SMD & Partners: 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 & Partners
Largest movements
- Receivables within one year -€184,230
down €184,230 (-87.5%), from €210,610 to €26,380
of which Other amounts receivable: -€162,825
- Cash +€57,298
up €57,298 (+52.6%), from €108,849 to €166,147
mainly Receivables within one year (+€184,230) and Net result for the year (+€17,042)
- Trade debts -€119,655
down €119,655 (-94.2%), from €127,050 to €7,395
- Tax, wage and social debts -€24,319
down €24,319 (-81.1%), from €30,000 to €5,681
- Profit (loss) carried forward +€17,042
up €17,042 (+10.5%), from €162,408 to €179,450
- Gross operating margin -€106,505
down €106,505 (-81.5%), from €130,667 to €24,162
- Taxes -€24,319
down €24,319 (-81.1%), from €30,000 to €5,681
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 | €319,459 | €192,527 | -€126,932 | -39.7% |
| Current assets | 29/58 | €319,459 | €192,527 | -€126,932 | -39.7% |
| Amounts receivable within one year | 40/41 | €210,610 | €26,380 | -€184,230 | -87.5% |
| Trade receivables | 40 | €21,405 | - | -€21,405 | |
| Other amounts receivable | 41 | €189,205 | €26,380 | -€162,825 | -86.1% |
| Cash at bank and in hand | 54/58 | €108,849 | €166,147 | +€57,298 | +52.6% |
| Total equity and liabilities | 10/49 | €319,459 | €192,527 | -€126,932 | -39.7% |
| Equity | 10/15 | €162,409 | €179,451 | +€17,042 | +10.5% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,408 | €179,450 | +€17,042 | +10.5% |
| Amounts payable | 17/49 | €157,050 | €13,076 | -€143,974 | -91.7% |
| Amounts payable within one year | 42/48 | €157,050 | €13,076 | -€143,974 | -91.7% |
| Trade debts | 44 | €127,050 | €7,395 | -€119,655 | -94.2% |
| Suppliers | 440/4 | €127,050 | €7,395 | -€119,655 | -94.2% |
| Taxes, remuneration and social security | 45 | €30,000 | €5,681 | -€24,319 | -81.1% |
| Taxes | 450/3 | €30,000 | €5,681 | -€24,319 | -81.1% |
| Other operating charges | 640/8 | €1,300 | €1,439 | +€139 | +10.7% |
| Gross operating margin | 9900 | €130,667 | €24,162 | -€106,505 | -81.5% |
| Operating profit (loss) | 9901 | €129,367 | €22,723 | -€106,644 | -82.4% |
| Profit (loss) for the period before taxes | 9903 | €129,367 | €22,723 | -€106,644 | -82.4% |
| Income taxes | 67/77 | €30,000 | €5,681 | -€24,319 | -81.1% |
| Profit (loss) for the period | 9904 | €99,367 | €17,042 | -€82,325 | -82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €99,367 | €17,042 | -€82,325 | -82.8% |
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.