SMARAGD: what changed
Two fiscal 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.
SMARAGD
Largest movements
- Tangible fixed assets -€26,159
down €26,159 (-4.7%), from €560,715 to €534,556
- Cash -€7,992
down €7,992 (-36.4%), from €21,930 to €13,938
mainly Debts after one year (-€37,778) and Other debts (-€12,000)
- Receivables within one year -€7,577
down €7,577 (-78.4%), from €9,670 to €2,093
of which Trade receivables: -€7,577
- Debts after one year -€37,778
down €37,778 (-16.7%), from €226,666 to €188,889
- Reserves +€12,584
up €12,584 (+22.6%), from €55,627 to €68,212
of which Distributable reserves: +€12,584
- Other debts -€12,000
down €12,000 (-7.4%), from €163,162 to €151,162
- Financial charges -€5,665
down €5,665 (-26.3%), from €21,551 to €15,886
- Gross operating margin +€3,164
up €3,164 (+5.7%), from €55,780 to €58,944
- Taxes +€2,287
up €2,287 (+119.9%), from €1,907 to €4,195
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 | €592,913 | €550,698 | -€42,215 | -7.1% |
| Fixed assets | 21/28 | €560,715 | €534,556 | -€26,159 | -4.7% |
| Tangible fixed assets | 22/27 | €560,715 | €534,556 | -€26,159 | -4.7% |
| Land and buildings | 22 | €560,715 | €534,556 | -€26,159 | -4.7% |
| Current assets | 29/58 | €32,198 | €16,142 | -€16,056 | -49.9% |
| Amounts receivable within one year | 40/41 | €9,670 | €2,093 | -€7,577 | -78.4% |
| Trade receivables | 40 | €7,577 | €0 | -€7,577 | -100.0% |
| Other amounts receivable | 41 | €2,093 | €2,093 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,930 | €13,938 | -€7,992 | -36.4% |
| Deferred charges and accrued income | 490/1 | €598 | €112 | -€487 | -81.3% |
| Total equity and liabilities | 10/49 | €592,913 | €550,698 | -€42,215 | -7.1% |
| Equity | 10/15 | €145,627 | €158,212 | +€12,584 | +8.6% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €55,627 | €68,212 | +€12,584 | +22.6% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €46,627 | €59,212 | +€12,584 | +27.0% |
| Amounts payable | 17/49 | €447,286 | €392,487 | -€54,799 | -12.3% |
| Amounts payable after more than one year | 17 | €226,666 | €188,889 | -€37,778 | -16.7% |
| Financial debts | 170/4 | €226,666 | €188,889 | -€37,778 | -16.7% |
| Amounts payable within one year | 42/48 | €207,581 | €190,589 | -€16,992 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €37,778 | €37,778 | = | 0.0% |
| Trade debts | 44 | €5,743 | €1,455 | -€4,288 | -74.7% |
| Suppliers | 440/4 | €5,743 | €1,455 | -€4,288 | -74.7% |
| Taxes, remuneration and social security | 45 | €899 | €195 | -€704 | -78.3% |
| Taxes | 450/3 | €899 | €195 | -€704 | -78.3% |
| Other amounts payable | 47/48 | €163,162 | €151,162 | -€12,000 | -7.4% |
| Accrued charges and deferred income | 492/3 | €13,038 | €13,009 | -€29 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,156 | €26,159 | +€2 | 0.0% |
| Other operating charges | 640/8 | €443 | €120 | -€323 | -72.9% |
| Gross operating margin | 9900 | €55,780 | €58,944 | +€3,164 | +5.7% |
| Operating profit (loss) | 9901 | €29,181 | €32,665 | +€3,485 | +11.9% |
| Financial charges | 65/66B | €21,551 | €15,886 | -€5,665 | -26.3% |
| Recurring financial charges | 65 | €21,551 | €15,886 | -€5,665 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €7,630 | €16,779 | +€9,149 | +119.9% |
| Income taxes | 67/77 | €1,907 | €4,195 | +€2,287 | +119.9% |
| Profit (loss) for the period | 9904 | €5,722 | €12,584 | +€6,862 | +119.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,722 | €12,584 | +€6,862 | +119.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.