SMESO: 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.
SMESO
Largest movements
- Cash +€23,527
up €23,527 (+32.9%), from €71,514 to €95,041
mainly Depreciation (+€13,038) and Trade debts (+€12,468)
- Tangible fixed assets -€12,598
down €12,598 (-23.1%), from €54,446 to €41,848
of which Plant, machinery and equipment: -€12,341
- Receivables within one year -€12,223
down €12,223 (-35.3%), from €34,662 to €22,439
of which Other amounts receivable: -€12,956
- Stocks and contracts -€8,334
down €8,334 (-6.9%), from €120,888 to €112,554
- Reserves -€30,128
down €30,128 (-42.7%), from €70,558 to €40,430
- Trade debts +€12,468
up €12,468 (+203.2%), from €6,137 to €18,606
- Tax, wage and social debts +€6,126
up €6,126 (+21.8%), from €28,045 to €34,172
of which Remuneration and social security: +€11,800
- Debts after one year +€3,882
up €3,882 (+3.2%), from €121,582 to €125,463
- Gross operating margin +€106,880
up €106,880, from -€67,415 to €39,466
- Depreciation -€9,081
down €9,081 (-41.1%), from €22,118 to €13,038
- Other operating charges -€4,388
down €4,388 (-37.2%), from €11,790 to €7,402
- Staff costs -€3,151
down €3,151 (-6.3%), from €49,797 to €46,647
- Financial income -€1,996
down €1,996 (-98.7%), from €2,022 to €26
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 | €294,660 | €288,970 | -€5,690 | -1.9% |
| Fixed assets | 21/28 | €56,264 | €45,977 | -€10,287 | -18.3% |
| Intangible fixed assets | 21 | €1,799 | €2,740 | +€940 | +52.3% |
| Tangible fixed assets | 22/27 | €54,446 | €41,848 | -€12,598 | -23.1% |
| Plant, machinery and equipment | 23 | €53,393 | €41,052 | -€12,341 | -23.1% |
| Furniture and vehicles | 24 | €1,053 | €796 | -€257 | -24.4% |
| Financial fixed assets | 28 | €19 | €1,389 | +€1,370 | +7370.5% |
| Current assets | 29/58 | €238,396 | €242,993 | +€4,597 | +1.9% |
| Stocks and contracts in progress | 3 | €120,888 | €112,554 | -€8,334 | -6.9% |
| Stocks | 30/36 | €120,888 | €112,554 | -€8,334 | -6.9% |
| Amounts receivable within one year | 40/41 | €34,662 | €22,439 | -€12,223 | -35.3% |
| Trade receivables | 40 | €11,699 | €12,431 | +€732 | +6.3% |
| Other amounts receivable | 41 | €22,964 | €10,008 | -€12,956 | -56.4% |
| Cash at bank and in hand | 54/58 | €71,514 | €95,041 | +€23,527 | +32.9% |
| Deferred charges and accrued income | 490/1 | €11,332 | €12,959 | +€1,627 | +14.4% |
| Total equity and liabilities | 10/49 | €294,660 | €288,970 | -€5,690 | -1.9% |
| Equity | 10/15 | €95,558 | €65,430 | -€30,128 | -31.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €70,558 | €40,430 | -€30,128 | -42.7% |
| Distributable reserves | 133 | €70,558 | €40,430 | -€30,128 | -42.7% |
| Provisions and deferred taxes | 16 | €31,394 | €31,394 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €31,394 | €31,394 | = | 0.0% |
| Pensions and similar obligations | 160 | €31,394 | €31,394 | = | 0.0% |
| Amounts payable | 17/49 | €167,708 | €192,146 | +€24,437 | +14.6% |
| Amounts payable after more than one year | 17 | €121,582 | €125,463 | +€3,882 | +3.2% |
| Other amounts payable | 178/9 | €121,582 | €125,463 | +€3,882 | +3.2% |
| Amounts payable within one year | 42/48 | €40,214 | €60,769 | +€20,556 | +51.1% |
| Trade debts | 44 | €6,137 | €18,606 | +€12,468 | +203.2% |
| Suppliers | 440/4 | €6,137 | €18,606 | +€12,468 | +203.2% |
| Advances received on contracts in progress | 46 | €6,031 | €7,992 | +€1,961 | +32.5% |
| Taxes, remuneration and social security | 45 | €28,045 | €34,172 | +€6,126 | +21.8% |
| Taxes | 450/3 | €10,942 | €5,268 | -€5,674 | -51.9% |
| Remuneration and social security | 454/9 | €17,103 | €28,903 | +€11,800 | +69.0% |
| Accrued charges and deferred income | 492/3 | €5,913 | €5,913 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €49,797 | €46,647 | -€3,151 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,118 | €13,038 | -€9,081 | -41.1% |
| Other operating charges | 640/8 | €11,790 | €7,402 | -€4,388 | -37.2% |
| Non-recurring operating charges | 66A | €7,836 | €0 | -€7,836 | -100.0% |
| Gross operating margin | 9900 | -€67,415 | €39,466 | +€106,880 | |
| Operating profit (loss) | 9901 | -€158,956 | -€27,620 | +€131,336 | +82.6% |
| Financial income | 75/76B | €2,022 | €26 | -€1,996 | -98.7% |
| Recurring financial income | 75 | €2,022 | €26 | -€1,996 | -98.7% |
| Financial charges | 65/66B | €3,629 | €1,886 | -€1,744 | -48.0% |
| Recurring financial charges | 65 | €3,629 | €1,886 | -€1,744 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | -€160,563 | -€29,480 | +€131,084 | +81.6% |
| Income taxes | 67/77 | €587 | €648 | +€61 | +10.4% |
| Profit (loss) for the period | 9904 | -€161,151 | -€30,128 | +€131,023 | +81.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€161,151 | -€30,128 | +€131,023 | +81.3% |
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 10 October 2026 via checked.be.