SMBH: 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.
SMBH
Largest movements
- Cash +€1.1m
up €1.1m (+519.8%), from €217,362 to €1.3m
mainly Net result for the year (+€1.5m) and Trade debts (+€1.2m)
- Receivables within one year +€840,362
new in 2025: €840,362
of which Trade receivables: +€790,362
- Intangible fixed assets -€620,468
down €620,468 (-18.2%), from €3.4m to €2.8m
- Trade debts +€1.2m
up €1.2m (+5810.2%), from €21,139 to €1.2m
- Debts after one year -€333,706
down €333,706 (-11.2%), from €3.0m to €2.6m
- Profit (loss) carried forward +€330,847
up €330,847 (+178.7%), from €185,172 to €516,019
- Tax, wage and social debts +€143,839
up €143,839 (+66.0%), from €217,980 to €361,819
of which Taxes: +€121,525
- Gross operating margin +€1.5m
up €1.5m (+72.0%), from €2.1m to €3.6m
- Staff costs +€154,198
up €154,198 (+14.8%), from €1.0m to €1.2m
- Taxes +€56,271
up €56,271 (+67.2%), from €83,696 to €139,967
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 | €3,762,434 | €5,130,086 | +€1.4m | +36.4% |
| Fixed assets | 21/28 | €3,424,620 | €2,798,607 | -€626,013 | -18.3% |
| Intangible fixed assets | 21 | €3,411,273 | €2,790,805 | -€620,468 | -18.2% |
| Tangible fixed assets | 22/27 | €13,347 | €7,802 | -€5,545 | -41.5% |
| Furniture and vehicles | 24 | €13,347 | €7,802 | -€5,545 | -41.5% |
| Current assets | 29/58 | €337,814 | €2,331,479 | +€2.0m | +590.2% |
| Amounts receivable within one year | 40/41 | - | €840,362 | +€840,362 | |
| Trade receivables | 40 | - | €790,362 | +€790,362 | |
| Other amounts receivable | 41 | - | €50,000 | +€50,000 | |
| Current investments | 50/53 | €120,452 | €120,452 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €217,362 | €1,347,228 | +€1.1m | +519.8% |
| Deferred charges and accrued income | 490/1 | - | €23,436 | +€23,436 | |
| Total equity and liabilities | 10/49 | €3,762,434 | €5,130,086 | +€1.4m | +36.4% |
| Equity | 10/15 | €205,172 | €536,019 | +€330,847 | +161.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €185,172 | €516,019 | +€330,847 | +178.7% |
| Amounts payable | 17/49 | €3,557,262 | €4,594,067 | +€1.0m | +29.1% |
| Amounts payable after more than one year | 17 | €2,982,917 | €2,649,211 | -€333,706 | -11.2% |
| Financial debts | 170/4 | €2,982,917 | €2,649,211 | -€333,706 | -11.2% |
| Amounts payable within one year | 42/48 | €562,681 | €1,944,856 | +€1.4m | +245.6% |
| Current portion of amounts payable after more than one year | 42 | €323,562 | €333,706 | +€10,143 | +3.1% |
| Trade debts | 44 | €21,139 | €1,249,331 | +€1.2m | +5810.2% |
| Suppliers | 440/4 | €21,139 | €1,249,331 | +€1.2m | +5810.2% |
| Taxes, remuneration and social security | 45 | €217,980 | €361,819 | +€143,839 | +66.0% |
| Taxes | 450/3 | €101,405 | €222,930 | +€121,525 | +119.8% |
| Remuneration and social security | 454/9 | €116,575 | €138,889 | +€22,314 | +19.1% |
| Accrued charges and deferred income | 492/3 | €11,665 | - | -€11,665 | |
| Remuneration, social security and pensions | 62 | €1,039,159 | €1,193,356 | +€154,198 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €625,933 | €626,013 | +€80 | 0.0% |
| Other operating charges | 640/8 | €13,912 | €431 | -€13,482 | -96.9% |
| Gross operating margin | 9900 | €2,067,520 | €3,555,750 | +€1.5m | +72.0% |
| Operating profit (loss) | 9901 | €388,515 | €1,735,949 | +€1.3m | +346.8% |
| Financial income | 75/76B | €221 | €6,444 | +€6,223 | +2816.2% |
| Recurring financial income | 75 | €221 | €6,444 | +€6,223 | +2816.2% |
| Financial charges | 65/66B | €133,168 | €121,582 | -€11,586 | -8.7% |
| Recurring financial charges | 65 | €133,168 | €121,582 | -€11,586 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €255,569 | €1,620,812 | +€1.4m | +534.2% |
| Income taxes | 67/77 | €83,696 | €139,967 | +€56,271 | +67.2% |
| Profit (loss) for the period | 9904 | €171,873 | €1,480,845 | +€1.3m | +761.6% |
| Profit (loss) for the period to be appropriated | 9905 | €171,873 | €1,480,845 | +€1.3m | +761.6% |
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.