SMN: 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.
SMN
Largest movements
- Receivables within one year +€35,263
up €35,263 (+134.0%), from €26,316 to €61,580
of which Trade receivables: +€35,190
- Cash -€32,364
down €32,364 (-20.7%), from €156,404 to €124,040
mainly Contributions, distributions and other (-€199,500) and Receivables within one year (-€35,263)
- Tangible fixed assets -€26,506
down €26,506 (-13.9%), from €191,160 to €164,653
of which Furniture and vehicles: -€13,381
- Current portion of long-term debt +€22,652
up €22,652 (+100.8%), from €22,467 to €45,119
- Other debts -€19,091
down €19,091 (-10.4%), from €183,980 to €164,888
- Debts after one year -€16,277
down €16,277 (-12.8%), from €127,083 to €110,806
- Reserves -€13,074
down €13,074 (-98.1%), from €13,331 to €257
- Gross operating margin +€65,315
up €65,315 (+24.8%), from €263,283 to €328,598
- Taxes +€15,795
up €15,795 (+32.1%), from €49,140 to €64,934
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 | €387,418 | €364,508 | -€22,910 | -5.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €191,160 | €164,653 | -€26,506 | -13.9% |
| Tangible fixed assets | 22/27 | €191,160 | €164,653 | -€26,506 | -13.9% |
| Land and buildings | 22 | €147,348 | €135,719 | -€11,629 | -7.9% |
| Plant, machinery and equipment | 23 | €11,206 | €9,710 | -€1,496 | -13.4% |
| Furniture and vehicles | 24 | €32,606 | €19,224 | -€13,381 | -41.0% |
| Current assets | 29/58 | €196,259 | €199,855 | +€3,596 | +1.8% |
| Amounts receivable within one year | 40/41 | €26,316 | €61,580 | +€35,263 | +134.0% |
| Trade receivables | 40 | €25,316 | €60,506 | +€35,190 | +139.0% |
| Other amounts receivable | 41 | €1,001 | €1,074 | +€74 | +7.3% |
| Cash at bank and in hand | 54/58 | €156,404 | €124,040 | -€32,364 | -20.7% |
| Deferred charges and accrued income | 490/1 | €13,538 | €14,235 | +€698 | +5.2% |
| Total equity and liabilities | 10/49 | €387,418 | €364,508 | -€22,910 | -5.9% |
| Equity | 10/15 | €14,331 | €1,257 | -€13,074 | -91.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €13,331 | €257 | -€13,074 | -98.1% |
| Distributable reserves | 133 | €13,331 | €257 | -€13,074 | -98.1% |
| Amounts payable | 17/49 | €373,087 | €363,252 | -€9,835 | -2.6% |
| Amounts payable after more than one year | 17 | €127,083 | €110,806 | -€16,277 | -12.8% |
| Financial debts | 170/4 | €127,083 | €110,806 | -€16,277 | -12.8% |
| Amounts payable within one year | 42/48 | €243,420 | €251,489 | +€8,069 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €22,467 | €45,119 | +€22,652 | +100.8% |
| Trade debts | 44 | €954 | €2,307 | +€1,353 | +141.9% |
| Suppliers | 440/4 | €954 | €2,307 | +€1,353 | +141.9% |
| Taxes, remuneration and social security | 45 | €36,020 | €39,175 | +€3,155 | +8.8% |
| Taxes | 450/3 | €30,465 | €33,168 | +€2,703 | +8.9% |
| Remuneration and social security | 454/9 | €5,555 | €6,007 | +€452 | +8.1% |
| Other amounts payable | 47/48 | €183,980 | €164,888 | -€19,091 | -10.4% |
| Accrued charges and deferred income | 492/3 | €2,584 | €957 | -€1,627 | -63.0% |
| Remuneration, social security and pensions | 62 | €37,201 | €39,595 | +€2,394 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,956 | €30,646 | +€690 | +2.3% |
| Other operating charges | 640/8 | €2,337 | €3,429 | +€1,092 | +46.7% |
| Gross operating margin | 9900 | €263,283 | €328,598 | +€65,315 | +24.8% |
| Operating profit (loss) | 9901 | €193,790 | €254,929 | +€61,139 | +31.5% |
| Financial income | 75/76B | €2,149 | €459 | -€1,691 | -78.7% |
| Recurring financial income | 75 | €2,149 | €459 | -€1,691 | -78.7% |
| Financial charges | 65/66B | €3,876 | €4,028 | +€151 | +3.9% |
| Recurring financial charges | 65 | €3,876 | €4,028 | +€151 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €192,063 | €251,360 | +€59,297 | +30.9% |
| Income taxes | 67/77 | €49,140 | €64,934 | +€15,795 | +32.1% |
| Profit (loss) for the period | 9904 | €142,923 | €186,426 | +€43,502 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €142,923 | €186,426 | +€43,502 | +30.4% |
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 7 October 2026 via checked.be.