SMC: what changed
Two financial 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.
SMC
Largest movements
- Receivables within one year +€75,447
up €75,447 (+66.3%), from €113,820 to €189,267
of which Other amounts receivable: +€78,042
- Tangible fixed assets -€32,031
down €32,031 (-8.7%), from €367,567 to €335,536
- Reserves +€45,963
up €45,963 (+26.4%), from €174,029 to €219,992
of which Distributable reserves: +€45,963
- Debts after one year -€42,202
down €42,202 (-28.5%), from €148,314 to €106,112
- Trade debts +€20,469
up €20,469 (+219.7%), from €9,317 to €29,786
- Tax, wage and social debts +€15,489
up €15,489 (+85.3%), from €18,154 to €33,643
- Gross operating margin +€14,530
up €14,530 (+14.3%), from €101,652 to €116,182
- Taxes +€7,231
up €7,231 (+44.5%), from €16,258 to €23,489
- Other operating charges +€3,703
up €3,703 (+248.8%), from €1,488 to €5,191
- Financial charges -€2,633
down €2,633 (-21.7%), from €12,142 to €9,509
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 | €495,259 | €533,735 | +€38,476 | +7.8% |
| Fixed assets | 21/28 | €367,567 | €335,536 | -€32,031 | -8.7% |
| Tangible fixed assets | 22/27 | €367,567 | €335,536 | -€32,031 | -8.7% |
| Land and buildings | 22 | €324,680 | €313,504 | -€11,176 | -3.4% |
| Furniture and vehicles | 24 | €36,225 | €20,700 | -€15,525 | -42.9% |
| Leasing and similar rights | 25 | €6,662 | €1,332 | -€5,329 | -80.0% |
| Current assets | 29/58 | €127,692 | €198,199 | +€70,506 | +55.2% |
| Amounts receivable within one year | 40/41 | €113,820 | €189,267 | +€75,447 | +66.3% |
| Trade receivables | 40 | €32,807 | €30,212 | -€2,595 | -7.9% |
| Other amounts receivable | 41 | €81,014 | €159,056 | +€78,042 | +96.3% |
| Cash at bank and in hand | 54/58 | €13,872 | €8,932 | -€4,940 | -35.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €495,259 | €533,735 | +€38,476 | +7.8% |
| Equity | 10/15 | €276,029 | €321,992 | +€45,963 | +16.7% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €174,029 | €219,992 | +€45,963 | +26.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,216 | €23,216 | = | 0.0% |
| Distributable reserves | 133 | €148,958 | €194,921 | +€45,963 | +30.9% |
| Profit (loss) carried forward | 14 | €89,499 | €89,499 | = | 0.0% |
| Amounts payable | 17/49 | €219,230 | €211,743 | -€7,487 | -3.4% |
| Amounts payable after more than one year | 17 | €148,314 | €106,112 | -€42,202 | -28.5% |
| Financial debts | 170/4 | €148,314 | €106,112 | -€42,202 | -28.5% |
| Amounts payable within one year | 42/48 | €70,916 | €105,631 | +€34,715 | +49.0% |
| Current portion of amounts payable after more than one year | 42 | €43,445 | €42,202 | -€1,244 | -2.9% |
| Trade debts | 44 | €9,317 | €29,786 | +€20,469 | +219.7% |
| Suppliers | 440/4 | €9,317 | €29,786 | +€20,469 | +219.7% |
| Taxes, remuneration and social security | 45 | €18,154 | €33,643 | +€15,489 | +85.3% |
| Taxes | 450/3 | €18,154 | €33,643 | +€15,489 | +85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,588 | €32,031 | -€557 | -1.7% |
| Other operating charges | 640/8 | €1,488 | €5,191 | +€3,703 | +248.8% |
| Gross operating margin | 9900 | €101,652 | €116,182 | +€14,530 | +14.3% |
| Operating profit (loss) | 9901 | €67,576 | €78,961 | +€11,385 | +16.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €12,142 | €9,509 | -€2,633 | -21.7% |
| Recurring financial charges | 65 | €12,142 | €9,509 | -€2,633 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €55,434 | €69,452 | +€14,018 | +25.3% |
| Income taxes | 67/77 | €16,258 | €23,489 | +€7,231 | +44.5% |
| Profit (loss) for the period | 9904 | €39,176 | €45,963 | +€6,787 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,176 | €45,963 | +€6,787 | +17.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.