Smefico: 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.
Smefico
Largest movements
- Cash +€41,262
up €41,262 (+43.1%), from €95,677 to €136,939
mainly Net result for the year (+€38,421) and Depreciation (+€7,774)
- Tangible fixed assets -€7,531
down €7,531 (-27.8%), from €27,110 to €19,579
- Receivables within one year -€4,236
no longer reported in 2025 (was €4,236)
of which Trade receivables: -€2,444
- Profit (loss) carried forward +€37,588
up €37,588 (+57.7%), from €65,163 to €102,751
- Tax, wage and social debts -€4,125
down €4,125 (-23.4%), from €17,609 to €13,484
- Other debts -€2,120
down €2,120 (-6.5%), from €32,688 to €30,568
- Gross operating margin -€38,735
down €38,735 (-40.2%), from €96,409 to €57,674
- Taxes -€7,009
down €7,009 (-39.9%), from €17,562 to €10,553
- Depreciation -€3,643
down €3,643 (-31.9%), from €11,417 to €7,774
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 | €127,522 | €157,758 | +€30,236 | +23.7% |
| Fixed assets | 21/28 | €27,110 | €19,579 | -€7,531 | -27.8% |
| Tangible fixed assets | 22/27 | €27,110 | €19,579 | -€7,531 | -27.8% |
| Furniture and vehicles | 24 | €27,110 | €19,579 | -€7,531 | -27.8% |
| Current assets | 29/58 | €100,413 | €138,179 | +€37,766 | +37.6% |
| Amounts receivable within one year | 40/41 | €4,236 | - | -€4,236 | |
| Trade receivables | 40 | €2,444 | - | -€2,444 | |
| Other amounts receivable | 41 | €1,792 | - | -€1,792 | |
| Cash at bank and in hand | 54/58 | €95,677 | €136,939 | +€41,262 | +43.1% |
| Deferred charges and accrued income | 490/1 | €500 | €1,240 | +€741 | +148.2% |
| Total equity and liabilities | 10/49 | €127,522 | €157,758 | +€30,236 | +23.7% |
| Equity | 10/15 | €75,163 | €112,751 | +€37,588 | +50.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,163 | €102,751 | +€37,588 | +57.7% |
| Amounts payable | 17/49 | €52,359 | €45,007 | -€7,353 | -14.0% |
| Amounts payable within one year | 42/48 | €52,359 | €45,007 | -€7,353 | -14.0% |
| Trade debts | 44 | €2,062 | €956 | -€1,107 | -53.7% |
| Suppliers | 440/4 | €2,062 | €956 | -€1,107 | -53.7% |
| Taxes, remuneration and social security | 45 | €17,609 | €13,484 | -€4,125 | -23.4% |
| Taxes | 450/3 | €17,609 | €13,484 | -€4,125 | -23.4% |
| Other amounts payable | 47/48 | €32,688 | €30,568 | -€2,120 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,417 | €7,774 | -€3,643 | -31.9% |
| Other operating charges | 640/8 | €1,307 | €866 | -€442 | -33.8% |
| Gross operating margin | 9900 | €96,409 | €57,674 | -€38,735 | -40.2% |
| Operating profit (loss) | 9901 | €83,685 | €49,035 | -€34,651 | -41.4% |
| Financial charges | 65/66B | €101 | €60 | -€41 | -40.6% |
| Recurring financial charges | 65 | €101 | €60 | -€41 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €83,584 | €48,975 | -€34,610 | -41.4% |
| Income taxes | 67/77 | €17,562 | €10,553 | -€7,009 | -39.9% |
| Profit (loss) for the period | 9904 | €66,022 | €38,421 | -€27,601 | -41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,022 | €38,421 | -€27,601 | -41.8% |
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 29 September 2026 via checked.be.