SMD CONSULT: 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.
What changed
SMD CONSULT
NACE 69.201, Certified accountants and tax accountants
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18,358
2024 · €11,036+€7,322
Equity
€231,003
2024 · €212,645+€18,358
Cash
€70,603
2024 · €69,636+€967
Balance sheet total
€906,140
2024 · €876,440+€29,700
Largest movements
Assets
- Receivables within one year +€30,941
up €30,941 (+7.2%), from €430,537 to €461,478
of which Trade receivables: +€47,147
Equity and liabilities
- Profit (loss) carried forward +€18,358
up €18,358 (+9.6%), from €192,185 to €210,543
Income statement
- Depreciation -€66,598
down €66,598 (-90.8%), from €73,309 to €6,711
- Staff costs +€37,619
up €37,619 (+545%), from €6,906 to €44,525
- Gross operating margin -€28,116
down €28,116 (-20.9%), from €134,650 to €106,535
- Write-downs -€5,500
no longer reported in 2025 (was €5,500)
- Other operating charges -€4,271
down €4,271 (-80.5%), from €5,303 to €1,032
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.
Result 2024
€11,036
Gross operating margin
-€28,116
Staff costs
-€37,619
Depreciation
+€66,598
Write-downs
+€5,500
Other operating charges
+€4,271
Financial income
-€2,992
Financial charges
+€1,941
Taxes
-€2,260
Result 2025
€18,358
raises the resultlowers the result
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.
From operations
+€5,848
Investment
-€4,881
Financing
€0
Cash 2024
€69,636
From operations (derived)
+€5,848
Net result for the year
+€18,358
Depreciation
+€6,711
Receivables within one year
-€30,941
Deferred charges and accrued income
+€377
Trade debts
+€1,595
Tax, wage and social debts
+€4,687
Other debts
+€5,059
Investment (derived)
-€4,881
Investment in fixed assets (net)
-€4,881
Cash 2025
€70,603
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €876,440 | €906,140 | +€29,700 | +3.4% |
| Fixed assets | 21/28 | €375,165 | €373,335 | -€1,830 | -0.5% |
| Intangible fixed assets | 21 | €360,000 | €360,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €15,165 | €13,335 | -€1,830 | -12.1% |
| Furniture and vehicles | 24 | €10,679 | €9,334 | -€1,345 | -12.6% |
| Other tangible fixed assets | 26 | €4,486 | €4,001 | -€485 | -10.8% |
| Current assets | 29/58 | €501,275 | €532,805 | +€31,530 | +6.3% |
| Amounts receivable within one year | 40/41 | €430,537 | €461,478 | +€30,941 | +7.2% |
| Trade receivables | 40 | €408,984 | €456,130 | +€47,147 | +11.5% |
| Other amounts receivable | 41 | €21,554 | €5,348 | -€16,206 | -75.2% |
| Cash at bank and in hand | 54/58 | €69,636 | €70,603 | +€967 | +1.4% |
| Deferred charges and accrued income | 490/1 | €1,101 | €724 | -€377 | -34.3% |
| Total equity and liabilities | 10/49 | €876,440 | €906,140 | +€29,700 | +3.4% |
| Equity | 10/15 | €212,645 | €231,003 | +€18,358 | +8.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €192,185 | €210,543 | +€18,358 | +9.6% |
| Amounts payable | 17/49 | €663,795 | €675,137 | +€11,342 | +1.7% |
| Amounts payable after more than one year | 17 | €585,000 | €585,000 | = | 0.0% |
| Financial debts | 170/4 | €585,000 | €585,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €78,795 | €90,137 | +€11,342 | +14.4% |
| Trade debts | 44 | €31,357 | €32,952 | +€1,595 | +5.1% |
| Suppliers | 440/4 | €31,357 | €32,952 | +€1,595 | +5.1% |
| Taxes, remuneration and social security | 45 | €15,369 | €20,057 | +€4,687 | +30.5% |
| Taxes | 450/3 | €14,696 | €13,002 | -€1,694 | -11.5% |
| Remuneration and social security | 454/9 | €673 | €7,054 | +€6,381 | +947% |
| Other amounts payable | 47/48 | €32,069 | €37,128 | +€5,059 | +15.8% |
| Remuneration, social security and pensions | 62 | €6,906 | €44,525 | +€37,619 | +545% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,309 | €6,711 | -€66,598 | -90.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,500 | - | -€5,500 | |
| Other operating charges | 640/8 | €5,303 | €1,032 | -€4,271 | -80.5% |
| Gross operating margin | 9900 | €134,650 | €106,535 | -€28,116 | -20.9% |
| Operating profit (loss) | 9901 | €43,632 | €54,267 | +€10,634 | +24.4% |
| Financial income | 75/76B | €4,128 | €1,135 | -€2,992 | -72.5% |
| Recurring financial income | 75 | €4,128 | €1,135 | -€2,992 | -72.5% |
| Financial charges | 65/66B | €32,811 | €30,871 | -€1,941 | -5.9% |
| Recurring financial charges | 65 | €32,811 | €30,871 | -€1,941 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €14,948 | €24,531 | +€9,583 | +64.1% |
| Income taxes | 67/77 | €3,913 | €6,173 | +€2,260 | +57.8% |
| Profit (loss) for the period | 9904 | €11,036 | €18,358 | +€7,322 | +66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,036 | €18,358 | +€7,322 | +66.3% |
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 18 October 2026 via checked.be.