SMH: 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.
SMH
Largest movements
- Receivables within one year +€403,604
up €403,604 (+3,511%), from €11,495 to €415,099
of which Other amounts receivable: +€400,600
- Financial fixed assets -€277,823
down €277,823 (-14.4%), from €1.9m to €1.7m
- Cash +€37,596
up €37,596 (+58.4%), from €64,416 to €102,012
mainly Other debts (+€308,000) and Investment in fixed assets (net) (+€277,823)
- Other debts +€308,000
new in 2025: €308,000
- Debts after one year -€78,571
down €78,571 (-12.3%), from €638,284 to €559,713
of which Financial debts: -€62,975
- Reserves -€69,000
down €69,000 (-5.6%), from €1.2m to €1.2m
- Gross operating margin -€2,208
down €2,208 (-6.7%), from €32,963 to €30,754
- Financial charges -€829
down €829 (-6.0%), from €13,793 to €12,965
- Taxes -€564
down €564 (-2.1%), from €27,002 to €26,439
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.
Derived cash bridge
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 | €2,015,291 | €2,173,628 | +€158,337 | +7.9% |
| Fixed assets | 21/28 | €1,938,047 | €1,655,117 | -€282,930 | -14.6% |
| Tangible fixed assets | 22/27 | €9,625 | €4,519 | -€5,107 | -53.1% |
| Leasing and similar rights | 25 | €9,625 | €4,519 | -€5,107 | -53.1% |
| Financial fixed assets | 28 | €1,928,422 | €1,650,598 | -€277,823 | -14.4% |
| Current assets | 29/58 | €77,244 | €518,511 | +€441,267 | +571% |
| Amounts receivable within one year | 40/41 | €11,495 | €415,099 | +€403,604 | +3,511% |
| Trade receivables | 40 | €11,495 | €14,499 | +€3,004 | +26.1% |
| Other amounts receivable | 41 | - | €400,600 | +€400,600 | |
| Cash at bank and in hand | 54/58 | €64,416 | €102,012 | +€37,596 | +58.4% |
| Deferred charges and accrued income | 490/1 | €1,332 | €1,400 | +€67 | +5.1% |
| Total equity and liabilities | 10/49 | €2,015,291 | €2,173,628 | +€158,337 | +7.9% |
| Equity | 10/15 | €1,267,923 | €1,199,523 | -€68,400 | -5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,232,860 | €1,163,860 | -€69,000 | -5.6% |
| Distributable reserves | 133 | €1,232,860 | €1,163,860 | -€69,000 | -5.6% |
| Profit (loss) carried forward | 14 | €16,463 | €17,063 | +€600 | +3.6% |
| Amounts payable | 17/49 | €747,368 | €974,106 | +€226,737 | +30.3% |
| Amounts payable after more than one year | 17 | €638,284 | €559,713 | -€78,571 | -12.3% |
| Financial debts | 170/4 | €102,418 | €39,442 | -€62,975 | -61.5% |
| Other amounts payable | 178/9 | €535,866 | €520,270 | -€15,596 | -2.9% |
| Amounts payable within one year | 42/48 | €97,585 | €403,106 | +€305,521 | +313% |
| Current portion of amounts payable after more than one year | 42 | €63,150 | €62,975 | -€174 | -0.3% |
| Trade debts | 44 | €5,420 | €3,626 | -€1,794 | -33.1% |
| Suppliers | 440/4 | €5,420 | €3,626 | -€1,794 | -33.1% |
| Taxes, remuneration and social security | 45 | €29,015 | €28,504 | -€510 | -1.8% |
| Taxes | 450/3 | €29,015 | €28,504 | -€510 | -1.8% |
| Other amounts payable | 47/48 | - | €308,000 | +€308,000 | |
| Accrued charges and deferred income | 492/3 | €11,499 | €11,287 | -€212 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,107 | €5,107 | = | 0.0% |
| Other operating charges | 640/8 | €635 | €644 | +€9 | +1.4% |
| Gross operating margin | 9900 | €32,963 | €30,754 | -€2,208 | -6.7% |
| Operating profit (loss) | 9901 | €27,221 | €25,003 | -€2,217 | -8.1% |
| Financial income | 75/76B | €254,000 | €254,000 | = | 0.0% |
| Recurring financial income | 75 | €254,000 | €254,000 | = | 0.0% |
| Financial charges | 65/66B | €13,793 | €12,965 | -€829 | -6.0% |
| Recurring financial charges | 65 | €13,793 | €12,965 | -€829 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €267,427 | €266,039 | -€1,389 | -0.5% |
| Income taxes | 67/77 | €27,002 | €26,439 | -€564 | -2.1% |
| Profit (loss) for the period | 9904 | €240,425 | €239,600 | -€825 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €240,425 | €239,600 | -€825 | -0.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.