SMAD: what changed
SMAD
Largest movements
- Cash -€23,325
down €23,325 (-37.3%), from €62,505 to €39,179
mainly Contributions, distributions and other (-€25,912) and Net result for the year (-€10,668)
- Receivables within one year -€10,850
down €10,850 (-50.2%), from €21,611 to €10,761
of which Trade receivables: -€12,463
- Tangible fixed assets -€6,756
down €6,756 (-42.1%), from €16,029 to €9,273
- Reserves -€25,912
down €25,912 (-62.2%), from €41,687 to €15,774
- Profit (loss) carried forward -€10,668
down €10,668 (-26.8%), from €39,756 to €29,088
- Tax, wage and social debts -€6,873
down €6,873 (-44.3%), from €15,508 to €8,635
- Trade debts +€3,012
up €3,012 (+299%), from €1,007 to €4,019
- Gross operating margin -€33,298
down €33,298, from €30,665 to -€2,633
- Taxes -€7,292
down €7,292 (-96.2%), from €7,584 to €292
- Other operating charges +€451
up €451 (+143%), from €316 to €767
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,022 | €60,516 | -€40,505 | -40.1% |
| Fixed assets | 21/28 | €16,029 | €9,273 | -€6,756 | -42.1% |
| Tangible fixed assets | 22/27 | €16,029 | €9,273 | -€6,756 | -42.1% |
| Furniture and vehicles | 24 | €16,029 | €9,273 | -€6,756 | -42.1% |
| Current assets | 29/58 | €84,992 | €51,243 | -€33,749 | -39.7% |
| Amounts receivable within one year | 40/41 | €21,611 | €10,761 | -€10,850 | -50.2% |
| Trade receivables | 40 | €21,611 | €9,148 | -€12,463 | -57.7% |
| Other amounts receivable | 41 | - | €1,614 | +€1,614 | |
| Cash at bank and in hand | 54/58 | €62,505 | €39,179 | -€23,325 | -37.3% |
| Deferred charges and accrued income | 490/1 | €877 | €1,303 | +€426 | +48.5% |
| Total equity and liabilities | 10/49 | €101,022 | €60,516 | -€40,505 | -40.1% |
| Equity | 10/15 | €84,443 | €47,862 | -€36,580 | -43.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €41,687 | €15,774 | -€25,912 | -62.2% |
| Distributable reserves | 133 | €41,687 | €15,774 | -€25,912 | -62.2% |
| Profit (loss) carried forward | 14 | €39,756 | €29,088 | -€10,668 | -26.8% |
| Amounts payable | 17/49 | €16,579 | €12,654 | -€3,925 | -23.7% |
| Amounts payable within one year | 42/48 | €16,579 | €12,654 | -€3,925 | -23.7% |
| Trade debts | 44 | €1,007 | €4,019 | +€3,012 | +299% |
| Suppliers | 440/4 | €1,007 | €4,019 | +€3,012 | +299% |
| Taxes, remuneration and social security | 45 | €15,508 | €8,635 | -€6,873 | -44.3% |
| Taxes | 450/3 | €15,508 | €8,635 | -€6,873 | -44.3% |
| Other amounts payable | 47/48 | €64 | - | -€64 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,756 | €6,756 | = | 0.0% |
| Other operating charges | 640/8 | €316 | €767 | +€451 | +143% |
| Gross operating margin | 9900 | €30,665 | -€2,633 | -€33,298 | |
| Operating profit (loss) | 9901 | €23,593 | -€10,156 | -€33,749 | |
| Financial charges | 65/66B | €235 | €220 | -€15 | -6.3% |
| Recurring financial charges | 65 | €235 | €220 | -€15 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €23,358 | -€10,376 | -€33,734 | |
| Income taxes | 67/77 | €7,584 | €292 | -€7,292 | -96.2% |
| Profit (loss) for the period | 9904 | €15,774 | -€10,668 | -€26,443 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,774 | -€10,668 | -€26,443 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.