SMERECO: 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.
SMERECO
Largest movements
- Cash -€4,068
down €4,068 (-5.5%), from €74,547 to €70,479
mainly Contributions, distributions and other (-€17,000) and Tax, wage and social debts (-€7,575)
- Tax, wage and social debts -€7,575
down €7,575 (-68.8%), from €11,012 to €3,438
of which Taxes: -€7,255
- Other debts +€3,209
up €3,209 (+15.5%), from €20,668 to €23,877
- Trade debts +€1,248
up €1,248 (+656%), from €190 to €1,438
- Gross operating margin -€4,488
down €4,488 (-15.3%), from €29,308 to €24,820
- Other operating charges -€623
down €623 (-32.3%), from €1,927 to €1,304
- Depreciation -€568
down €568 (-56.5%), from €1,006 to €438
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 | €93,138 | €89,526 | -€3,611 | -3.9% |
| Fixed assets | 21/28 | €798 | €360 | -€438 | -54.9% |
| Intangible fixed assets | 21 | €666 | €270 | -€397 | -59.5% |
| Tangible fixed assets | 22/27 | €41 | €0 | -€41 | -100% |
| Furniture and vehicles | 24 | €41 | €0 | -€41 | -100% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €92,340 | €89,167 | -€3,173 | -3.4% |
| Amounts receivable within one year | 40/41 | €12,885 | €13,652 | +€767 | +5.9% |
| Trade receivables | 40 | €12,211 | €13,159 | +€948 | +7.8% |
| Other amounts receivable | 41 | €674 | €493 | -€181 | -26.9% |
| Cash at bank and in hand | 54/58 | €74,547 | €70,479 | -€4,068 | -5.5% |
| Deferred charges and accrued income | 490/1 | €4,909 | €5,037 | +€128 | +2.6% |
| Total equity and liabilities | 10/49 | €93,138 | €89,526 | -€3,611 | -3.9% |
| Equity | 10/15 | €60,851 | €60,773 | -€78 | -0.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €41,855 | €41,855 | = | 0.0% |
| Distributable reserves | 133 | €41,855 | €41,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €446 | €368 | -€78 | -17.5% |
| Amounts payable | 17/49 | €32,286 | €28,753 | -€3,533 | -10.9% |
| Amounts payable within one year | 42/48 | €31,871 | €28,753 | -€3,118 | -9.8% |
| Trade debts | 44 | €190 | €1,438 | +€1,248 | +656% |
| Suppliers | 440/4 | €190 | €1,438 | +€1,248 | +656% |
| Taxes, remuneration and social security | 45 | €11,012 | €3,438 | -€7,575 | -68.8% |
| Taxes | 450/3 | €10,692 | €3,438 | -€7,255 | -67.9% |
| Remuneration and social security | 454/9 | €320 | €0 | -€320 | -100% |
| Other amounts payable | 47/48 | €20,668 | €23,877 | +€3,209 | +15.5% |
| Accrued charges and deferred income | 492/3 | €416 | €0 | -€416 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,006 | €438 | -€568 | -56.5% |
| Other operating charges | 640/8 | €1,927 | €1,304 | -€623 | -32.3% |
| Gross operating margin | 9900 | €29,308 | €24,820 | -€4,488 | -15.3% |
| Operating profit (loss) | 9901 | €26,374 | €23,078 | -€3,296 | -12.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €225 | €149 | -€76 | -33.6% |
| Recurring financial charges | 65 | €225 | €149 | -€76 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €26,150 | €22,929 | -€3,221 | -12.3% |
| Income taxes | 67/77 | €6,146 | €6,007 | -€139 | -2.3% |
| Profit (loss) for the period | 9904 | €20,003 | €16,922 | -€3,082 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,003 | €16,922 | -€3,082 | -15.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.