smd-tec: 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-tec
Largest movements
- Cash -€79,013
down €79,013 (-26.2%), from €302,059 to €223,046
mainly Trade debts (-€188,315) and Investment in fixed assets (net) (-€31,951)
- Stocks and contracts -€47,002
down €47,002 (-27.7%), from €169,745 to €122,743
- Receivables within one year -€46,741
down €46,741 (-24.5%), from €190,475 to €143,733
of which Trade receivables: -€47,848
- Tangible fixed assets +€12,164
up €12,164 (+7.1%), from €170,937 to €183,101
of which Furniture and vehicles: +€7,682
- Reserves +€263,406
up €263,406 (+14161.6%), from €1,860 to €265,266
- Profit (loss) carried forward -€231,522
down €231,522 (-100.0%), from €231,522 to €0
- Trade debts -€188,315
down €188,315 (-44.4%), from €424,063 to €235,748
- Gross operating margin +€44,268
up €44,268 (+14.2%), from €311,358 to €355,625
- Staff costs +€44,034
up €44,034 (+19.4%), from €227,183 to €271,216
- Financial charges -€28,742
down €28,742 (-75.5%), from €38,048 to €9,306
- Taxes +€7,702
up €7,702 (+64.0%), from €12,041 to €19,743
- Depreciation +€7,412
up €7,412 (+59.9%), from €12,375 to €19,787
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 | €835,608 | €675,957 | -€159,650 | -19.1% |
| Fixed assets | 21/28 | €170,937 | €183,101 | +€12,164 | +7.1% |
| Tangible fixed assets | 22/27 | €170,937 | €183,101 | +€12,164 | +7.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €32,931 | €40,613 | +€7,682 | +23.3% |
| Other tangible fixed assets | 26 | €138,006 | €142,488 | +€4,482 | +3.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €664,671 | €492,856 | -€171,815 | -25.8% |
| Stocks and contracts in progress | 3 | €169,745 | €122,743 | -€47,002 | -27.7% |
| Stocks | 30/36 | €169,745 | €122,743 | -€47,002 | -27.7% |
| Amounts receivable within one year | 40/41 | €190,475 | €143,733 | -€46,741 | -24.5% |
| Trade receivables | 40 | €173,670 | €125,822 | -€47,848 | -27.6% |
| Other amounts receivable | 41 | €16,805 | €17,911 | +€1,106 | +6.6% |
| Cash at bank and in hand | 54/58 | €302,059 | €223,046 | -€79,013 | -26.2% |
| Deferred charges and accrued income | 490/1 | €2,392 | €3,334 | +€942 | +39.4% |
| Total equity and liabilities | 10/49 | €835,608 | €675,957 | -€159,650 | -19.1% |
| Equity | 10/15 | €239,582 | €271,466 | +€31,885 | +13.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €265,266 | +€263,406 | +14161.6% |
| Distributable reserves | 133 | €1,860 | €265,266 | +€263,406 | +14161.6% |
| Profit (loss) carried forward | 14 | €231,522 | €0 | -€231,522 | -100.0% |
| Amounts payable | 17/49 | €596,026 | €404,491 | -€191,535 | -32.1% |
| Amounts payable after more than one year | 17 | €125,468 | €120,248 | -€5,220 | -4.2% |
| Financial debts | 170/4 | €125,468 | €120,248 | -€5,220 | -4.2% |
| Amounts payable within one year | 42/48 | €470,558 | €284,243 | -€186,314 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €16,981 | €24,163 | +€7,182 | +42.3% |
| Trade debts | 44 | €424,063 | €235,748 | -€188,315 | -44.4% |
| Suppliers | 440/4 | €424,063 | €235,748 | -€188,315 | -44.4% |
| Taxes, remuneration and social security | 45 | €25,374 | €18,738 | -€6,636 | -26.2% |
| Taxes | 450/3 | €5,440 | €4,743 | -€697 | -12.8% |
| Remuneration and social security | 454/9 | €19,934 | €13,995 | -€5,939 | -29.8% |
| Other amounts payable | 47/48 | €4,140 | €5,595 | +€1,455 | +35.1% |
| Remuneration, social security and pensions | 62 | €227,183 | €271,216 | +€44,034 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,375 | €19,787 | +€7,412 | +59.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€2,097 | -€2,097 | |
| Other operating charges | 640/8 | €5,230 | €6,994 | +€1,764 | +33.7% |
| Gross operating margin | 9900 | €311,358 | €355,625 | +€44,268 | +14.2% |
| Operating profit (loss) | 9901 | €66,570 | €59,726 | -€6,845 | -10.3% |
| Financial income | 75/76B | €11,149 | €6,802 | -€4,347 | -39.0% |
| Recurring financial income | 75 | €11,149 | €6,802 | -€4,347 | -39.0% |
| Financial charges | 65/66B | €38,048 | €9,306 | -€28,742 | -75.5% |
| Recurring financial charges | 65 | €38,048 | €9,306 | -€28,742 | -75.5% |
| Profit (loss) for the period before taxes | 9903 | €39,672 | €57,222 | +€17,550 | +44.2% |
| Income taxes | 67/77 | €12,041 | €19,743 | +€7,702 | +64.0% |
| Profit (loss) for the period | 9904 | €27,631 | €37,480 | +€9,849 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,631 | €37,480 | +€9,849 | +35.6% |
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 10 October 2026 via checked.be.