S-MORE3P: 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-MORE3P
Largest movements
- Deferred charges and accrued income +€33,249
up €33,249 (+731%), from €4,549 to €37,797
- Tangible fixed assets -€28,948
down €28,948 (-36.0%), from €80,311 to €51,363
of which Furniture and vehicles: -€19,811
- Cash +€24,804
up €24,804 (+16.0%), from €154,736 to €179,540
mainly Depreciation (+€14,959) and Current investments (+€14,700)
- Current investments -€14,700
down €14,700 (-3.5%), from €414,700 to €400,000
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€50,614
up €50,614, from -€23,810 to €26,804
- Depreciation -€18,360
down €18,360 (-55.1%), from €33,320 to €14,959
- Financial income -€6,641
down €6,641 (-50.1%), from €13,244 to €6,602
- Financial charges +€877
up €877 (+313%), from €281 to €1,158
- Other operating charges -€330
down €330 (-26.3%), from €1,255 to €924
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 | €727,474 | €734,049 | +€6,575 | +0.9% |
| Fixed assets | 21/28 | €80,311 | €51,363 | -€28,948 | -36.0% |
| Tangible fixed assets | 22/27 | €80,311 | €51,363 | -€28,948 | -36.0% |
| Furniture and vehicles | 24 | €43,135 | €23,324 | -€19,811 | -45.9% |
| Other tangible fixed assets | 26 | €37,175 | €28,039 | -€9,137 | -24.6% |
| Current assets | 29/58 | €647,164 | €682,686 | +€35,523 | +5.5% |
| Stocks and contracts in progress | 3 | €1,120 | €0 | -€1,120 | -100% |
| Stocks | 30/36 | €1,120 | €0 | -€1,120 | -100% |
| Amounts receivable within one year | 40/41 | €72,059 | €65,349 | -€6,710 | -9.3% |
| Trade receivables | 40 | €41,116 | €31,254 | -€9,861 | -24.0% |
| Other amounts receivable | 41 | €30,943 | €34,094 | +€3,151 | +10.2% |
| Current investments | 50/53 | €414,700 | €400,000 | -€14,700 | -3.5% |
| Cash at bank and in hand | 54/58 | €154,736 | €179,540 | +€24,804 | +16.0% |
| Deferred charges and accrued income | 490/1 | €4,549 | €37,797 | +€33,249 | +731% |
| Total equity and liabilities | 10/49 | €727,474 | €734,049 | +€6,575 | +0.9% |
| Equity | 10/15 | €720,608 | €722,810 | +€2,202 | +0.3% |
| Reserves | 13 | €704,868 | €704,868 | = | 0.0% |
| Distributable reserves | 133 | €704,868 | €704,868 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,740 | €17,942 | +€2,202 | +14.0% |
| Amounts payable | 17/49 | €6,866 | €11,239 | +€4,373 | +63.7% |
| Amounts payable within one year | 42/48 | €6,866 | €11,239 | +€4,373 | +63.7% |
| Trade debts | 44 | €6,376 | €7,650 | +€1,274 | +20.0% |
| Suppliers | 440/4 | €6,376 | €7,650 | +€1,274 | +20.0% |
| Taxes, remuneration and social security | 45 | €490 | €3,589 | +€3,099 | +632% |
| Taxes | 450/3 | €490 | €3,589 | +€3,099 | +632% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,320 | €14,959 | -€18,360 | -55.1% |
| Other operating charges | 640/8 | €1,255 | €924 | -€330 | -26.3% |
| Non-recurring operating charges | 66A | - | €13,988 | +€13,988 | |
| Gross operating margin | 9900 | -€23,810 | €26,804 | +€50,614 | |
| Operating profit (loss) | 9901 | -€58,385 | -€3,068 | +€55,316 | +94.7% |
| Financial income | 75/76B | €13,244 | €6,602 | -€6,641 | -50.1% |
| Recurring financial income | 75 | €13,244 | €6,602 | -€6,641 | -50.1% |
| Financial charges | 65/66B | €281 | €1,158 | +€877 | +313% |
| Recurring financial charges | 65 | €281 | €1,158 | +€877 | +313% |
| Profit (loss) for the period before taxes | 9903 | -€45,422 | €2,376 | +€47,798 | |
| Income taxes | 67/77 | €60 | €174 | +€114 | +189% |
| Profit (loss) for the period | 9904 | -€45,482 | €2,202 | +€47,684 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,482 | €2,202 | +€47,684 |
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 31 October 2026 via checked.be.