SMEFA: 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.
SMEFA
Largest movements
- Tangible fixed assets -€4,538
down €4,538 (-5.3%), from €86,024 to €81,486
- Cash -€1,239
down €1,239 (-89.2%), from €1,389 to €150
mainly Net result for the year (-€8,270) and Receivables within one year (-€344)
- Deferred charges and accrued income -€1,192
down €1,192 (-96.0%), from €1,242 to €49
- Profit (loss) carried forward -€8,270
down €8,270 (-20.4%), from -€40,521 to -€48,791
- Other debts +€1,562
up €1,562 (+2.3%), from €68,225 to €69,787
- Gross operating margin -€2,694
down €2,694, from €1,302 to -€1,392
- Other operating charges -€530
down €530 (-19.0%), from €2,789 to €2,258
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 | €90,155 | €83,530 | -€6,625 | -7.3% |
| Fixed assets | 21/28 | €86,024 | €81,486 | -€4,538 | -5.3% |
| Tangible fixed assets | 22/27 | €86,024 | €81,486 | -€4,538 | -5.3% |
| Land and buildings | 22 | €86,024 | €81,486 | -€4,538 | -5.3% |
| Current assets | 29/58 | €4,131 | €2,044 | -€2,087 | -50.5% |
| Amounts receivable within one year | 40/41 | €1,500 | €1,845 | +€344 | +23.0% |
| Trade receivables | 40 | €1,161 | €1,577 | +€416 | +35.8% |
| Other amounts receivable | 41 | €339 | €268 | -€71 | -21.1% |
| Cash at bank and in hand | 54/58 | €1,389 | €150 | -€1,239 | -89.2% |
| Deferred charges and accrued income | 490/1 | €1,242 | €49 | -€1,192 | -96.0% |
| Total equity and liabilities | 10/49 | €90,155 | €83,530 | -€6,625 | -7.3% |
| Equity | 10/15 | €21,479 | €13,209 | -€8,270 | -38.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,521 | -€48,791 | -€8,270 | -20.4% |
| Amounts payable | 17/49 | €68,676 | €70,321 | +€1,645 | +2.4% |
| Amounts payable within one year | 42/48 | €68,676 | €70,321 | +€1,645 | +2.4% |
| Trade debts | 44 | €451 | €534 | +€83 | +18.5% |
| Suppliers | 440/4 | €451 | €534 | +€83 | +18.5% |
| Other amounts payable | 47/48 | €68,225 | €69,787 | +€1,562 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,538 | €4,538 | = | 0.0% |
| Other operating charges | 640/8 | €2,789 | €2,258 | -€530 | -19.0% |
| Gross operating margin | 9900 | €1,302 | -€1,392 | -€2,694 | |
| Operating profit (loss) | 9901 | -€6,024 | -€8,188 | -€2,164 | -35.9% |
| Financial charges | 65/66B | €82 | €82 | +€0 | +0.3% |
| Recurring financial charges | 65 | €82 | €82 | +€0 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,106 | -€8,270 | -€2,164 | -35.4% |
| Profit (loss) for the period | 9904 | -€6,106 | -€8,270 | -€2,164 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,106 | -€8,270 | -€2,164 | -35.4% |
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 8 October 2026 via checked.be.