SMH GROUP: 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 GROUP
Largest movements
- Receivables within one year +€27,876
up €27,876 (+2,765%), from €1,008 to €28,884
of which Trade receivables: +€27,600
- Stocks and contracts +€14,075
up €14,075 (+2,815%), from €500 to €14,575
- Cash +€4,390
up €4,390 (+3,904%), from €112 to €4,503
mainly Trade debts (+€22,495) and Other debts (+€13,649)
- Trade debts +€22,495
up €22,495 (+1,535%), from €1,465 to €23,961
- Other debts +€13,649
up €13,649 (+258%), from €5,293 to €18,942
- Profit (loss) carried forward +€10,530
up €10,530 (+63.5%), from -€16,581 to -€6,051
- Gross operating margin +€15,965
up €15,965, from -€4,053 to €11,911
- Other operating charges +€949
up €949 (+153%), from €622 to €1,570
- Taxes -€222
new in 2025: -€222
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 | €1,821 | €48,162 | +€46,341 | +2,545% |
| Fixed assets | 21/28 | €200 | €200 | = | 0.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,621 | €47,962 | +€46,341 | +2,859% |
| Stocks and contracts in progress | 3 | €500 | €14,575 | +€14,075 | +2,815% |
| Stocks | 30/36 | €500 | €14,575 | +€14,075 | +2,815% |
| Amounts receivable within one year | 40/41 | €1,008 | €28,884 | +€27,876 | +2,765% |
| Trade receivables | 40 | €686 | €28,286 | +€27,600 | +4,025% |
| Other amounts receivable | 41 | €322 | €598 | +€275 | +85.4% |
| Cash at bank and in hand | 54/58 | €112 | €4,503 | +€4,390 | +3,904% |
| Total equity and liabilities | 10/49 | €1,821 | €48,162 | +€46,341 | +2,545% |
| Equity | 10/15 | -€6,581 | €3,949 | +€10,530 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,581 | -€6,051 | +€10,530 | +63.5% |
| Amounts payable | 17/49 | €8,402 | €44,213 | +€35,811 | +426% |
| Amounts payable within one year | 42/48 | €8,402 | €44,213 | +€35,811 | +426% |
| Trade debts | 44 | €1,465 | €23,961 | +€22,495 | +1,535% |
| Suppliers | 440/4 | €1,465 | €23,961 | +€22,495 | +1,535% |
| Taxes, remuneration and social security | 45 | €1,644 | €1,310 | -€333 | -20.3% |
| Taxes | 450/3 | €1,644 | €1,310 | -€333 | -20.3% |
| Other amounts payable | 47/48 | €5,293 | €18,942 | +€13,649 | +258% |
| Other operating charges | 640/8 | €622 | €1,570 | +€949 | +153% |
| Non-recurring operating charges | 66A | €1,202 | - | -€1,202 | |
| Gross operating margin | 9900 | -€4,053 | €11,911 | +€15,965 | |
| Operating profit (loss) | 9901 | -€5,878 | €10,341 | +€16,218 | |
| Financial income | 75/76B | - | €37 | +€37 | |
| Recurring financial income | 75 | - | €37 | +€37 | |
| Non-recurring financial income | 76B | - | €37 | +€37 | |
| Financial charges | 65/66B | €110 | €70 | -€40 | -36.6% |
| Recurring financial charges | 65 | €110 | €70 | -€40 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,988 | €10,308 | +€16,296 | |
| Income taxes | 67/77 | - | -€222 | -€222 | |
| Profit (loss) for the period | 9904 | -€5,988 | €10,530 | +€16,518 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,988 | €10,530 | +€16,518 |
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 16 October 2026 via checked.be.