S M P: 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 P
Largest movements
- Tangible fixed assets +€61,670
up €61,670 (+97.4%), from €63,322 to €124,992
of which Furniture and vehicles: +€55,250
- Receivables within one year +€23,223
up €23,223 (+48.5%), from €47,892 to €71,115
of which Other amounts receivable: +€35,064
- Cash +€7,925
up €7,925 (+38.5%), from €20,567 to €28,491
mainly Net result for the year (+€48,897) and Debts after one year (+€40,105)
- Deferred charges and accrued income -€4,168
down €4,168 (-33.7%), from €12,374 to €8,206
- Reserves +€48,897
up €48,897 (+34.8%), from €140,420 to €189,317
- Debts after one year +€40,105
new in 2025: €40,105
- Advances received -€10,034
down €10,034 (-73.9%), from €13,583 to €3,549
- Trade debts +€8,063
up €8,063 (+50.5%), from €15,969 to €24,032
- Current portion of long-term debt +€3,081
up €3,081 (+19.8%), from €15,568 to €18,649
- Depreciation +€9,952
up €9,952 (+69.4%), from €14,334 to €24,286
- Staff costs +€8,891
up €8,891 (+232%), from €3,832 to €12,723
- Taxes -€5,431
down €5,431 (-29.4%), from €18,456 to €13,025
- Gross operating margin -€4,544
down €4,544 (-4.5%), from €101,077 to €96,532
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 | €194,156 | €282,805 | +€88,649 | +45.7% |
| Fixed assets | 21/28 | €63,323 | €124,993 | +€61,670 | +97.4% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €63,322 | €124,992 | +€61,670 | +97.4% |
| Plant, machinery and equipment | 23 | €44,574 | €51,511 | +€6,936 | +15.6% |
| Furniture and vehicles | 24 | €14,614 | €69,864 | +€55,250 | +378% |
| Other tangible fixed assets | 26 | €4,133 | €3,617 | -€517 | -12.5% |
| Current assets | 29/58 | €130,833 | €157,813 | +€26,980 | +20.6% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €47,892 | €71,115 | +€23,223 | +48.5% |
| Trade receivables | 40 | €40,061 | €28,220 | -€11,841 | -29.6% |
| Other amounts receivable | 41 | €7,832 | €42,895 | +€35,064 | +448% |
| Cash at bank and in hand | 54/58 | €20,567 | €28,491 | +€7,925 | +38.5% |
| Deferred charges and accrued income | 490/1 | €12,374 | €8,206 | -€4,168 | -33.7% |
| Total equity and liabilities | 10/49 | €194,156 | €282,805 | +€88,649 | +45.7% |
| Equity | 10/15 | €143,420 | €192,317 | +€48,897 | +34.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €140,420 | €189,317 | +€48,897 | +34.8% |
| Distributable reserves | 133 | €140,420 | €189,317 | +€48,897 | +34.8% |
| Amounts payable | 17/49 | €50,736 | €90,488 | +€39,753 | +78.4% |
| Amounts payable after more than one year | 17 | - | €40,105 | +€40,105 | |
| Financial debts | 170/4 | - | €40,105 | +€40,105 | |
| Amounts payable within one year | 42/48 | €50,736 | €50,383 | -€353 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €15,568 | €18,649 | +€3,081 | +19.8% |
| Trade debts | 44 | €15,969 | €24,032 | +€8,063 | +50.5% |
| Suppliers | 440/4 | €15,969 | €24,032 | +€8,063 | +50.5% |
| Advances received on contracts in progress | 46 | €13,583 | €3,549 | -€10,034 | -73.9% |
| Taxes, remuneration and social security | 45 | €3,000 | €4,153 | +€1,153 | +38.4% |
| Taxes | 450/3 | €3,000 | €2,725 | -€275 | -9.2% |
| Remuneration and social security | 454/9 | - | €1,428 | +€1,428 | |
| Other amounts payable | 47/48 | €2,616 | - | -€2,616 | |
| Remuneration, social security and pensions | 62 | €3,832 | €12,723 | +€8,891 | +232% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,334 | €24,286 | +€9,952 | +69.4% |
| Other operating charges | 640/8 | €819 | €693 | -€126 | -15.4% |
| Non-recurring operating charges | 66A | €200 | - | -€200 | |
| Gross operating margin | 9900 | €101,077 | €96,532 | -€4,544 | -4.5% |
| Operating profit (loss) | 9901 | €81,892 | €58,830 | -€23,062 | -28.2% |
| Financial income | 75/76B | €3,513 | €4,286 | +€772 | +22.0% |
| Recurring financial income | 75 | €3,513 | €4,286 | +€772 | +22.0% |
| Financial charges | 65/66B | €1,265 | €1,194 | -€71 | -5.6% |
| Recurring financial charges | 65 | €765 | €745 | -€21 | -2.7% |
| Non-recurring financial charges | 66B | €500 | €449 | -€51 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €84,140 | €61,922 | -€22,218 | -26.4% |
| Income taxes | 67/77 | €18,456 | €13,025 | -€5,431 | -29.4% |
| Profit (loss) for the period | 9904 | €65,684 | €48,897 | -€16,787 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,684 | €48,897 | -€16,787 | -25.6% |
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 14 October 2026 via checked.be.