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
- Stocks and contracts +€1,000
new in 2025: €1,000
- Cash -€976
down €976 (-26.9%), from €3,622 to €2,646
mainly Net result for the year (-€1,239) and Stocks and contracts (-€1,000)
- Receivables within one year -€127
down €127 (-17.8%), from €713 to €586
- Profit (loss) carried forward -€1,239
down €1,239 (-14.7%), from -€8,453 to -€9,692
- Other debts +€1,017
up €1,017 (+11.1%), from €9,141 to €10,159
- Trade debts +€266
new in 2025: €266
- Tax, wage and social debts -€148
down €148 (-100.0%), from €148 to €0
- Gross operating margin +€1,916
up €1,916 (+65.2%), from -€2,940 to -€1,024
- Financial charges +€54
up €54 (+33.5%), from €161 to €214
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.
Cash bridge derived
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 | €4,336 | €4,233 | -€103 | -2.4% |
| Current assets | 29/58 | €4,336 | €4,233 | -€103 | -2.4% |
| Stocks and contracts in progress | 3 | - | €1,000 | +€1,000 | |
| Stocks | 30/36 | - | €1,000 | +€1,000 | |
| Amounts receivable within one year | 40/41 | €713 | €586 | -€127 | -17.8% |
| Other amounts receivable | 41 | €713 | €586 | -€127 | -17.8% |
| Cash at bank and in hand | 54/58 | €3,622 | €2,646 | -€976 | -26.9% |
| Total equity and liabilities | 10/49 | €4,336 | €4,233 | -€103 | -2.4% |
| Equity | 10/15 | -€4,953 | -€6,192 | -€1,239 | -25.0% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,453 | -€9,692 | -€1,239 | -14.7% |
| Amounts payable | 17/49 | €9,289 | €10,425 | +€1,136 | +12.2% |
| Amounts payable within one year | 42/48 | €9,289 | €10,425 | +€1,136 | +12.2% |
| Trade debts | 44 | - | €266 | +€266 | |
| Suppliers | 440/4 | - | €266 | +€266 | |
| Taxes, remuneration and social security | 45 | €148 | €0 | -€148 | -100.0% |
| Taxes | 450/3 | €148 | €0 | -€148 | -100.0% |
| Other amounts payable | 47/48 | €9,141 | €10,159 | +€1,017 | +11.1% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | -€2,940 | -€1,024 | +€1,916 | +65.2% |
| Operating profit (loss) | 9901 | -€2,940 | -€1,024 | +€1,916 | +65.2% |
| Financial charges | 65/66B | €161 | €214 | +€54 | +33.5% |
| Recurring financial charges | 65 | €161 | €214 | +€54 | +33.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,101 | -€1,239 | +€1,862 | +60.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€3,101 | -€1,239 | +€1,862 | +60.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,101 | -€1,239 | +€1,862 | +60.0% |
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 11 October 2026 via checked.be.