SMEC: what changed
What changed
SMEC
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€286,722
2024 · €30,442+€256,280
Equity
€643,641
2024 · €76,919+€566,722
Cash
€87,191
2024 · €58,337+€28,854
Balance sheet total
€5.3m
2024 · €3.0m+€2.3m
Largest movements
Assets
- Tangible fixed assets +€2.1m
up €2.1m (+76.0%), from €2.7m to €4.8m
of which Land and buildings: +€1.7m
- Intangible fixed assets +€231,527
up €231,527 (+147%), from €157,911 to €389,438
- Receivables within one year -€60,540
down €60,540 (-98.3%), from €61,565 to €1,025
of which Trade receivables: -€61,401
Equity and liabilities
- Debts after one year +€1.9m
up €1.9m (+82.6%), from €2.3m to €4.1m
of which Financial debts: +€1.9m
- Contributions +€300,000
up €300,000 (+1,613%), from €18,600 to €318,600
- Other debts -€267,695
down €267,695 (-64.7%), from €413,544 to €145,849
- Reserves +€266,722
up €266,722 (+457%), from €58,319 to €325,041
- Current portion of long-term debt +€100,120
up €100,120 (+61.9%), from €161,783 to €261,903
Income statement
- Gross operating margin +€579,198
up €579,198 (+285%), from €202,941 to €782,139
- Depreciation +€221,797
up €221,797 (+213%), from €104,079 to €325,877
- Taxes +€48,963
up €48,963 (+1,801%), from €2,719 to €51,682
- Financial charges +€37,103
up €37,103 (+69.0%), from €53,734 to €90,837
- Other operating charges +€10,465
up €10,465 (+111%), from €9,415 to €19,881
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€30,442
Gross operating margin
+€579,198
Staff costs
-€1,280
Depreciation
-€221,797
Other operating charges
-€10,465
Other operating items
-€3,534
Financial income
+€225
Financial charges
-€37,103
Taxes
-€48,963
Result 2025
€286,722
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€414,242
Investment
-€2.6m
Financing
+€2.2m
Cash 2024
€58,337
From operations (derived)
+€414,242
Net result for the year
+€286,722
Depreciation
+€325,877
Receivables within one year
+€60,540
Deferred charges and accrued income
-€2,306
Trade debts
-€31,484
Tax, wage and social debts
+€32,106
Advances received
+€10,482
Other debts
-€267,695
Investment (derived)
-€2.6m
Investment in fixed assets (net)
-€2.6m
Financing
+€2.2m
Debts after one year
+€1.9m
Current portion of long-term debt
+€100,120
Contributions, distributions and other
+€280,000
Cash 2025
€87,191
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,022,133 | €5,293,968 | +€2.3m | +75.2% |
| Fixed assets | 21/28 | €2,899,223 | €5,200,438 | +€2.3m | +79.4% |
| Intangible fixed assets | 21 | €157,911 | €389,438 | +€231,527 | +147% |
| Tangible fixed assets | 22/27 | €2,722,749 | €4,792,437 | +€2.1m | +76.0% |
| Land and buildings | 22 | €2,647,591 | €4,312,900 | +€1.7m | +62.9% |
| Plant, machinery and equipment | 23 | €44,844 | €458,314 | +€413,470 | +922% |
| Furniture and vehicles | 24 | €30,314 | €21,223 | -€9,091 | -30.0% |
| Financial fixed assets | 28 | €18,564 | €18,564 | = | 0.0% |
| Current assets | 29/58 | €122,910 | €93,529 | -€29,381 | -23.9% |
| Amounts receivable within one year | 40/41 | €61,565 | €1,025 | -€60,540 | -98.3% |
| Trade receivables | 40 | €61,401 | €0 | -€61,401 | -100% |
| Other amounts receivable | 41 | €164 | €1,025 | +€861 | +526% |
| Cash at bank and in hand | 54/58 | €58,337 | €87,191 | +€28,854 | +49.5% |
| Deferred charges and accrued income | 490/1 | €3,008 | €5,314 | +€2,306 | +76.7% |
| Total equity and liabilities | 10/49 | €3,022,133 | €5,293,968 | +€2.3m | +75.2% |
| Equity | 10/15 | €76,919 | €643,641 | +€566,722 | +737% |
| Contributions | 10/11 | €18,600 | €318,600 | +€300,000 | +1,613% |
| Reserves | 13 | €58,319 | €325,041 | +€266,722 | +457% |
| Distributable reserves | 133 | €58,319 | €325,041 | +€266,722 | +457% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,945,214 | €4,650,327 | +€1.7m | +57.9% |
| Amounts payable after more than one year | 17 | €2,254,324 | €4,115,908 | +€1.9m | +82.6% |
| Financial debts | 170/4 | €2,116,324 | €3,977,908 | +€1.9m | +88.0% |
| Other amounts payable | 178/9 | €138,000 | €138,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €690,890 | €534,419 | -€156,471 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €161,783 | €261,903 | +€100,120 | +61.9% |
| Trade debts | 44 | €102,766 | €71,282 | -€31,484 | -30.6% |
| Suppliers | 440/4 | €102,766 | €71,282 | -€31,484 | -30.6% |
| Advances received on contracts in progress | 46 | €10,000 | €20,482 | +€10,482 | +105% |
| Taxes, remuneration and social security | 45 | €2,797 | €34,903 | +€32,106 | +1,148% |
| Taxes | 450/3 | €2,797 | €34,903 | +€32,106 | +1,148% |
| Other amounts payable | 47/48 | €413,544 | €145,849 | -€267,695 | -64.7% |
| Non-recurring operating income | 76A | €40,900 | €0 | -€40,900 | -100% |
| Remuneration, social security and pensions | 62 | €2,560 | €3,840 | +€1,280 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,079 | €325,877 | +€221,797 | +213% |
| Other operating charges | 640/8 | €9,415 | €19,881 | +€10,465 | +111% |
| Non-recurring operating charges | 66A | - | €3,534 | +€3,534 | |
| Gross operating margin | 9900 | €202,941 | €782,139 | +€579,198 | +285% |
| Operating profit (loss) | 9901 | €86,886 | €429,007 | +€342,121 | +394% |
| Financial income | 75/76B | €10 | €234 | +€225 | +2,361% |
| Recurring financial income | 75 | €10 | €234 | +€225 | +2,361% |
| Financial charges | 65/66B | €53,734 | €90,837 | +€37,103 | +69.0% |
| Recurring financial charges | 65 | €53,734 | €90,837 | +€37,103 | +69.0% |
| Profit (loss) for the period before taxes | 9903 | €33,161 | €338,404 | +€305,243 | +920% |
| Income taxes | 67/77 | €2,719 | €51,682 | +€48,963 | +1,801% |
| Profit (loss) for the period | 9904 | €30,442 | €286,722 | +€256,280 | +842% |
| Profit (loss) for the period to be appropriated | 9905 | €30,442 | €286,722 | +€256,280 | +842% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.