SML GROUP: 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.
SML GROUP
Largest movements
- Cash +€85,183
up €85,183 (+1359.9%), from €6,264 to €91,446
mainly Net result for the year (+€321,290) and Short-term financial debts (+€56,999)
- Receivables within one year -€23,893
down €23,893 (-83.9%), from €28,467 to €4,574
of which Other amounts receivable: -€22,330
- Current portion of long-term debt -€120,056
down €120,056 (-95.8%), from €125,254 to €5,199
- Profit (loss) carried forward +€111,290
up €111,290 (+24.0%), from €463,225 to €574,515
- Short-term financial debts +€56,999
new in 2025: €56,999
- Tax, wage and social debts +€19,729
up €19,729 (+74.6%), from €26,462 to €46,191
of which Taxes: +€18,538
- Gross operating margin +€299,607
up €299,607 (+125.0%), from €239,626 to €539,232
- Taxes +€83,549
up €83,549 (+175.8%), from €47,533 to €131,082
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 | €1,521,515 | €1,582,880 | +€61,365 | +4.0% |
| Fixed assets | 21/28 | €1,485,516 | €1,483,580 | -€1,936 | -0.1% |
| Tangible fixed assets | 22/27 | €7,027 | €5,097 | -€1,930 | -27.5% |
| Furniture and vehicles | 24 | €7,027 | €5,097 | -€1,930 | -27.5% |
| Financial fixed assets | 28 | €1,478,489 | €1,478,483 | -€6 | 0.0% |
| Current assets | 29/58 | €35,999 | €99,300 | +€63,301 | +175.8% |
| Amounts receivable within one year | 40/41 | €28,467 | €4,574 | -€23,893 | -83.9% |
| Trade receivables | 40 | €6,137 | €4,574 | -€1,563 | -25.5% |
| Other amounts receivable | 41 | €22,330 | - | -€22,330 | |
| Cash at bank and in hand | 54/58 | €6,264 | €91,446 | +€85,183 | +1359.9% |
| Deferred charges and accrued income | 490/1 | €1,269 | €3,280 | +€2,011 | +158.5% |
| Total equity and liabilities | 10/49 | €1,521,515 | €1,582,880 | +€61,365 | +4.0% |
| Equity | 10/15 | €1,013,621 | €1,125,545 | +€111,924 | +11.0% |
| Contributions | 10/11 | €90,880 | €90,880 | = | 0.0% |
| Reserves | 13 | €459,516 | €460,150 | +€634 | +0.1% |
| Distributable reserves | 133 | €459,516 | €460,150 | +€634 | +0.1% |
| Profit (loss) carried forward | 14 | €463,225 | €574,515 | +€111,290 | +24.0% |
| Amounts payable | 17/49 | €507,894 | €457,335 | -€50,559 | -10.0% |
| Amounts payable after more than one year | 17 | €5,199 | - | -€5,199 | |
| Financial debts | 170/4 | €5,199 | - | -€5,199 | |
| Amounts payable within one year | 42/48 | €502,548 | €457,290 | -€45,258 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €125,254 | €5,199 | -€120,056 | -95.8% |
| Financial debts | 43 | - | €56,999 | +€56,999 | |
| Credit institutions | 430/8 | - | €56,999 | +€56,999 | |
| Trade debts | 44 | €8,616 | €7,377 | -€1,239 | -14.4% |
| Suppliers | 440/4 | €8,616 | €7,377 | -€1,239 | -14.4% |
| Taxes, remuneration and social security | 45 | €26,462 | €46,191 | +€19,729 | +74.6% |
| Taxes | 450/3 | €15,416 | €33,955 | +€18,538 | +120.3% |
| Remuneration and social security | 454/9 | €11,045 | €12,236 | +€1,191 | +10.8% |
| Other amounts payable | 47/48 | €342,216 | €341,525 | -€692 | -0.2% |
| Accrued charges and deferred income | 492/3 | €147 | €45 | -€103 | -69.7% |
| Remuneration, social security and pensions | 62 | €77,804 | €81,230 | +€3,426 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,845 | €1,930 | +€85 | +4.6% |
| Other operating charges | 640/8 | €1,133 | €1,123 | -€9 | -0.8% |
| Gross operating margin | 9900 | €239,626 | €539,232 | +€299,607 | +125.0% |
| Operating profit (loss) | 9901 | €158,844 | €454,949 | +€296,105 | +186.4% |
| Financial income | 75/76B | €2,066 | - | -€2,066 | |
| Recurring financial income | 75 | €2,066 | - | -€2,066 | |
| Non-recurring financial income | 76B | €2,066 | - | -€2,066 | |
| Financial charges | 65/66B | €5,027 | €2,577 | -€2,450 | -48.7% |
| Recurring financial charges | 65 | €5,027 | €2,577 | -€2,450 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €155,883 | €452,372 | +€296,489 | +190.2% |
| Income taxes | 67/77 | €47,533 | €131,082 | +€83,549 | +175.8% |
| Profit (loss) for the period | 9904 | €108,350 | €321,290 | +€212,940 | +196.5% |
| Profit (loss) for the period to be appropriated | 9905 | €108,350 | €321,290 | +€212,940 | +196.5% |
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 30 September 2026 via checked.be.