SMADI: 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.
SMADI
Largest movements
- Tangible fixed assets -€126,110
down €126,110 (-2.7%), from €4.6m to €4.5m
of which Land and buildings: -€105,777
- Cash -€112,685
down €112,685 (-10.0%), from €1.1m to €1.0m
mainly Debts after one year (-€306,174) and Accrued charges and deferred income (-€76,712)
- Debts after one year -€306,174
down €306,174 (-14.3%), from €2.1m to €1.8m
- Profit (loss) carried forward +€238,176
up €238,176 (+29.5%), from -€807,512 to -€569,336
- Accrued charges and deferred income -€76,712
no longer reported in 2025 (was €76,712)
- Other operating charges -€201,711
down €201,711 (-80.9%), from €249,409 to €47,697
- Gross operating margin +€164,547
up €164,547 (+59.3%), from €277,693 to €442,240
- Financial income +€80,962
up €80,962 (+1132.7%), from €7,147 to €88,109
- Depreciation -€23,427
down €23,427 (-12.7%), from €185,108 to €161,682
- Financial charges +€21,496
up €21,496 (+35.7%), from €60,266 to €81,762
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 | €5,761,765 | €5,550,092 | -€211,674 | -3.7% |
| Fixed assets | 21/28 | €4,621,508 | €4,495,398 | -€126,110 | -2.7% |
| Tangible fixed assets | 22/27 | €4,621,508 | €4,495,398 | -€126,110 | -2.7% |
| Land and buildings | 22 | €4,178,236 | €4,072,459 | -€105,777 | -2.5% |
| Plant, machinery and equipment | 23 | €442,049 | €419,235 | -€22,814 | -5.2% |
| Furniture and vehicles | 24 | €1,222 | €3,704 | +€2,481 | +203.0% |
| Current assets | 29/58 | €1,140,257 | €1,054,694 | -€85,564 | -7.5% |
| Amounts receivable within one year | 40/41 | €774 | €21,996 | +€21,222 | +2743.0% |
| Trade receivables | 40 | €774 | €44 | -€730 | -94.3% |
| Other amounts receivable | 41 | - | €21,952 | +€21,952 | |
| Current investments | 50/53 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €1,124,048 | €1,011,363 | -€112,685 | -10.0% |
| Deferred charges and accrued income | 490/1 | €15,436 | €21,334 | +€5,899 | +38.2% |
| Total equity and liabilities | 10/49 | €5,761,765 | €5,550,092 | -€211,674 | -3.7% |
| Equity | 10/15 | €2,995,843 | €3,177,363 | +€181,520 | +6.1% |
| Contributions | 10/11 | €2,435,554 | €2,435,554 | = | 0.0% |
| Capital | 10 | €2,435,554 | €2,435,554 | = | 0.0% |
| Issued capital | 100 | €2,435,554 | €2,435,554 | = | 0.0% |
| Reserves | 13 | €1,367,801 | €1,311,145 | -€56,656 | -4.1% |
| Tax-exempt reserves | 132 | €1,311,145 | €1,311,145 | = | 0.0% |
| Distributable reserves | 133 | €56,656 | - | -€56,656 | |
| Profit (loss) carried forward | 14 | -€807,512 | -€569,336 | +€238,176 | +29.5% |
| Amounts payable | 17/49 | €2,765,922 | €2,372,729 | -€393,193 | -14.2% |
| Amounts payable after more than one year | 17 | €2,136,032 | €1,829,858 | -€306,174 | -14.3% |
| Financial debts | 170/4 | €2,136,032 | €1,829,858 | -€306,174 | -14.3% |
| Amounts payable within one year | 42/48 | €553,178 | €542,871 | -€10,307 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €298,430 | €306,174 | +€7,744 | +2.6% |
| Trade debts | 44 | €23,306 | €28,663 | +€5,358 | +23.0% |
| Suppliers | 440/4 | €23,306 | €28,663 | +€5,358 | +23.0% |
| Taxes, remuneration and social security | 45 | €18,684 | €5,524 | -€13,160 | -70.4% |
| Taxes | 450/3 | €18,684 | €5,524 | -€13,160 | -70.4% |
| Other amounts payable | 47/48 | €212,758 | €202,510 | -€10,248 | -4.8% |
| Accrued charges and deferred income | 492/3 | €76,712 | - | -€76,712 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,108 | €161,682 | -€23,427 | -12.7% |
| Other operating charges | 640/8 | €249,409 | €47,697 | -€201,711 | -80.9% |
| Gross operating margin | 9900 | €277,693 | €442,240 | +€164,547 | +59.3% |
| Operating profit (loss) | 9901 | -€156,824 | €232,861 | +€389,685 | |
| Financial income | 75/76B | €7,147 | €88,109 | +€80,962 | +1132.7% |
| Recurring financial income | 75 | €7,147 | €88,109 | +€80,962 | +1132.7% |
| Financial charges | 65/66B | €60,266 | €81,762 | +€21,496 | +35.7% |
| Recurring financial charges | 65 | €60,266 | €81,762 | +€21,496 | +35.7% |
| Profit (loss) for the period before taxes | 9903 | -€209,943 | €239,208 | +€449,150 | |
| Income taxes | 67/77 | €20,000 | €1,032 | -€18,968 | -94.8% |
| Profit (loss) for the period | 9904 | -€229,943 | €238,176 | +€468,119 | |
| Profit (loss) for the period to be appropriated | 9905 | -€229,943 | €238,176 | +€468,119 |
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 5 October 2026 via checked.be.