SMILE 45: 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.
SMILE 45
Largest movements
- Tangible fixed assets -€57,757
down €57,757 (-5.4%), from €1.1m to €1.0m
of which Land and buildings: -€43,103
- Reserves -€64,500
down €64,500 (-11.5%), from €560,244 to €495,744
of which Distributable reserves: -€64,500
- Other debts +€39,102
up €39,102 (+675%), from €5,792 to €44,894
- Debts after one year -€32,234
down €32,234 (-3.9%), from €826,204 to €793,970
- Gross operating margin -€139,696
down €139,696 (-53.8%), from €259,634 to €119,938
- Depreciation -€98,723
down €98,723 (-60.6%), from €162,980 to €64,257
- Taxes -€18,480
down €18,480 (-67.3%), from €27,455 to €8,975
- Financial charges +€14,756
up €14,756 (+82.3%), from €17,936 to €32,692
- Financial income -€3,088
down €3,088 (-45.9%), from €6,728 to €3,639
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 | €1,465,026 | €1,400,766 | -€64,261 | -4.4% |
| Fixed assets | 21/28 | €1,067,837 | €1,010,080 | -€57,757 | -5.4% |
| Tangible fixed assets | 22/27 | €1,067,207 | €1,009,450 | -€57,757 | -5.4% |
| Land and buildings | 22 | €915,007 | €871,904 | -€43,103 | -4.7% |
| Plant, machinery and equipment | 23 | €2,132 | €412 | -€1,720 | -80.7% |
| Furniture and vehicles | 24 | €145,383 | €133,620 | -€11,763 | -8.1% |
| Other tangible fixed assets | 26 | €4,685 | €3,514 | -€1,171 | -25.0% |
| Financial fixed assets | 28 | €630 | €630 | = | 0.0% |
| Current assets | 29/58 | €397,189 | €390,686 | -€6,504 | -1.6% |
| Amounts receivable within one year | 40/41 | €39,568 | €37,224 | -€2,344 | -5.9% |
| Trade receivables | 40 | €7,367 | €2,394 | -€4,973 | -67.5% |
| Other amounts receivable | 41 | €32,201 | €34,830 | +€2,629 | +8.2% |
| Cash at bank and in hand | 54/58 | €353,889 | €348,603 | -€5,286 | -1.5% |
| Deferred charges and accrued income | 490/1 | €3,732 | €4,858 | +€1,126 | +30.2% |
| Total equity and liabilities | 10/49 | €1,465,026 | €1,400,766 | -€64,261 | -4.4% |
| Equity | 10/15 | €578,844 | €514,351 | -€64,493 | -11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €560,244 | €495,744 | -€64,500 | -11.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €558,384 | €493,884 | -€64,500 | -11.6% |
| Profit (loss) carried forward | 14 | - | €7 | +€7 | |
| Amounts payable | 17/49 | €886,182 | €886,414 | +€232 | 0.0% |
| Amounts payable after more than one year | 17 | €826,204 | €793,970 | -€32,234 | -3.9% |
| Financial debts | 170/4 | €826,204 | €793,970 | -€32,234 | -3.9% |
| Amounts payable within one year | 42/48 | €57,580 | €90,241 | +€32,660 | +56.7% |
| Current portion of amounts payable after more than one year | 42 | €31,137 | €32,234 | +€1,097 | +3.5% |
| Trade debts | 44 | €15,343 | €7,317 | -€8,026 | -52.3% |
| Suppliers | 440/4 | €15,343 | €7,317 | -€8,026 | -52.3% |
| Taxes, remuneration and social security | 45 | €5,308 | €5,796 | +€487 | +9.2% |
| Taxes | 450/3 | €5,308 | €4,893 | -€415 | -7.8% |
| Remuneration and social security | 454/9 | - | €902 | +€902 | |
| Other amounts payable | 47/48 | €5,792 | €44,894 | +€39,102 | +675% |
| Accrued charges and deferred income | 492/3 | €2,397 | €2,204 | -€194 | -8.1% |
| Remuneration, social security and pensions | 62 | €349 | - | -€349 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,980 | €64,257 | -€98,723 | -60.6% |
| Other operating charges | 640/8 | €5,631 | €2,645 | -€2,986 | -53.0% |
| Gross operating margin | 9900 | €259,634 | €119,938 | -€139,696 | -53.8% |
| Operating profit (loss) | 9901 | €90,674 | €53,036 | -€37,638 | -41.5% |
| Financial income | 75/76B | €6,728 | €3,639 | -€3,088 | -45.9% |
| Recurring financial income | 75 | €6,728 | €3,639 | -€3,088 | -45.9% |
| Financial charges | 65/66B | €17,936 | €32,692 | +€14,756 | +82.3% |
| Recurring financial charges | 65 | €17,936 | €32,692 | +€14,756 | +82.3% |
| Profit (loss) for the period before taxes | 9903 | €79,466 | €23,983 | -€55,483 | -69.8% |
| Income taxes | 67/77 | €27,455 | €8,975 | -€18,480 | -67.3% |
| Profit (loss) for the period | 9904 | €52,010 | €15,007 | -€37,003 | -71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,010 | €15,007 | -€37,003 | -71.1% |
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 23 October 2026 via checked.be.