SMO Holding: 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.
SMO Holding
Largest movements
- Receivables within one year +€178,263
up €178,263 (+82.6%), from €215,825 to €394,088
of which Trade receivables: +€222,180
- Cash +€172,231
up €172,231 (+35.8%), from €480,425 to €652,656
mainly Net result for the year (+€382,941) and Depreciation (+€38,876)
- Tangible fixed assets -€38,876
down €38,876 (-25.6%), from €151,904 to €113,028
- Profit (loss) carried forward +€177,171
up €177,171 (+28.4%), from €624,646 to €801,817
- Reserves +€155,770
up €155,770 (+195%), from €79,990 to €235,760
- Other debts -€76,053
down €76,053 (-38.7%), from €196,500 to €120,447
- Current portion of long-term debt +€29,974
up €29,974 (+183%), from €16,393 to €46,366
- Short-term financial debts +€20,609
up €20,609 (+70.1%), from €29,391 to €50,000
- Gross operating margin +€239,493
up €239,493 (+92.3%), from €259,443 to €498,936
- Taxes +€53,029
up €53,029 (+85.8%), from €61,773 to €114,802
- Financial charges +€6,332
up €6,332 (+115%), from €5,493 to €11,825
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.
Derived cash bridge
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 | €1,071,728 | €1,383,565 | +€311,837 | +29.1% |
| Fixed assets | 21/28 | €371,904 | €333,028 | -€38,876 | -10.5% |
| Tangible fixed assets | 22/27 | €151,904 | €113,028 | -€38,876 | -25.6% |
| Furniture and vehicles | 24 | €151,904 | €113,028 | -€38,876 | -25.6% |
| Financial fixed assets | 28 | €220,000 | €220,000 | = | 0.0% |
| Current assets | 29/58 | €699,824 | €1,050,537 | +€350,713 | +50.1% |
| Amounts receivable within one year | 40/41 | €215,825 | €394,088 | +€178,263 | +82.6% |
| Trade receivables | 40 | €3,630 | €225,810 | +€222,180 | +6,121% |
| Other amounts receivable | 41 | €212,195 | €168,279 | -€43,917 | -20.7% |
| Cash at bank and in hand | 54/58 | €480,425 | €652,656 | +€172,231 | +35.8% |
| Deferred charges and accrued income | 490/1 | €3,574 | €3,793 | +€219 | +6.1% |
| Total equity and liabilities | 10/49 | €1,071,728 | €1,383,565 | +€311,837 | +29.1% |
| Equity | 10/15 | €754,636 | €1,087,577 | +€332,941 | +44.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €79,990 | €235,760 | +€155,770 | +195% |
| Tax-exempt reserves | 132 | €79,990 | €235,760 | +€155,770 | +195% |
| Profit (loss) carried forward | 14 | €624,646 | €801,817 | +€177,171 | +28.4% |
| Amounts payable | 17/49 | €317,092 | €295,988 | -€21,105 | -6.7% |
| Amounts payable after more than one year | 17 | €56,436 | €39,377 | -€17,059 | -30.2% |
| Financial debts | 170/4 | €56,436 | €39,377 | -€17,059 | -30.2% |
| Amounts payable within one year | 42/48 | €260,656 | €248,809 | -€11,847 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €16,393 | €46,366 | +€29,974 | +183% |
| Financial debts | 43 | €29,391 | €50,000 | +€20,609 | +70.1% |
| Credit institutions | 430/8 | €29,391 | €50,000 | +€20,609 | +70.1% |
| Trade debts | 44 | €3,715 | €885 | -€2,830 | -76.2% |
| Suppliers | 440/4 | €3,715 | €885 | -€2,830 | -76.2% |
| Taxes, remuneration and social security | 45 | €14,656 | €31,110 | +€16,454 | +112% |
| Taxes | 450/3 | €14,656 | €31,110 | +€16,454 | +112% |
| Other amounts payable | 47/48 | €196,500 | €120,447 | -€76,053 | -38.7% |
| Accrued charges and deferred income | 492/3 | - | €7,801 | +€7,801 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,669 | €38,876 | +€207 | +0.5% |
| Other operating charges | 640/8 | €485 | €491 | +€6 | +1.1% |
| Gross operating margin | 9900 | €259,443 | €498,936 | +€239,493 | +92.3% |
| Operating profit (loss) | 9901 | €220,289 | €459,569 | +€239,280 | +109% |
| Financial income | 75/76B | €50,000 | €50,000 | = | 0.0% |
| Recurring financial income | 75 | €50,000 | €50,000 | = | 0.0% |
| Financial charges | 65/66B | €5,493 | €11,825 | +€6,332 | +115% |
| Recurring financial charges | 65 | €5,493 | €11,825 | +€6,332 | +115% |
| Profit (loss) for the period before taxes | 9903 | €264,796 | €497,744 | +€232,948 | +88.0% |
| Income taxes | 67/77 | €61,773 | €114,802 | +€53,029 | +85.8% |
| Profit (loss) for the period | 9904 | €203,023 | €382,941 | +€179,918 | +88.6% |
| Transfer to tax-exempt reserves | 689 | €79,990 | €155,770 | +€75,780 | +94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €123,033 | €227,171 | +€104,138 | +84.6% |
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 26 October 2026 via checked.be.