S.M.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.S.
Largest movements
- Cash +€67,027
up €67,027 (+89.5%), from €74,907 to €141,934
mainly Net result for the year (+€55,363) and Tax, wage and social debts (+€14,180)
- Receivables within one year +€19,405
new in 2025: €19,405
- Receivables after one year -€11,570
no longer reported in 2025 (was €11,570)
of which Trade receivables: -€6,653
- Reserves +€55,363
up €55,363 (+2,977%), from €1,860 to €57,223
of which Distributable reserves: +€42,733
- Tax, wage and social debts +€14,180
up €14,180 (+1,026%), from €1,383 to €15,562
- Trade debts +€3,717
up €3,717 (+123%), from €3,030 to €6,747
- Gross operating margin +€45,047
up €45,047 (+117%), from €38,369 to €83,416
- Taxes +€15,759
up €15,759 (+172%), from €9,152 to €24,910
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 | €91,136 | €165,930 | +€74,794 | +82.1% |
| Fixed assets | 21/28 | €3,869 | €4,137 | +€268 | +6.9% |
| Tangible fixed assets | 22/27 | €3,869 | €4,137 | +€268 | +6.9% |
| Furniture and vehicles | 24 | €3,869 | €4,137 | +€268 | +6.9% |
| Current assets | 29/58 | €87,267 | €161,793 | +€74,526 | +85.4% |
| Amounts receivable after more than one year | 29 | €11,570 | - | -€11,570 | |
| Trade receivables | 290 | €6,653 | - | -€6,653 | |
| Other amounts receivable | 291 | €4,917 | - | -€4,917 | |
| Amounts receivable within one year | 40/41 | - | €19,405 | +€19,405 | |
| Trade receivables | 40 | - | €19,405 | +€19,405 | |
| Cash at bank and in hand | 54/58 | €74,907 | €141,934 | +€67,027 | +89.5% |
| Deferred charges and accrued income | 490/1 | €790 | €454 | -€336 | -42.5% |
| Total equity and liabilities | 10/49 | €91,136 | €165,930 | +€74,794 | +82.1% |
| Equity | 10/15 | €29,917 | €85,279 | +€55,363 | +185% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €57,223 | +€55,363 | +2,977% |
| Tax-exempt reserves | 132 | - | €12,630 | +€12,630 | |
| Distributable reserves | 133 | €1,860 | €44,593 | +€42,733 | +2,297% |
| Profit (loss) carried forward | 14 | €26,057 | €26,057 | = | 0.0% |
| Amounts payable | 17/49 | €61,219 | €80,650 | +€19,431 | +31.7% |
| Amounts payable within one year | 42/48 | €61,219 | €80,650 | +€19,431 | +31.7% |
| Financial debts | 43 | - | €1,051 | +€1,051 | |
| Credit institutions | 430/8 | - | €1,051 | +€1,051 | |
| Trade debts | 44 | €3,030 | €6,747 | +€3,717 | +123% |
| Suppliers | 440/4 | €3,030 | €6,747 | +€3,717 | +123% |
| Taxes, remuneration and social security | 45 | €1,383 | €15,562 | +€14,180 | +1,026% |
| Taxes | 450/3 | €1,383 | €15,562 | +€14,180 | +1,026% |
| Other amounts payable | 47/48 | €56,807 | €57,290 | +€483 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,675 | €3,341 | +€666 | +24.9% |
| Other operating charges | 640/8 | €615 | €436 | -€179 | -29.1% |
| Gross operating margin | 9900 | €38,369 | €83,416 | +€45,047 | +117% |
| Operating profit (loss) | 9901 | €35,079 | €79,639 | +€44,559 | +127% |
| Financial income | 75/76B | €229 | €718 | +€489 | +213% |
| Recurring financial income | 75 | €229 | €718 | +€489 | +213% |
| Financial charges | 65/66B | €100 | €83 | -€17 | -16.8% |
| Recurring financial charges | 65 | €100 | €83 | -€17 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €35,208 | €80,273 | +€45,065 | +128% |
| Income taxes | 67/77 | €9,152 | €24,910 | +€15,759 | +172% |
| Profit (loss) for the period | 9904 | €26,057 | €55,363 | +€29,306 | +112% |
| Transfer to tax-exempt reserves | 689 | - | €12,630 | +€12,630 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,057 | €42,733 | +€16,676 | +64.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.