SML-INVEST: what changed
What changed
SML-INVEST
filed annual accounts (NBB)
Net result for the year
€16,690
2024 · -€36,839+€53,528
Equity
€419,502
2024 · €402,813+€16,690
Cash
€2,910
2024 · €0+€2,910
Balance sheet total
€2.0m
2024 · €2.1m-€140,655
Largest movements
Assets
- Receivables within one year -€79,781
down €79,781 (-81.1%), from €98,385 to €18,604
- Tangible fixed assets -€63,785
down €63,785 (-3.1%), from €2.0m to €2.0m
of which Land and buildings: -€35,518
Equity and liabilities
- Short-term financial debts -€250,000
down €250,000 (-100%), from €250,000 to €0
- Debts after one year +€134,656
up €134,656 (+12.1%), from €1.1m to €1.2m
- Other debts -€55,281
down €55,281 (-20.4%), from €270,765 to €215,484
Income statement
- Gross operating margin +€45,003
up €45,003 (+58.0%), from €77,651 to €122,654
- Depreciation -€6,609
down €6,609 (-10.2%), from €64,967 to €58,358
- Financial charges -€6,154
down €6,154 (-14.9%), from €41,304 to €35,150
- Other operating charges +€2,569
up €2,569 (+31.3%), from €8,218 to €10,787
- Taxes +€1,669
new in 2025: €1,669
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€36,839
Gross operating margin
+€45,003
Depreciation
+€6,609
Other operating charges
-€2,569
Financial charges
+€6,154
Taxes
-€1,669
Result 2025
€16,690
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€92,263
Investment
+€5,426
Financing
-€94,779
Cash 2024
€0
From operations (derived)
+€92,263
Net result for the year
+€16,690
Depreciation
+€58,358
Receivables within one year
+€79,781
Trade debts
-€6,221
Tax, wage and social debts
+€1,669
Other debts
-€55,281
Accrued charges and deferred income
-€2,733
Investment (derived)
+€5,426
Investment in fixed assets (net)
+€5,426
Financing
-€94,779
Debts after one year
+€134,656
Current portion of long-term debt
+€20,564
Short-term financial debts
-€250,000
Cash 2025
€2,910
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,136,498 | €1,995,843 | -€140,655 | -6.6% |
| Fixed assets | 21/28 | €2,038,113 | €1,974,328 | -€63,785 | -3.1% |
| Tangible fixed assets | 22/27 | €2,038,113 | €1,974,328 | -€63,785 | -3.1% |
| Land and buildings | 22 | €1,365,168 | €1,329,650 | -€35,518 | -2.6% |
| Assets under construction and advance payments | 27 | €672,945 | €644,679 | -€28,267 | -4.2% |
| Current assets | 29/58 | €98,385 | €21,514 | -€76,871 | -78.1% |
| Amounts receivable within one year | 40/41 | €98,385 | €18,604 | -€79,781 | -81.1% |
| Other amounts receivable | 41 | €98,385 | €18,604 | -€79,781 | -81.1% |
| Cash at bank and in hand | 54/58 | €0 | €2,910 | +€2,910 | |
| Total equity and liabilities | 10/49 | €2,136,498 | €1,995,843 | -€140,655 | -6.6% |
| Equity | 10/15 | €402,813 | €419,502 | +€16,690 | +4.1% |
| Contributions | 10/11 | €14,401 | €14,401 | = | 0.0% |
| Reserves | 13 | €388,412 | €405,101 | +€16,690 | +4.3% |
| Non-distributable reserves | 130/1 | €16,993 | €16,993 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,993 | €16,993 | = | 0.0% |
| Distributable reserves | 133 | €371,418 | €388,108 | +€16,690 | +4.5% |
| Amounts payable | 17/49 | €1,733,685 | €1,576,340 | -€157,345 | -9.1% |
| Amounts payable after more than one year | 17 | €1,113,963 | €1,248,620 | +€134,656 | +12.1% |
| Financial debts | 170/4 | €1,113,963 | €1,248,620 | +€134,656 | +12.1% |
| Amounts payable within one year | 42/48 | €613,880 | €324,612 | -€289,268 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €86,178 | €106,742 | +€20,564 | +23.9% |
| Financial debts | 43 | €250,000 | €0 | -€250,000 | -100% |
| Credit institutions | 430/8 | €250,000 | €0 | -€250,000 | -100% |
| Trade debts | 44 | €6,938 | €717 | -€6,221 | -89.7% |
| Suppliers | 440/4 | €6,938 | €717 | -€6,221 | -89.7% |
| Taxes, remuneration and social security | 45 | - | €1,669 | +€1,669 | |
| Taxes | 450/3 | - | €1,669 | +€1,669 | |
| Other amounts payable | 47/48 | €270,765 | €215,484 | -€55,281 | -20.4% |
| Accrued charges and deferred income | 492/3 | €5,842 | €3,108 | -€2,733 | -46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,967 | €58,358 | -€6,609 | -10.2% |
| Other operating charges | 640/8 | €8,218 | €10,787 | +€2,569 | +31.3% |
| Gross operating margin | 9900 | €77,651 | €122,654 | +€45,003 | +58.0% |
| Operating profit (loss) | 9901 | €4,465 | €53,508 | +€49,043 | +1,098% |
| Financial charges | 65/66B | €41,304 | €35,150 | -€6,154 | -14.9% |
| Recurring financial charges | 65 | €41,304 | €35,150 | -€6,154 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | -€36,839 | €18,359 | +€55,197 | |
| Income taxes | 67/77 | - | €1,669 | +€1,669 | |
| Profit (loss) for the period | 9904 | -€36,839 | €16,690 | +€53,528 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,839 | €16,690 | +€53,528 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.