SMAX: 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.
SMAX
Largest movements
- Cash -€10,390
down €10,390 (-26.3%), from €39,515 to €29,125
mainly Other debts (-€35,185) and Receivables within one year (-€5,417)
- Receivables within one year +€5,417
up €5,417 (+67.5%), from €8,021 to €13,437
of which Trade receivables: +€6,251
- Other debts -€35,185
down €35,185 (-14.5%), from €242,077 to €206,891
- Reserves +€23,425
up €23,425 (+39.0%), from €60,000 to €83,425
- Trade debts +€4,211
up €4,211 (+48.2%), from €8,744 to €12,955
- Taxes +€8,068
up €8,068 (+3287.6%), from €245 to €8,313
- Gross operating margin +€7,456
up €7,456 (+30.2%), from €24,701 to €32,156
- Other operating charges -€1,418
down €1,418 (-73.9%), from €1,919 to €501
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 | €325,281 | €318,271 | -€7,010 | -2.2% |
| Fixed assets | 21/28 | €275,282 | €274,592 | -€691 | -0.3% |
| Tangible fixed assets | 22/27 | €1,629 | €939 | -€691 | -42.4% |
| Furniture and vehicles | 24 | €1,629 | €939 | -€691 | -42.4% |
| Financial fixed assets | 28 | €273,653 | €273,653 | = | 0.0% |
| Current assets | 29/58 | €49,998 | €43,679 | -€6,319 | -12.6% |
| Amounts receivable within one year | 40/41 | €8,021 | €13,437 | +€5,417 | +67.5% |
| Trade receivables | 40 | €7,187 | €13,437 | +€6,251 | +87.0% |
| Other amounts receivable | 41 | €834 | €0 | -€834 | -100.0% |
| Cash at bank and in hand | 54/58 | €39,515 | €29,125 | -€10,390 | -26.3% |
| Deferred charges and accrued income | 490/1 | €2,462 | €1,117 | -€1,346 | -54.7% |
| Total equity and liabilities | 10/49 | €325,281 | €318,271 | -€7,010 | -2.2% |
| Equity | 10/15 | €66,001 | €88,425 | +€22,424 | +34.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €83,425 | +€23,425 | +39.0% |
| Distributable reserves | 133 | €60,000 | €83,425 | +€23,425 | +39.0% |
| Profit (loss) carried forward | 14 | €1,001 | €0 | -€1,001 | -100.0% |
| Amounts payable | 17/49 | €259,280 | €229,845 | -€29,434 | -11.4% |
| Amounts payable within one year | 42/48 | €257,790 | €229,695 | -€28,095 | -10.9% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €8,744 | €12,955 | +€4,211 | +48.2% |
| Suppliers | 440/4 | €8,744 | €12,955 | +€4,211 | +48.2% |
| Taxes, remuneration and social security | 45 | €6,969 | €9,848 | +€2,879 | +41.3% |
| Taxes | 450/3 | €4,667 | €9,848 | +€5,182 | +111.0% |
| Remuneration and social security | 454/9 | €2,303 | €0 | -€2,303 | -100.0% |
| Other amounts payable | 47/48 | €242,077 | €206,891 | -€35,185 | -14.5% |
| Accrued charges and deferred income | 492/3 | €1,489 | €151 | -€1,339 | -89.9% |
| Non-recurring operating income | 76A | €98 | €0 | -€98 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €544 | €691 | +€146 | +26.8% |
| Other operating charges | 640/8 | €1,919 | €501 | -€1,418 | -73.9% |
| Gross operating margin | 9900 | €24,701 | €32,156 | +€7,456 | +30.2% |
| Operating profit (loss) | 9901 | €22,237 | €30,965 | +€8,727 | +39.2% |
| Financial income | 75/76B | €23 | €0 | -€23 | -100.0% |
| Recurring financial income | 75 | €23 | €0 | -€23 | -100.0% |
| Financial charges | 65/66B | €214 | €227 | +€13 | +6.3% |
| Recurring financial charges | 65 | €214 | €227 | +€13 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €22,046 | €30,737 | +€8,691 | +39.4% |
| Income taxes | 67/77 | €245 | €8,313 | +€8,068 | +3287.6% |
| Profit (loss) for the period | 9904 | €21,801 | €22,424 | +€624 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,801 | €22,424 | +€624 | +2.9% |
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 6 October 2026 via checked.be.