SMERGEL: 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.
SMERGEL
Largest movements
- Tangible fixed assets +€448,642
up €448,642 (+124%), from €361,776 to €810,419
of which Assets under construction and advance payments: +€326,912
- Receivables within one year +€166,055
new in 2025: €166,055
of which Other amounts receivable: +€142,055
- Other debts +€258,549
up €258,549 (+317%), from €81,544 to €340,092
- Debts after one year +€233,979
up €233,979 (+44.7%), from €523,244 to €757,223
- Reserves +€74,575
up €74,575 (+130%), from €57,234 to €131,809
- Trade debts +€47,157
up €47,157 (+1,976%), from €2,387 to €49,544
- Financial charges +€16,112
up €16,112 (+118%), from €13,671 to €29,784
of which Financial charges: +€14,441
- Depreciation -€13,560
down €13,560 (-65.3%), from €20,754 to €7,194
- Gross operating margin +€6,248
up €6,248 (+5.6%), from €110,733 to €116,981
- Financial income +€5,869
up €5,869 (+14,672,750%), from €0 to €5,869
of which Financial income: +€5,317
- Other operating charges -€5,659
down €5,659 (-80.7%), from €7,010 to €1,351
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 | €776,806 | €1,396,824 | +€620,018 | +79.8% |
| Fixed assets | 21/28 | €766,836 | €1,214,357 | +€447,521 | +58.4% |
| Tangible fixed assets | 22/27 | €361,776 | €810,419 | +€448,642 | +124% |
| Land and buildings | 22 | €168,783 | €291,014 | +€122,230 | +72.4% |
| Furniture and vehicles | 24 | €667 | €167 | -€500 | -75.0% |
| Assets under construction and advance payments | 27 | €192,326 | €519,238 | +€326,912 | +170% |
| Financial fixed assets | 28 | €405,060 | €403,938 | -€1,122 | -0.3% |
| Current assets | 29/58 | €9,970 | €182,467 | +€172,497 | +1,730% |
| Amounts receivable within one year | 40/41 | - | €166,055 | +€166,055 | |
| Trade receivables | 40 | - | €24,000 | +€24,000 | |
| Other amounts receivable | 41 | - | €142,055 | +€142,055 | |
| Cash at bank and in hand | 54/58 | €8,719 | €14,857 | +€6,138 | +70.4% |
| Deferred charges and accrued income | 490/1 | €1,250 | €1,555 | +€305 | +24.4% |
| Total equity and liabilities | 10/49 | €776,806 | €1,396,824 | +€620,018 | +79.8% |
| Equity | 10/15 | €59,234 | €133,809 | +€74,575 | +126% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €57,234 | €131,809 | +€74,575 | +130% |
| Distributable reserves | 133 | €57,234 | €131,809 | +€74,575 | +130% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €717,572 | €1,263,015 | +€545,443 | +76.0% |
| Amounts payable after more than one year | 17 | €523,244 | €757,223 | +€233,979 | +44.7% |
| Financial debts | 170/4 | €523,244 | €757,223 | +€233,979 | +44.7% |
| Amounts payable within one year | 42/48 | €194,328 | €505,791 | +€311,464 | +160% |
| Current portion of amounts payable after more than one year | 42 | €95,094 | €91,031 | -€4,062 | -4.3% |
| Trade debts | 44 | €2,387 | €49,544 | +€47,157 | +1,976% |
| Suppliers | 440/4 | €2,387 | €49,544 | +€47,157 | +1,976% |
| Taxes, remuneration and social security | 45 | €15,303 | €25,124 | +€9,821 | +64.2% |
| Taxes | 450/3 | €14,853 | €23,623 | +€8,771 | +59.1% |
| Remuneration and social security | 454/9 | €451 | €1,501 | +€1,050 | +233% |
| Other amounts payable | 47/48 | €81,544 | €340,092 | +€258,549 | +317% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,754 | €7,194 | -€13,560 | -65.3% |
| Other operating charges | 640/8 | €7,010 | €1,351 | -€5,659 | -80.7% |
| Gross operating margin | 9900 | €110,733 | €116,981 | +€6,248 | +5.6% |
| Operating profit (loss) | 9901 | €82,968 | €108,436 | +€25,468 | +30.7% |
| Financial income | 75/76B | €0 | €5,869 | +€5,869 | +14,672,750% |
| Recurring financial income | 75 | €0 | €5,317 | +€5,317 | +13,292,575% |
| Non-recurring financial income | 76B | - | €552 | +€552 | |
| Financial charges | 65/66B | €13,671 | €29,784 | +€16,112 | +118% |
| Recurring financial charges | 65 | €13,671 | €28,112 | +€14,441 | +106% |
| Non-recurring financial charges | 66B | - | €1,672 | +€1,672 | |
| Profit (loss) for the period before taxes | 9903 | €69,297 | €84,522 | +€15,225 | +22.0% |
| Income taxes | 67/77 | €12,016 | €9,947 | -€2,069 | -17.2% |
| Profit (loss) for the period | 9904 | €57,281 | €74,575 | +€17,294 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,281 | €74,575 | +€17,294 | +30.2% |
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 24 October 2026 via checked.be.