SMAK: 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.
SMAK
Largest movements
- Current investments +€106,986
up €106,986 (+241%), from €44,316 to €151,301
- Cash -€33,012
down €33,012 (-5.5%), from €605,466 to €572,453
mainly Contributions, distributions and other (-€125,708) and Current investments (-€106,986)
- Receivables within one year +€31,693
up €31,693 (+161%), from €19,727 to €51,420
- Reserves +€107,885
up €107,885 (+17.4%), from €620,038 to €727,923
- Gross operating margin +€60,896
up €60,896 (+29.9%), from €203,809 to €264,705
- Financial income +€44,973
up €44,973 (+301%), from €14,924 to €59,897
- Taxes +€21,355
up €21,355 (+32.5%), from €65,629 to €86,984
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 | €676,077 | €780,334 | +€104,257 | +15.4% |
| Fixed assets | 21/28 | €6,569 | €5,159 | -€1,410 | -21.5% |
| Tangible fixed assets | 22/27 | €4,994 | €3,584 | -€1,410 | -28.2% |
| Plant, machinery and equipment | 23 | €2,102 | €1,628 | -€474 | -22.5% |
| Furniture and vehicles | 24 | €2,891 | €1,956 | -€936 | -32.4% |
| Financial fixed assets | 28 | €1,575 | €1,575 | = | 0.0% |
| Current assets | 29/58 | €669,508 | €775,175 | +€105,667 | +15.8% |
| Amounts receivable within one year | 40/41 | €19,727 | €51,420 | +€31,693 | +161% |
| Other amounts receivable | 41 | €19,727 | €51,420 | +€31,693 | +161% |
| Current investments | 50/53 | €44,316 | €151,301 | +€106,986 | +241% |
| Cash at bank and in hand | 54/58 | €605,466 | €572,453 | -€33,012 | -5.5% |
| Total equity and liabilities | 10/49 | €676,077 | €780,334 | +€104,257 | +15.4% |
| Equity | 10/15 | €632,438 | €740,323 | +€107,885 | +17.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €620,038 | €727,923 | +€107,885 | +17.4% |
| Distributable reserves | 133 | €620,038 | €727,923 | +€107,885 | +17.4% |
| Amounts payable | 17/49 | €43,638 | €40,011 | -€3,627 | -8.3% |
| Amounts payable within one year | 42/48 | €43,638 | €40,011 | -€3,627 | -8.3% |
| Trade debts | 44 | €1,810 | €1,711 | -€99 | -5.5% |
| Suppliers | 440/4 | €1,810 | €1,711 | -€99 | -5.5% |
| Taxes, remuneration and social security | 45 | €41,591 | €38,300 | -€3,291 | -7.9% |
| Taxes | 450/3 | €41,591 | €38,300 | -€3,291 | -7.9% |
| Other amounts payable | 47/48 | €237 | - | -€237 | |
| Non-recurring operating income | 76A | €24,882 | - | -€24,882 | |
| Remuneration, social security and pensions | 62 | €603 | €136 | -€467 | -77.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,045 | €1,410 | +€365 | +34.9% |
| Other operating charges | 640/8 | €1,109 | €1,089 | -€20 | -1.8% |
| Gross operating margin | 9900 | €203,809 | €264,705 | +€60,896 | +29.9% |
| Operating profit (loss) | 9901 | €201,052 | €262,071 | +€61,019 | +30.3% |
| Financial income | 75/76B | €14,924 | €59,897 | +€44,973 | +301% |
| Recurring financial income | 75 | €14,924 | €59,897 | +€44,973 | +301% |
| Financial charges | 65/66B | €940 | €1,391 | +€451 | +47.9% |
| Recurring financial charges | 65 | €940 | €1,391 | +€451 | +47.9% |
| Profit (loss) for the period before taxes | 9903 | €215,036 | €320,577 | +€105,541 | +49.1% |
| Income taxes | 67/77 | €65,629 | €86,984 | +€21,355 | +32.5% |
| Profit (loss) for the period | 9904 | €149,407 | €233,593 | +€84,186 | +56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €149,407 | €233,593 | +€84,186 | +56.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.