SMAPIC: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
SMAPIC
Largest movements
- Receivables within one year +€84,437
up €84,437 (+93.2%), from €90,635 to €175,072
of which Trade receivables: +€83,767
- Cash -€23,999
down €23,999 (-99.6%), from €24,101 to €102
mainly Contributions, distributions and other (-€136,000) and Receivables within one year (-€84,437)
- Tangible fixed assets -€15,289
down €15,289 (-2.6%), from €597,526 to €582,237
of which Land and buildings: -€10,875
- Tax, wage and social debts +€37,836
up €37,836 (+290%), from €13,061 to €50,897
of which Taxes: +€39,147
- Other debts +€26,835
up €26,835 (+16.1%), from €167,182 to €194,016
- Trade debts -€13,891
down €13,891 (-44.1%), from €31,522 to €17,631
- Profit (loss) carried forward -€13,272
down €13,272 (-35.9%), from €36,951 to €23,680
- Gross operating margin +€78,717
up €78,717 (+44.0%), from €178,702 to €257,418
- Taxes +€34,879
up €34,879 (+272%), from €12,840 to €47,719
- Other operating charges -€23,599
down €23,599 (-88.4%), from €26,710 to €3,111
- Financial charges -€20,290
down €20,290 (-56.3%), from €36,053 to €15,763
- Financial income +€2,692
up €2,692, from €0 to €2,692
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €717,089 | €762,547 | +€45,458 | +6.3% |
| Fixed assets | 21/28 | €597,617 | €582,328 | -€15,289 | -2.6% |
| Tangible fixed assets | 22/27 | €597,526 | €582,237 | -€15,289 | -2.6% |
| Land and buildings | 22 | €588,395 | €577,520 | -€10,875 | -1.8% |
| Plant, machinery and equipment | 23 | €2,129 | €1,587 | -€542 | -25.5% |
| Furniture and vehicles | 24 | €7,002 | €3,131 | -€3,872 | -55.3% |
| Financial fixed assets | 28 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €119,472 | €180,219 | +€60,747 | +50.8% |
| Amounts receivable within one year | 40/41 | €90,635 | €175,072 | +€84,437 | +93.2% |
| Trade receivables | 40 | €90,635 | €174,402 | +€83,767 | +92.4% |
| Other amounts receivable | 41 | €0 | €670 | +€670 | |
| Cash at bank and in hand | 54/58 | €24,101 | €102 | -€23,999 | -99.6% |
| Deferred charges and accrued income | 490/1 | €4,736 | €5,046 | +€309 | +6.5% |
| Total equity and liabilities | 10/49 | €717,089 | €762,547 | +€45,458 | +6.3% |
| Equity | 10/15 | €57,411 | €44,140 | -€13,272 | -23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,951 | €23,680 | -€13,272 | -35.9% |
| Amounts payable | 17/49 | €659,678 | €718,407 | +€58,730 | +8.9% |
| Amounts payable after more than one year | 17 | €418,138 | €423,537 | +€5,399 | +1.3% |
| Financial debts | 170/4 | €418,138 | €423,537 | +€5,399 | +1.3% |
| Amounts payable within one year | 42/48 | €241,539 | €294,870 | +€53,330 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €29,774 | €32,325 | +€2,551 | +8.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €31,522 | €17,631 | -€13,891 | -44.1% |
| Suppliers | 440/4 | €31,522 | €17,631 | -€13,891 | -44.1% |
| Taxes, remuneration and social security | 45 | €13,061 | €50,897 | +€37,836 | +290% |
| Taxes | 450/3 | €2,063 | €41,211 | +€39,147 | +1,897% |
| Remuneration and social security | 454/9 | €10,998 | €9,687 | -€1,311 | -11.9% |
| Other amounts payable | 47/48 | €167,182 | €194,016 | +€26,835 | +16.1% |
| Remuneration, social security and pensions | 62 | €34,804 | €36,443 | +€1,639 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,642 | €34,347 | -€2,295 | -6.3% |
| Other operating charges | 640/8 | €26,710 | €3,111 | -€23,599 | -88.4% |
| Gross operating margin | 9900 | €178,702 | €257,418 | +€78,717 | +44.0% |
| Operating profit (loss) | 9901 | €80,545 | €183,518 | +€102,973 | +128% |
| Financial income | 75/76B | €0 | €2,692 | +€2,692 | |
| Recurring financial income | 75 | €0 | €2,692 | +€2,692 | |
| Financial charges | 65/66B | €36,053 | €15,763 | -€20,290 | -56.3% |
| Recurring financial charges | 65 | €36,053 | €15,763 | -€20,290 | -56.3% |
| Profit (loss) for the period before taxes | 9903 | €44,493 | €170,448 | +€125,955 | +283% |
| Income taxes | 67/77 | €12,840 | €47,719 | +€34,879 | +272% |
| Profit (loss) for the period | 9904 | €31,653 | €122,728 | +€91,076 | +288% |
| Profit (loss) for the period to be appropriated | 9905 | €31,653 | €122,728 | +€91,076 | +288% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.