SMaP: 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.
SMaP
Largest movements
- Financial fixed assets +€1.0m
new in 2025: €1.0m
- Cash +€87,166
up €87,166 (+139%), from €62,539 to €149,705
mainly Debts after one year (+€1.0m) and Net result for the year (+€125,603)
- Deferred charges and accrued income +€35,142
up €35,142 (+1,318%), from €2,666 to €37,808
- Debts after one year +€1.0m
new in 2025: €1.0m
- Other debts +€61,361
up €61,361 (+116%), from €52,747 to €114,108
- Trade debts +€33,265
up €33,265 (+906%), from €3,673 to €36,938
- Tax, wage and social debts +€17,337
up €17,337 (+93.6%), from €18,529 to €35,865
- Gross operating margin +€137,981
up €137,981 (+161%), from €85,847 to €223,827
- Taxes +€35,103
up €35,103 (+207%), from €16,928 to €52,030
- Financial charges +€35,012
up €35,012 (+4,059%), from €863 to €35,875
- Depreciation -€3,114
down €3,114 (-24.2%), from €12,858 to €9,743
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 | €74,949 | €1,190,733 | +€1.1m | +1,489% |
| Fixed assets | 21/28 | €9,743 | €1,003,219 | +€993,476 | +10,196% |
| Tangible fixed assets | 22/27 | €9,743 | €0 | -€9,743 | -100% |
| Furniture and vehicles | 24 | €9,743 | €0 | -€9,743 | -100% |
| Financial fixed assets | 28 | - | €1,003,219 | +€1.0m | |
| Current assets | 29/58 | €65,205 | €187,514 | +€122,308 | +188% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €62,539 | €149,705 | +€87,166 | +139% |
| Deferred charges and accrued income | 490/1 | €2,666 | €37,808 | +€35,142 | +1,318% |
| Total equity and liabilities | 10/49 | €74,949 | €1,190,733 | +€1.1m | +1,489% |
| Equity | 10/15 | €0 | €603 | +€603 | |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €0 | €603 | +€603 | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | - | €603 | +€603 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €74,949 | €1,190,130 | +€1.1m | +1,488% |
| Amounts payable after more than one year | 17 | - | €1,003,219 | +€1.0m | |
| Financial debts | 170/4 | - | €1,003,219 | +€1.0m | |
| Amounts payable within one year | 42/48 | €74,949 | €186,911 | +€111,962 | +149% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,673 | €36,938 | +€33,265 | +906% |
| Suppliers | 440/4 | €3,673 | €36,938 | +€33,265 | +906% |
| Taxes, remuneration and social security | 45 | €18,529 | €35,865 | +€17,337 | +93.6% |
| Taxes | 450/3 | €18,529 | €35,865 | +€17,337 | +93.6% |
| Other amounts payable | 47/48 | €52,747 | €114,108 | +€61,361 | +116% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,858 | €9,743 | -€3,114 | -24.2% |
| Other operating charges | 640/8 | €1,354 | €947 | -€408 | -30.1% |
| Gross operating margin | 9900 | €85,847 | €223,827 | +€137,981 | +161% |
| Operating profit (loss) | 9901 | €71,635 | €213,137 | +€141,503 | +198% |
| Financial income | 75/76B | €131 | €371 | +€240 | +184% |
| Recurring financial income | 75 | €131 | €371 | +€240 | +184% |
| Financial charges | 65/66B | €863 | €35,875 | +€35,012 | +4,059% |
| Recurring financial charges | 65 | €863 | €35,875 | +€35,012 | +4,059% |
| Profit (loss) for the period before taxes | 9903 | €70,903 | €177,633 | +€106,731 | +151% |
| Income taxes | 67/77 | €16,928 | €52,030 | +€35,103 | +207% |
| Profit (loss) for the period | 9904 | €53,975 | €125,603 | +€71,628 | +133% |
| Profit (loss) for the period to be appropriated | 9905 | €53,975 | €125,603 | +€71,628 | +133% |
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 16 October 2026 via checked.be.