S.M.I.: 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.I.
Largest movements
- Cash +€15,181
up €15,181 (+76.9%), from €19,745 to €34,926
mainly Depreciation (+€36,718) and Net result for the year (+€11,154)
- Profit (loss) carried forward +€11,154
up €11,154 (+1.7%), from €667,446 to €678,599
- Taxes -€34,344
no longer reported in 2025 (was €34,344)
- Gross operating margin +€11,826
up €11,826 (+32.6%), from €36,285 to €48,112
- Depreciation +€1,837
up €1,837 (+5.3%), from €34,881 to €36,718
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 | €831,143 | €841,954 | +€10,811 | +1.3% |
| Fixed assets | 21/28 | €808,947 | €805,193 | -€3,754 | -0.5% |
| Tangible fixed assets | 22/27 | €808,947 | €805,193 | -€3,754 | -0.5% |
| Land and buildings | 22 | €757,793 | €728,857 | -€28,936 | -3.8% |
| Other tangible fixed assets | 26 | €51,154 | €76,337 | +€25,182 | +49.2% |
| Current assets | 29/58 | €22,196 | €36,760 | +€14,565 | +65.6% |
| Amounts receivable within one year | 40/41 | €64 | €36 | -€28 | -43.9% |
| Other amounts receivable | 41 | €64 | €36 | -€28 | -43.9% |
| Cash at bank and in hand | 54/58 | €19,745 | €34,926 | +€15,181 | +76.9% |
| Deferred charges and accrued income | 490/1 | €2,387 | €1,799 | -€588 | -24.6% |
| Total equity and liabilities | 10/49 | €831,143 | €841,954 | +€10,811 | +1.3% |
| Equity | 10/15 | €783,437 | €794,591 | +€11,154 | +1.4% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Capital | 10 | €115,000 | €115,000 | = | 0.0% |
| Issued capital | 100 | €115,000 | €115,000 | = | 0.0% |
| Reserves | 13 | €992 | €992 | = | 0.0% |
| Non-distributable reserves | 130/1 | €992 | €992 | = | 0.0% |
| Legal reserve | 130 | €992 | €992 | = | 0.0% |
| Profit (loss) carried forward | 14 | €667,446 | €678,599 | +€11,154 | +1.7% |
| Amounts payable | 17/49 | €47,705 | €47,363 | -€342 | -0.7% |
| Amounts payable within one year | 42/48 | €46,935 | €44,415 | -€2,520 | -5.4% |
| Trade debts | 44 | €17,472 | €19,272 | +€1,799 | +10.3% |
| Suppliers | 440/4 | €17,472 | €19,272 | +€1,799 | +10.3% |
| Other amounts payable | 47/48 | €29,463 | €25,143 | -€4,320 | -14.7% |
| Accrued charges and deferred income | 492/3 | €770 | €2,948 | +€2,178 | +283% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,881 | €36,718 | +€1,837 | +5.3% |
| Gross operating margin | 9900 | €36,285 | €48,112 | +€11,826 | +32.6% |
| Operating profit (loss) | 9901 | €1,405 | €11,394 | +€9,989 | +711% |
| Financial income | 75/76B | €0 | €10 | +€10 | +12,400% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +12,400% |
| Financial charges | 65/66B | €150 | €250 | +€100 | +66.5% |
| Recurring financial charges | 65 | €150 | €250 | +€100 | +66.5% |
| Profit (loss) for the period before taxes | 9903 | €1,254 | €11,154 | +€9,899 | +789% |
| Income taxes | 67/77 | €34,344 | - | -€34,344 | |
| Profit (loss) for the period | 9904 | -€33,090 | €11,154 | +€44,244 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,090 | €11,154 | +€44,244 |
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 21 October 2026 via checked.be.