Smhard Performances: 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.
Smhard Performances
Largest movements
- Tangible fixed assets +€33,242
up €33,242 (+63.8%), from €52,086 to €85,328
of which Plant, machinery and equipment: +€39,554
- Receivables within one year +€9,748
up €9,748 (+127%), from €7,664 to €17,411
of which Trade receivables: +€12,896
- Debts after one year +€33,887
new in 2025: €33,887
of which Financial debts: +€22,508
- Trade debts +€16,439
up €16,439 (+1,757%), from €936 to €17,374
- Reserves -€12,107
down €12,107 (-11.0%), from €109,884 to €97,777
- Current portion of long-term debt +€5,652
new in 2025: €5,652
- Tax, wage and social debts -€2,050
down €2,050 (-18.3%), from €11,230 to €9,180
- Gross operating margin +€21,124
up €21,124 (+78.7%), from €26,826 to €47,950
- Depreciation +€3,601
up €3,601 (+31.0%), from €11,636 to €15,237
- Taxes +€2,964
up €2,964 (+101%), from €2,930 to €5,894
- Other operating charges +€787
up €787, from €0 to €787
- Financial charges +€554
up €554 (+362%), from €153 to €707
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 | €127,050 | €168,869 | +€41,820 | +32.9% |
| Fixed assets | 21/28 | €52,086 | €85,328 | +€33,242 | +63.8% |
| Tangible fixed assets | 22/27 | €52,086 | €85,328 | +€33,242 | +63.8% |
| Plant, machinery and equipment | 23 | €26,796 | €66,349 | +€39,554 | +148% |
| Furniture and vehicles | 24 | €25,290 | €18,979 | -€6,311 | -25.0% |
| Current assets | 29/58 | €74,964 | €83,541 | +€8,577 | +11.4% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,664 | €17,411 | +€9,748 | +127% |
| Trade receivables | 40 | €4,115 | €17,011 | +€12,896 | +313% |
| Other amounts receivable | 41 | €3,549 | €400 | -€3,149 | -88.7% |
| Cash at bank and in hand | 54/58 | €46,801 | €45,809 | -€993 | -2.1% |
| Deferred charges and accrued income | 490/1 | €499 | €321 | -€178 | -35.6% |
| Total equity and liabilities | 10/49 | €127,050 | €168,869 | +€41,820 | +32.9% |
| Equity | 10/15 | €114,884 | €102,777 | -€12,107 | -10.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €109,884 | €97,777 | -€12,107 | -11.0% |
| Distributable reserves | 133 | €109,884 | €97,777 | -€12,107 | -11.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,165 | €66,093 | +€53,927 | +443% |
| Amounts payable after more than one year | 17 | - | €33,887 | +€33,887 | |
| Financial debts | 170/4 | - | €22,508 | +€22,508 | |
| Other amounts payable | 178/9 | - | €11,379 | +€11,379 | |
| Amounts payable within one year | 42/48 | €12,165 | €32,206 | +€20,040 | +165% |
| Current portion of amounts payable after more than one year | 42 | - | €5,652 | +€5,652 | |
| Trade debts | 44 | €936 | €17,374 | +€16,439 | +1,757% |
| Suppliers | 440/4 | €936 | €17,374 | +€16,439 | +1,757% |
| Taxes, remuneration and social security | 45 | €11,230 | €9,180 | -€2,050 | -18.3% |
| Taxes | 450/3 | €11,230 | €9,180 | -€2,050 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,636 | €15,237 | +€3,601 | +31.0% |
| Other operating charges | 640/8 | €0 | €787 | +€787 | |
| Gross operating margin | 9900 | €26,826 | €47,950 | +€21,124 | +78.7% |
| Operating profit (loss) | 9901 | €15,191 | €31,926 | +€16,736 | +110% |
| Financial charges | 65/66B | €153 | €707 | +€554 | +362% |
| Recurring financial charges | 65 | €153 | €707 | +€554 | +362% |
| Profit (loss) for the period before taxes | 9903 | €15,038 | €31,219 | +€16,181 | +108% |
| Income taxes | 67/77 | €2,930 | €5,894 | +€2,964 | +101% |
| Profit (loss) for the period | 9904 | €12,107 | €25,325 | +€13,218 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €12,107 | €25,325 | +€13,218 | +109% |
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 25 October 2026 via checked.be.