SMEK: 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.
SMEK
Largest movements
- Tangible fixed assets +€32,994
up €32,994 (+47.6%), from €69,314 to €102,308
of which Furniture and vehicles: +€43,034
- Receivables within one year +€19,573
up €19,573 (+10.4%), from €188,861 to €208,434
of which Trade receivables: +€25,109
- Intangible fixed assets -€12,500
no longer reported in 2025 (was €12,500)
- Other debts +€25,372
new in 2025: €25,372
- Debts after one year +€20,502
up €20,502 (+28.7%), from €71,500 to €92,002
- Profit (loss) carried forward -€11,195
down €11,195 (-2.3%), from €482,877 to €471,683
- Tax, wage and social debts -€8,824
no longer reported in 2025 (was €8,824)
of which Remuneration and social security: -€4,680
- Staff costs -€29,817
down €29,817, from €24,561 to -€5,256
- Gross operating margin -€26,281
down €26,281 (-44.9%), from €58,561 to €32,280
- Depreciation +€5,060
up €5,060 (+13.2%), from €38,270 to €43,331
- Taxes -€4,109
down €4,109 (-89.1%), from €4,611 to €502
- Other operating charges -€1,211
down €1,211 (-22.5%), from €5,388 to €4,177
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 | €812,940 | €849,586 | +€36,646 | +4.5% |
| Fixed assets | 21/28 | €608,491 | €628,985 | +€20,494 | +3.4% |
| Intangible fixed assets | 21 | €12,500 | - | -€12,500 | |
| Tangible fixed assets | 22/27 | €69,314 | €102,308 | +€32,994 | +47.6% |
| Land and buildings | 22 | €47,737 | €30,474 | -€17,262 | -36.2% |
| Plant, machinery and equipment | 23 | €7,756 | €14,978 | +€7,222 | +93.1% |
| Furniture and vehicles | 24 | €13,822 | €56,856 | +€43,034 | +311.4% |
| Financial fixed assets | 28 | €526,677 | €526,677 | = | 0.0% |
| Current assets | 29/58 | €204,449 | €220,601 | +€16,152 | +7.9% |
| Stocks and contracts in progress | 3 | €8,457 | €7,817 | -€640 | -7.6% |
| Stocks | 30/36 | €8,457 | €7,817 | -€640 | -7.6% |
| Amounts receivable within one year | 40/41 | €188,861 | €208,434 | +€19,573 | +10.4% |
| Trade receivables | 40 | €182,619 | €207,728 | +€25,109 | +13.7% |
| Other amounts receivable | 41 | €6,243 | €707 | -€5,536 | -88.7% |
| Cash at bank and in hand | 54/58 | €3,885 | €1,987 | -€1,898 | -48.9% |
| Deferred charges and accrued income | 490/1 | €3,246 | €2,363 | -€883 | -27.2% |
| Total equity and liabilities | 10/49 | €812,940 | €849,586 | +€36,646 | +4.5% |
| Equity | 10/15 | €503,329 | €492,135 | -€11,195 | -2.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | - | -€18,592 | |
| Other | 1109/19 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €482,877 | €471,683 | -€11,195 | -2.3% |
| Provisions and deferred taxes | 16 | €89,895 | €89,895 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €89,895 | €89,895 | = | 0.0% |
| Pensions and similar obligations | 160 | €89,895 | €89,895 | = | 0.0% |
| Amounts payable | 17/49 | €219,716 | €267,557 | +€47,841 | +21.8% |
| Amounts payable after more than one year | 17 | €71,500 | €92,002 | +€20,502 | +28.7% |
| Financial debts | 170/4 | €71,500 | €92,002 | +€20,502 | +28.7% |
| Amounts payable within one year | 42/48 | €148,216 | €175,555 | +€27,339 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | - | €7,169 | +€7,169 | |
| Trade debts | 44 | €139,392 | €143,014 | +€3,622 | +2.6% |
| Suppliers | 440/4 | €139,392 | €143,014 | +€3,622 | +2.6% |
| Taxes, remuneration and social security | 45 | €8,824 | - | -€8,824 | |
| Taxes | 450/3 | €4,144 | - | -€4,144 | |
| Remuneration and social security | 454/9 | €4,680 | - | -€4,680 | |
| Other amounts payable | 47/48 | - | €25,372 | +€25,372 | |
| Non-recurring operating income | 76A | €70,004 | - | -€70,004 | |
| Remuneration, social security and pensions | 62 | €24,561 | -€5,256 | -€29,817 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,270 | €43,331 | +€5,060 | +13.2% |
| Other operating charges | 640/8 | €5,388 | €4,177 | -€1,211 | -22.5% |
| Gross operating margin | 9900 | €58,561 | €32,280 | -€26,281 | -44.9% |
| Operating profit (loss) | 9901 | -€9,658 | -€9,972 | -€313 | -3.2% |
| Financial income | 75/76B | €217 | €0 | -€217 | -99.8% |
| Recurring financial income | 75 | €217 | €0 | -€217 | -99.8% |
| Financial charges | 65/66B | €275 | €721 | +€446 | +162.2% |
| Recurring financial charges | 65 | €275 | €721 | +€446 | +162.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,716 | -€10,692 | -€976 | -10.0% |
| Income taxes | 67/77 | €4,611 | €502 | -€4,109 | -89.1% |
| Profit (loss) for the period | 9904 | -€14,328 | -€11,195 | +€3,133 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,328 | -€11,195 | +€3,133 | +21.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.