SMDG: 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.
SMDG
Largest movements
- Cash -€8,958
down €8,958 (-30.9%), from €28,974 to €20,016
mainly Investment in fixed assets (net) (-€11,300) and Net result for the year (-€5,857)
- Tangible fixed assets +€6,384
up €6,384 (+149.1%), from €4,281 to €10,666
of which Furniture and vehicles: +€7,202
- Receivables within one year +€1,311
up €1,311 (+71.0%), from €1,845 to €3,156
of which Trade receivables: +€1,279
- Reserves -€5,857
down €5,857 (-94.7%), from €6,182 to €325
- Other debts +€3,579
up €3,579 (+16.6%), from €21,594 to €25,174
- Trade debts +€903
up €903 (+1135.5%), from €80 to €982
- Gross operating margin -€4,615
down €4,615 (-96.0%), from €4,805 to €190
- Depreciation +€3,693
up €3,693 (+302.1%), from €1,223 to €4,916
- Taxes -€1,213
down €1,213 (-88.5%), from €1,369 to €157
- Other operating charges +€383
up €383 (+66.4%), from €577 to €960
- Financial income +€86
new in 2025: €86
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 | €35,425 | €34,207 | -€1,218 | -3.4% |
| Fixed assets | 21/28 | €4,281 | €10,666 | +€6,384 | +149.1% |
| Tangible fixed assets | 22/27 | €4,281 | €10,666 | +€6,384 | +149.1% |
| Furniture and vehicles | 24 | €1,827 | €9,030 | +€7,202 | +394.1% |
| Other tangible fixed assets | 26 | €2,454 | €1,636 | -€818 | -33.3% |
| Current assets | 29/58 | €31,144 | €23,541 | -€7,602 | -24.4% |
| Amounts receivable within one year | 40/41 | €1,845 | €3,156 | +€1,311 | +71.0% |
| Trade receivables | 40 | €970 | €2,249 | +€1,279 | +131.8% |
| Other amounts receivable | 41 | €875 | €906 | +€32 | +3.7% |
| Cash at bank and in hand | 54/58 | €28,974 | €20,016 | -€8,958 | -30.9% |
| Deferred charges and accrued income | 490/1 | €325 | €370 | +€45 | +13.8% |
| Total equity and liabilities | 10/49 | €35,425 | €34,207 | -€1,218 | -3.4% |
| Equity | 10/15 | €12,382 | €6,525 | -€5,857 | -47.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €6,182 | €325 | -€5,857 | -94.7% |
| Distributable reserves | 133 | €6,182 | €325 | -€5,857 | -94.7% |
| Amounts payable | 17/49 | €23,043 | €27,682 | +€4,639 | +20.1% |
| Amounts payable within one year | 42/48 | €23,043 | €27,682 | +€4,639 | +20.1% |
| Trade debts | 44 | €80 | €982 | +€903 | +1135.5% |
| Suppliers | 440/4 | €80 | €982 | +€903 | +1135.5% |
| Taxes, remuneration and social security | 45 | €1,369 | €1,526 | +€157 | +11.5% |
| Taxes | 450/3 | €1,369 | €1,526 | +€157 | +11.5% |
| Other amounts payable | 47/48 | €21,594 | €25,174 | +€3,579 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,223 | €4,916 | +€3,693 | +302.1% |
| Other operating charges | 640/8 | €577 | €960 | +€383 | +66.4% |
| Gross operating margin | 9900 | €4,805 | €190 | -€4,615 | -96.0% |
| Operating profit (loss) | 9901 | €3,006 | -€5,686 | -€8,692 | |
| Financial income | 75/76B | - | €86 | +€86 | |
| Recurring financial income | 75 | - | €86 | +€86 | |
| Financial charges | 65/66B | €100 | €101 | +€1 | +1.3% |
| Recurring financial charges | 65 | €100 | €101 | +€1 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €2,907 | -€5,700 | -€8,607 | |
| Income taxes | 67/77 | €1,369 | €157 | -€1,213 | -88.5% |
| Profit (loss) for the period | 9904 | €1,537 | -€5,857 | -€7,394 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,537 | -€5,857 | -€7,394 |
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.