SMASJ: 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.
SMASJ
Largest movements
- Cash +€83,745
up €83,745 (+781.5%), from €10,716 to €94,461
mainly Net result for the year (+€65,067) and Receivables within one year (+€18,150)
- Receivables within one year -€18,150
down €18,150 (-50.0%), from €36,300 to €18,150
- Tangible fixed assets +€10,361
new in 2025: €10,361
- Deferred charges and accrued income +€2,092
new in 2025: €2,092
- Reserves +€65,067
up €65,067 (+275.0%), from €23,664 to €88,731
- Tax, wage and social debts +€16,461
up €16,461 (+150.9%), from €10,906 to €27,367
of which Taxes: +€18,311
- Other debts -€3,055
down €3,055 (-40.2%), from €7,605 to €4,550
- Gross operating margin +€53,897
up €53,897 (+174.7%), from €30,857 to €84,754
- Taxes +€12,062
up €12,062 (+190.7%), from €6,324 to €18,386
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 | €47,016 | €125,065 | +€78,048 | +166.0% |
| Fixed assets | 21/28 | - | €10,361 | +€10,361 | |
| Tangible fixed assets | 22/27 | - | €10,361 | +€10,361 | |
| Land and buildings | 22 | - | €10,361 | +€10,361 | |
| Current assets | 29/58 | €47,016 | €114,704 | +€67,687 | +144.0% |
| Amounts receivable within one year | 40/41 | €36,300 | €18,150 | -€18,150 | -50.0% |
| Trade receivables | 40 | €36,300 | €18,150 | -€18,150 | -50.0% |
| Cash at bank and in hand | 54/58 | €10,716 | €94,461 | +€83,745 | +781.5% |
| Deferred charges and accrued income | 490/1 | - | €2,092 | +€2,092 | |
| Total equity and liabilities | 10/49 | €47,016 | €125,065 | +€78,048 | +166.0% |
| Equity | 10/15 | €26,664 | €91,731 | +€65,067 | +244.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €23,664 | €88,731 | +€65,067 | +275.0% |
| Distributable reserves | 133 | €23,664 | €88,731 | +€65,067 | +275.0% |
| Amounts payable | 17/49 | €20,352 | €33,334 | +€12,981 | +63.8% |
| Amounts payable within one year | 42/48 | €19,952 | €33,334 | +€13,381 | +67.1% |
| Trade debts | 44 | €1,441 | €1,417 | -€25 | -1.7% |
| Suppliers | 440/4 | €1,441 | €1,417 | -€25 | -1.7% |
| Taxes, remuneration and social security | 45 | €10,906 | €27,367 | +€16,461 | +150.9% |
| Taxes | 450/3 | €9,056 | €27,367 | +€18,311 | +202.2% |
| Remuneration and social security | 454/9 | €1,850 | €0 | -€1,850 | -100.0% |
| Other amounts payable | 47/48 | €7,605 | €4,550 | -€3,055 | -40.2% |
| Accrued charges and deferred income | 492/3 | €400 | €0 | -€400 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €533 | +€533 | |
| Other operating charges | 640/8 | €867 | €688 | -€180 | -20.7% |
| Gross operating margin | 9900 | €30,857 | €84,754 | +€53,897 | +174.7% |
| Operating profit (loss) | 9901 | €29,990 | €83,534 | +€53,544 | +178.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €3 | €82 | +€79 | +3169.6% |
| Recurring financial charges | 65 | €3 | €82 | +€79 | +3169.6% |
| Profit (loss) for the period before taxes | 9903 | €29,988 | €83,453 | +€53,465 | +178.3% |
| Income taxes | 67/77 | €6,324 | €18,386 | +€12,062 | +190.7% |
| Profit (loss) for the period | 9904 | €23,664 | €65,067 | +€41,403 | +175.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,664 | €65,067 | +€41,403 | +175.0% |
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.