5,227 | -€5,227 | |
| Amounts payable | 17/49 | €12,551 | €16,000 | +€3,449 | +27.5% |
| Amounts payable within one year | 42/48 | €12,551 | €16,000 | +€3,449 | +27.5% |
| Trade debts | 44 | €4,846 | €8,634 | +€3,788 | +78.2% |
| Suppliers | 440/4 | €4,846 | €8,634 | +€3,788 | +78.2% |
| Taxes, remuneration and social security | 45 | €5,196 | €5,388 | +€192 | +3.7% |
| Taxes | 450/3 | €1,845 | €422 | -€1,423 | -77.1% |
| Remuneration and social security | 454/9 | €3,351 | €4,966 | +€1,615 | +48.2% |
| Other amounts payable | 47/48 | €2,509 | €1,978 | -€531 | -21.2% |
| Remuneration, social security and pensions | 62 | €80,982 | €85,440 | +€4,459 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,455 | €2,640 | +€185 | +7.5% |
| Other operating charges | 640/8 | €862 | €971 | +€109 | +12.6% |
| Gross operating margin | 9900 | €111,748 | €87,278 | -€24,470 | -21.9% |
| Operating profit (loss) | 9901 | €27,449 | -€1,774 | -€29,223 | |
| Financial income | 75/76B | €136 | €123 | -€13 | -9.3% |
| Recurring financial income | 75 | €136 | €123 | -€13 | -9.3% |
| Financial charges | 65/66B | €11,313 | €3,577 | -€7,736 | -68.4% |
| Recurring financial charges | 65 | €11,313 | €3,577 | -€7,736 | -68.4% |
| Profit (loss) for the period before taxes | 9903 | €16,272 | -€5,227 | -€21,500 | |
| Income taxes | 67/77 | €3,475 | €0 | -€3,475 | -100% |
| Profit (loss) for the period | 9904 | €12,797 | -€5,227 | -€18,024 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,797 | -€5,227 | -€18,024 |
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 29 October 2026 via checked.be.