SMILE GROUP: 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 GROUP
Largest movements
- Receivables within one year -€137,907
no longer reported in 2025 (was €137,907)
of which Trade receivables: -€134,344
- Tangible fixed assets +€118,070
up €118,070 (+5.0%), from €2.4m to €2.5m
of which Plant, machinery and equipment: +€156,613
- Cash -€27,530
down €27,530 (-20.8%), from €132,525 to €104,994
mainly Investment in fixed assets (net) (-€229,195) and Debts after one year (-€59,190)
- Debts after one year -€59,190
down €59,190 (-3.2%), from €1.8m to €1.8m
- Current portion of long-term debt +€30,724
up €30,724 (+29.1%), from €105,441 to €136,165
- Gross operating margin +€121,530
up €121,530 (+152%), from €80,171 to €201,701
- Staff costs +€29,051
new in 2025: €29,051
- Depreciation +€19,489
up €19,489 (+21.3%), from €91,636 to €111,126
- Other operating charges +€7,091
up €7,091 (+150%), from €4,717 to €11,808
- Financial charges -€3,663
down €3,663 (-9.8%), from €37,560 to €33,897
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 | €2,644,342 | €2,584,949 | -€59,393 | -2.2% |
| Fixed assets | 21/28 | €2,358,690 | €2,476,760 | +€118,070 | +5.0% |
| Tangible fixed assets | 22/27 | €2,358,690 | €2,476,760 | +€118,070 | +5.0% |
| Land and buildings | 22 | €2,022,534 | €1,953,347 | -€69,188 | -3.4% |
| Plant, machinery and equipment | 23 | €332,574 | €489,186 | +€156,613 | +47.1% |
| Furniture and vehicles | 24 | €3,583 | €34,227 | +€30,644 | +855% |
| Current assets | 29/58 | €285,652 | €108,189 | -€177,463 | -62.1% |
| Amounts receivable within one year | 40/41 | €137,907 | - | -€137,907 | |
| Trade receivables | 40 | €134,344 | - | -€134,344 | |
| Other amounts receivable | 41 | €3,563 | - | -€3,563 | |
| Cash at bank and in hand | 54/58 | €132,525 | €104,994 | -€27,530 | -20.8% |
| Deferred charges and accrued income | 490/1 | €15,220 | €3,195 | -€12,025 | -79.0% |
| Total equity and liabilities | 10/49 | €2,644,342 | €2,584,949 | -€59,393 | -2.2% |
| Equity | 10/15 | €188,678 | €204,184 | +€15,506 | +8.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €183,678 | €199,184 | +€15,506 | +8.4% |
| Amounts payable | 17/49 | €2,455,664 | €2,380,765 | -€74,899 | -3.1% |
| Amounts payable after more than one year | 17 | €1,839,515 | €1,780,325 | -€59,190 | -3.2% |
| Financial debts | 170/4 | €1,839,515 | €1,780,325 | -€59,190 | -3.2% |
| Amounts payable within one year | 42/48 | €616,149 | €600,439 | -€15,709 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €105,441 | €136,165 | +€30,724 | +29.1% |
| Trade debts | 44 | €9,792 | €2,999 | -€6,793 | -69.4% |
| Suppliers | 440/4 | €9,792 | €2,999 | -€6,793 | -69.4% |
| Taxes, remuneration and social security | 45 | €30,399 | €11,118 | -€19,280 | -63.4% |
| Taxes | 450/3 | - | €391 | +€391 | |
| Remuneration and social security | 454/9 | €30,399 | €10,728 | -€19,671 | -64.7% |
| Other amounts payable | 47/48 | €470,518 | €450,157 | -€20,361 | -4.3% |
| Non-recurring operating income | 76A | €80,731 | - | -€80,731 | |
| Remuneration, social security and pensions | 62 | - | €29,051 | +€29,051 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,636 | €111,126 | +€19,489 | +21.3% |
| Other operating charges | 640/8 | €4,717 | €11,808 | +€7,091 | +150% |
| Gross operating margin | 9900 | €80,171 | €201,701 | +€121,530 | +152% |
| Operating profit (loss) | 9901 | -€16,183 | €49,716 | +€65,898 | |
| Financial income | 75/76B | €0 | €79 | +€78 | +39,245% |
| Recurring financial income | 75 | €0 | €79 | +€78 | +39,245% |
| Financial charges | 65/66B | €37,560 | €33,897 | -€3,663 | -9.8% |
| Recurring financial charges | 65 | €37,560 | €33,897 | -€3,663 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€53,743 | €15,898 | +€69,640 | |
| Income taxes | 67/77 | €437 | €391 | -€45 | -10.4% |
| Profit (loss) for the period | 9904 | -€54,179 | €15,506 | +€69,686 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,179 | €15,506 | +€69,686 |
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 18 October 2026 via checked.be.