SMJV: 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.
SMJV
Largest movements
- Receivables within one year -€198,970
down €198,970 (-88.7%), from €224,200 to €25,230
of which Trade receivables: -€200,000
- Cash +€67,639
up €67,639 (+113.1%), from €59,808 to €127,447
mainly Receivables within one year (+€198,970) and Net result for the year (+€180,643)
- Tangible fixed assets -€18,200
down €18,200 (-27.9%), from €65,278 to €47,078
- Reserves -€142,214
down €142,214 (-100.0%), from €142,214 to €0
of which Distributable reserves: -€142,214
- Tax, wage and social debts -€16,624
down €16,624 (-43.6%), from €38,086 to €21,462
of which Taxes: -€16,624
- Other debts +€8,614
up €8,614 (+5.7%), from €150,375 to €158,989
- Gross operating margin -€6,588
down €6,588 (-2.5%), from €260,791 to €254,203
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 | €349,286 | €199,755 | -€149,531 | -42.8% |
| Fixed assets | 21/28 | €65,278 | €47,078 | -€18,200 | -27.9% |
| Tangible fixed assets | 22/27 | €65,278 | €47,078 | -€18,200 | -27.9% |
| Furniture and vehicles | 24 | €65,278 | €47,078 | -€18,200 | -27.9% |
| Current assets | 29/58 | €284,008 | €152,677 | -€131,331 | -46.2% |
| Amounts receivable within one year | 40/41 | €224,200 | €25,230 | -€198,970 | -88.7% |
| Trade receivables | 40 | €224,200 | €24,200 | -€200,000 | -89.2% |
| Other amounts receivable | 41 | €0 | €1,030 | +€1,030 | |
| Cash at bank and in hand | 54/58 | €59,808 | €127,447 | +€67,639 | +113.1% |
| Total equity and liabilities | 10/49 | €349,286 | €199,755 | -€149,531 | -42.8% |
| Equity | 10/15 | €160,814 | €18,600 | -€142,214 | -88.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €142,214 | €0 | -€142,214 | -100.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €142,214 | €0 | -€142,214 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €188,472 | €181,155 | -€7,317 | -3.9% |
| Amounts payable within one year | 42/48 | €188,472 | €181,155 | -€7,317 | -3.9% |
| Trade debts | 44 | €11 | €704 | +€693 | +6501.0% |
| Suppliers | 440/4 | €11 | €704 | +€693 | +6501.0% |
| Taxes, remuneration and social security | 45 | €38,086 | €21,462 | -€16,624 | -43.6% |
| Taxes | 450/3 | €36,086 | €19,462 | -€16,624 | -46.1% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €150,375 | €158,989 | +€8,614 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,880 | €18,886 | +€6 | 0.0% |
| Other operating charges | 640/8 | €1,515 | €626 | -€889 | -58.7% |
| Gross operating margin | 9900 | €260,791 | €254,203 | -€6,588 | -2.5% |
| Operating profit (loss) | 9901 | €240,397 | €234,691 | -€5,706 | -2.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €98 | €78 | -€20 | -20.4% |
| Recurring financial charges | 65 | €98 | €78 | -€20 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €240,299 | €234,613 | -€5,686 | -2.4% |
| Income taxes | 67/77 | €55,417 | €53,970 | -€1,447 | -2.6% |
| Profit (loss) for the period | 9904 | €184,882 | €180,643 | -€4,239 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €184,882 | €180,643 | -€4,239 | -2.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.