SMEVAN: 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.
SMEVAN
Largest movements
- Tangible fixed assets +€86,917
up €86,917 (+2.7%), from €3.3m to €3.3m
of which Land and buildings: +€103,682
- Cash -€82,116
down €82,116 (-94.0%), from €87,339 to €5,224
mainly Investment in fixed assets (net) (-€237,815) and Net result for the year (-€140,115)
- Profit (loss) carried forward -€140,236
down €140,236 (-31.9%), from -€438,926 to -€579,162
- Trade debts +€116,448
up €116,448 (+681.2%), from €17,095 to €133,543
- Other debts +€57,194
up €57,194 (+59.2%), from €96,661 to €153,855
- Gross operating margin -€41,749
down €41,749 (-55.8%), from €74,812 to €33,063
- Depreciation +€6,387
up €6,387 (+4.4%), from €144,511 to €150,898
- Write-downs -€2,252
down €2,252 (-100.0%), from €2,252 to €0
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 | €3,359,487 | €3,362,830 | +€3,342 | +0.1% |
| Fixed assets | 21/28 | €3,260,635 | €3,347,552 | +€86,917 | +2.7% |
| Tangible fixed assets | 22/27 | €3,260,635 | €3,347,552 | +€86,917 | +2.7% |
| Land and buildings | 22 | €3,185,545 | €3,289,227 | +€103,682 | +3.3% |
| Plant, machinery and equipment | 23 | €69,082 | €50,744 | -€18,338 | -26.5% |
| Furniture and vehicles | 24 | €6,008 | €7,581 | +€1,573 | +26.2% |
| Current assets | 29/58 | €98,852 | €15,277 | -€83,574 | -84.5% |
| Stocks and contracts in progress | 3 | €4,988 | €4,001 | -€987 | -19.8% |
| Stocks | 30/36 | €4,988 | €4,001 | -€987 | -19.8% |
| Amounts receivable within one year | 40/41 | €3,959 | €2,823 | -€1,135 | -28.7% |
| Trade receivables | 40 | €936 | €1,408 | +€472 | +50.5% |
| Other amounts receivable | 41 | €3,023 | €1,415 | -€1,607 | -53.2% |
| Cash at bank and in hand | 54/58 | €87,339 | €5,224 | -€82,116 | -94.0% |
| Deferred charges and accrued income | 490/1 | €2,566 | €3,229 | +€663 | +25.8% |
| Total equity and liabilities | 10/49 | €3,359,487 | €3,362,830 | +€3,342 | +0.1% |
| Equity | 10/15 | €1,706,630 | €1,566,394 | -€140,236 | -8.2% |
| Contributions | 10/11 | €2,060,300 | €2,060,300 | = | 0.0% |
| Capital | 10 | €2,060,300 | €2,060,300 | = | 0.0% |
| Issued capital | 100 | €2,060,300 | €2,060,300 | = | 0.0% |
| Reserves | 13 | €85,255 | €85,255 | = | 0.0% |
| Non-distributable reserves | 130/1 | €85,255 | €85,255 | = | 0.0% |
| Legal reserve | 130 | €85,255 | €85,255 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€438,926 | -€579,162 | -€140,236 | -31.9% |
| Amounts payable | 17/49 | €1,652,857 | €1,796,436 | +€143,579 | +8.7% |
| Amounts payable after more than one year | 17 | €1,503,084 | €1,477,197 | -€25,887 | -1.7% |
| Financial debts | 170/4 | €1,503,084 | €1,477,197 | -€25,887 | -1.7% |
| Amounts payable within one year | 42/48 | €148,121 | €316,516 | +€168,395 | +113.7% |
| Current portion of amounts payable after more than one year | 42 | €34,112 | €28,870 | -€5,242 | -15.4% |
| Trade debts | 44 | €17,095 | €133,543 | +€116,448 | +681.2% |
| Suppliers | 440/4 | €17,095 | €133,543 | +€116,448 | +681.2% |
| Taxes, remuneration and social security | 45 | €253 | €248 | -€5 | -2.1% |
| Taxes | 450/3 | €253 | €248 | -€5 | -2.1% |
| Other amounts payable | 47/48 | €96,661 | €153,855 | +€57,194 | +59.2% |
| Accrued charges and deferred income | 492/3 | €1,652 | €2,723 | +€1,071 | +64.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,511 | €150,898 | +€6,387 | +4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,252 | €0 | -€2,252 | -100.0% |
| Other operating charges | 640/8 | €14,180 | €14,025 | -€155 | -1.1% |
| Gross operating margin | 9900 | €74,812 | €33,063 | -€41,749 | -55.8% |
| Operating profit (loss) | 9901 | -€86,130 | -€131,860 | -€45,730 | -53.1% |
| Financial income | 75/76B | €2 | €2 | -€0 | -1.5% |
| Recurring financial income | 75 | €2 | €2 | -€0 | -1.5% |
| Financial charges | 65/66B | €8,364 | €8,009 | -€354 | -4.2% |
| Recurring financial charges | 65 | €8,364 | €8,009 | -€354 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | -€94,492 | -€139,867 | -€45,375 | -48.0% |
| Income taxes | 67/77 | €154 | €248 | +€94 | +60.9% |
| Profit (loss) for the period | 9904 | -€94,646 | -€140,115 | -€45,469 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€94,646 | -€140,115 | -€45,469 | -48.0% |
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.