SMI: 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.
What changed
SMI
NACE 47.741, Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10.2m
2024 · €10.0m+€196,184
Equity
€14.0m
2024 · €13.9m+€151,326
Cash
€10.7m
2024 · €17.6m-€6.9m
Balance sheet total
€25.8m
2024 · €32.5m-€6.7m
Largest movements
Assets
- Cash -€6.9m
down €6.9m (-39.4%), from €17.6m to €10.7m
mainly Contributions, distributions and other (-€10.0m) and Other debts (-€6.9m)
- Receivables within one year +€1.0m
up €1.0m (+10.8%), from €9.4m to €10.4m
of which Trade receivables: +€1.4m
- Stocks and contracts -€808,041
down €808,041 (-15.5%), from €5.2m to €4.4m
Equity and liabilities
- Other debts -€6.9m
down €6.9m (-40.7%), from €16.9m to €10.0m
- Tax, wage and social debts -€369,469
down €369,469 (-44.6%), from €828,167 to €458,698
of which Taxes: -€382,893
- Trade debts +€337,322
up €337,322 (+35.3%), from €956,572 to €1.3m
Income statement
- Goods and materials -€4.3m
down €4.3m (-21.5%), from €19.8m to €15.6m
of which Purchases: -€4.8m
- Financial charges +€2.2m
up €2.2m (+708.2%), from €308,546 to €2.5m
- Turnover -€1.9m
down €1.9m (-5.2%), from €36.9m to €35.0m
- Financial income -€503,108
down €503,108 (-21.1%), from €2.4m to €1.9m
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.
Result 2024
€10.0m
Turnover
-€1.9m
Other operating income
-€24,083
Goods and materials
+€4.3m
Services and other goods
+€204,826
Staff costs
-€11,609
Depreciation
+€46,774
Other operating charges
+€126,646
Financial income
-€503,108
Financial charges
-€2.2m
Taxes
+€187,188
Result 2025
€10.2m
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.
From operations
+€3.1m
Investment
-€21,644
Financing
-€10.0m
Cash 2024
€17.6m
From operations (derived)
+€3.1m
Net result for the year
+€10.2m
Depreciation
+€43,577
Stocks and contracts
+€808,041
Receivables within one year
-€1.0m
Smaller working-capital items
-€1,882
Trade debts
+€337,322
Tax, wage and social debts
-€369,469
Other debts
-€6.9m
Investment (derived)
-€21,644
Investment in fixed assets (net)
-€19,900
Current investments
-€1,744
Financing
-€10.0m
Contributions, distributions and other
-€10.0m
Cash 2025
€10.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,516,800 | €25,769,724 | -€6.7m | -20.7% |
| Fixed assets | 21/28 | €288,765 | €265,089 | -€23,676 | -8.2% |
| Tangible fixed assets | 22/27 | €287,765 | €264,089 | -€23,676 | -8.2% |
| Land and buildings | 22 | €262,311 | €248,823 | -€13,488 | -5.1% |
| Plant, machinery and equipment | 23 | €13,319 | €8,906 | -€4,413 | -33.1% |
| Furniture and vehicles | 24 | €12,135 | €6,360 | -€5,775 | -47.6% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Affiliated companies | 280/1 | €1,000 | €1,000 | = | 0.0% |
| Participating interests | 280 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €32,228,035 | €25,504,636 | -€6.7m | -20.9% |
| Stocks and contracts in progress | 3 | €5,229,698 | €4,421,657 | -€808,041 | -15.5% |
| Stocks | 30/36 | €5,229,698 | €4,421,657 | -€808,041 | -15.5% |
| Goods purchased for resale | 34 | €5,229,698 | €4,421,657 | -€808,041 | -15.5% |
| Amounts receivable within one year | 40/41 | €9,394,169 | €10,406,545 | +€1.0m | +10.8% |
| Trade receivables | 40 | €8,910,472 | €10,305,469 | +€1.4m | +15.7% |
| Other amounts receivable | 41 | €483,697 | €101,076 | -€382,621 | -79.1% |
| Current investments | 50/53 | €11,712 | €13,455 | +€1,744 | +14.9% |
| Other investments | 51/53 | €11,712 | €13,455 | +€1,744 | +14.9% |
| Cash at bank and in hand | 54/58 | €17,585,846 | €10,657,104 | -€6.9m | -39.4% |
