SMD FEXHE: 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 FEXHE
Largest movements
- Cash -€51,651
down €51,651 (-59.8%), from €86,360 to €34,709
mainly Investment in fixed assets (net) (-€67,049) and Net result for the year (-€41,948)
- Receivables within one year -€14,232
down €14,232 (-48.6%), from €29,306 to €15,074
of which Trade receivables: -€16,198
- Profit (loss) carried forward -€41,948
down €41,948 (-56.7%), from -€73,954 to -€115,902
- Debts after one year -€38,321
down €38,321 (-4.3%), from €891,482 to €853,161
- Gross operating margin +€73,507
up €73,507 (+318%), from €23,096 to €96,603
- Depreciation +€42,074
up €42,074 (+170%), from €24,744 to €66,818
- Staff costs +€20,748
up €20,748 (+163%), from €12,735 to €33,484
- Financial charges +€3,262
up €3,262 (+9.7%), from €33,634 to €36,896
- Other operating charges +€1,335
up €1,335 (+6,249%), from €21 to €1,357
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 | €1,062,501 | €996,849 | -€65,652 | -6.2% |
| Formation expenses | 20 | €178 | - | -€178 | |
| Fixed assets | 21/28 | €946,657 | €947,066 | +€409 | 0.0% |
| Tangible fixed assets | 22/27 | €946,657 | €947,066 | +€409 | 0.0% |
| Land and buildings | 22 | €847,939 | €856,589 | +€8,650 | +1.0% |
| Plant, machinery and equipment | 23 | - | €8,620 | +€8,620 | |
| Furniture and vehicles | 24 | €98,718 | €81,857 | -€16,861 | -17.1% |
| Current assets | 29/58 | €115,666 | €49,783 | -€65,883 | -57.0% |
| Amounts receivable within one year | 40/41 | €29,306 | €15,074 | -€14,232 | -48.6% |
| Trade receivables | 40 | €28,166 | €11,968 | -€16,198 | -57.5% |
| Other amounts receivable | 41 | €1,140 | €3,106 | +€1,966 | +172% |
| Cash at bank and in hand | 54/58 | €86,360 | €34,709 | -€51,651 | -59.8% |
| Total equity and liabilities | 10/49 | €1,062,501 | €996,849 | -€65,652 | -6.2% |
| Equity | 10/15 | €126,046 | €84,098 | -€41,948 | -33.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,954 | -€115,902 | -€41,948 | -56.7% |
| Amounts payable | 17/49 | €936,455 | €912,751 | -€23,704 | -2.5% |
| Amounts payable after more than one year | 17 | €891,482 | €853,161 | -€38,321 | -4.3% |
| Financial debts | 170/4 | €891,482 | €853,161 | -€38,321 | -4.3% |
| Amounts payable within one year | 42/48 | €44,973 | €59,590 | +€14,617 | +32.5% |
| Current portion of amounts payable after more than one year | 42 | €36,916 | €38,321 | +€1,406 | +3.8% |
| Trade debts | 44 | - | €3,158 | +€3,158 | |
| Suppliers | 440/4 | - | €3,158 | +€3,158 | |
| Taxes, remuneration and social security | 45 | €8,057 | €18,111 | +€10,053 | +125% |
| Taxes | 450/3 | €3,993 | €10,168 | +€6,175 | +155% |
| Remuneration and social security | 454/9 | €4,064 | €7,942 | +€3,878 | +95.4% |
| Remuneration, social security and pensions | 62 | €12,735 | €33,484 | +€20,748 | +163% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,744 | €66,818 | +€42,074 | +170% |
| Other operating charges | 640/8 | €21 | €1,357 | +€1,335 | +6,249% |
| Gross operating margin | 9900 | €23,096 | €96,603 | +€73,507 | +318% |
| Operating profit (loss) | 9901 | -€14,404 | -€5,055 | +€9,349 | +64.9% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €33,634 | €36,896 | +€3,262 | +9.7% |
| Recurring financial charges | 65 | €33,634 | €36,896 | +€3,262 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | -€48,038 | -€41,948 | +€6,089 | +12.7% |
| Profit (loss) for the period | 9904 | -€48,038 | -€41,948 | +€6,089 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,038 | -€41,948 | +€6,089 | +12.7% |
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 27 October 2026 via checked.be.