SMDG LOGISTICS: 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 LOGISTICS
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+166%), from €727,213 to €1.9m
of which Other amounts receivable: +€810,776
- Cash +€722,412
up €722,412 (+396%), from €182,258 to €904,670
mainly Trade debts (+€1.1m) and Receivables after one year (+€321,278)
- Receivables after one year -€321,278
no longer reported in 2025 (was €321,278)
- Trade debts +€1.1m
up €1.1m (+109%), from €998,265 to €2.1m
- Reserves +€230,000
new in 2025: €230,000
- Advances received +€148,086
up €148,086 (+370%), from €40,000 to €188,086
- Tax, wage and social debts +€134,442
up €134,442 (+135%), from €99,543 to €233,985
of which Taxes: +€120,550
- Accrued charges and deferred income +€59,809
up €59,809 (+2,751%), from €2,174 to €61,983
- Gross operating margin +€468,961
up €468,961 (+75.5%), from €621,499 to €1.1m
- Staff costs +€168,518
up €168,518 (+28.4%), from €593,237 to €761,755
- Taxes +€76,362
up €76,362 (+687%), from €11,112 to €87,474
- Other operating charges +€20,797
up €20,797 (+303%), from €6,872 to €27,669
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 | €1,336,621 | €2,976,298 | +€1.6m | +123% |
| Fixed assets | 21/28 | €105,872 | €119,748 | +€13,876 | +13.1% |
| Tangible fixed assets | 22/27 | €5,412 | €7,288 | +€1,876 | +34.7% |
| Plant, machinery and equipment | 23 | €2,237 | €743 | -€1,494 | -66.8% |
| Furniture and vehicles | 24 | €1,832 | €5,791 | +€3,959 | +216% |
| Other tangible fixed assets | 26 | €1,343 | €754 | -€589 | -43.9% |
| Financial fixed assets | 28 | €100,460 | €112,460 | +€12,000 | +11.9% |
| Current assets | 29/58 | €1,230,749 | €2,856,550 | +€1.6m | +132% |
| Amounts receivable after more than one year | 29 | €321,278 | - | -€321,278 | |
| Other amounts receivable | 291 | €321,278 | - | -€321,278 | |
| Amounts receivable within one year | 40/41 | €727,213 | €1,936,862 | +€1.2m | +166% |
| Trade receivables | 40 | €535,634 | €934,507 | +€398,873 | +74.5% |
| Other amounts receivable | 41 | €191,579 | €1,002,355 | +€810,776 | +423% |
| Cash at bank and in hand | 54/58 | €182,258 | €904,670 | +€722,412 | +396% |
| Deferred charges and accrued income | 490/1 | - | €15,018 | +€15,018 | |
| Total equity and liabilities | 10/49 | €1,336,621 | €2,976,298 | +€1.6m | +123% |
| Equity | 10/15 | €182,019 | €389,314 | +€207,295 | +114% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Contributions outside capital | 11 | €150,000 | €150,000 | = | 0.0% |
| Other | 1109/19 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | - | €230,000 | +€230,000 | |
| Distributable reserves | 133 | - | €230,000 | +€230,000 | |
| Profit (loss) carried forward | 14 | €32,019 | €9,314 | -€22,705 | -70.9% |
| Amounts payable | 17/49 | €1,154,602 | €2,586,984 | +€1.4m | +124% |
| Amounts payable after more than one year | 17 | €5,000 | €5,000 | = | 0.0% |
| Other amounts payable | 178/9 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,147,428 | €2,520,001 | +€1.4m | +120% |
| Trade debts | 44 | €998,265 | €2,088,310 | +€1.1m | +109% |
| Suppliers | 440/4 | €998,265 | €2,088,310 | +€1.1m | +109% |
| Advances received on contracts in progress | 46 | €40,000 | €188,086 | +€148,086 | +370% |
| Taxes, remuneration and social security | 45 | €99,543 | €233,985 | +€134,442 | +135% |
| Taxes | 450/3 | €15,492 | €136,042 | +€120,550 | +778% |
| Remuneration and social security | 454/9 | €84,051 | €97,943 | +€13,892 | +16.5% |
| Other amounts payable | 47/48 | €9,620 | €9,620 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,174 | €61,983 | +€59,809 | +2,751% |
| Remuneration, social security and pensions | 62 | €593,237 | €761,755 | +€168,518 | +28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,304 | €4,483 | +€1,179 | +35.7% |
| Other operating charges | 640/8 | €6,872 | €27,669 | +€20,797 | +303% |
| Gross operating margin | 9900 | €621,499 | €1,090,460 | +€468,961 | +75.5% |
| Operating profit (loss) | 9901 | €18,086 | €296,553 | +€278,467 | +1,540% |
| Financial income | 75/76B | - | €3,730 | +€3,730 | |
| Recurring financial income | 75 | - | €3,730 | +€3,730 | |
| Financial charges | 65/66B | €9,503 | €5,514 | -€3,989 | -42.0% |
| Recurring financial charges | 65 | €9,503 | €5,514 | -€3,989 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €8,583 | €294,769 | +€286,186 | +3,334% |
| Income taxes | 67/77 | €11,112 | €87,474 | +€76,362 | +687% |
| Profit (loss) for the period | 9904 | -€2,529 | €207,295 | +€209,824 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,529 | €207,295 | +€209,824 |
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 21 October 2026 via checked.be.