S.S.M.: 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.S.M.
Largest movements
- Financial fixed assets -€896,123
down €896,123 (-99.4%), from €901,123 to €5,000
- Current investments +€613,341
up €613,341 (+106%), from €575,941 to €1.2m
- Cash +€405,318
up €405,318 (+724%), from €56,014 to €461,332
mainly Investment in fixed assets (net) (+€817,221) and Net result for the year (+€104,642)
- Reserves +€100,250
up €100,250 (+35.3%), from €284,000 to €384,250
of which Distributable reserves: +€95,000
- Financial income +€81,854
up €81,854 (+86.2%), from €94,984 to €176,838
of which Non-recurring financial income: +€145,488
- Turnover -€23,790
down €23,790 (-25.0%), from €95,345 to €71,555
- Gross operating margin -€20,647
down €20,647, from €15,557 to -€5,090
- Write-downs -€14,030
down €14,030 (-54.0%), from -€25,970 to -€40,000
- Taxes +€10,070
up €10,070 (+210%), from €4,789 to €14,859
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,922,471 | €3,033,069 | +€110,598 | +3.8% |
| Fixed assets | 21/28 | €2,243,309 | €1,362,119 | -€881,190 | -39.3% |
| Tangible fixed assets | 22/27 | €1,342,186 | €1,357,119 | +€14,933 | +1.1% |
| Land and buildings | 22 | €1,341,349 | €1,283,119 | -€58,230 | -4.3% |
| Plant, machinery and equipment | 23 | €837 | €0 | -€837 | -100% |
| Other tangible fixed assets | 26 | - | €74,000 | +€74,000 | |
| Financial fixed assets | 28 | €901,123 | €5,000 | -€896,123 | -99.4% |
| Current assets | 29/58 | €679,162 | €1,670,950 | +€991,788 | +146% |
| Amounts receivable within one year | 40/41 | €43,376 | €18,508 | -€24,868 | -57.3% |
| Trade receivables | 40 | €24,179 | €7,434 | -€16,745 | -69.3% |
| Other amounts receivable | 41 | €19,197 | €11,074 | -€8,123 | -42.3% |
| Current investments | 50/53 | €575,941 | €1,189,282 | +€613,341 | +106% |
| Cash at bank and in hand | 54/58 | €56,014 | €461,332 | +€405,318 | +724% |
| Deferred charges and accrued income | 490/1 | €3,831 | €1,828 | -€2,003 | -52.3% |
| Total equity and liabilities | 10/49 | €2,922,471 | €3,033,069 | +€110,598 | +3.8% |
| Equity | 10/15 | €2,915,639 | €3,020,281 | +€104,642 | +3.6% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Capital | 10 | €1,800,000 | €1,800,000 | = | 0.0% |
| Issued capital | 100 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €284,000 | €384,250 | +€100,250 | +35.3% |
| Non-distributable reserves | 130/1 | €89,000 | €94,250 | +€5,250 | +5.9% |
| Legal reserve | 130 | €89,000 | €94,250 | +€5,250 | +5.9% |
| Distributable reserves | 133 | €195,000 | €290,000 | +€95,000 | +48.7% |
| Profit (loss) carried forward | 14 | €831,639 | €836,031 | +€4,392 | +0.5% |
| Amounts payable | 17/49 | €6,832 | €12,788 | +€5,956 | +87.2% |
| Amounts payable within one year | 42/48 | €3,893 | €9,730 | +€5,837 | +150% |
| Trade debts | 44 | €177 | €224 | +€47 | +26.6% |
| Suppliers | 440/4 | €177 | €224 | +€47 | +26.6% |
| Taxes, remuneration and social security | 45 | €3,271 | €9,506 | +€6,235 | +191% |
| Taxes | 450/3 | €3,271 | €9,506 | +€6,235 | +191% |
| Other amounts payable | 47/48 | €445 | - | -€445 | |
| Accrued charges and deferred income | 492/3 | €2,939 | €3,058 | +€119 | +4.0% |
| Turnover | 70 | €95,345 | €71,555 | -€23,790 | -25.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €129,229 | €130,340 | +€1,111 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,463 | €63,969 | +€1,506 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,970 | -€40,000 | -€14,030 | -54.0% |
| Other operating charges | 640/8 | €16,698 | €20,358 | +€3,660 | +21.9% |
| Gross operating margin | 9900 | €15,557 | -€5,090 | -€20,647 | |
| Operating profit (loss) | 9901 | -€37,634 | -€49,417 | -€11,783 | -31.3% |
| Financial income | 75/76B | €94,984 | €176,838 | +€81,854 | +86.2% |
| Recurring financial income | 75 | €94,984 | €31,350 | -€63,634 | -67.0% |
| Non-recurring financial income | 76B | - | €145,488 | +€145,488 | |
| Financial charges | 65/66B | €5,019 | €7,920 | +€2,901 | +57.8% |
| Recurring financial charges | 65 | €5,019 | €7,920 | +€2,901 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | €52,331 | €119,501 | +€67,170 | +128% |
| Income taxes | 67/77 | €4,789 | €14,859 | +€10,070 | +210% |
| Profit (loss) for the period | 9904 | €47,542 | €104,642 | +€57,100 | +120% |
| Profit (loss) for the period to be appropriated | 9905 | €47,542 | €104,642 | +€57,100 | +120% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.