SMIL: 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.
SMIL
Largest movements
- Receivables after one year -€198,784
down €198,784 (-52.9%), from €375,910 to €177,126
- Cash +€81,129
up €81,129 (+406.3%), from €19,968 to €101,097
mainly Receivables after one year (+€198,784) and Net result for the year (+€65,270)
- Receivables within one year -€42,247
down €42,247 (-84.4%), from €50,052 to €7,805
of which Trade receivables: -€45,947
- Intangible fixed assets -€38,980
no longer reported in 2025 (was €38,980)
- Reserves -€159,091
down €159,091 (-36.1%), from €440,951 to €281,860
- Debts after one year -€30,121
down €30,121 (-19.2%), from €156,563 to €126,442
- Tax, wage and social debts -€11,154
down €11,154 (-24.8%), from €44,937 to €33,782
- Gross operating margin -€142,324
down €142,324 (-51.3%), from €277,507 to €135,183
- Taxes -€43,594
down €43,594 (-57.3%), from €76,084 to €32,489
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 | €871,561 | €676,394 | -€195,167 | -22.4% |
| Fixed assets | 21/28 | €423,541 | €388,970 | -€34,571 | -8.2% |
| Intangible fixed assets | 21 | €38,980 | - | -€38,980 | |
| Tangible fixed assets | 22/27 | €2,749 | €7,158 | +€4,410 | +160.4% |
| Plant, machinery and equipment | 23 | - | €4,747 | +€4,747 | |
| Furniture and vehicles | 24 | €2,749 | €2,412 | -€337 | -12.3% |
| Financial fixed assets | 28 | €381,812 | €381,812 | = | 0.0% |
| Current assets | 29/58 | €448,020 | €287,424 | -€160,596 | -35.8% |
| Amounts receivable after more than one year | 29 | €375,910 | €177,126 | -€198,784 | -52.9% |
| Other amounts receivable | 291 | €375,910 | €177,126 | -€198,784 | -52.9% |
| Amounts receivable within one year | 40/41 | €50,052 | €7,805 | -€42,247 | -84.4% |
| Trade receivables | 40 | €45,947 | - | -€45,947 | |
| Other amounts receivable | 41 | €4,105 | €7,805 | +€3,700 | +90.1% |
| Cash at bank and in hand | 54/58 | €19,968 | €101,097 | +€81,129 | +406.3% |
| Deferred charges and accrued income | 490/1 | €2,090 | €1,396 | -€694 | -33.2% |
| Total equity and liabilities | 10/49 | €871,561 | €676,394 | -€195,167 | -22.4% |
| Equity | 10/15 | €559,942 | €401,121 | -€158,821 | -28.4% |
| Contributions | 10/11 | €12,450 | €12,450 | = | 0.0% |
| Reserves | 13 | €440,951 | €281,860 | -€159,091 | -36.1% |
| Distributable reserves | 133 | €440,951 | €281,860 | -€159,091 | -36.1% |
| Profit (loss) carried forward | 14 | €106,541 | €106,811 | +€270 | +0.3% |
| Amounts payable | 17/49 | €311,619 | €275,273 | -€36,346 | -11.7% |
| Amounts payable after more than one year | 17 | €156,563 | €126,442 | -€30,121 | -19.2% |
| Financial debts | 170/4 | €156,563 | €126,442 | -€30,121 | -19.2% |
| Amounts payable within one year | 42/48 | €154,648 | €148,831 | -€5,817 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €29,796 | €30,121 | +€325 | +1.1% |
| Trade debts | 44 | €7,208 | €4,425 | -€2,783 | -38.6% |
| Suppliers | 440/4 | €7,208 | €4,425 | -€2,783 | -38.6% |
| Taxes, remuneration and social security | 45 | €44,937 | €33,782 | -€11,154 | -24.8% |
| Taxes | 450/3 | €44,937 | €33,782 | -€11,154 | -24.8% |
| Other amounts payable | 47/48 | €72,707 | €80,503 | +€7,796 | +10.7% |
| Accrued charges and deferred income | 492/3 | €408 | - | -€408 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,952 | €40,397 | -€2,555 | -5.9% |
| Other operating charges | 640/8 | €985 | €1,203 | +€218 | +22.1% |
| Gross operating margin | 9900 | €277,507 | €135,183 | -€142,324 | -51.3% |
| Operating profit (loss) | 9901 | €233,571 | €93,583 | -€139,988 | -59.9% |
| Financial income | 75/76B | €4,557 | €6,387 | +€1,830 | +40.2% |
| Recurring financial income | 75 | €4,557 | €6,387 | +€1,830 | +40.2% |
| Financial charges | 65/66B | €2,293 | €2,211 | -€83 | -3.6% |
| Recurring financial charges | 65 | €2,293 | €2,211 | -€83 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €235,834 | €97,759 | -€138,075 | -58.5% |
| Income taxes | 67/77 | €76,084 | €32,489 | -€43,594 | -57.3% |
| Profit (loss) for the period | 9904 | €159,751 | €65,270 | -€94,481 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €159,751 | €65,270 | -€94,481 | -59.1% |
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 29 September 2026 via checked.be.