SM Company: 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.
What changed
SM Company
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€16,775
2024 · €28,089-€11,314
Equity
-€3,674
2024 · -€20,450+€16,775
Cash
€71,478
2024 · €73,385-€1,907
Balance sheet total
€557,120
2024 · €575,686-€18,566
Largest movements
Assets
- Tangible fixed assets -€17,335
down €17,335 (-3.5%), from €499,992 to €482,657
of which Land and buildings: -€24,411
Equity and liabilities
- Debts after one year -€32,193
down €32,193 (-14.0%), from €230,103 to €197,910
- Profit (loss) carried forward +€22,281
up €22,281 (+33.5%), from -€66,467 to -€44,187
Income statement
- Gross operating margin -€16,455
down €16,455 (-26.0%), from €63,197 to €46,742
- Financial charges -€4,380
down €4,380 (-32.2%), from €13,617 to €9,238
- Financial income +€1,486
new in 2025: €1,486
- Depreciation +€725
up €725 (+3.0%), from €24,325 to €25,050
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.
Result 2024
€28,089
Gross operating margin
-€16,455
Depreciation
-€725
Financial income
+€1,486
Financial charges
+€4,380
Result 2025
€16,775
raises the resultlowers the result
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.
From operations
+€39,179
Investment
-€7,715
Financing
-€33,371
Cash 2024
€73,385
From operations (derived)
+€39,179
Net result for the year
+€16,775
Depreciation
+€25,050
Receivables within one year
-€446
Deferred charges and accrued income
-€231
Provisions
-€2,835
Trade debts
+€740
Other debts
+€1,225
Accrued charges and deferred income
-€1,100
Investment (derived)
-€7,715
Investment in fixed assets (net)
-€7,715
Financing
-€33,371
Debts after one year
-€32,193
Current portion of long-term debt
-€1,774
Short-term financial debts
+€596
Cash 2025
€71,478
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €575,686 | €557,120 | -€18,566 | -3.2% |
| Fixed assets | 21/28 | €499,992 | €482,657 | -€17,335 | -3.5% |
| Tangible fixed assets | 22/27 | €499,992 | €482,657 | -€17,335 | -3.5% |
| Land and buildings | 22 | €499,992 | €475,582 | -€24,411 | -4.9% |
| Furniture and vehicles | 24 | - | €7,076 | +€7,076 | |
| Current assets | 29/58 | €75,694 | €74,463 | -€1,231 | -1.6% |
| Amounts receivable within one year | 40/41 | - | €446 | +€446 | |
| Other amounts receivable | 41 | - | €446 | +€446 | |
| Cash at bank and in hand | 54/58 | €73,385 | €71,478 | -€1,907 | -2.6% |
| Deferred charges and accrued income | 490/1 | €2,309 | €2,539 | +€231 | +10.0% |
| Total equity and liabilities | 10/49 | €575,686 | €557,120 | -€18,566 | -3.2% |
| Equity | 10/15 | -€20,450 | -€3,674 | +€16,775 | +82.0% |
| Contributions | 10/11 | €21,815 | €21,815 | = | 0.0% |
| Reserves | 13 | €24,203 | €18,698 | -€5,505 | -22.7% |
| Non-distributable reserves | 130/1 | €2,181 | €2,181 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,181 | €2,181 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,022 | €16,516 | -€5,505 | -25.0% |
| Profit (loss) carried forward | 14 | -€66,467 | -€44,187 | +€22,281 | +33.5% |
| Provisions and deferred taxes | 16 | €11,339 | €8,505 | -€2,835 | -25.0% |
| Deferred taxes | 168 | €11,339 | €8,505 | -€2,835 | -25.0% |
| Amounts payable | 17/49 | €584,796 | €552,290 | -€32,506 | -5.6% |
| Amounts payable after more than one year | 17 | €230,103 | €197,910 | -€32,193 | -14.0% |
| Financial debts | 170/4 | €230,103 | €197,910 | -€32,193 | -14.0% |
| Amounts payable within one year | 42/48 | €353,593 | €354,379 | +€786 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €191,167 | €189,393 | -€1,774 | -0.9% |
| Financial debts | 43 | - | €596 | +€596 | |
| Credit institutions | 430/8 | - | €596 | +€596 | |
| Trade debts | 44 | €316 | €1,056 | +€740 | +235% |
| Suppliers | 440/4 | €316 | €1,056 | +€740 | +235% |
| Other amounts payable | 47/48 | €162,111 | €163,335 | +€1,225 | +0.8% |
| Accrued charges and deferred income | 492/3 | €1,100 | - | -€1,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,325 | €25,050 | +€725 | +3.0% |
| Gross operating margin | 9900 | €63,197 | €46,742 | -€16,455 | -26.0% |
| Operating profit (loss) | 9901 | €38,872 | €21,692 | -€17,180 | -44.2% |
| Financial income | 75/76B | - | €1,486 | +€1,486 | |
| Recurring financial income | 75 | - | €1,486 | +€1,486 | |
| Financial charges | 65/66B | €13,617 | €9,238 | -€4,380 | -32.2% |
| Recurring financial charges | 65 | €13,617 | €9,238 | -€4,380 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €25,255 | €13,940 | -€11,314 | -44.8% |
| Transfer from deferred taxes | 780 | €2,835 | €2,835 | = | 0.0% |
| Profit (loss) for the period | 9904 | €28,089 | €16,775 | -€11,314 | -40.3% |
| Transfer from tax-exempt reserves | 789 | €5,505 | €5,505 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,595 | €22,281 | -€11,314 | -33.7% |
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 29 October 2026 via checked.be.