SMACQ: 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.
SMACQ
Largest movements
- Cash -€30,066
down €30,066 (-27.3%), from €109,964 to €79,898
mainly Contributions, distributions and other (-€104,400) and Investment in fixed assets (net) (-€50,953)
- Receivables within one year -€8,447
down €8,447 (-25.3%), from €33,436 to €24,989
of which Trade receivables: -€7,381
- Reserves -€92,500
no longer reported in 2025 (was €92,500)
- Other debts +€72,027
up €72,027 (+89.3%), from €80,678 to €152,705
- Debts after one year -€14,444
down €14,444 (-4.2%), from €339,915 to €325,471
- Current portion of long-term debt -€10,380
down €10,380 (-16.1%), from €64,521 to €54,141
- Tax, wage and social debts +€9,321
up €9,321 (+23.2%), from €40,166 to €49,486
of which Remuneration and social security: +€5,829
- Staff costs +€27,485
new in 2025: €27,485
- Gross operating margin -€15,103
down €15,103 (-11.5%), from €131,505 to €116,403
- Taxes -€8,695
down €8,695 (-41.1%), from €21,177 to €12,481
- Depreciation +€3,418
up €3,418 (+7.3%), from €47,132 to €50,550
- Other operating charges -€2,231
down €2,231 (-24.2%), from €9,216 to €6,985
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 | €662,554 | €622,765 | -€39,789 | -6.0% |
| Fixed assets | 21/28 | €512,518 | €512,921 | +€403 | +0.1% |
| Tangible fixed assets | 22/27 | €512,518 | €512,921 | +€403 | +0.1% |
| Land and buildings | 22 | €400,550 | €388,521 | -€12,029 | -3.0% |
| Plant, machinery and equipment | 23 | €1,664 | €1,067 | -€597 | -35.9% |
| Furniture and vehicles | 24 | €96,093 | €111,750 | +€15,656 | +16.3% |
| Other tangible fixed assets | 26 | €14,211 | €11,583 | -€2,627 | -18.5% |
| Current assets | 29/58 | €150,036 | €109,844 | -€40,192 | -26.8% |
| Amounts receivable within one year | 40/41 | €33,436 | €24,989 | -€8,447 | -25.3% |
| Trade receivables | 40 | €32,371 | €24,989 | -€7,381 | -22.8% |
| Other amounts receivable | 41 | €1,066 | - | -€1,066 | |
| Cash at bank and in hand | 54/58 | €109,964 | €79,898 | -€30,066 | -27.3% |
| Deferred charges and accrued income | 490/1 | €6,635 | €4,957 | -€1,679 | -25.3% |
| Total equity and liabilities | 10/49 | €662,554 | €622,765 | -€39,789 | -6.0% |
| Equity | 10/15 | €111,566 | €18,698 | -€92,868 | -83.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,500 | - | -€92,500 | |
| Distributable reserves | 133 | €92,500 | - | -€92,500 | |
| Profit (loss) carried forward | 14 | €466 | €98 | -€368 | -78.9% |
| Amounts payable | 17/49 | €550,988 | €604,067 | +€53,079 | +9.6% |
| Amounts payable after more than one year | 17 | €339,915 | €325,471 | -€14,444 | -4.2% |
| Financial debts | 170/4 | €339,915 | €325,471 | -€14,444 | -4.2% |
| Amounts payable within one year | 42/48 | €209,264 | €276,931 | +€67,667 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €64,521 | €54,141 | -€10,380 | -16.1% |
| Trade debts | 44 | €23,899 | €20,599 | -€3,300 | -13.8% |
| Suppliers | 440/4 | €23,899 | €20,599 | -€3,300 | -13.8% |
| Taxes, remuneration and social security | 45 | €40,166 | €49,486 | +€9,321 | +23.2% |
| Taxes | 450/3 | €40,166 | €43,657 | +€3,491 | +8.7% |
| Remuneration and social security | 454/9 | - | €5,829 | +€5,829 | |
| Other amounts payable | 47/48 | €80,678 | €152,705 | +€72,027 | +89.3% |
| Accrued charges and deferred income | 492/3 | €1,808 | €1,664 | -€144 | -8.0% |
| Remuneration, social security and pensions | 62 | - | €27,485 | +€27,485 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,132 | €50,550 | +€3,418 | +7.3% |
| Other operating charges | 640/8 | €9,216 | €6,985 | -€2,231 | -24.2% |
| Gross operating margin | 9900 | €131,505 | €116,403 | -€15,103 | -11.5% |
| Operating profit (loss) | 9901 | €75,157 | €31,384 | -€43,773 | -58.2% |
| Financial income | 75/76B | €272 | €365 | +€94 | +34.5% |
| Recurring financial income | 75 | €272 | €365 | +€94 | +34.5% |
| Financial charges | 65/66B | €6,855 | €7,735 | +€881 | +12.8% |
| Recurring financial charges | 65 | €6,855 | €7,735 | +€881 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €68,574 | €24,014 | -€44,560 | -65.0% |
| Income taxes | 67/77 | €21,177 | €12,481 | -€8,695 | -41.1% |
| Profit (loss) for the period | 9904 | €47,397 | €11,532 | -€35,865 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,397 | €11,532 | -€35,865 | -75.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.