SMGO: 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.
SMGO
Largest movements
- Cash -€353,453
down €353,453 (-75.2%), from €470,053 to €116,600
mainly Other debts (-€342,414) and Contributions, distributions and other (-€152,586)
- Deferred charges and accrued income -€17,473
down €17,473 (-54.2%), from €32,217 to €14,743
- Tangible fixed assets -€6,788
down €6,788 (-30.0%), from €22,642 to €15,854
of which Furniture and vehicles: -€4,719
- Other debts -€342,414
down €342,414 (-69.2%), from €495,031 to €152,617
- Profit (loss) carried forward -€37,287
no longer reported in 2025 (was €37,287)
- Gross operating margin -€27,017
down €27,017 (-14.2%), from €190,773 to €163,756
- Taxes -€6,777
down €6,777 (-14.3%), from €47,557 to €40,780
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 | €534,455 | €156,740 | -€377,715 | -70.7% |
| Fixed assets | 21/28 | €22,742 | €15,954 | -€6,788 | -29.8% |
| Tangible fixed assets | 22/27 | €22,642 | €15,854 | -€6,788 | -30.0% |
| Plant, machinery and equipment | 23 | €12,070 | €10,000 | -€2,069 | -17.1% |
| Furniture and vehicles | 24 | €10,573 | €5,854 | -€4,719 | -44.6% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €511,713 | €140,786 | -€370,927 | -72.5% |
| Amounts receivable within one year | 40/41 | €9,443 | €9,443 | = | 0.0% |
| Other amounts receivable | 41 | €9,443 | €9,443 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €470,053 | €116,600 | -€353,453 | -75.2% |
| Deferred charges and accrued income | 490/1 | €32,217 | €14,743 | -€17,473 | -54.2% |
| Total equity and liabilities | 10/49 | €534,455 | €156,740 | -€377,715 | -70.7% |
| Equity | 10/15 | €39,287 | €2,000 | -€37,287 | -94.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,287 | - | -€37,287 | |
| Amounts payable | 17/49 | €495,168 | €154,740 | -€340,428 | -68.7% |
| Amounts payable within one year | 42/48 | €495,168 | €154,740 | -€340,428 | -68.7% |
| Trade debts | 44 | €137 | €343 | +€207 | +151.2% |
| Suppliers | 440/4 | €137 | €343 | +€207 | +151.2% |
| Taxes, remuneration and social security | 45 | - | €1,780 | +€1,780 | |
| Taxes | 450/3 | - | €1,780 | +€1,780 | |
| Other amounts payable | 47/48 | €495,031 | €152,617 | -€342,414 | -69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,823 | €6,788 | +€965 | +16.6% |
| Other operating charges | 640/8 | €2,075 | €739 | -€1,335 | -64.4% |
| Gross operating margin | 9900 | €190,773 | €163,756 | -€27,017 | -14.2% |
| Operating profit (loss) | 9901 | €182,875 | €156,229 | -€26,646 | -14.6% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +10.8% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €182,740 | €156,079 | -€26,661 | -14.6% |
| Income taxes | 67/77 | €47,557 | €40,780 | -€6,777 | -14.3% |
| Profit (loss) for the period | 9904 | €135,182 | €115,299 | -€19,883 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €135,182 | €115,299 | -€19,883 | -14.7% |
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.