SMIG: what changed
Two fiscal 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.
SMIG
Largest movements
- Tangible fixed assets -€29,960
down €29,960 (-24.5%), from €122,241 to €92,280
of which Land and buildings: -€20,259
- Receivables within one year +€24,208
up €24,208 (+19.2%), from €125,905 to €150,113
of which Trade receivables: +€22,286
- Cash -€7,477
down €7,477 (-21.6%), from €34,619 to €27,142
mainly Receivables within one year (-€24,208) and Net result for the year (-€14,202)
- Profit (loss) carried forward -€14,202
down €14,202 (-121.0%), from -€11,740 to -€25,942
- Gross operating margin -€2,627
down €2,627 (-13.3%), from €19,814 to €17,187
- Taxes -€327
down €327 (-50.5%), from €647 to €320
- Financial income -€255
down €255 (-19.1%), from €1,337 to €1,082
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 | €282,765 | €269,535 | -€13,229 | -4.7% |
| Fixed assets | 21/28 | €122,241 | €92,280 | -€29,960 | -24.5% |
| Tangible fixed assets | 22/27 | €122,241 | €92,280 | -€29,960 | -24.5% |
| Land and buildings | 22 | €91,046 | €70,787 | -€20,259 | -22.3% |
| Furniture and vehicles | 24 | €31,195 | €21,493 | -€9,702 | -31.1% |
| Current assets | 29/58 | €160,524 | €177,255 | +€16,731 | +10.4% |
| Amounts receivable within one year | 40/41 | €125,905 | €150,113 | +€24,208 | +19.2% |
| Trade receivables | 40 | €77,285 | €99,571 | +€22,286 | +28.8% |
| Other amounts receivable | 41 | €48,620 | €50,541 | +€1,922 | +4.0% |
| Cash at bank and in hand | 54/58 | €34,619 | €27,142 | -€7,477 | -21.6% |
| Total equity and liabilities | 10/49 | €282,765 | €269,535 | -€13,229 | -4.7% |
| Equity | 10/15 | €280,546 | €266,344 | -€14,202 | -5.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €286,086 | €286,086 | = | 0.0% |
| Tax-exempt reserves | 132 | €51,350 | €51,350 | = | 0.0% |
| Distributable reserves | 133 | €234,736 | €234,736 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,740 | -€25,942 | -€14,202 | -121.0% |
| Amounts payable | 17/49 | €2,219 | €3,191 | +€972 | +43.8% |
| Amounts payable within one year | 42/48 | €2,219 | €3,191 | +€972 | +43.8% |
| Trade debts | 44 | €2,219 | €2,871 | +€652 | +29.4% |
| Suppliers | 440/4 | €2,219 | €2,871 | +€652 | +29.4% |
| Taxes, remuneration and social security | 45 | - | €320 | +€320 | |
| Taxes | 450/3 | - | €320 | +€320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,991 | €29,960 | -€31 | -0.1% |
| Other operating charges | 640/8 | €2,067 | €2,003 | -€64 | -3.1% |
| Gross operating margin | 9900 | €19,814 | €17,187 | -€2,627 | -13.3% |
| Operating profit (loss) | 9901 | -€12,244 | -€14,777 | -€2,532 | -20.7% |
| Financial income | 75/76B | €1,337 | €1,082 | -€255 | -19.1% |
| Recurring financial income | 75 | €1,337 | €1,082 | -€255 | -19.1% |
| Financial charges | 65/66B | €186 | €187 | +€1 | +0.3% |
| Recurring financial charges | 65 | €186 | €187 | +€1 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,093 | -€13,882 | -€2,788 | -25.1% |
| Income taxes | 67/77 | €647 | €320 | -€327 | -50.5% |
| Profit (loss) for the period | 9904 | -€11,740 | -€14,202 | -€2,461 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,740 | -€14,202 | -€2,461 | -21.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.