SM+: 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.
SM+
Largest movements
- Cash +€96,944
up €96,944 (+51.4%), from €188,503 to €285,447
mainly Net result for the year (+€102,922) and Current investments (+€58,119)
- Current investments -€58,119
down €58,119 (-40.7%), from €142,921 to €84,802
- Receivables within one year +€11,728
up €11,728 (+16.2%), from €72,312 to €84,041
of which Trade receivables: +€8,046
- Reserves +€39,612
up €39,612 (+12.0%), from €329,960 to €369,571
- Other debts +€5,231
up €5,231 (+8.6%), from €60,596 to €65,827
- Gross operating margin +€20,330
up €20,330 (+16.2%), from €125,284 to €145,614
- Taxes +€7,140
up €7,140 (+20.3%), from €35,252 to €42,392
- Depreciation -€2,118
down €2,118 (-28.7%), from €7,390 to €5,272
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 | €427,817 | €474,108 | +€46,291 | +10.8% |
| Fixed assets | 21/28 | €20,074 | €16,586 | -€3,488 | -17.4% |
| Tangible fixed assets | 22/27 | €20,074 | €16,586 | -€3,488 | -17.4% |
| Plant, machinery and equipment | 23 | €1,675 | €1,609 | -€66 | -3.9% |
| Furniture and vehicles | 24 | €1,502 | €739 | -€763 | -50.8% |
| Other tangible fixed assets | 26 | €16,898 | €14,239 | -€2,659 | -15.7% |
| Current assets | 29/58 | €407,743 | €457,522 | +€49,779 | +12.2% |
| Amounts receivable within one year | 40/41 | €72,312 | €84,041 | +€11,728 | +16.2% |
| Trade receivables | 40 | €67,217 | €75,263 | +€8,046 | +12.0% |
| Other amounts receivable | 41 | €5,095 | €8,777 | +€3,682 | +72.3% |
| Current investments | 50/53 | €142,921 | €84,802 | -€58,119 | -40.7% |
| Cash at bank and in hand | 54/58 | €188,503 | €285,447 | +€96,944 | +51.4% |
| Deferred charges and accrued income | 490/1 | €4,006 | €3,232 | -€775 | -19.3% |
| Total equity and liabilities | 10/49 | €427,817 | €474,108 | +€46,291 | +10.8% |
| Equity | 10/15 | €354,960 | €394,571 | +€39,612 | +11.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €329,960 | €369,571 | +€39,612 | +12.0% |
| Distributable reserves | 133 | €329,960 | €369,571 | +€39,612 | +12.0% |
| Amounts payable | 17/49 | €72,857 | €79,536 | +€6,680 | +9.2% |
| Amounts payable within one year | 42/48 | €72,392 | €79,536 | +€7,145 | +9.9% |
| Trade debts | 44 | €2,754 | €4,316 | +€1,562 | +56.7% |
| Suppliers | 440/4 | €2,754 | €4,316 | +€1,562 | +56.7% |
| Taxes, remuneration and social security | 45 | €9,042 | €9,394 | +€352 | +3.9% |
| Taxes | 450/3 | €6,692 | €7,044 | +€352 | +5.3% |
| Remuneration and social security | 454/9 | €2,350 | €2,350 | = | 0.0% |
| Other amounts payable | 47/48 | €60,596 | €65,827 | +€5,231 | +8.6% |
| Accrued charges and deferred income | 492/3 | €465 | - | -€465 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,390 | €5,272 | -€2,118 | -28.7% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Non-recurring operating charges | 66A | - | €75 | +€75 | |
| Gross operating margin | 9900 | €125,284 | €145,614 | +€20,330 | +16.2% |
| Operating profit (loss) | 9901 | €117,366 | €139,723 | +€22,357 | +19.0% |
| Financial income | 75/76B | €4,476 | €5,830 | +€1,354 | +30.2% |
| Recurring financial income | 75 | €4,476 | €5,830 | +€1,354 | +30.2% |
| Financial charges | 65/66B | €234 | €239 | +€5 | +2.0% |
| Recurring financial charges | 65 | €234 | €239 | +€5 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €121,608 | €145,314 | +€23,706 | +19.5% |
| Income taxes | 67/77 | €35,252 | €42,392 | +€7,140 | +20.3% |
| Profit (loss) for the period | 9904 | €86,356 | €102,922 | +€16,566 | +19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €86,356 | €102,922 | +€16,566 | +19.2% |
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.