SMG: 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.
SMG
Largest movements
- Tangible fixed assets +€631,796
up €631,796 (+139.8%), from €451,932 to €1.1m
of which Plant, machinery and equipment: +€419,282
- Deferred charges and accrued income -€204,757
down €204,757 (-67.8%), from €302,126 to €97,369
- Receivables within one year +€150,690
up €150,690 (+12.0%), from €1.3m to €1.4m
of which Trade receivables: +€350,398
- Cash -€70,581
down €70,581 (-11.6%), from €607,887 to €537,305
mainly Investment in fixed assets (net) (-€943,588) and Contributions, distributions and other (-€350,000)
- Debts after one year +€424,414
up €424,414 (+145.1%), from €292,543 to €716,956
- Short-term financial debts -€150,000
down €150,000 (-60.0%), from €250,000 to €100,000
- Profit (loss) carried forward +€118,248
up €118,248 (+22.0%), from €537,467 to €655,716
- Current portion of long-term debt +€95,478
up €95,478 (+65.7%), from €145,242 to €240,720
- Tax, wage and social debts +€63,490
up €63,490 (+22.2%), from €285,707 to €349,197
of which Taxes: +€36,141
- Gross operating margin +€334,004
up €334,004 (+13.4%), from €2.5m to €2.8m
- Depreciation +€156,509
up €156,509 (+114.8%), from €136,337 to €292,847
- Taxes +€32,671
up €32,671 (+32.2%), from €101,338 to €134,009
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 | €2,692,578 | €3,218,671 | +€526,093 | +19.5% |
| Fixed assets | 21/28 | €528,825 | €1,179,566 | +€650,742 | +123.1% |
| Intangible fixed assets | 21 | €72,372 | €93,718 | +€21,346 | +29.5% |
| Tangible fixed assets | 22/27 | €451,932 | €1,083,728 | +€631,796 | +139.8% |
| Plant, machinery and equipment | 23 | €30,805 | €450,086 | +€419,282 | +1361.1% |
| Furniture and vehicles | 24 | €415,120 | €613,409 | +€198,289 | +47.8% |
| Leasing and similar rights | 25 | €6,007 | €1,314 | -€4,693 | -78.1% |
| Other tangible fixed assets | 26 | - | €18,918 | +€18,918 | |
| Financial fixed assets | 28 | €4,520 | €2,120 | -€2,400 | -53.1% |
| Current assets | 29/58 | €2,163,753 | €2,039,104 | -€124,649 | -5.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,253,740 | €1,404,430 | +€150,690 | +12.0% |
| Trade receivables | 40 | €871,964 | €1,222,362 | +€350,398 | +40.2% |
| Other amounts receivable | 41 | €381,776 | €182,068 | -€199,708 | -52.3% |
| Cash at bank and in hand | 54/58 | €607,887 | €537,305 | -€70,581 | -11.6% |
| Deferred charges and accrued income | 490/1 | €302,126 | €97,369 | -€204,757 | -67.8% |
| Total equity and liabilities | 10/49 | €2,692,578 | €3,218,671 | +€526,093 | +19.5% |
| Equity | 10/15 | €620,219 | €738,467 | +€118,248 | +19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,152 | €64,152 | = | 0.0% |
| Distributable reserves | 133 | €64,152 | €64,152 | = | 0.0% |
| Profit (loss) carried forward | 14 | €537,467 | €655,716 | +€118,248 | +22.0% |
| Amounts payable | 17/49 | €2,072,359 | €2,480,204 | +€407,845 | +19.7% |
| Amounts payable after more than one year | 17 | €292,543 | €716,956 | +€424,414 | +145.1% |
| Financial debts | 170/4 | €292,543 | €716,956 | +€424,414 | +145.1% |
| Amounts payable within one year | 42/48 | €1,271,590 | €1,303,956 | +€32,367 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €145,242 | €240,720 | +€95,478 | +65.7% |
| Financial debts | 43 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Credit institutions | 430/8 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Trade debts | 44 | €260,641 | €264,039 | +€3,399 | +1.3% |
| Suppliers | 440/4 | €260,641 | €264,039 | +€3,399 | +1.3% |
| Taxes, remuneration and social security | 45 | €285,707 | €349,197 | +€63,490 | +22.2% |
| Taxes | 450/3 | €120,087 | €156,228 | +€36,141 | +30.1% |
| Remuneration and social security | 454/9 | €165,620 | €192,969 | +€27,349 | +16.5% |
| Other amounts payable | 47/48 | €330,000 | €350,000 | +€20,000 | +6.1% |
| Accrued charges and deferred income | 492/3 | €508,226 | €459,291 | -€48,936 | -9.6% |
| Non-recurring operating income | 76A | €52,776 | €29,289 | -€23,487 | -44.5% |
| Remuneration, social security and pensions | 62 | €1,461,403 | €1,478,263 | +€16,860 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,337 | €292,847 | +€156,509 | +114.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €413,369 | €411,836 | -€1,533 | -0.4% |
| Non-recurring operating charges | 66A | €15,267 | €0 | -€15,267 | -100.0% |
| Gross operating margin | 9900 | €2,492,484 | €2,826,488 | +€334,004 | +13.4% |
| Operating profit (loss) | 9901 | €466,108 | €643,543 | +€177,435 | +38.1% |
| Financial income | 75/76B | €43,346 | €15,351 | -€27,995 | -64.6% |
| Recurring financial income | 75 | €43,346 | €15,351 | -€27,995 | -64.6% |
| Financial charges | 65/66B | €38,949 | €56,636 | +€17,687 | +45.4% |
| Recurring financial charges | 65 | €38,949 | €56,636 | +€17,687 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | €470,505 | €602,257 | +€131,753 | +28.0% |
| Income taxes | 67/77 | €101,338 | €134,009 | +€32,671 | +32.2% |
| Profit (loss) for the period | 9904 | €369,167 | €468,248 | +€99,081 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €369,167 | €468,248 | +€99,081 | +26.8% |
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 12 October 2026 via checked.be.