SMEUL: 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.
SMEUL
Largest movements
- Cash +€41,211
up €41,211 (+69.0%), from €59,714 to €100,925
mainly Net result for the year (+€39,166) and Trade debts (+€26,093)
- Receivables within one year +€26,363
up €26,363 (+226.7%), from €11,630 to €37,993
of which Trade receivables: +€26,209
- Tangible fixed assets -€3,704
down €3,704 (-19.1%), from €19,367 to €15,663
of which Furniture and vehicles: -€4,750
- Profit (loss) carried forward +€34,442
up €34,442 (+55.1%), from €62,463 to €96,905
- Trade debts +€26,093
up €26,093 (+643.4%), from €4,056 to €30,149
- Advances received +€9,135
new in 2025: €9,135
- Tax, wage and social debts -€5,510
down €5,510 (-27.7%), from €19,908 to €14,398
- Accrued charges and deferred income -€3,666
no longer reported in 2025 (was €3,666)
- Turnover -€187,189
no longer reported in 2025 (was €187,189)
- Purchases and services -€105,093
no longer reported in 2025 (was €105,093)
- Gross operating margin -€26,516
down €26,516 (-32.3%), from €82,095 to €55,579
- Taxes -€5,682
down €5,682 (-36.1%), from €15,735 to €10,053
- Depreciation +€2,154
up €2,154 (+58.8%), from €3,664 to €5,818
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 | €90,710 | €154,816 | +€64,106 | +70.7% |
| Fixed assets | 21/28 | €19,367 | €15,663 | -€3,704 | -19.1% |
| Tangible fixed assets | 22/27 | €19,367 | €15,663 | -€3,704 | -19.1% |
| Plant, machinery and equipment | 23 | €3,546 | €4,593 | +€1,046 | +29.5% |
| Furniture and vehicles | 24 | €15,820 | €11,070 | -€4,750 | -30.0% |
| Current assets | 29/58 | €71,343 | €139,153 | +€67,809 | +95.0% |
| Amounts receivable within one year | 40/41 | €11,630 | €37,993 | +€26,363 | +226.7% |
| Trade receivables | 40 | €10,957 | €37,166 | +€26,209 | +239.2% |
| Other amounts receivable | 41 | €673 | €827 | +€154 | +22.9% |
| Cash at bank and in hand | 54/58 | €59,714 | €100,925 | +€41,211 | +69.0% |
| Deferred charges and accrued income | 490/1 | - | €235 | +€235 | |
| Total equity and liabilities | 10/49 | €90,710 | €154,816 | +€64,106 | +70.7% |
| Equity | 10/15 | €62,963 | €97,405 | +€34,442 | +54.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,463 | €96,905 | +€34,442 | +55.1% |
| Amounts payable | 17/49 | €27,746 | €57,410 | +€29,664 | +106.9% |
| Amounts payable within one year | 42/48 | €24,081 | €57,410 | +€33,330 | +138.4% |
| Trade debts | 44 | €4,056 | €30,149 | +€26,093 | +643.4% |
| Suppliers | 440/4 | €4,056 | €30,149 | +€26,093 | +643.4% |
| Advances received on contracts in progress | 46 | - | €9,135 | +€9,135 | |
| Taxes, remuneration and social security | 45 | €19,908 | €14,398 | -€5,510 | -27.7% |
| Taxes | 450/3 | €19,908 | €14,398 | -€5,510 | -27.7% |
| Other amounts payable | 47/48 | €117 | €3,729 | +€3,611 | +3074.7% |
| Accrued charges and deferred income | 492/3 | €3,666 | - | -€3,666 | |
| Turnover | 70 | €187,189 | - | -€187,189 | |
| Goods, raw materials, services and sundry goods | 60/61 | €105,093 | - | -€105,093 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,664 | €5,818 | +€2,154 | +58.8% |
| Other operating charges | 640/8 | €153 | €176 | +€23 | +15.0% |
| Gross operating margin | 9900 | €82,095 | €55,579 | -€26,516 | -32.3% |
| Operating profit (loss) | 9901 | €78,278 | €49,585 | -€28,692 | -36.7% |
| Financial income | 75/76B | €32 | €0 | -€32 | -99.9% |
| Recurring financial income | 75 | €32 | €0 | -€32 | -99.9% |
| Financial charges | 65/66B | €111 | €366 | +€255 | +229.3% |
| Recurring financial charges | 65 | €111 | €366 | +€255 | +229.3% |
| Profit (loss) for the period before taxes | 9903 | €78,199 | €49,220 | -€28,979 | -37.1% |
| Income taxes | 67/77 | €15,735 | €10,053 | -€5,682 | -36.1% |
| Profit (loss) for the period | 9904 | €62,463 | €39,166 | -€23,297 | -37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,463 | €39,166 | -€23,297 | -37.3% |
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 5 October 2026 via checked.be.