SMGE: 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.
SMGE
Largest movements
- Cash +€42,559
up €42,559 (+48.2%), from €88,375 to €130,934
mainly Other debts (+€84,227) and Net result for the year (+€43,744)
- Intangible fixed assets -€9,500
down €9,500 (-26.1%), from €36,417 to €26,917
- Receivables within one year -€3,467
down €3,467 (-42.2%), from €8,207 to €4,741
of which Trade receivables: -€1,875
- Tangible fixed assets -€2,125
down €2,125 (-5.3%), from €39,892 to €37,767
of which Leasing and similar rights: -€7,273
- Other debts +€84,227
up €84,227 (+393.5%), from €21,402 to €105,629
- Profit (loss) carried forward -€76,256
down €76,256 (-66.0%), from €115,468 to €39,211
- Tax, wage and social debts +€29,184
up €29,184 (+2881.6%), from €1,013 to €30,196
- Current portion of long-term debt -€8,086
down €8,086 (-94.0%), from €8,600 to €514
- Gross operating margin +€7,434
up €7,434 (+9.7%), from €76,322 to €83,757
- Taxes +€3,953
up €3,953 (+26.4%), from €14,989 to €18,941
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 | €173,392 | €201,088 | +€27,696 | +16.0% |
| Fixed assets | 21/28 | €76,308 | €64,683 | -€11,625 | -15.2% |
| Intangible fixed assets | 21 | €36,417 | €26,917 | -€9,500 | -26.1% |
| Tangible fixed assets | 22/27 | €39,892 | €37,767 | -€2,125 | -5.3% |
| Plant, machinery and equipment | 23 | €2,782 | €2,086 | -€696 | -25.0% |
| Furniture and vehicles | 24 | €9,115 | €8,509 | -€606 | -6.7% |
| Leasing and similar rights | 25 | €27,994 | €20,722 | -€7,273 | -26.0% |
| Other tangible fixed assets | 26 | - | €6,450 | +€6,450 | |
| Current assets | 29/58 | €97,083 | €136,404 | +€39,321 | +40.5% |
| Amounts receivable within one year | 40/41 | €8,207 | €4,741 | -€3,467 | -42.2% |
| Trade receivables | 40 | €4,743 | €2,868 | -€1,875 | -39.5% |
| Other amounts receivable | 41 | €3,464 | €1,873 | -€1,591 | -45.9% |
| Cash at bank and in hand | 54/58 | €88,375 | €130,934 | +€42,559 | +48.2% |
| Deferred charges and accrued income | 490/1 | €502 | €730 | +€228 | +45.5% |
| Total equity and liabilities | 10/49 | €173,392 | €201,088 | +€27,696 | +16.0% |
| Equity | 10/15 | €121,068 | €44,811 | -€76,256 | -63.0% |
| Contributions | 10/11 | €5,600 | €5,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,468 | €39,211 | -€76,256 | -66.0% |
| Amounts payable | 17/49 | €52,324 | €156,276 | +€103,952 | +198.7% |
| Amounts payable after more than one year | 17 | €18,162 | €18,162 | = | 0.0% |
| Financial debts | 170/4 | €18,162 | €18,162 | = | 0.0% |
| Amounts payable within one year | 42/48 | €34,162 | €138,114 | +€103,952 | +304.3% |
| Current portion of amounts payable after more than one year | 42 | €8,600 | €514 | -€8,086 | -94.0% |
| Trade debts | 44 | €3,147 | €1,775 | -€1,372 | -43.6% |
| Suppliers | 440/4 | €3,147 | €1,775 | -€1,372 | -43.6% |
| Taxes, remuneration and social security | 45 | €1,013 | €30,196 | +€29,184 | +2881.6% |
| Taxes | 450/3 | €1,013 | €30,196 | +€29,184 | +2881.6% |
| Other amounts payable | 47/48 | €21,402 | €105,629 | +€84,227 | +393.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,803 | €19,085 | +€282 | +1.5% |
| Other operating charges | 640/8 | €733 | €1,240 | +€508 | +69.3% |
| Gross operating margin | 9900 | €76,322 | €83,757 | +€7,434 | +9.7% |
| Operating profit (loss) | 9901 | €56,786 | €63,431 | +€6,645 | +11.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,389 | €746 | -€644 | -46.3% |
| Recurring financial charges | 65 | €1,389 | €746 | -€644 | -46.3% |
| Profit (loss) for the period before taxes | 9903 | €55,397 | €62,685 | +€7,288 | +13.2% |
| Income taxes | 67/77 | €14,989 | €18,941 | +€3,953 | +26.4% |
| Profit (loss) for the period | 9904 | €40,408 | €43,744 | +€3,336 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,408 | €43,744 | +€3,336 | +8.3% |
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 4 October 2026 via checked.be.