SMCO MANAGEMENT: 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.
SMCO MANAGEMENT
Largest movements
- Tangible fixed assets -€17,820
down €17,820 (-32.0%), from €55,688 to €37,868
- Cash +€13,394
up €13,394 (+30.9%), from €43,363 to €56,757
mainly Depreciation (+€18,120) and Net result for the year (+€6,899)
- Receivables within one year +€7,375
up €7,375 (+122%), from €6,050 to €13,425
of which Trade receivables: +€6,050
- Reserves +€6,750
up €6,750 (+7.4%), from €90,750 to €97,500
- Tax, wage and social debts -€4,436
down €4,436 (-70.9%), from €6,256 to €1,820
- Other debts +€1,827
up €1,827 (+32.0%), from €5,710 to €7,537
- Trade debts -€1,641
down €1,641 (-47.2%), from €3,478 to €1,837
- Gross operating margin -€2,768
down €2,768 (-8.5%), from €32,527 to €29,759
- Taxes -€1,423
down €1,423 (-28.0%), from €5,078 to €3,655
- Other operating charges -€409
down €409 (-38.5%), from €1,063 to €654
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.
Derived cash bridge
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 | €106,826 | €109,475 | +€2,649 | +2.5% |
| Fixed assets | 21/28 | €57,413 | €39,293 | -€18,120 | -31.6% |
| Intangible fixed assets | 21 | €1,725 | €1,425 | -€300 | -17.4% |
| Tangible fixed assets | 22/27 | €55,688 | €37,868 | -€17,820 | -32.0% |
| Furniture and vehicles | 24 | €55,688 | €37,868 | -€17,820 | -32.0% |
| Current assets | 29/58 | €49,413 | €70,182 | +€20,769 | +42.0% |
| Amounts receivable within one year | 40/41 | €6,050 | €13,425 | +€7,375 | +122% |
| Trade receivables | 40 | €6,050 | €12,100 | +€6,050 | +100% |
| Other amounts receivable | 41 | - | €1,325 | +€1,325 | |
| Cash at bank and in hand | 54/58 | €43,363 | €56,757 | +€13,394 | +30.9% |
| Total equity and liabilities | 10/49 | €106,826 | €109,475 | +€2,649 | +2.5% |
| Equity | 10/15 | €91,382 | €98,281 | +€6,899 | +7.5% |
| Reserves | 13 | €90,750 | €97,500 | +€6,750 | +7.4% |
| Distributable reserves | 133 | €90,750 | €97,500 | +€6,750 | +7.4% |
| Profit (loss) carried forward | 14 | €632 | €781 | +€149 | +23.6% |
| Amounts payable | 17/49 | €15,444 | €11,194 | -€4,250 | -27.5% |
| Amounts payable within one year | 42/48 | €15,444 | €11,194 | -€4,250 | -27.5% |
| Trade debts | 44 | €3,478 | €1,837 | -€1,641 | -47.2% |
| Suppliers | 440/4 | €3,478 | €1,837 | -€1,641 | -47.2% |
| Taxes, remuneration and social security | 45 | €6,256 | €1,820 | -€4,436 | -70.9% |
| Taxes | 450/3 | €6,256 | €1,820 | -€4,436 | -70.9% |
| Other amounts payable | 47/48 | €5,710 | €7,537 | +€1,827 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,120 | €18,120 | = | 0.0% |
| Other operating charges | 640/8 | €1,063 | €654 | -€409 | -38.5% |
| Gross operating margin | 9900 | €32,527 | €29,759 | -€2,768 | -8.5% |
| Operating profit (loss) | 9901 | €13,344 | €10,985 | -€2,359 | -17.7% |
| Financial charges | 65/66B | €550 | €431 | -€119 | -21.6% |
| Recurring financial charges | 65 | €550 | €431 | -€119 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €12,794 | €10,554 | -€2,240 | -17.5% |
| Income taxes | 67/77 | €5,078 | €3,655 | -€1,423 | -28.0% |
| Profit (loss) for the period | 9904 | €7,716 | €6,899 | -€817 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,716 | €6,899 | -€817 | -10.6% |
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 17 October 2026 via checked.be.