SMO: 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.
What changed
SMO
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€678,894
2024 · €445,605+€233,289
Equity
€8.2m
2024 · €7.6m+€678,894
Cash
€3.6m
2024 · €3.0m+€557,885
Balance sheet total
€18.7m
2024 · €16.4m+€2.2m
Largest movements
Assets
- Tangible fixed assets +€2.0m
up €2.0m (+33.3%), from €6.0m to €8.0m
of which Land and buildings: +€3.3m
- Stocks and contracts -€1.4m
down €1.4m (-31.3%), from €4.5m to €3.1m
of which Stocks: -€723,169
- Receivables within one year +€931,153
up €931,153 (+62.1%), from €1.5m to €2.4m
of which Trade receivables: +€725,324
- Cash +€557,885
up €557,885 (+18.5%), from €3.0m to €3.6m
mainly Stocks and contracts (+€1.4m) and Debts after one year (+€1.2m)
Equity and liabilities
- Debts after one year +€1.2m
up €1.2m (+32.8%), from €3.7m to €4.9m
of which Financial debts: +€1.2m
- Advances received +€710,220
up €710,220 (+48.1%), from €1.5m to €2.2m
- Reserves +€678,894
up €678,894 (+22.1%), from €3.1m to €3.7m
of which Tax-exempt reserves: +€905,150
- Trade debts -€390,069
down €390,069 (-25.1%), from €1.6m to €1.2m
Income statement
- Turnover +€4.3m
up €4.3m (+41.3%), from €10.5m to €14.8m
- Goods and materials +€1.4m
up €1.4m (+32.9%), from €4.2m to €5.6m
of which Purchases: +€1.4m
- Services and other goods +€691,579
up €691,579 (+31.8%), from €2.2m to €2.9m
- Write-downs +€314,610
no longer reported in 2025 (was -€314,610)
- Staff costs +€256,008
up €256,008 (+6.8%), from €3.8m to €4.0m
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.
Result 2024
€445,605
Turnover
+€4.3m
Other operating income
-€4,344
Goods and materials
-€1.4m
Services and other goods
-€691,579
Staff costs
-€256,008
Depreciation
+€107,108
Write-downs
-€314,610
Other operating charges
-€9,443
Other operating items
-€1.6m
Financial income
+€123,487
Financial charges
-€132,081
Taxes
+€33,941
Result 2025
€678,894
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.
From operations
+€1.9m
Investment
-€2.7m
Financing
+€1.3m
Cash 2024
€3.0m
From operations (derived)
+€1.9m
Net result for the year
+€678,894
Depreciation
+€583,921
Stocks and contracts
+€1.4m
Receivables within one year
-€931,153
Deferred charges and accrued income
-€94,342
Trade debts
-€390,069
Tax, wage and social debts
+€93,400
Advances received
+€710,220
Other debts
-€170,976
Accrued charges and deferred income
+€5,557
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€2.6m
Current investments
-€77,983
Financing
+€1.3m
Debts after one year
+€1.2m
Current portion of long-term debt
+€9,856
Short-term financial debts
+€103,186
Cash 2025
€3.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,430,924 | €18,672,624 | +€2.2m | +13.6% |
| Fixed assets | 21/28 | €6,320,003 | €8,315,301 | +€2.0m | +31.6% |
| Intangible fixed assets | 21 | €44,643 | €23,964 | -€20,678 | -46.3% |
| Tangible fixed assets | 22/27 | €5,998,341 | €7,995,984 | +€2.0m | +33.3% |
| Land and buildings | 22 | €3,831,708 | €7,153,056 | +€3.3m | +86.7% |
| Plant, machinery and equipment | 23 | €422,820 | €641,253 | +€218,432 | +51.7% |
| Furniture and vehicles | 24 | €310,151 | €201,675 | -€108,476 | -35.0% |
| Assets under construction and advance payments | 27 | €1,433,661 | - | -€1.4m | |
| Financial fixed assets | 28 | €277,019 | €295,352 | +€18,333 | +6.6% |
| Affiliated companies | 280/1 | €267,729 | €293,002 | +€25,273 | +9.4% |
| Participating interests | 280 | €267,729 | €293,002 | +€25,273 | +9.4% |
| Other financial fixed assets | 284/8 | €9,290 | €2,350 | -€6,940 | -74.7% |
| Amounts receivable and cash guarantees | 285/8 | €9,290 | €2,350 | -€6,940 | -74.7% |
| Current assets | 29/58 | €10,110,921 | €10,357,324 | +€246,402 | +2.4% |
| Stocks and contracts in progress | 3 | €4,527,585 | €3,112,624 | -€1.4m | -31.3% |
| Stocks | 30/36 | €2,827,435 | €2,104,266 | -€723,169 | -25.6% |
| Raw materials and consumables | 30/31 | €570,622 | €407,684 | -€162,938 | -28.6% |
| Work in progress | 32 | €471,003 | €235,407 | -€235,597 | -50.0% |
| Finished goods | 33 | €1,785,810 | €1,461,176 | -€324,634 | -18.2% |
| Contracts in progress | 37 | €1,700,150 | €1,008,358 | -€691,792 | -40.7% |
| Amounts receivable within one year | 40/41 | €1,499,389 | €2,430,542 | +€931,153 | +62.1% |
| Trade receivables | 40 | €1,166,210 | €1,891,535 | +€725,324 | +62.2% |
| Other amounts receivable | 41 | €333,179 | €539,008 | +€205,829 | +61.8% |
| Current investments | 50/53 | €959,378 | €1,037,362 | +€77,983 | +8.1% |
| Other investments | 51/53 | €959,378 | €1,037,362 | +€77,983 | +8.1% |
| Cash at bank and in hand | 54/58 | €3,011,536 | €3,569,421 | +€557,885 | +18.5% |
