SMAECK: 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.
SMAECK
Largest movements
- Cash +€11,343
up €11,343 (+387.1%), from €2,930 to €14,273
mainly Tax, wage and social debts (+€5,230) and Trade debts (+€5,048)
- Stocks and contracts +€3,153
up €3,153 (+85.9%), from €3,672 to €6,825
- Intangible fixed assets -€1,800
down €1,800 (-50.0%), from €3,600 to €1,800
- Tangible fixed assets +€1,491
up €1,491 (+27.4%), from €5,448 to €6,939
of which Plant, machinery and equipment: +€2,053
- Deferred charges and accrued income -€1,186
down €1,186 (-89.0%), from €1,332 to €146
- Tax, wage and social debts +€5,230
up €5,230 (+122.2%), from €4,281 to €9,511
- Trade debts +€5,048
up €5,048 (+138.5%), from €3,646 to €8,694
- Debts after one year +€2,376
new in 2025: €2,376
- Reserves -€2,084
down €2,084 (-25.1%), from €8,310 to €6,226
- Other debts +€1,472
new in 2025: €1,472
- Gross operating margin -€63,839
down €63,839 (-89.7%), from €71,200 to €7,361
- Taxes -€3,520
no longer reported in 2025 (was €3,520)
- Other operating charges +€3,105
up €3,105 (+607.9%), from €511 to €3,616
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 | €22,437 | €35,079 | +€12,642 | +56.3% |
| Fixed assets | 21/28 | €13,048 | €12,739 | -€309 | -2.4% |
| Intangible fixed assets | 21 | €3,600 | €1,800 | -€1,800 | -50.0% |
| Tangible fixed assets | 22/27 | €5,448 | €6,939 | +€1,491 | +27.4% |
| Land and buildings | 22 | €2,041 | €1,479 | -€562 | -27.5% |
| Plant, machinery and equipment | 23 | €3,407 | €5,460 | +€2,053 | +60.3% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €9,389 | €22,340 | +€12,951 | +137.9% |
| Stocks and contracts in progress | 3 | €3,672 | €6,825 | +€3,153 | +85.9% |
| Stocks | 30/36 | €3,672 | €6,825 | +€3,153 | +85.9% |
| Amounts receivable within one year | 40/41 | €1,455 | €1,096 | -€359 | -24.7% |
| Trade receivables | 40 | €666 | €309 | -€356 | -53.5% |
| Other amounts receivable | 41 | €790 | €786 | -€3 | -0.4% |
| Cash at bank and in hand | 54/58 | €2,930 | €14,273 | +€11,343 | +387.1% |
| Deferred charges and accrued income | 490/1 | €1,332 | €146 | -€1,186 | -89.0% |
| Total equity and liabilities | 10/49 | €22,437 | €35,079 | +€12,642 | +56.3% |
| Equity | 10/15 | €14,510 | €12,426 | -€2,084 | -14.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €8,310 | €6,226 | -€2,084 | -25.1% |
| Distributable reserves | 133 | €8,310 | €6,226 | -€2,084 | -25.1% |
| Amounts payable | 17/49 | €7,927 | €22,654 | +€14,726 | +185.8% |
| Amounts payable after more than one year | 17 | - | €2,376 | +€2,376 | |
| Financial debts | 170/4 | - | €2,376 | +€2,376 | |
| Amounts payable within one year | 42/48 | €7,927 | €20,278 | +€12,350 | +155.8% |
| Current portion of amounts payable after more than one year | 42 | - | €600 | +€600 | |
| Trade debts | 44 | €3,646 | €8,694 | +€5,048 | +138.5% |
| Suppliers | 440/4 | €3,646 | €8,694 | +€5,048 | +138.5% |
| Taxes, remuneration and social security | 45 | €4,281 | €9,511 | +€5,230 | +122.2% |
| Taxes | 450/3 | €4,281 | €9,511 | +€5,230 | +122.2% |
| Other amounts payable | 47/48 | - | €1,472 | +€1,472 | |
| Non-recurring operating income | 76A | €66,632 | - | -€66,632 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,990 | €4,667 | -€323 | -6.5% |
| Other operating charges | 640/8 | €511 | €3,616 | +€3,105 | +607.9% |
| Gross operating margin | 9900 | €71,200 | €7,361 | -€63,839 | -89.7% |
| Operating profit (loss) | 9901 | €65,699 | -€922 | -€66,622 | |
| Financial income | 75/76B | €0 | €9 | +€9 | +17340.0% |
| Recurring financial income | 75 | €0 | €9 | +€9 | +17340.0% |
| Financial charges | 65/66B | €469 | €1,171 | +€702 | +149.5% |
| Recurring financial charges | 65 | €469 | €1,171 | +€702 | +149.5% |
| Profit (loss) for the period before taxes | 9903 | €65,230 | -€2,084 | -€67,314 | |
| Income taxes | 67/77 | €3,520 | - | -€3,520 | |
| Profit (loss) for the period | 9904 | €61,710 | -€2,084 | -€63,794 | |
| Profit (loss) for the period to be appropriated | 9905 | €61,710 | -€2,084 | -€63,794 |
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.