SMANCO: 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.
SMANCO
Largest movements
- Tangible fixed assets -€114,159
down €114,159 (-12.0%), from €951,507 to €837,348
of which Other tangible fixed assets: -€75,172
- Receivables within one year +€33,157
up €33,157 (+105.5%), from €31,422 to €64,579
of which Trade receivables: +€36,870
- Deferred charges and accrued income +€28,854
up €28,854 (+368.9%), from €7,822 to €36,676
- Debts after one year -€128,114
down €128,114 (-18.8%), from €681,485 to €553,371
- Accrued charges and deferred income +€53,402
new in 2025: €53,402
- Reserves +€33,356
up €33,356 (+63.3%), from €52,717 to €86,073
of which Distributable reserves: +€33,356
- Trade debts +€30,234
up €30,234 (+481.4%), from €6,280 to €36,514
- Other debts -€16,049
down €16,049 (-12.4%), from €129,042 to €112,993
- Gross operating margin -€44,862
down €44,862 (-19.3%), from €232,387 to €187,524
- Depreciation -€16,529
down €16,529 (-17.2%), from €96,136 to €79,607
- Financial charges +€3,425
up €3,425 (+27.2%), from €12,576 to €16,001
- Financial income +€2,492
up €2,492 (+33.9%), from €7,355 to €9,847
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 | €1,282,625 | €1,245,401 | -€37,224 | -2.9% |
| Fixed assets | 21/28 | €952,332 | €838,173 | -€114,159 | -12.0% |
| Tangible fixed assets | 22/27 | €951,507 | €837,348 | -€114,159 | -12.0% |
| Land and buildings | 22 | €20,817 | €19,412 | -€1,405 | -6.7% |
| Plant, machinery and equipment | 23 | €8,283 | €6,279 | -€2,004 | -24.2% |
| Furniture and vehicles | 24 | €37,049 | €1,471 | -€35,578 | -96.0% |
| Other tangible fixed assets | 26 | €885,358 | €810,186 | -€75,172 | -8.5% |
| Financial fixed assets | 28 | €825 | €825 | = | 0.0% |
| Current assets | 29/58 | €330,293 | €407,229 | +€76,935 | +23.3% |
| Amounts receivable after more than one year | 29 | €120,000 | €129,600 | +€9,600 | +8.0% |
| Trade receivables | 290 | €120,000 | €129,600 | +€9,600 | +8.0% |
| Amounts receivable within one year | 40/41 | €31,422 | €64,579 | +€33,157 | +105.5% |
| Trade receivables | 40 | €27,136 | €64,006 | +€36,870 | +135.9% |
| Other amounts receivable | 41 | €4,286 | €572 | -€3,713 | -86.6% |
| Current investments | 50/53 | €3,290 | €3,302 | +€12 | +0.4% |
| Cash at bank and in hand | 54/58 | €167,759 | €173,073 | +€5,314 | +3.2% |
| Deferred charges and accrued income | 490/1 | €7,822 | €36,676 | +€28,854 | +368.9% |
| Total equity and liabilities | 10/49 | €1,282,625 | €1,245,401 | -€37,224 | -2.9% |
| Equity | 10/15 | €321,317 | €354,673 | +€33,356 | +10.4% |
| Contributions | 10/11 | €268,600 | €268,600 | = | 0.0% |
| Reserves | 13 | €52,717 | €86,073 | +€33,356 | +63.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €52,717 | €86,073 | +€33,356 | +63.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €961,308 | €890,728 | -€70,580 | -7.3% |
| Amounts payable after more than one year | 17 | €681,485 | €553,371 | -€128,114 | -18.8% |
| Financial debts | 170/4 | €681,485 | €553,371 | -€128,114 | -18.8% |
| Amounts payable within one year | 42/48 | €279,822 | €283,954 | +€4,132 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €123,924 | €110,226 | -€13,698 | -11.1% |
| Financial debts | 43 | €11,934 | €14,667 | +€2,733 | +22.9% |
| Credit institutions | 430/8 | €11,934 | €14,667 | +€2,733 | +22.9% |
| Trade debts | 44 | €6,280 | €36,514 | +€30,234 | +481.4% |
| Suppliers | 440/4 | €6,280 | €36,514 | +€30,234 | +481.4% |
| Taxes, remuneration and social security | 45 | €8,642 | €9,554 | +€912 | +10.6% |
| Taxes | 450/3 | €8,642 | €9,554 | +€912 | +10.6% |
| Other amounts payable | 47/48 | €129,042 | €112,993 | -€16,049 | -12.4% |
| Accrued charges and deferred income | 492/3 | - | €53,402 | +€53,402 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,136 | €79,607 | -€16,529 | -17.2% |
| Other operating charges | 640/8 | €40,235 | €42,001 | +€1,766 | +4.4% |
| Non-recurring operating charges | 66A | - | €1,972 | +€1,972 | |
| Gross operating margin | 9900 | €232,387 | €187,524 | -€44,862 | -19.3% |
| Operating profit (loss) | 9901 | €96,016 | €63,943 | -€32,072 | -33.4% |
| Financial income | 75/76B | €7,355 | €9,847 | +€2,492 | +33.9% |
| Recurring financial income | 75 | €7,355 | €9,847 | +€2,492 | +33.9% |
| Financial charges | 65/66B | €12,576 | €16,001 | +€3,425 | +27.2% |
| Recurring financial charges | 65 | €12,576 | €16,001 | +€3,425 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €90,795 | €57,790 | -€33,005 | -36.4% |
| Income taxes | 67/77 | €26,331 | €24,434 | -€1,898 | -7.2% |
| Profit (loss) for the period | 9904 | €64,463 | €33,356 | -€31,107 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €64,463 | €33,356 | -€31,107 | -48.3% |
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 9 October 2026 via checked.be.