SMMC: 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.
SMMC
Largest movements
- Current investments +€409,260
up €409,260 (+1215.0%), from €33,684 to €442,944
- Tangible fixed assets -€208,878
down €208,878 (-88.7%), from €235,357 to €26,479
of which Land and buildings: -€198,124
- Cash +€64,576
up €64,576 (+164.7%), from €39,201 to €103,777
mainly Net result for the year (+€237,293) and Investment in fixed assets (net) (+€197,071)
- Receivables within one year -€21,962
down €21,962 (-56.7%), from €38,720 to €16,759
- Reserves +€237,000
up €237,000 (+214.5%), from €110,490 to €347,490
of which Distributable reserves: +€237,000
- Tax, wage and social debts +€18,164
up €18,164 (+73.6%), from €24,665 to €42,829
of which Taxes: +€18,164
- Current portion of long-term debt -€11,150
down €11,150 (-73.3%), from €15,214 to €4,065
- Gross operating margin +€269,036
up €269,036 (+296.8%), from €90,644 to €359,680
- Taxes +€90,667
up €90,667 (+508.2%), from €17,840 to €108,507
- Depreciation -€18,831
down €18,831 (-61.5%), from €30,638 to €11,807
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 | €352,666 | €592,211 | +€239,545 | +67.9% |
| Fixed assets | 21/28 | €235,357 | €26,479 | -€208,878 | -88.7% |
| Tangible fixed assets | 22/27 | €235,357 | €26,479 | -€208,878 | -88.7% |
| Land and buildings | 22 | €205,303 | €7,179 | -€198,124 | -96.5% |
| Furniture and vehicles | 24 | €30,054 | €19,300 | -€10,754 | -35.8% |
| Current assets | 29/58 | €117,310 | €565,732 | +€448,422 | +382.3% |
| Amounts receivable within one year | 40/41 | €38,720 | €16,759 | -€21,962 | -56.7% |
| Trade receivables | 40 | €38,720 | €16,759 | -€21,962 | -56.7% |
| Current investments | 50/53 | €33,684 | €442,944 | +€409,260 | +1215.0% |
| Cash at bank and in hand | 54/58 | €39,201 | €103,777 | +€64,576 | +164.7% |
| Deferred charges and accrued income | 490/1 | €5,705 | €2,253 | -€3,452 | -60.5% |
| Total equity and liabilities | 10/49 | €352,666 | €592,211 | +€239,545 | +67.9% |
| Equity | 10/15 | €294,463 | €531,755 | +€237,293 | +80.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €110,490 | €347,490 | +€237,000 | +214.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €108,630 | €345,630 | +€237,000 | +218.2% |
| Profit (loss) carried forward | 14 | €177,773 | €178,065 | +€293 | +0.2% |
| Amounts payable | 17/49 | €58,204 | €60,456 | +€2,252 | +3.9% |
| Amounts payable within one year | 42/48 | €58,204 | €60,456 | +€2,252 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €15,214 | €4,065 | -€11,150 | -73.3% |
| Trade debts | 44 | €6,562 | €1,799 | -€4,763 | -72.6% |
| Suppliers | 440/4 | €6,562 | €1,799 | -€4,763 | -72.6% |
| Taxes, remuneration and social security | 45 | €24,665 | €42,829 | +€18,164 | +73.6% |
| Taxes | 450/3 | €21,875 | €40,039 | +€18,164 | +83.0% |
| Remuneration and social security | 454/9 | €2,790 | €2,790 | = | 0.0% |
| Other amounts payable | 47/48 | €11,763 | €11,763 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,638 | €11,807 | -€18,831 | -61.5% |
| Other operating charges | 640/8 | €1,347 | €1,526 | +€179 | +13.3% |
| Gross operating margin | 9900 | €90,644 | €359,680 | +€269,036 | +296.8% |
| Operating profit (loss) | 9901 | €58,659 | €346,347 | +€287,688 | +490.4% |
| Financial income | 75/76B | - | €260 | +€260 | |
| Recurring financial income | 75 | - | €260 | +€260 | |
| Financial charges | 65/66B | €1,571 | €808 | -€762 | -48.5% |
| Recurring financial charges | 65 | €1,571 | €808 | -€762 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | €57,089 | €345,799 | +€288,711 | +505.7% |
| Income taxes | 67/77 | €17,840 | €108,507 | +€90,667 | +508.2% |
| Profit (loss) for the period | 9904 | €39,249 | €237,293 | +€198,044 | +504.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,249 | €237,293 | +€198,044 | +504.6% |
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 5 October 2026 via checked.be.