SMEMA: 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.
SMEMA
Largest movements
- Tangible fixed assets -€177,986
down €177,986 (-4.0%), from €4.4m to €4.2m
of which Land and buildings: -€176,682
- Receivables within one year +€102,046
up €102,046 (+587.4%), from €17,372 to €119,418
of which Trade receivables: +€92,046
- Cash -€57,199
down €57,199 (-53.9%), from €106,190 to €48,991
mainly Debts after one year (-€207,716) and Receivables within one year (-€102,046)
- Debts after one year -€207,716
down €207,716 (-4.8%), from €4.3m to €4.1m
of which Financial debts: -€192,993
- Accrued charges and deferred income +€54,782
up €54,782 (+743.5%), from €7,369 to €62,150
- Gross operating margin -€21,985
down €21,985 (-6.5%), from €336,320 to €314,335
- Financial charges -€3,987
down €3,987 (-4.4%), from €89,966 to €85,979
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 | €4,553,186 | €4,418,726 | -€134,460 | -3.0% |
| Formation expenses | 20 | €780 | €53 | -€727 | -93.2% |
| Fixed assets | 21/28 | €4,423,449 | €4,245,463 | -€177,986 | -4.0% |
| Tangible fixed assets | 22/27 | €4,423,449 | €4,245,463 | -€177,986 | -4.0% |
| Land and buildings | 22 | €4,415,859 | €4,239,178 | -€176,682 | -4.0% |
| Plant, machinery and equipment | 23 | €4,244 | €3,783 | -€461 | -10.9% |
| Furniture and vehicles | 24 | €3,346 | €2,502 | -€844 | -25.2% |
| Current assets | 29/58 | €128,957 | €173,210 | +€44,253 | +34.3% |
| Amounts receivable within one year | 40/41 | €17,372 | €119,418 | +€102,046 | +587.4% |
| Trade receivables | 40 | €17,372 | €109,418 | +€92,046 | +529.8% |
| Other amounts receivable | 41 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €106,190 | €48,991 | -€57,199 | -53.9% |
| Deferred charges and accrued income | 490/1 | €5,394 | €4,801 | -€594 | -11.0% |
| Total equity and liabilities | 10/49 | €4,553,186 | €4,418,726 | -€134,460 | -3.0% |
| Equity | 10/15 | -€19,535 | €4,697 | +€24,232 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,535 | -€20,303 | +€24,232 | +54.4% |
| Amounts payable | 17/49 | €4,572,721 | €4,414,029 | -€158,692 | -3.5% |
| Amounts payable after more than one year | 17 | €4,332,454 | €4,124,738 | -€207,716 | -4.8% |
| Financial debts | 170/4 | €3,633,309 | €3,440,315 | -€192,993 | -5.3% |
| Other amounts payable | 178/9 | €699,145 | €684,422 | -€14,723 | -2.1% |
| Amounts payable within one year | 42/48 | €232,898 | €227,142 | -€5,757 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €204,761 | €208,902 | +€4,141 | +2.0% |
| Trade debts | 44 | €6,287 | €14,145 | +€7,858 | +125.0% |
| Suppliers | 440/4 | €6,287 | €14,145 | +€7,858 | +125.0% |
| Taxes, remuneration and social security | 45 | €21,851 | €4,094 | -€17,756 | -81.3% |
| Taxes | 450/3 | €21,851 | €4,094 | -€17,756 | -81.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €7,369 | €62,150 | +€54,782 | +743.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,926 | €199,528 | +€602 | +0.3% |
| Other operating charges | 640/8 | €2,218 | €4,596 | +€2,377 | +107.2% |
| Gross operating margin | 9900 | €336,320 | €314,335 | -€21,985 | -6.5% |
| Operating profit (loss) | 9901 | €135,176 | €110,211 | -€24,965 | -18.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €89,966 | €85,979 | -€3,987 | -4.4% |
| Recurring financial charges | 65 | €89,966 | €85,979 | -€3,987 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €45,210 | €24,232 | -€20,978 | -46.4% |
| Profit (loss) for the period | 9904 | €45,210 | €24,232 | -€20,978 | -46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,210 | €24,232 | -€20,978 | -46.4% |
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 6 October 2026 via checked.be.