SM4I: what changed
Two fiscal 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.
SM4I
Largest movements
- Financial fixed assets +€75,000
up €75,000 (+30320.2%), from €247 to €75,247
- Receivables within one year -€52,389
down €52,389 (-42.9%), from €122,221 to €69,831
of which Other amounts receivable: -€43,223
- Deferred charges and accrued income +€9,645
up €9,645 (+520.7%), from €1,853 to €11,498
- Profit (loss) carried forward +€45,244
up €45,244 (+101.9%), from €44,394 to €89,639
- Other debts -€33,187
down €33,187 (-99.9%), from €33,230 to €43
- Trade debts +€11,014
up €11,014 (+256.1%), from €4,301 to €15,315
- Tax, wage and social debts +€8,923
up €8,923 (+24.6%), from €36,309 to €45,232
of which Remuneration and social security: +€4,803
- Gross operating margin +€82,177
up €82,177 (+302.3%), from €27,181 to €109,358
- Staff costs +€44,867
up €44,867 (+3168.8%), from €1,416 to €46,283
- Taxes +€7,542
up €7,542 (+142.9%), from €5,277 to €12,820
- Financial charges +€3,206
up €3,206 (+378.7%), from €847 to €4,053
- Other operating charges -€2,016
down €2,016 (-67.8%), from €2,975 to €959
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 | €129,289 | €161,283 | +€31,994 | +24.7% |
| Fixed assets | 21/28 | €247 | €75,247 | +€75,000 | +30320.2% |
| Financial fixed assets | 28 | €247 | €75,247 | +€75,000 | +30320.2% |
| Current assets | 29/58 | €129,042 | €86,036 | -€43,006 | -33.3% |
| Amounts receivable within one year | 40/41 | €122,221 | €69,831 | -€52,389 | -42.9% |
| Trade receivables | 40 | €28,478 | €19,312 | -€9,166 | -32.2% |
| Other amounts receivable | 41 | €93,743 | €50,520 | -€43,223 | -46.1% |
| Current investments | 50/53 | €4,541 | €4,541 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €428 | €165 | -€262 | -61.4% |
| Deferred charges and accrued income | 490/1 | €1,853 | €11,498 | +€9,645 | +520.7% |
| Total equity and liabilities | 10/49 | €129,289 | €161,283 | +€31,994 | +24.7% |
| Equity | 10/15 | €55,449 | €100,694 | +€45,244 | +81.6% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,394 | €89,639 | +€45,244 | +101.9% |
| Amounts payable | 17/49 | €73,840 | €60,589 | -€13,251 | -17.9% |
| Amounts payable within one year | 42/48 | €73,840 | €60,589 | -€13,251 | -17.9% |
| Trade debts | 44 | €4,301 | €15,315 | +€11,014 | +256.1% |
| Suppliers | 440/4 | €4,301 | €15,315 | +€11,014 | +256.1% |
| Taxes, remuneration and social security | 45 | €36,309 | €45,232 | +€8,923 | +24.6% |
| Taxes | 450/3 | €34,893 | €39,013 | +€4,120 | +11.8% |
| Remuneration and social security | 454/9 | €1,416 | €6,219 | +€4,803 | +339.2% |
| Other amounts payable | 47/48 | €33,230 | €43 | -€33,187 | -99.9% |
| Remuneration, social security and pensions | 62 | €1,416 | €46,283 | +€44,867 | +3168.8% |
| Other operating charges | 640/8 | €2,975 | €959 | -€2,016 | -67.8% |
| Gross operating margin | 9900 | €27,181 | €109,358 | +€82,177 | +302.3% |
| Operating profit (loss) | 9901 | €22,790 | €62,116 | +€39,326 | +172.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €847 | €4,053 | +€3,206 | +378.7% |
| Recurring financial charges | 65 | €847 | €4,053 | +€3,206 | +378.7% |
| Profit (loss) for the period before taxes | 9903 | €21,944 | €58,064 | +€36,120 | +164.6% |
| Income taxes | 67/77 | €5,277 | €12,820 | +€7,542 | +142.9% |
| Profit (loss) for the period | 9904 | €16,666 | €45,244 | +€28,578 | +171.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,666 | €45,244 | +€28,578 | +171.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.