Smeba: what changed
Two fiscal 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.
Smeba
Largest movements
- Tangible fixed assets +€106,984
up €106,984 (+89.4%), from €119,628 to €226,612
of which Furniture and vehicles: +€55,824
- Receivables within one year +€66,230
up €66,230 (+22.8%), from €289,857 to €356,088
of which Other amounts receivable: +€49,761
- Cash -€21,580
down €21,580 (-31.3%), from €68,899 to €47,320
mainly Investment in fixed assets (net) (-€136,794) and Receivables within one year (-€66,230)
- Reserves +€113,446
up €113,446 (+54.5%), from €208,269 to €321,715
of which Distributable reserves: +€86,413
- Trade debts -€31,863
down €31,863 (-20.5%), from €155,117 to €123,254
- Tax, wage and social debts +€27,411
up €27,411 (+143.5%), from €19,107 to €46,518
of which Taxes: +€24,714
- Debts after one year +€14,490
up €14,490 (+23.1%), from €62,859 to €77,348
- Other debts +€11,000
up €11,000, from €0 to €11,000
- Gross operating margin +€107,615
up €107,615 (+40.1%), from €268,474 to €376,089
- Depreciation -€20,268
down €20,268 (-40.5%), from €50,078 to €29,810
- Taxes +€19,125
up €19,125 (+193.1%), from €9,902 to €29,027
- Staff costs -€5,802
down €5,802 (-3.1%), from €186,310 to €180,509
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 | €510,276 | €658,233 | +€147,957 | +29.0% |
| Fixed assets | 21/28 | €144,628 | €251,612 | +€106,984 | +74.0% |
| Tangible fixed assets | 22/27 | €119,628 | €226,612 | +€106,984 | +89.4% |
| Plant, machinery and equipment | 23 | €11,285 | €14,615 | +€3,330 | +29.5% |
| Furniture and vehicles | 24 | €76,702 | €132,525 | +€55,824 | +72.8% |
| Leasing and similar rights | 25 | €31,641 | €79,472 | +€47,830 | +151.2% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €365,649 | €406,622 | +€40,973 | +11.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €289,857 | €356,088 | +€66,230 | +22.8% |
| Trade receivables | 40 | €88,027 | €104,497 | +€16,470 | +18.7% |
| Other amounts receivable | 41 | €201,830 | €251,591 | +€49,761 | +24.7% |
| Cash at bank and in hand | 54/58 | €68,899 | €47,320 | -€21,580 | -31.3% |
| Deferred charges and accrued income | 490/1 | €6,892 | €3,214 | -€3,678 | -53.4% |
| Total equity and liabilities | 10/49 | €510,276 | €658,233 | +€147,957 | +29.0% |
| Equity | 10/15 | €228,269 | €341,715 | +€113,446 | +49.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €208,269 | €321,715 | +€113,446 | +54.5% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100.0% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100.0% |
| Tax-exempt reserves | 132 | - | €29,033 | +€29,033 | |
| Distributable reserves | 133 | €206,269 | €292,682 | +€86,413 | +41.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €7,258 | +€7,258 | |
| Deferred taxes | 168 | - | €7,258 | +€7,258 | |
| Amounts payable | 17/49 | €282,007 | €309,260 | +€27,253 | +9.7% |
| Amounts payable after more than one year | 17 | €62,859 | €77,348 | +€14,490 | +23.1% |
| Financial debts | 170/4 | €62,859 | €77,348 | +€14,490 | +23.1% |
| Amounts payable within one year | 42/48 | €219,149 | €231,912 | +€12,763 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €44,925 | €51,140 | +€6,214 | +13.8% |
| Trade debts | 44 | €155,117 | €123,254 | -€31,863 | -20.5% |
| Suppliers | 440/4 | €155,117 | €123,254 | -€31,863 | -20.5% |
| Taxes, remuneration and social security | 45 | €19,107 | €46,518 | +€27,411 | +143.5% |
| Taxes | 450/3 | €10,691 | €35,406 | +€24,714 | +231.2% |
| Remuneration and social security | 454/9 | €8,415 | €11,112 | +€2,697 | +32.1% |
| Other amounts payable | 47/48 | €0 | €11,000 | +€11,000 | |
| Non-recurring operating income | 76A | €22,638 | €0 | -€22,638 | -100.0% |
| Remuneration, social security and pensions | 62 | €186,310 | €180,509 | -€5,802 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,078 | €29,810 | -€20,268 | -40.5% |
| Other operating charges | 640/8 | €8,409 | €6,021 | -€2,388 | -28.4% |
| Non-recurring operating charges | 66A | €496 | €2,143 | +€1,648 | +332.5% |
| Gross operating margin | 9900 | €268,474 | €376,089 | +€107,615 | +40.1% |
| Operating profit (loss) | 9901 | €23,181 | €157,606 | +€134,425 | +579.9% |
| Financial income | 75/76B | €9,082 | €10,412 | +€1,330 | +14.6% |
| Recurring financial income | 75 | €9,082 | €10,412 | +€1,330 | +14.6% |
| Financial charges | 65/66B | €6,552 | €7,286 | +€734 | +11.2% |
| Recurring financial charges | 65 | €6,552 | €7,286 | +€734 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €25,711 | €160,731 | +€135,020 | +525.1% |
| Transfer to deferred taxes | 680 | - | €7,258 | +€7,258 | |
| Income taxes | 67/77 | €9,902 | €29,027 | +€19,125 | +193.1% |
| Profit (loss) for the period | 9904 | €15,809 | €124,446 | +€108,637 | +687.2% |
| Transfer to tax-exempt reserves | 689 | - | €29,033 | +€29,033 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,809 | €95,413 | +€79,604 | +503.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.