SMD: 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.
SMD
Largest movements
- Cash +€137,170
up €137,170 (+31.8%), from €430,990 to €568,160
mainly Net result for the year (+€98,508) and Short-term financial debts (+€40,000)
- Reserves +€98,508
up €98,508 (+91.3%), from €107,903 to €206,411
of which Distributable reserves: +€98,508
- Short-term financial debts +€40,000
new in 2025: €40,000
- Trade debts -€35,504
down €35,504 (-16.0%), from €221,657 to €186,153
- Tax, wage and social debts +€29,089
up €29,089 (+55.7%), from €52,265 to €81,354
of which Taxes: +€17,688
- Gross operating margin +€83,765
up €83,765 (+22.6%), from €370,076 to €453,841
- Taxes +€27,401
up €27,401 (+95.3%), from €28,743 to €56,145
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 | €569,340 | €697,188 | +€127,848 | +22.5% |
| Fixed assets | 21/28 | €15,688 | €13,844 | -€1,844 | -11.8% |
| Tangible fixed assets | 22/27 | €15,015 | €13,171 | -€1,844 | -12.3% |
| Plant, machinery and equipment | 23 | - | €3,383 | +€3,383 | |
| Furniture and vehicles | 24 | €12,586 | €8,070 | -€4,516 | -35.9% |
| Other tangible fixed assets | 26 | €2,429 | €1,717 | -€712 | -29.3% |
| Financial fixed assets | 28 | €673 | €673 | = | 0.0% |
| Current assets | 29/58 | €553,652 | €683,345 | +€129,693 | +23.4% |
| Stocks and contracts in progress | 3 | €76,862 | €75,876 | -€985 | -1.3% |
| Stocks | 30/36 | €76,862 | €75,876 | -€985 | -1.3% |
| Amounts receivable within one year | 40/41 | €41,103 | €34,590 | -€6,513 | -15.8% |
| Trade receivables | 40 | €4,858 | €5,161 | +€303 | +6.2% |
| Other amounts receivable | 41 | €36,245 | €29,429 | -€6,816 | -18.8% |
| Cash at bank and in hand | 54/58 | €430,990 | €568,160 | +€137,170 | +31.8% |
| Deferred charges and accrued income | 490/1 | €4,698 | €4,718 | +€21 | +0.4% |
| Total equity and liabilities | 10/49 | €569,340 | €697,188 | +€127,848 | +22.5% |
| Equity | 10/15 | €159,503 | €258,010 | +€98,508 | +61.8% |
| Contributions | 10/11 | €18,500 | €18,500 | = | 0.0% |
| Capital | 10 | €18,500 | €18,500 | = | 0.0% |
| Issued capital | 100 | €18,500 | €18,500 | = | 0.0% |
| Reserves | 13 | €107,903 | €206,411 | +€98,508 | +91.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,000 | €22,000 | = | 0.0% |
| Distributable reserves | 133 | €84,043 | €182,551 | +€98,508 | +117.2% |
| Profit (loss) carried forward | 14 | €33,100 | €33,100 | = | 0.0% |
| Amounts payable | 17/49 | €409,837 | €439,178 | +€29,341 | +7.2% |
| Amounts payable within one year | 42/48 | €409,837 | €439,178 | +€29,341 | +7.2% |
| Financial debts | 43 | - | €40,000 | +€40,000 | |
| Credit institutions | 430/8 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €221,657 | €186,153 | -€35,504 | -16.0% |
| Suppliers | 440/4 | €221,657 | €186,153 | -€35,504 | -16.0% |
| Taxes, remuneration and social security | 45 | €52,265 | €81,354 | +€29,089 | +55.7% |
| Taxes | 450/3 | €28,833 | €46,521 | +€17,688 | +61.3% |
| Remuneration and social security | 454/9 | €23,432 | €34,833 | +€11,401 | +48.7% |
| Other amounts payable | 47/48 | €135,915 | €131,671 | -€4,245 | -3.1% |
| Remuneration, social security and pensions | 62 | €283,748 | €287,945 | +€4,196 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,557 | €7,165 | +€2,608 | +57.2% |
| Other operating charges | 640/8 | €5,432 | €1,111 | -€4,321 | -79.5% |
| Gross operating margin | 9900 | €370,076 | €453,841 | +€83,765 | +22.6% |
| Operating profit (loss) | 9901 | €76,338 | €157,620 | +€81,282 | +106.5% |
| Financial income | 75/76B | €1,837 | €2,554 | +€717 | +39.0% |
| Recurring financial income | 75 | €1,837 | €2,554 | +€717 | +39.0% |
| Financial charges | 65/66B | €6,660 | €5,521 | -€1,138 | -17.1% |
| Recurring financial charges | 65 | €6,660 | €5,521 | -€1,138 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €71,515 | €154,653 | +€83,137 | +116.3% |
| Income taxes | 67/77 | €28,743 | €56,145 | +€27,401 | +95.3% |
| Profit (loss) for the period | 9904 | €42,772 | €98,508 | +€55,736 | +130.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,772 | €98,508 | +€55,736 | +130.3% |
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.