SMEDO: 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.
SMEDO
Largest movements
- Tangible fixed assets -€33,104
down €33,104 (-11.6%), from €285,356 to €252,251
of which Land and buildings: -€28,183
- Intangible fixed assets -€12,500
down €12,500 (-65.8%), from €19,000 to €6,500
- Deferred charges and accrued income -€5,424
no longer reported in 2025 (was €5,424)
- Stocks and contracts -€4,660
down €4,660 (-7.6%), from €61,605 to €56,945
- Cash +€4,082
new in 2025: €4,082
mainly Depreciation (+€45,604) and Deferred charges and accrued income (+€5,424)
- Debts after one year -€24,969
down €24,969 (-10.4%), from €239,176 to €214,207
- Short-term financial debts -€18,709
no longer reported in 2025 (was €18,709)
- Trade debts -€6,597
down €6,597 (-88.4%), from €7,459 to €862
- Gross operating margin +€26,219
up €26,219 (+77.2%), from €33,961 to €60,180
- Depreciation +€24,474
up €24,474 (+116%), from €21,130 to €45,604
- Financial charges +€1,487
up €1,487 (+12.5%), from €11,916 to €13,403
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 | €374,544 | €324,551 | -€49,993 | -13.3% |
| Fixed assets | 21/28 | €304,356 | €258,751 | -€45,604 | -15.0% |
| Intangible fixed assets | 21 | €19,000 | €6,500 | -€12,500 | -65.8% |
| Tangible fixed assets | 22/27 | €285,356 | €252,251 | -€33,104 | -11.6% |
| Land and buildings | 22 | €266,449 | €238,266 | -€28,183 | -10.6% |
| Plant, machinery and equipment | 23 | €18,906 | €13,985 | -€4,921 | -26.0% |
| Current assets | 29/58 | €70,188 | €65,800 | -€4,388 | -6.3% |
| Stocks and contracts in progress | 3 | €61,605 | €56,945 | -€4,660 | -7.6% |
| Stocks | 30/36 | €61,605 | €56,945 | -€4,660 | -7.6% |
| Amounts receivable within one year | 40/41 | €3,160 | €4,773 | +€1,613 | +51.0% |
| Trade receivables | 40 | €1,410 | €2,891 | +€1,481 | +105% |
| Other amounts receivable | 41 | €1,750 | €1,882 | +€132 | +7.6% |
| Cash at bank and in hand | 54/58 | - | €4,082 | +€4,082 | |
| Deferred charges and accrued income | 490/1 | €5,424 | - | -€5,424 | |
| Total equity and liabilities | 10/49 | €374,544 | €324,551 | -€49,993 | -13.3% |
| Equity | 10/15 | €62,805 | €62,815 | +€10 | 0.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €22,805 | €22,815 | +€10 | 0.0% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €18,805 | €18,815 | +€10 | +0.1% |
| Amounts payable | 17/49 | €311,739 | €261,737 | -€50,003 | -16.0% |
| Amounts payable after more than one year | 17 | €239,176 | €214,207 | -€24,969 | -10.4% |
| Financial debts | 170/4 | €239,176 | €214,207 | -€24,969 | -10.4% |
| Amounts payable within one year | 42/48 | €72,564 | €47,530 | -€25,034 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €24,032 | €24,969 | +€936 | +3.9% |
| Financial debts | 43 | €18,709 | - | -€18,709 | |
| Credit institutions | 430/8 | €18,709 | - | -€18,709 | |
| Trade debts | 44 | €7,459 | €862 | -€6,597 | -88.4% |
| Suppliers | 440/4 | €7,459 | €862 | -€6,597 | -88.4% |
| Taxes, remuneration and social security | 45 | €7,505 | €8,494 | +€989 | +13.2% |
| Taxes | 450/3 | €7,505 | €8,494 | +€989 | +13.2% |
| Other amounts payable | 47/48 | €14,859 | €13,205 | -€1,654 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,130 | €45,604 | +€24,474 | +116% |
| Other operating charges | 640/8 | €1,115 | €1,156 | +€41 | +3.6% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €33,961 | €60,180 | +€26,219 | +77.2% |
| Operating profit (loss) | 9901 | €11,716 | €13,420 | +€1,704 | +14.5% |
| Financial income | 75/76B | €222 | €1 | -€222 | -99.8% |
| Recurring financial income | 75 | €222 | €1 | -€222 | -99.8% |
| Financial charges | 65/66B | €11,916 | €13,403 | +€1,487 | +12.5% |
| Recurring financial charges | 65 | €11,916 | €13,403 | +€1,487 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €22 | €17 | -€5 | -22.7% |
| Income taxes | 67/77 | - | €7 | +€7 | |
| Profit (loss) for the period | 9904 | €22 | €10 | -€12 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22 | €10 | -€12 | -53.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.