SMMAC: 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.
SMMAC
Largest movements
- Current investments -€49,196
down €49,196 (-57.3%), from €85,783 to €36,587
- Receivables within one year -€45,694
down €45,694 (-66.4%), from €68,773 to €23,079
of which Trade receivables: -€45,689
- Deferred charges and accrued income +€38,787
up €38,787 (+1,385%), from €2,800 to €41,586
- Tangible fixed assets -€25,340
down €25,340 (-4.2%), from €601,503 to €576,163
of which Furniture and vehicles: -€17,744
- Cash +€10,296
up €10,296 (+268%), from €3,844 to €14,141
mainly Other debts (+€85,848) and Net result for the year (+€78,908)
- Reserves -€118,363
down €118,363 (-54.5%), from €217,131 to €98,768
of which Distributable reserves: -€118,363
- Other debts +€85,848
up €85,848 (+259%), from €33,172 to €119,020
- Debts after one year -€38,560
down €38,560 (-8.9%), from €431,778 to €393,219
of which Financial debts: -€38,560
- Gross operating margin +€26,465
up €26,465 (+17.7%), from €149,700 to €176,165
- Taxes +€9,863
up €9,863 (+43.2%), from €22,856 to €32,719
- Depreciation -€4,444
down €4,444 (-9.3%), from €47,684 to €43,240
- Financial charges -€2,197
down €2,197 (-10.6%), from €20,757 to €18,560
- Other operating charges +€1,880
up €1,880 (+160%), from €1,177 to €3,057
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €762,704 | €691,556 | -€71,147 | -9.3% |
| Fixed assets | 21/28 | €601,503 | €576,163 | -€25,340 | -4.2% |
| Tangible fixed assets | 22/27 | €601,503 | €576,163 | -€25,340 | -4.2% |
| Land and buildings | 22 | €506,741 | €494,914 | -€11,826 | -2.3% |
| Furniture and vehicles | 24 | €65,926 | €48,182 | -€17,744 | -26.9% |
| Other tangible fixed assets | 26 | €28,836 | €33,067 | +€4,231 | +14.7% |
| Current assets | 29/58 | €161,201 | €115,393 | -€45,807 | -28.4% |
| Amounts receivable within one year | 40/41 | €68,773 | €23,079 | -€45,694 | -66.4% |
| Trade receivables | 40 | €68,768 | €23,079 | -€45,689 | -66.4% |
| Other amounts receivable | 41 | €5 | €0 | -€5 | -100% |
| Current investments | 50/53 | €85,783 | €36,587 | -€49,196 | -57.3% |
| Cash at bank and in hand | 54/58 | €3,844 | €14,141 | +€10,296 | +268% |
| Deferred charges and accrued income | 490/1 | €2,800 | €41,586 | +€38,787 | +1,385% |
| Total equity and liabilities | 10/49 | €762,704 | €691,556 | -€71,147 | -9.3% |
| Equity | 10/15 | €235,731 | €117,368 | -€118,363 | -50.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €217,131 | €98,768 | -€118,363 | -54.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €217,131 | €98,768 | -€118,363 | -54.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €526,973 | €574,189 | +€47,215 | +9.0% |
| Amounts payable after more than one year | 17 | €431,778 | €393,219 | -€38,560 | -8.9% |
| Financial debts | 170/4 | €431,278 | €392,719 | -€38,560 | -8.9% |
| Other amounts payable | 178/9 | €500 | €500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €93,178 | €180,011 | +€86,833 | +93.2% |
| Current portion of amounts payable after more than one year | 42 | €37,090 | €38,560 | +€1,470 | +4.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,484 | €1,561 | -€3,923 | -71.5% |
| Suppliers | 440/4 | €5,484 | €1,561 | -€3,923 | -71.5% |
| Taxes, remuneration and social security | 45 | €17,432 | €20,870 | +€3,438 | +19.7% |
| Taxes | 450/3 | €17,432 | €20,870 | +€3,438 | +19.7% |
| Other amounts payable | 47/48 | €33,172 | €119,020 | +€85,848 | +259% |
| Accrued charges and deferred income | 492/3 | €2,017 | €959 | -€1,058 | -52.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,684 | €43,240 | -€4,444 | -9.3% |
| Other operating charges | 640/8 | €1,177 | €3,057 | +€1,880 | +160% |
| Gross operating margin | 9900 | €149,700 | €176,165 | +€26,465 | +17.7% |
| Operating profit (loss) | 9901 | €100,839 | €129,867 | +€29,028 | +28.8% |
| Financial income | 75/76B | €53 | €320 | +€266 | +500% |
| Recurring financial income | 75 | €53 | €320 | +€266 | +500% |
| Financial charges | 65/66B | €20,757 | €18,560 | -€2,197 | -10.6% |
| Recurring financial charges | 65 | €20,757 | €18,560 | -€2,197 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €80,135 | €111,627 | +€31,492 | +39.3% |
| Income taxes | 67/77 | €22,856 | €32,719 | +€9,863 | +43.2% |
| Profit (loss) for the period | 9904 | €57,279 | €78,908 | +€21,629 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,279 | €78,908 | +€21,629 | +37.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.