SM INVEST: 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 INVEST
Largest movements
- Tangible fixed assets -€73,323
down €73,323 (-6.0%), from €1.2m to €1.1m
of which Other tangible fixed assets: -€37,823
- Cash -€37,042
down €37,042 (-48.3%), from €76,711 to €39,669
mainly Net result for the year (-€56,699) and Debts after one year (-€50,000)
- Debts after one year -€50,000
down €50,000 (-4.4%), from €1.1m to €1.1m
- Profit (loss) carried forward -€40,309
down €40,309 (-8.2%), from -€489,327 to -€529,636
- Reserves -€16,390
down €16,390 (-5.9%), from €279,171 to €262,782
of which Tax-exempt reserves: -€16,390
- Taxes +€875
new in 2025: €875
- Gross operating margin +€242
up €242 (+1.2%), from €20,997 to €21,239
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 | €1,390,999 | €1,275,372 | -€115,626 | -8.3% |
| Fixed assets | 21/28 | €1,312,393 | €1,233,747 | -€78,646 | -6.0% |
| Intangible fixed assets | 21 | €95,858 | €90,536 | -€5,323 | -5.6% |
| Tangible fixed assets | 22/27 | €1,216,535 | €1,143,211 | -€73,323 | -6.0% |
| Land and buildings | 22 | €884,819 | €849,319 | -€35,500 | -4.0% |
| Other tangible fixed assets | 26 | €331,715 | €293,892 | -€37,823 | -11.4% |
| Current assets | 29/58 | €78,606 | €41,625 | -€36,980 | -47.0% |
| Cash at bank and in hand | 54/58 | €76,711 | €39,669 | -€37,042 | -48.3% |
| Deferred charges and accrued income | 490/1 | €1,895 | €1,956 | +€62 | +3.2% |
| Total equity and liabilities | 10/49 | €1,390,999 | €1,275,372 | -€115,626 | -8.3% |
| Equity | 10/15 | €136,895 | €80,197 | -€56,699 | -41.4% |
| Contributions | 10/11 | €347,051 | €347,051 | = | 0.0% |
| Contributions outside capital | 11 | €347,051 | €347,051 | = | 0.0% |
| Other | 1109/19 | €347,051 | €347,051 | = | 0.0% |
| Reserves | 13 | €279,171 | €262,782 | -€16,390 | -5.9% |
| Non-distributable reserves | 130/1 | €34,705 | €34,705 | = | 0.0% |
| Reserves not available under the articles | 1311 | €34,705 | €34,705 | = | 0.0% |
| Tax-exempt reserves | 132 | €244,466 | €228,077 | -€16,390 | -6.7% |
| Profit (loss) carried forward | 14 | -€489,327 | -€529,636 | -€40,309 | -8.2% |
| Provisions and deferred taxes | 16 | €126,113 | €117,673 | -€8,439 | -6.7% |
| Deferred taxes | 168 | €126,113 | €117,673 | -€8,439 | -6.7% |
| Amounts payable | 17/49 | €1,127,990 | €1,077,502 | -€50,488 | -4.5% |
| Amounts payable after more than one year | 17 | €1,125,500 | €1,075,500 | -€50,000 | -4.4% |
| Financial debts | 170/4 | €1,125,500 | €1,075,500 | -€50,000 | -4.4% |
| Amounts payable within one year | 42/48 | €2,490 | €2,002 | -€488 | -19.6% |
| Trade debts | 44 | - | €1,620 | +€1,620 | |
| Suppliers | 440/4 | - | €1,620 | +€1,620 | |
| Other amounts payable | 47/48 | €2,490 | €382 | -€2,109 | -84.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,646 | €78,646 | = | 0.0% |
| Other operating charges | 640/8 | €6,406 | €6,608 | +€202 | +3.1% |
| Gross operating margin | 9900 | €20,997 | €21,239 | +€242 | +1.2% |
| Operating profit (loss) | 9901 | -€64,055 | -€64,015 | +€40 | +0.1% |
| Financial charges | 65/66B | €156 | €248 | +€92 | +58.8% |
| Recurring financial charges | 65 | €156 | €248 | +€92 | +58.8% |
| Profit (loss) for the period before taxes | 9903 | -€64,211 | -€64,263 | -€52 | -0.1% |
| Transfer from deferred taxes | 780 | €8,439 | €8,439 | = | 0.0% |
| Income taxes | 67/77 | - | €875 | +€875 | |
| Profit (loss) for the period | 9904 | -€55,772 | -€56,699 | -€927 | -1.7% |
| Transfer from tax-exempt reserves | 789 | €16,390 | €16,390 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,382 | -€40,309 | -€927 | -2.4% |
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.