SMAL: 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.
SMAL
Largest movements
- Tangible fixed assets +€556,235
up €556,235 (+255%), from €218,516 to €774,751
of which Land and buildings: +€549,545
- Receivables within one year +€49,718
up €49,718 (+512%), from €9,716 to €59,434
of which Other amounts receivable: +€26,018
- Stocks and contracts +€19,375
up €19,375 (+390%), from €4,965 to €24,340
- Cash -€13,652
down €13,652 (-10.9%), from €125,273 to €111,621
mainly Investment in fixed assets (net) (-€670,482) and Receivables within one year (-€49,718)
- Debts after one year +€535,240
up €535,240 (+444%), from €120,470 to €655,710
of which Financial debts: +€415,240
- Profit (loss) carried forward +€37,894
up €37,894 (+41.1%), from €92,278 to €130,172
- Current portion of long-term debt +€26,726
up €26,726 (+140%), from €19,049 to €45,775
- Trade debts +€23,106
up €23,106 (+85.4%), from €27,068 to €50,174
- Advances received -€19,291
no longer reported in 2025 (was €19,291)
- Depreciation +€39,392
up €39,392 (+52.6%), from €74,855 to €114,247
- Taxes -€29,742
no longer reported in 2025 (was €29,742)
- Gross operating margin -€26,298
down €26,298 (-12.8%), from €206,236 to €179,938
- Financial charges +€10,015
up €10,015 (+117%), from €8,578 to €18,593
- Other operating charges +€8,815
up €8,815 (+665%), from €1,326 to €10,141
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 | €359,105 | €975,765 | +€616,659 | +172% |
| Fixed assets | 21/28 | €218,516 | €774,751 | +€556,235 | +255% |
| Tangible fixed assets | 22/27 | €218,516 | €774,751 | +€556,235 | +255% |
| Land and buildings | 22 | - | €549,545 | +€549,545 | |
| Plant, machinery and equipment | 23 | €145,214 | €141,076 | -€4,138 | -2.8% |
| Furniture and vehicles | 24 | €73,303 | €84,131 | +€10,829 | +14.8% |
| Current assets | 29/58 | €140,589 | €201,013 | +€60,424 | +43.0% |
| Stocks and contracts in progress | 3 | €4,965 | €24,340 | +€19,375 | +390% |
| Stocks | 30/36 | €4,965 | €24,340 | +€19,375 | +390% |
| Amounts receivable within one year | 40/41 | €9,716 | €59,434 | +€49,718 | +512% |
| Trade receivables | 40 | €3,395 | €27,095 | +€23,700 | +698% |
| Other amounts receivable | 41 | €6,321 | €32,339 | +€26,018 | +412% |
| Cash at bank and in hand | 54/58 | €125,273 | €111,621 | -€13,652 | -10.9% |
| Deferred charges and accrued income | 490/1 | €635 | €5,618 | +€4,983 | +784% |
| Total equity and liabilities | 10/49 | €359,105 | €975,765 | +€616,659 | +172% |
| Equity | 10/15 | €102,278 | €140,172 | +€37,894 | +37.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,278 | €130,172 | +€37,894 | +41.1% |
| Amounts payable | 17/49 | €256,827 | €835,593 | +€578,766 | +225% |
| Amounts payable after more than one year | 17 | €120,470 | €655,710 | +€535,240 | +444% |
| Financial debts | 170/4 | €110,470 | €525,710 | +€415,240 | +376% |
| Other amounts payable | 178/9 | €10,000 | €130,000 | +€120,000 | +1,200% |
| Amounts payable within one year | 42/48 | €136,261 | €179,763 | +€43,502 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €19,049 | €45,775 | +€26,726 | +140% |
| Trade debts | 44 | €27,068 | €50,174 | +€23,106 | +85.4% |
| Suppliers | 440/4 | €27,068 | €50,174 | +€23,106 | +85.4% |
| Advances received on contracts in progress | 46 | €19,291 | - | -€19,291 | |
| Taxes, remuneration and social security | 45 | €5,895 | €18,607 | +€12,712 | +216% |
| Taxes | 450/3 | €5,895 | €18,607 | +€12,712 | +216% |
| Other amounts payable | 47/48 | €64,958 | €65,207 | +€249 | +0.4% |
| Accrued charges and deferred income | 492/3 | €96 | €119 | +€24 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,855 | €114,247 | +€39,392 | +52.6% |
| Other operating charges | 640/8 | €1,326 | €10,141 | +€8,815 | +665% |
| Gross operating margin | 9900 | €206,236 | €179,938 | -€26,298 | -12.8% |
| Operating profit (loss) | 9901 | €130,055 | €55,550 | -€74,505 | -57.3% |
| Financial income | 75/76B | €542 | €937 | +€394 | +72.7% |
| Recurring financial income | 75 | €542 | €937 | +€394 | +72.7% |
| Financial charges | 65/66B | €8,578 | €18,593 | +€10,015 | +117% |
| Recurring financial charges | 65 | €8,578 | €18,593 | +€10,015 | +117% |
| Profit (loss) for the period before taxes | 9903 | €122,020 | €37,894 | -€84,126 | -68.9% |
| Income taxes | 67/77 | €29,742 | - | -€29,742 | |
| Profit (loss) for the period | 9904 | €92,278 | €37,894 | -€54,384 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €92,278 | €37,894 | -€54,384 | -58.9% |
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 24 October 2026 via checked.be.