SBMA: 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.
SBMA
Largest movements
- Receivables within one year +€85,158
up €85,158 (+447%), from €19,066 to €104,225
of which Trade receivables: +€85,137
- Cash -€44,959
down €44,959 (-39.5%), from €113,895 to €68,937
mainly Receivables within one year (-€85,158) and Other debts (-€28,123)
- Tangible fixed assets -€21,874
down €21,874 (-6.9%), from €317,237 to €295,363
of which Furniture and vehicles: -€12,458
- Trade debts +€33,742
up €33,742 (+617%), from €5,466 to €39,208
- Reserves +€32,969
up €32,969 (+35.1%), from €93,807 to €126,776
- Other debts -€28,123
down €28,123 (-59.9%), from €46,951 to €18,828
- Debts after one year -€17,648
down €17,648 (-6.9%), from €256,707 to €239,059
- Depreciation +€3,894
up €3,894 (+19.6%), from €19,870 to €23,764
- Financial income +€2,027
new in 2025: €2,027
of which Financial income: +€2,027
- Taxes -€1,392
down €1,392 (-8.5%), from €16,371 to €14,979
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 | €454,673 | €473,350 | +€18,678 | +4.1% |
| Fixed assets | 21/28 | €320,512 | €298,603 | -€21,909 | -6.8% |
| Tangible fixed assets | 22/27 | €317,237 | €295,363 | -€21,874 | -6.9% |
| Land and buildings | 22 | €258,816 | €250,004 | -€8,812 | -3.4% |
| Plant, machinery and equipment | 23 | €1,435 | €1,123 | -€312 | -21.7% |
| Furniture and vehicles | 24 | €49,302 | €36,844 | -€12,458 | -25.3% |
| Other tangible fixed assets | 26 | €7,685 | €7,393 | -€292 | -3.8% |
| Financial fixed assets | 28 | €3,275 | €3,240 | -€35 | -1.1% |
| Current assets | 29/58 | €134,160 | €174,747 | +€40,587 | +30.3% |
| Amounts receivable within one year | 40/41 | €19,066 | €104,225 | +€85,158 | +447% |
| Trade receivables | 40 | €14,277 | €99,414 | +€85,137 | +596% |
| Other amounts receivable | 41 | €4,789 | €4,811 | +€22 | +0.5% |
| Cash at bank and in hand | 54/58 | €113,895 | €68,937 | -€44,959 | -39.5% |
| Deferred charges and accrued income | 490/1 | €1,199 | €1,586 | +€387 | +32.3% |
| Total equity and liabilities | 10/49 | €454,673 | €473,350 | +€18,678 | +4.1% |
| Equity | 10/15 | €112,407 | €145,376 | +€32,969 | +29.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €93,807 | €126,776 | +€32,969 | +35.1% |
| Distributable reserves | 133 | €93,807 | €126,776 | +€32,969 | +35.1% |
| Amounts payable | 17/49 | €342,266 | €327,975 | -€14,291 | -4.2% |
| Amounts payable after more than one year | 17 | €256,707 | €239,059 | -€17,648 | -6.9% |
| Financial debts | 170/4 | €256,707 | €239,059 | -€17,648 | -6.9% |
| Amounts payable within one year | 42/48 | €85,559 | €88,916 | +€3,357 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €16,980 | €17,648 | +€668 | +3.9% |
| Trade debts | 44 | €5,466 | €39,208 | +€33,742 | +617% |
| Suppliers | 440/4 | €5,466 | €39,208 | +€33,742 | +617% |
| Taxes, remuneration and social security | 45 | €16,162 | €13,232 | -€2,930 | -18.1% |
| Taxes | 450/3 | €16,162 | €13,232 | -€2,930 | -18.1% |
| Other amounts payable | 47/48 | €46,951 | €18,828 | -€28,123 | -59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,870 | €23,764 | +€3,894 | +19.6% |
| Other operating charges | 640/8 | €1,529 | €1,686 | +€156 | +10.2% |
| Gross operating margin | 9900 | €83,727 | €83,822 | +€95 | +0.1% |
| Operating profit (loss) | 9901 | €62,328 | €58,372 | -€3,956 | -6.3% |
| Financial income | 75/76B | - | €2,027 | +€2,027 | |
| Recurring financial income | 75 | - | €2,027 | +€2,027 | |
| Non-recurring financial income | 76B | - | €2,027 | +€2,027 | |
| Financial charges | 65/66B | €12,707 | €12,452 | -€255 | -2.0% |
| Recurring financial charges | 65 | €12,707 | €12,452 | -€255 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €49,622 | €47,948 | -€1,674 | -3.4% |
| Income taxes | 67/77 | €16,371 | €14,979 | -€1,392 | -8.5% |
| Profit (loss) for the period | 9904 | €33,251 | €32,969 | -€282 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,251 | €32,969 | -€282 | -0.8% |
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.