SMDS: 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.
SMDS
Largest movements
- Tangible fixed assets -€20,790
down €20,790 (-29.1%), from €71,386 to €50,596
of which Furniture and vehicles: -€18,643
- Cash -€14,413
no longer reported in 2025 (was €14,413)
mainly Contributions, distributions and other (-€13,932) and Net result for the year (-€10,681)
- Receivables within one year +€9,481
up €9,481 (+185%), from €5,133 to €14,614
of which Trade receivables: +€12,181
- Current investments +€2,022
new in 2025: €2,022
- Reserves -€13,932
down €13,932 (-18.4%), from €75,633 to €61,701
- Profit (loss) carried forward -€10,681
down €10,681 (-51.5%), from -€20,723 to -€31,404
- Other debts +€10,292
new in 2025: €10,292
- Debts after one year -€5,097
no longer reported in 2025 (was €5,097)
- Current portion of long-term debt -€5,013
down €5,013 (-49.6%), from €10,110 to €5,097
- Depreciation +€980
up €980 (+3.6%), from €27,006 to €27,986
- Taxes -€547
down €547 (-28.4%), from €1,925 to €1,378
- Gross operating margin +€327
up €327 (+1.6%), from €20,008 to €20,335
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 | €92,482 | €68,866 | -€23,616 | -25.5% |
| Fixed assets | 21/28 | €71,386 | €50,596 | -€20,790 | -29.1% |
| Tangible fixed assets | 22/27 | €71,386 | €50,596 | -€20,790 | -29.1% |
| Land and buildings | 22 | €26,742 | €24,595 | -€2,147 | -8.0% |
| Furniture and vehicles | 24 | €44,644 | €26,001 | -€18,643 | -41.8% |
| Current assets | 29/58 | €21,096 | €18,270 | -€2,826 | -13.4% |
| Amounts receivable within one year | 40/41 | €5,133 | €14,614 | +€9,481 | +185% |
| Trade receivables | 40 | €2,433 | €14,614 | +€12,181 | +501% |
| Other amounts receivable | 41 | €2,700 | - | -€2,700 | |
| Current investments | 50/53 | - | €2,022 | +€2,022 | |
| Cash at bank and in hand | 54/58 | €14,413 | - | -€14,413 | |
| Deferred charges and accrued income | 490/1 | €1,550 | €1,634 | +€84 | +5.4% |
| Total equity and liabilities | 10/49 | €92,482 | €68,866 | -€23,616 | -25.5% |
| Equity | 10/15 | €67,910 | €43,297 | -€24,613 | -36.2% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €75,633 | €61,701 | -€13,932 | -18.4% |
| Distributable reserves | 133 | €75,633 | €61,701 | -€13,932 | -18.4% |
| Profit (loss) carried forward | 14 | -€20,723 | -€31,404 | -€10,681 | -51.5% |
| Amounts payable | 17/49 | €24,572 | €25,569 | +€997 | +4.1% |
| Amounts payable after more than one year | 17 | €5,097 | - | -€5,097 | |
| Financial debts | 170/4 | €5,097 | - | -€5,097 | |
| Amounts payable within one year | 42/48 | €19,475 | €25,569 | +€6,094 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €10,110 | €5,097 | -€5,013 | -49.6% |
| Trade debts | 44 | €326 | - | -€326 | |
| Suppliers | 440/4 | €326 | - | -€326 | |
| Taxes, remuneration and social security | 45 | €9,039 | €10,180 | +€1,141 | +12.6% |
| Taxes | 450/3 | €9,039 | €10,180 | +€1,141 | +12.6% |
| Other amounts payable | 47/48 | - | €10,292 | +€10,292 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,006 | €27,986 | +€980 | +3.6% |
| Other operating charges | 640/8 | €596 | €617 | +€21 | +3.5% |
| Non-recurring operating charges | 66A | €266 | €127 | -€139 | -52.3% |
| Gross operating margin | 9900 | €20,008 | €20,335 | +€327 | +1.6% |
| Operating profit (loss) | 9901 | -€7,860 | -€8,395 | -€535 | -6.8% |
| Financial income | 75/76B | €69 | - | -€69 | |
| Recurring financial income | 75 | €69 | - | -€69 | |
| Financial charges | 65/66B | €824 | €908 | +€84 | +10.2% |
| Recurring financial charges | 65 | €824 | €908 | +€84 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,615 | -€9,303 | -€688 | -8.0% |
| Income taxes | 67/77 | €1,925 | €1,378 | -€547 | -28.4% |
| Profit (loss) for the period | 9904 | -€10,540 | -€10,681 | -€141 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,540 | -€10,681 | -€141 | -1.3% |
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 15 October 2026 via checked.be.