SMAC: 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.
SMAC
Largest movements
- Stocks and contracts +€110,095
up €110,095 (+20.6%), from €533,640 to €643,734
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Cash +€97,282
up €97,282 (+16.1%), from €602,384 to €699,667
mainly Net result for the year (+€148,881) and Current investments (+€100,000)
- Tangible fixed assets +€25,026
up €25,026 (+109%), from €22,882 to €47,908
of which Furniture and vehicles: +€25,179
- Receivables within one year +€16,665
up €16,665 (+158%), from €10,578 to €27,243
of which Trade receivables: +€16,665
- Reserves +€148,881
up €148,881 (+96.5%), from €154,291 to €303,172
of which Distributable reserves: +€148,881
- Trade debts +€24,870
up €24,870 (+80.3%), from €30,984 to €55,854
- Debts after one year -€17,747
down €17,747 (-6.4%), from €278,799 to €261,052
of which Financial debts: -€17,747
- Gross operating margin +€90,810
up €90,810 (+37.3%), from €243,506 to €334,316
- Taxes +€38,658
up €38,658 (+147%), from €26,210 to €64,868
- Staff costs -€16,539
down €16,539 (-14.4%), from €115,047 to €98,507
- Depreciation -€7,774
down €7,774 (-56.5%), from €13,755 to €5,982
- Financial charges -€4,170
down €4,170 (-65.1%), from €6,407 to €2,237
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,287,233 | €1,447,520 | +€160,288 | +12.5% |
| Fixed assets | 21/28 | €25,497 | €51,483 | +€25,986 | +102% |
| Intangible fixed assets | 21 | €500 | €313 | -€188 | -37.5% |
| Tangible fixed assets | 22/27 | €22,882 | €47,908 | +€25,026 | +109% |
| Furniture and vehicles | 24 | €22,363 | €47,542 | +€25,179 | +113% |
| Other tangible fixed assets | 26 | €520 | €366 | -€153 | -29.5% |
| Financial fixed assets | 28 | €2,115 | €3,262 | +€1,148 | +54.3% |
| Current assets | 29/58 | €1,261,736 | €1,396,037 | +€134,301 | +10.6% |
| Stocks and contracts in progress | 3 | €533,640 | €643,734 | +€110,095 | +20.6% |
| Stocks | 30/36 | €533,640 | €643,734 | +€110,095 | +20.6% |
| Amounts receivable within one year | 40/41 | €10,578 | €27,243 | +€16,665 | +158% |
| Trade receivables | 40 | €1,788 | €18,453 | +€16,665 | +932% |
| Other amounts receivable | 41 | €8,790 | €8,790 | = | 0.0% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €602,384 | €699,667 | +€97,282 | +16.1% |
| Deferred charges and accrued income | 490/1 | €15,134 | €25,393 | +€10,260 | +67.8% |
| Total equity and liabilities | 10/49 | €1,287,233 | €1,447,520 | +€160,288 | +12.5% |
| Equity | 10/15 | €901,481 | €1,050,361 | +€148,881 | +16.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Contributions outside capital | 11 | €200,000 | €200,000 | = | 0.0% |
| Other | 1109/19 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €154,291 | €303,172 | +€148,881 | +96.5% |
| Non-distributable reserves | 130/1 | €1,279 | €1,279 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,279 | €1,279 | = | 0.0% |
| Distributable reserves | 133 | €153,012 | €301,893 | +€148,881 | +97.3% |
| Profit (loss) carried forward | 14 | €547,190 | €547,190 | = | 0.0% |
| Amounts payable | 17/49 | €385,752 | €397,159 | +€11,407 | +3.0% |
| Amounts payable after more than one year | 17 | €278,799 | €261,052 | -€17,747 | -6.4% |
| Financial debts | 170/4 | €21,523 | €3,776 | -€17,747 | -82.5% |
| Other amounts payable | 178/9 | €257,276 | €257,276 | = | 0.0% |
| Amounts payable within one year | 42/48 | €104,711 | €126,395 | +€21,684 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €16,540 | €16,820 | +€280 | +1.7% |
| Trade debts | 44 | €30,984 | €55,854 | +€24,870 | +80.3% |
| Suppliers | 440/4 | €30,984 | €55,854 | +€24,870 | +80.3% |
| Taxes, remuneration and social security | 45 | €44,108 | €40,642 | -€3,466 | -7.9% |
| Taxes | 450/3 | €15,963 | €23,883 | +€7,919 | +49.6% |
| Remuneration and social security | 454/9 | €28,145 | €16,759 | -€11,385 | -40.5% |
| Other amounts payable | 47/48 | €13,080 | €13,080 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,242 | €9,712 | +€7,470 | +333% |
| Non-recurring operating income | 76A | €0 | €14,443 | +€14,443 | |
| Remuneration, social security and pensions | 62 | €115,047 | €98,507 | -€16,539 | -14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,755 | €5,982 | -€7,774 | -56.5% |
| Other operating charges | 640/8 | €23,153 | €20,286 | -€2,867 | -12.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €243,506 | €334,316 | +€90,810 | +37.3% |
| Operating profit (loss) | 9901 | €91,551 | €209,541 | +€117,990 | +129% |
| Financial income | 75/76B | €5,920 | €6,445 | +€525 | +8.9% |
| Recurring financial income | 75 | €5,920 | €6,445 | +€525 | +8.9% |
| Financial charges | 65/66B | €6,407 | €2,237 | -€4,170 | -65.1% |
| Recurring financial charges | 65 | €6,407 | €2,237 | -€4,170 | -65.1% |
| Profit (loss) for the period before taxes | 9903 | €91,064 | €213,748 | +€122,685 | +135% |
| Income taxes | 67/77 | €26,210 | €64,868 | +€38,658 | +147% |
| Profit (loss) for the period | 9904 | €64,854 | €148,881 | +€84,027 | +130% |
| Profit (loss) for the period to be appropriated | 9905 | €64,854 | €148,881 | +€84,027 | +130% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.