| Deferred charges and accrued income | 490/1 | €113,033 | €207,374 | +€94,342 | +83.5% |
| Total equity and liabilities | 10/49 | €16,430,924 | €18,672,624 | +€2.2m | +13.6% |
| Equity | 10/15 | €7,561,831 | €8,240,725 | +€678,894 | +9.0% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €3,070,553 | €3,749,447 | +€678,894 | +22.1% |
| Non-distributable reserves | 130/1 | €8,000 | - | -€8,000 | |
| Reserves not available under the articles | 1311 | €8,000 | - | -€8,000 | |
| Tax-exempt reserves | 132 | €355,625 | €1,260,775 | +€905,150 | +254.5% |
| Distributable reserves | 133 | €2,706,928 | €2,488,672 | -€218,256 | -8.1% |
| Profit (loss) carried forward | 14 | €4,411,278 | €4,411,278 | = | 0.0% |
| Amounts payable | 17/49 | €8,869,093 | €10,431,899 | +€1.6m | +17.6% |
| Amounts payable after more than one year | 17 | €3,664,394 | €4,866,025 | +€1.2m | +32.8% |
| Financial debts | 170/4 | €3,644,394 | €4,866,025 | +€1.2m | +33.5% |
| Credit institutions | 173 | €3,644,394 | €4,866,025 | +€1.2m | +33.5% |
| Other amounts payable | 178/9 | €20,000 | - | -€20,000 | |
| Amounts payable within one year | 42/48 | €5,157,002 | €5,512,619 | +€355,617 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €477,634 | €487,490 | +€9,856 | +2.1% |
| Financial debts | 43 | €498,185 | €601,371 | +€103,186 | +20.7% |
| Credit institutions | 430/8 | €498,185 | €601,371 | +€103,186 | +20.7% |
| Trade debts | 44 | €1,556,935 | €1,166,866 | -€390,069 | -25.1% |
| Suppliers | 440/4 | €1,556,935 | €1,166,866 | -€390,069 | -25.1% |
| Advances received on contracts in progress | 46 | €1,478,034 | €2,188,255 | +€710,220 | +48.1% |
| Taxes, remuneration and social security | 45 | €596,305 | €689,705 | +€93,400 | +15.7% |
| Taxes | 450/3 | €73,160 | €97,702 | +€24,542 | +33.5% |
| Remuneration and social security | 454/9 | €523,145 | €592,004 | +€68,859 | +13.2% |
| Other amounts payable | 47/48 | €549,909 | €378,933 | -€170,976 | -31.1% |
| Accrued charges and deferred income | 492/3 | €47,697 | €53,255 | +€5,557 | +11.7% |
| Operating income | 70/76A | €11,365,786 | €14,120,058 | +€2.8m | +24.2% |
| Turnover | 70 | €10,508,382 | €14,845,513 | +€4.3m | +41.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€66,266 | -€1,252,023 | -€1.2m | -1789.4% |
| Own construction capitalised | 72 | €508,089 | €107,073 | -€401,016 | -78.9% |
| Other operating income | 74 | €401,546 | €397,203 | -€4,344 | -1.1% |
| Non-recurring operating income | 76A | €14,034 | €22,292 | +€8,258 | +58.8% |
| Operating charges | 60/66A | €10,575,209 | €13,121,539 | +€2.5m | +24.1% |
| Goods for resale, raw materials and consumables | 60 | €4,201,441 | €5,583,240 | +€1.4m | +32.9% |
| Purchases | 600/8 | €4,068,615 | €5,420,301 | +€1.4m | +33.2% |
| Change in stocks: decrease (increase) | 609 | €132,826 | €162,938 | +€30,112 | +22.7% |
| Services and other goods | 61 | €2,177,085 | €2,868,664 | +€691,579 | +31.8% |
| Remuneration, social security and pensions | 62 | €3,784,886 | €4,040,894 | +€256,008 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €691,029 | €583,921 | -€107,108 | -15.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€314,610 | - | +€314,610 | |
| Other operating charges | 640/8 | €35,377 | €44,820 | +€9,443 | +26.7% |
| Operating profit (loss) | 9901 | €790,577 | €998,519 | +€207,942 | +26.3% |
| Financial income | 75/76B | €20,754 | €144,241 | +€123,487 | +595.0% |
| Recurring financial income | 75 | €20,754 | €118,968 | +€98,214 | +473.2% |
| Income from financial fixed assets | 750 | €19,955 | - | -€19,955 | |
| Income from current assets | 751 | €788 | €51,286 | +€50,498 | +6405.7% |
| Other financial income | 752/9 | €11 | €67,681 | +€67,671 | +640821.9% |
| Non-recurring financial income | 76B | - | €25,273 | +€25,273 | |
| Financial charges | 65/66B | €149,016 | €281,097 | +€132,081 | +88.6% |
| Recurring financial charges | 65 | €149,016 | €281,097 | +€132,081 | +88.6% |
| Debt charges | 650 | €148,421 | €280,550 | +€132,129 | +89.0% |
| Other financial charges | 652/9 | €595 | €547 | -€49 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €662,315 | €861,662 | +€199,348 | +30.1% |
| Income taxes | 67/77 | €216,709 | €182,768 | -€33,941 | -15.7% |
| Taxes | 670/3 | €216,709 | €193,280 | -€23,429 | -10.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €10,512 | +€10,512 | |
| Profit (loss) for the period | 9904 | €445,605 | €678,894 | +€233,289 | +52.4% |
| Transfer to tax-exempt reserves | 689 | €336,800 | €905,150 | +€568,350 | +168.8% |
| Profit (loss) for the period to be appropriated | 9905 | €108,805 | -€226,256 | -€335,061 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.