SMISMANS: 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.
SMISMANS
Largest movements
- Cash +€81,944
up €81,944 (+42.3%), from €193,529 to €275,474
mainly Net result for the year (+€113,804) and Depreciation (+€90,061)
- Receivables within one year -€38,666
down €38,666 (-38.4%), from €100,732 to €62,067
of which Trade receivables: -€28,334
- Tangible fixed assets -€33,313
down €33,313 (-5.6%), from €593,581 to €560,267
of which Furniture and vehicles: -€29,493
- Stocks and contracts +€10,210
up €10,210 (+244.8%), from €4,170 to €14,380
- Reserves +€113,804
up €113,804 (+41.7%), from €272,843 to €386,647
- Tax, wage and social debts -€53,453
down €53,453 (-40.2%), from €132,996 to €79,543
of which Taxes: -€75,210
- Debts after one year -€42,929
down €42,929 (-18.7%), from €229,350 to €186,421
- Other debts -€34,040
down €34,040 (-32.0%), from €106,275 to €72,235
- Trade debts +€25,565
up €25,565 (+23.8%), from €107,296 to €132,861
- Gross operating margin -€204,991
down €204,991 (-27.5%), from €746,478 to €541,488
- Taxes -€72,454
down €72,454 (-61.3%), from €118,168 to €45,714
- Staff costs +€26,104
up €26,104 (+10.5%), from €249,255 to €275,359
- Depreciation +€11,365
up €11,365 (+14.4%), from €78,696 to €90,061
- Financial charges -€10,061
down €10,061 (-39.9%), from €25,203 to €15,142
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 | €893,802 | €915,603 | +€21,801 | +2.4% |
| Fixed assets | 21/28 | €593,581 | €560,267 | -€33,313 | -5.6% |
| Tangible fixed assets | 22/27 | €593,581 | €560,267 | -€33,313 | -5.6% |
| Plant, machinery and equipment | 23 | €233,414 | €242,992 | +€9,578 | +4.1% |
| Furniture and vehicles | 24 | €117,232 | €87,740 | -€29,493 | -25.2% |
| Other tangible fixed assets | 26 | €242,934 | €229,536 | -€13,398 | -5.5% |
| Current assets | 29/58 | €300,221 | €355,335 | +€55,114 | +18.4% |
| Stocks and contracts in progress | 3 | €4,170 | €14,380 | +€10,210 | +244.8% |
| Stocks | 30/36 | €4,170 | €14,380 | +€10,210 | +244.8% |
| Amounts receivable within one year | 40/41 | €100,732 | €62,067 | -€38,666 | -38.4% |
| Trade receivables | 40 | €77,699 | €49,365 | -€28,334 | -36.5% |
| Other amounts receivable | 41 | €23,033 | €12,702 | -€10,331 | -44.9% |
| Cash at bank and in hand | 54/58 | €193,529 | €275,474 | +€81,944 | +42.3% |
| Deferred charges and accrued income | 490/1 | €1,790 | €3,415 | +€1,625 | +90.8% |
| Total equity and liabilities | 10/49 | €893,802 | €915,603 | +€21,801 | +2.4% |
| Equity | 10/15 | €275,843 | €389,647 | +€113,804 | +41.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €272,843 | €386,647 | +€113,804 | +41.7% |
| Distributable reserves | 133 | €272,843 | €386,647 | +€113,804 | +41.7% |
| Amounts payable | 17/49 | €617,959 | €525,956 | -€92,003 | -14.9% |
| Amounts payable after more than one year | 17 | €229,350 | €186,421 | -€42,929 | -18.7% |
| Financial debts | 170/4 | €229,350 | €186,421 | -€42,929 | -18.7% |
| Amounts payable within one year | 42/48 | €388,087 | €327,568 | -€60,519 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €41,521 | €42,929 | +€1,408 | +3.4% |
| Trade debts | 44 | €107,296 | €132,861 | +€25,565 | +23.8% |
| Suppliers | 440/4 | €107,296 | €132,861 | +€25,565 | +23.8% |
| Taxes, remuneration and social security | 45 | €132,996 | €79,543 | -€53,453 | -40.2% |
| Taxes | 450/3 | €83,548 | €8,338 | -€75,210 | -90.0% |
| Remuneration and social security | 454/9 | €49,448 | €71,205 | +€21,757 | +44.0% |
| Other amounts payable | 47/48 | €106,275 | €72,235 | -€34,040 | -32.0% |
| Accrued charges and deferred income | 492/3 | €521 | €11,967 | +€11,446 | +2197.1% |
| Remuneration, social security and pensions | 62 | €249,255 | €275,359 | +€26,104 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,696 | €90,061 | +€11,365 | +14.4% |
| Other operating charges | 640/8 | €3,029 | €1,494 | -€1,535 | -50.7% |
| Gross operating margin | 9900 | €746,478 | €541,488 | -€204,991 | -27.5% |
| Operating profit (loss) | 9901 | €415,498 | €174,573 | -€240,925 | -58.0% |
| Financial income | 75/76B | €717 | €86 | -€631 | -88.0% |
| Recurring financial income | 75 | €717 | €86 | -€631 | -88.0% |
| Financial charges | 65/66B | €25,203 | €15,142 | -€10,061 | -39.9% |
| Recurring financial charges | 65 | €25,203 | €15,142 | -€10,061 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €391,012 | €159,517 | -€231,494 | -59.2% |
| Income taxes | 67/77 | €118,168 | €45,714 | -€72,454 | -61.3% |
| Profit (loss) for the period | 9904 | €272,843 | €113,804 | -€159,040 | -58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €272,843 | €113,804 | -€159,040 | -58.3% |
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 7 October 2026 via checked.be.