SMH CONCEPT: 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 CONCEPT
Largest movements
- Current investments +€67,581
up €67,581 (+9.2%), from €732,639 to €800,220
- Receivables within one year +€20,268
up €20,268 (+140.9%), from €14,384 to €34,651
of which Trade receivables: +€24,808
- Tangible fixed assets -€17,056
down €17,056 (-85.0%), from €20,065 to €3,008
- Cash -€14,032
down €14,032 (-14.7%), from €95,225 to €81,193
mainly Contributions, distributions and other (-€109,643) and Current investments (-€67,581)
- Other debts +€97,236
up €97,236 (+68.4%), from €142,143 to €239,378
- Reserves -€41,104
down €41,104 (-8.7%), from €470,464 to €429,360
of which Distributable reserves: -€41,104
- Gross operating margin -€100,865
down €100,865 (-63.3%), from €159,264 to €58,400
- Financial income +€21,936
up €21,936 (+107.8%), from €20,347 to €42,283
- Taxes -€21,402
down €21,402 (-48.0%), from €44,618 to €23,216
- Depreciation -€16,374
down €16,374 (-93.5%), from €17,519 to €1,145
- Financial charges +€3,139
up €3,139 (+63.3%), from €4,961 to €8,100
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 | €881,621 | €934,787 | +€53,166 | +6.0% |
| Fixed assets | 21/28 | €35,115 | €18,058 | -€17,056 | -48.6% |
| Tangible fixed assets | 22/27 | €20,065 | €3,008 | -€17,056 | -85.0% |
| Furniture and vehicles | 24 | €20,065 | €3,008 | -€17,056 | -85.0% |
| Financial fixed assets | 28 | €15,050 | €15,050 | = | 0.0% |
| Current assets | 29/58 | €846,506 | €916,728 | +€70,222 | +8.3% |
| Amounts receivable within one year | 40/41 | €14,384 | €34,651 | +€20,268 | +140.9% |
| Trade receivables | 40 | €0 | €24,808 | +€24,808 | |
| Other amounts receivable | 41 | €14,384 | €9,844 | -€4,540 | -31.6% |
| Current investments | 50/53 | €732,639 | €800,220 | +€67,581 | +9.2% |
| Cash at bank and in hand | 54/58 | €95,225 | €81,193 | -€14,032 | -14.7% |
| Deferred charges and accrued income | 490/1 | €4,258 | €664 | -€3,595 | -84.4% |
| Total equity and liabilities | 10/49 | €881,621 | €934,787 | +€53,166 | +6.0% |
| Equity | 10/15 | €721,899 | €680,795 | -€41,104 | -5.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €470,464 | €429,360 | -€41,104 | -8.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €468,604 | €427,500 | -€41,104 | -8.8% |
| Profit (loss) carried forward | 14 | €245,235 | €245,235 | = | 0.0% |
| Amounts payable | 17/49 | €159,722 | €253,991 | +€94,270 | +59.0% |
| Amounts payable within one year | 42/48 | €159,722 | €253,991 | +€94,270 | +59.0% |
| Trade debts | 44 | €2,276 | €3,506 | +€1,230 | +54.0% |
| Suppliers | 440/4 | €2,276 | €3,506 | +€1,230 | +54.0% |
| Taxes, remuneration and social security | 45 | €15,303 | €11,107 | -€4,195 | -27.4% |
| Taxes | 450/3 | €15,303 | €11,107 | -€4,195 | -27.4% |
| Other amounts payable | 47/48 | €142,143 | €239,378 | +€97,236 | +68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,519 | €1,145 | -€16,374 | -93.5% |
| Other operating charges | 640/8 | €2,546 | €400 | -€2,146 | -84.3% |
| Non-recurring operating charges | 66A | - | -€718 | -€718 | |
| Gross operating margin | 9900 | €159,264 | €58,400 | -€100,865 | -63.3% |
| Operating profit (loss) | 9901 | €139,199 | €57,573 | -€81,626 | -58.6% |
| Financial income | 75/76B | €20,347 | €42,283 | +€21,936 | +107.8% |
| Recurring financial income | 75 | €20,347 | €42,283 | +€21,936 | +107.8% |
| Financial charges | 65/66B | €4,961 | €8,100 | +€3,139 | +63.3% |
| Recurring financial charges | 65 | €4,961 | €8,100 | +€3,139 | +63.3% |
| Profit (loss) for the period before taxes | 9903 | €154,585 | €91,755 | -€62,829 | -40.6% |
| Income taxes | 67/77 | €44,618 | €23,216 | -€21,402 | -48.0% |
| Profit (loss) for the period | 9904 | €109,966 | €68,539 | -€41,427 | -37.7% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €109,966 | €68,539 | -€41,427 | -37.7% |
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 11 October 2026 via checked.be.