| Deferred charges and accrued income | 490/1 | €6,610 | €5,875 | -€736 | -11.1% |
| Total equity and liabilities | 10/49 | €32,516,800 | €25,769,724 | -€6.7m | -20.7% |
| Equity | 10/15 | €13,865,807 | €14,017,132 | +€151,326 | +1.1% |
| Contributions | 10/11 | €1,070,000 | €1,070,000 | = | 0.0% |
| Capital | 10 | €1,070,000 | €1,070,000 | = | 0.0% |
| Issued capital | 100 | €1,070,000 | €1,070,000 | = | 0.0% |
| Reserves | 13 | €7,613,190 | €7,613,190 | = | 0.0% |
| Non-distributable reserves | 130/1 | €107,000 | €107,000 | = | 0.0% |
| Legal reserve | 130 | €107,000 | €107,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €997,770 | €997,770 | = | 0.0% |
| Distributable reserves | 133 | €6,508,420 | €6,508,420 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,182,617 | €5,333,942 | +€151,326 | +2.9% |
| Amounts payable | 17/49 | €18,650,993 | €11,752,592 | -€6.9m | -37.0% |
| Amounts payable within one year | 42/48 | €18,648,376 | €11,752,592 | -€6.9m | -37.0% |
| Trade debts | 44 | €956,572 | €1,293,894 | +€337,322 | +35.3% |
| Suppliers | 440/4 | €956,572 | €1,293,894 | +€337,322 | +35.3% |
| Taxes, remuneration and social security | 45 | €828,167 | €458,698 | -€369,469 | -44.6% |
| Taxes | 450/3 | €756,282 | €373,389 | -€382,893 | -50.6% |
| Remuneration and social security | 454/9 | €71,885 | €85,309 | +€13,424 | +18.7% |
| Other amounts payable | 47/48 | €16,863,636 | €10,000,000 | -€6.9m | -40.7% |
| Accrued charges and deferred income | 492/3 | €2,618 | - | -€2,618 | |
| Operating income | 70/76A | €36,936,797 | €35,009,950 | -€1.9m | -5.2% |
| Turnover | 70 | €36,911,514 | €35,008,749 | -€1.9m | -5.2% |
| Other operating income | 74 | €25,283 | €1,200 | -€24,083 | -95.3% |
| Operating charges | 60/66A | €25,483,277 | €20,859,215 | -€4.6m | -18.1% |
| Goods for resale, raw materials and consumables | 60 | €19,814,531 | €15,557,106 | -€4.3m | -21.5% |
| Purchases | 600/8 | €19,581,107 | €14,749,065 | -€4.8m | -24.7% |
| Change in stocks: decrease (increase) | 609 | €233,424 | €808,041 | +€574,617 | +246.2% |
| Services and other goods | 61 | €4,921,068 | €4,716,242 | -€204,826 | -4.2% |
| Remuneration, social security and pensions | 62 | €488,008 | €499,617 | +€11,609 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,351 | €43,577 | -€46,774 | -51.8% |
| Other operating charges | 640/8 | €169,320 | €42,674 | -€126,646 | -74.8% |
| Operating profit (loss) | 9901 | €11,453,519 | €14,150,734 | +€2.7m | +23.5% |
| Financial income | 75/76B | €2,381,848 | €1,878,740 | -€503,108 | -21.1% |
| Recurring financial income | 75 | €2,381,848 | €1,878,740 | -€503,108 | -21.1% |
| Income from financial fixed assets | 750 | €2,381,848 | €1,878,740 | -€503,108 | -21.1% |
| Financial charges | 65/66B | €308,546 | €2,493,658 | +€2.2m | +708.2% |
| Recurring financial charges | 65 | €308,546 | €2,493,658 | +€2.2m | +708.2% |
| Other financial charges | 652/9 | €308,546 | €2,493,658 | +€2.2m | +708.2% |
| Profit (loss) for the period before taxes | 9903 | €13,526,822 | €13,535,817 | +€8,996 | +0.1% |
| Income taxes | 67/77 | €3,571,680 | €3,384,492 | -€187,188 | -5.2% |
| Taxes | 670/3 | €3,571,680 | €3,384,492 | -€187,188 | -5.2% |
| Profit (loss) for the period | 9904 | €9,955,142 | €10,151,326 | +€196,184 | +2.0% |
| Transfer from tax-exempt reserves | 789 | €3,742,690 | - | -€3.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €13,697,832 | €10,151,326 | -€3.5m | -25.9% |
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 9 October 2026 via checked.be.