SMF: 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.
SMF
Largest movements
- Receivables within one year +€19,927
up €19,927 (+93.7%), from €21,276 to €41,203
of which Trade receivables: +€19,706
- Tangible fixed assets -€5,932
down €5,932 (-44.4%), from €13,372 to €7,440
- Cash +€792
up €792 (+100.6%), from €787 to €1,578
mainly Trade debts (+€7,676) and Depreciation (+€5,932)
- Trade debts +€7,676
up €7,676 (+29.1%), from €26,396 to €34,072
- Tax, wage and social debts +€5,684
up €5,684 (+97.1%), from €5,854 to €11,538
of which Remuneration and social security: +€4,435
- Profit (loss) carried forward +€3,599
up €3,599, from -€1,502 to €2,098
- Other debts -€1,955
down €1,955 (-41.7%), from €4,685 to €2,730
- Gross operating margin +€9,401
up €9,401 (+33.6%), from €27,969 to €37,370
- Staff costs +€6,282
up €6,282 (+40.2%), from €15,621 to €21,903
- Taxes +€1,750
up €1,750 (+144.4%), from €1,211 to €2,961
- Other operating charges +€1,438
up €1,438 (+106.2%), from €1,355 to €2,793
- Depreciation +€1,360
up €1,360 (+29.7%), from €4,572 to €5,932
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 | €35,435 | €50,440 | +€15,005 | +42.3% |
| Fixed assets | 21/28 | €13,372 | €7,440 | -€5,932 | -44.4% |
| Tangible fixed assets | 22/27 | €13,372 | €7,440 | -€5,932 | -44.4% |
| Furniture and vehicles | 24 | €13,372 | €7,440 | -€5,932 | -44.4% |
| Current assets | 29/58 | €22,063 | €43,000 | +€20,937 | +94.9% |
| Amounts receivable within one year | 40/41 | €21,276 | €41,203 | +€19,927 | +93.7% |
| Trade receivables | 40 | €20,325 | €40,030 | +€19,706 | +97.0% |
| Other amounts receivable | 41 | €951 | €1,172 | +€221 | +23.2% |
| Cash at bank and in hand | 54/58 | €787 | €1,578 | +€792 | +100.6% |
| Deferred charges and accrued income | 490/1 | - | €219 | +€219 | |
| Total equity and liabilities | 10/49 | €35,435 | €50,440 | +€15,005 | +42.3% |
| Equity | 10/15 | -€1,500 | €2,100 | +€3,599 | |
| Contributions | 10/11 | €2 | €2 | = | 0.0% |
| Reserves | 13 | €0 | €0 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | €0 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | €0 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,502 | €2,098 | +€3,599 | |
| Amounts payable | 17/49 | €36,935 | €48,340 | +€11,405 | +30.9% |
| Amounts payable within one year | 42/48 | €36,935 | €48,340 | +€11,405 | +30.9% |
| Trade debts | 44 | €26,396 | €34,072 | +€7,676 | +29.1% |
| Suppliers | 440/4 | €26,396 | €34,072 | +€7,676 | +29.1% |
| Taxes, remuneration and social security | 45 | €5,854 | €11,538 | +€5,684 | +97.1% |
| Taxes | 450/3 | €3,407 | €4,656 | +€1,249 | +36.7% |
| Remuneration and social security | 454/9 | €2,447 | €6,882 | +€4,435 | +181.3% |
| Other amounts payable | 47/48 | €4,685 | €2,730 | -€1,955 | -41.7% |
| Remuneration, social security and pensions | 62 | €15,621 | €21,903 | +€6,282 | +40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,572 | €5,932 | +€1,360 | +29.7% |
| Other operating charges | 640/8 | €1,355 | €2,793 | +€1,438 | +106.2% |
| Gross operating margin | 9900 | €27,969 | €37,370 | +€9,401 | +33.6% |
| Operating profit (loss) | 9901 | €6,421 | €6,742 | +€321 | +5.0% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €983 | €181 | -€802 | -81.6% |
| Recurring financial charges | 65 | €983 | €181 | -€802 | -81.6% |
| Profit (loss) for the period before taxes | 9903 | €5,438 | €6,560 | +€1,122 | +20.6% |
| Income taxes | 67/77 | €1,211 | €2,961 | +€1,750 | +144.4% |
| Profit (loss) for the period | 9904 | €4,227 | €3,599 | -€627 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,227 | €3,599 | -€627 | -14.8% |
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 3 October 2026 via checked.be.