SMEWE: 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.
SMEWE
Largest movements
- Cash -€25,712
down €25,712 (-62.1%), from €41,389 to €15,677
mainly Contributions, distributions and other (-€69,000) and Other debts (-€1,372)
- Receivables within one year -€5,228
down €5,228 (-83.8%), from €6,241 to €1,013
of which Trade receivables: -€4,755
- Deferred charges and accrued income +€1,194
up €1,194 (+1269.2%), from €94 to €1,289
- Reserves -€28,227
down €28,227 (-68.6%), from €41,164 to €12,938
- Accrued charges and deferred income +€1,732
new in 2025: €1,732
- Other debts -€1,372
no longer reported in 2025 (was €1,372)
- Tax, wage and social debts -€1,036
no longer reported in 2025 (was €1,036)
- Trade debts -€777
down €777 (-92.0%), from €845 to €68
- Gross operating margin +€17,480
up €17,480 (+44.1%), from €39,602 to €57,081
- Taxes +€3,077
up €3,077 (+39.9%), from €7,706 to €10,783
- Financial charges +€2,193
up €2,193 (+129.8%), from €1,689 to €3,883
- Financial income -€615
down €615 (-100.0%), from €615 to €0
of which Non-recurring financial income: -€615
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 | €49,418 | €19,738 | -€29,680 | -60.1% |
| Fixed assets | 21/28 | €1,694 | €1,759 | +€65 | +3.8% |
| Tangible fixed assets | 22/27 | €1,694 | €1,759 | +€65 | +3.8% |
| Plant, machinery and equipment | 23 | €1,077 | €645 | -€432 | -40.1% |
| Furniture and vehicles | 24 | €617 | €1,114 | +€497 | +80.5% |
| Current assets | 29/58 | €47,724 | €17,979 | -€29,745 | -62.3% |
| Amounts receivable within one year | 40/41 | €6,241 | €1,013 | -€5,228 | -83.8% |
| Trade receivables | 40 | €4,755 | - | -€4,755 | |
| Other amounts receivable | 41 | €1,485 | €1,013 | -€472 | -31.8% |
| Cash at bank and in hand | 54/58 | €41,389 | €15,677 | -€25,712 | -62.1% |
| Deferred charges and accrued income | 490/1 | €94 | €1,289 | +€1,194 | +1269.2% |
| Total equity and liabilities | 10/49 | €49,418 | €19,738 | -€29,680 | -60.1% |
| Equity | 10/15 | €46,164 | €17,938 | -€28,227 | -61.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €41,164 | €12,938 | -€28,227 | -68.6% |
| Distributable reserves | 133 | €41,164 | €12,938 | -€28,227 | -68.6% |
| Amounts payable | 17/49 | €3,254 | €1,800 | -€1,454 | -44.7% |
| Amounts payable within one year | 42/48 | €3,254 | €68 | -€3,186 | -97.9% |
| Trade debts | 44 | €845 | €68 | -€777 | -92.0% |
| Suppliers | 440/4 | €845 | €68 | -€777 | -92.0% |
| Taxes, remuneration and social security | 45 | €1,036 | - | -€1,036 | |
| Taxes | 450/3 | €1,036 | - | -€1,036 | |
| Other amounts payable | 47/48 | €1,372 | - | -€1,372 | |
| Accrued charges and deferred income | 492/3 | - | €1,732 | +€1,732 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,182 | €734 | -€448 | -37.9% |
| Other operating charges | 640/8 | €1,020 | €908 | -€111 | -10.9% |
| Gross operating margin | 9900 | €39,602 | €57,081 | +€17,480 | +44.1% |
| Operating profit (loss) | 9901 | €37,401 | €55,439 | +€18,038 | +48.2% |
| Financial income | 75/76B | €615 | €0 | -€615 | -100.0% |
| Recurring financial income | 75 | €615 | €0 | -€615 | -100.0% |
| Non-recurring financial income | 76B | €615 | - | -€615 | |
| Financial charges | 65/66B | €1,689 | €3,883 | +€2,193 | +129.8% |
| Recurring financial charges | 65 | €1,689 | €3,883 | +€2,193 | +129.8% |
| Profit (loss) for the period before taxes | 9903 | €36,326 | €51,556 | +€15,230 | +41.9% |
| Income taxes | 67/77 | €7,706 | €10,783 | +€3,077 | +39.9% |
| Profit (loss) for the period | 9904 | €28,620 | €40,773 | +€12,154 | +42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,620 | €40,773 | +€12,154 | +42.5% |
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.