SM GROUP: 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 GROUP
Largest movements
- Receivables within one year +€15,669
up €15,669 (+106%), from €14,844 to €30,513
of which Trade receivables: +€14,634
- Tangible fixed assets -€9,024
down €9,024 (-47.5%), from €19,010 to €9,987
- Deferred charges and accrued income -€3,157
no longer reported in 2025 (was €3,157)
- Cash -€1,701
down €1,701 (-32.9%), from €5,168 to €3,467
mainly Net result for the year (-€21,799) and Receivables within one year (-€15,669)
- Profit (loss) carried forward -€21,799
down €21,799, from €11,269 to -€10,530
- Tax, wage and social debts +€10,786
new in 2025: €10,786
- Other debts +€7,692
up €7,692 (+36.7%), from €20,989 to €28,681
- Trade debts +€5,108
new in 2025: €5,108
- Staff costs +€31,369
up €31,369 (+423%), from €7,419 to €38,787
- Turnover +€9,140
up €9,140 (+13.6%), from €67,066 to €76,206
- Gross operating margin +€6,315
up €6,315 (+28.3%), from €22,321 to €28,636
- Purchases and services +€3,408
up €3,408 (+7.6%), from €45,114 to €48,523
- Other operating charges -€3,298
down €3,298 (-56.4%), from €5,853 to €2,554
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 | €42,257 | €44,045 | +€1,788 | +4.2% |
| Fixed assets | 21/28 | €19,088 | €10,065 | -€9,024 | -47.3% |
| Tangible fixed assets | 22/27 | €19,010 | €9,987 | -€9,024 | -47.5% |
| Furniture and vehicles | 24 | €19,010 | €9,987 | -€9,024 | -47.5% |
| Financial fixed assets | 28 | €78 | €78 | = | 0.0% |
| Current assets | 29/58 | €23,169 | €33,980 | +€10,811 | +46.7% |
| Amounts receivable within one year | 40/41 | €14,844 | €30,513 | +€15,669 | +106% |
| Trade receivables | 40 | €7,966 | €22,600 | +€14,634 | +184% |
| Other amounts receivable | 41 | €6,878 | €7,913 | +€1,035 | +15.1% |
| Cash at bank and in hand | 54/58 | €5,168 | €3,467 | -€1,701 | -32.9% |
| Deferred charges and accrued income | 490/1 | €3,157 | - | -€3,157 | |
| Total equity and liabilities | 10/49 | €42,257 | €44,045 | +€1,788 | +4.2% |
| Equity | 10/15 | €21,269 | -€530 | -€21,799 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €8,600 | €8,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,269 | -€10,530 | -€21,799 | |
| Amounts payable | 17/49 | €20,989 | €44,575 | +€23,586 | +112% |
| Amounts payable within one year | 42/48 | €20,989 | €44,575 | +€23,586 | +112% |
| Trade debts | 44 | - | €5,108 | +€5,108 | |
| Suppliers | 440/4 | - | €5,108 | +€5,108 | |
| Taxes, remuneration and social security | 45 | - | €10,786 | +€10,786 | |
| Remuneration and social security | 454/9 | - | €10,786 | +€10,786 | |
| Other amounts payable | 47/48 | €20,989 | €28,681 | +€7,692 | +36.7% |
| Turnover | 70 | €67,066 | €76,206 | +€9,140 | +13.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €45,114 | €48,523 | +€3,408 | +7.6% |
| Remuneration, social security and pensions | 62 | €7,419 | €38,787 | +€31,369 | +423% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,909 | €9,024 | +€115 | +1.3% |
| Other operating charges | 640/8 | €5,853 | €2,554 | -€3,298 | -56.4% |
| Gross operating margin | 9900 | €22,321 | €28,636 | +€6,315 | +28.3% |
| Operating profit (loss) | 9901 | €140 | -€21,730 | -€21,870 | |
| Financial charges | 65/66B | €483 | €69 | -€414 | -85.7% |
| Recurring financial charges | 65 | €483 | €69 | -€414 | -85.7% |
| Profit (loss) for the period before taxes | 9903 | -€342 | -€21,799 | -€21,456 | -6,265% |
| Profit (loss) for the period | 9904 | -€342 | -€21,799 | -€21,456 | -6,265% |
| Profit (loss) for the period to be appropriated | 9905 | -€342 | -€21,799 | -€21,456 | -6,265% |
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 30 October 2026 via checked.be.