SMOUT: 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.
SMOUT
Largest movements
- Current investments +€49,423
up €49,423 (+25.7%), from €192,394 to €241,817
- Cash +€46,416
up €46,416 (+20.1%), from €230,764 to €277,180
mainly Net result for the year (+€49,537) and Depreciation (+€36,717)
- Reserves +€50,000
up €50,000 (+19.3%), from €259,250 to €309,250
of which Distributable reserves: +€50,000
- Trade debts +€30,092
up €30,092 (+29.8%), from €101,014 to €131,106
- Tax, wage and social debts +€23,303
up €23,303 (+26.8%), from €86,798 to €110,101
of which Remuneration and social security: +€17,947
- Current portion of long-term debt -€9,162
no longer reported in 2025 (was €9,162)
- Gross operating margin +€13,934
up €13,934 (+2.0%), from €707,479 to €721,413
- Staff costs -€11,147
down €11,147 (-1.8%), from €629,108 to €617,961
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 | €760,694 | €854,464 | +€93,770 | +12.3% |
| Fixed assets | 21/28 | €93,444 | €95,499 | +€2,055 | +2.2% |
| Tangible fixed assets | 22/27 | €89,914 | €91,969 | +€2,055 | +2.3% |
| Plant, machinery and equipment | 23 | €59,439 | €40,374 | -€19,065 | -32.1% |
| Furniture and vehicles | 24 | €10,916 | €6,717 | -€4,199 | -38.5% |
| Other tangible fixed assets | 26 | €19,559 | €44,878 | +€25,319 | +129.4% |
| Financial fixed assets | 28 | €3,530 | €3,530 | = | 0.0% |
| Current assets | 29/58 | €667,250 | €758,965 | +€91,715 | +13.7% |
| Stocks and contracts in progress | 3 | €37,631 | €37,396 | -€235 | -0.6% |
| Stocks | 30/36 | €37,631 | €37,396 | -€235 | -0.6% |
| Amounts receivable within one year | 40/41 | €205,435 | €201,829 | -€3,606 | -1.8% |
| Trade receivables | 40 | €173,096 | €169,473 | -€3,623 | -2.1% |
| Other amounts receivable | 41 | €32,339 | €32,356 | +€17 | +0.1% |
| Current investments | 50/53 | €192,394 | €241,817 | +€49,423 | +25.7% |
| Cash at bank and in hand | 54/58 | €230,764 | €277,180 | +€46,416 | +20.1% |
| Deferred charges and accrued income | 490/1 | €1,026 | €743 | -€283 | -27.6% |
| Total equity and liabilities | 10/49 | €760,694 | €854,464 | +€93,770 | +12.3% |
| Equity | 10/15 | €563,720 | €613,257 | +€49,537 | +8.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €259,250 | €309,250 | +€50,000 | +19.3% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,250 | €9,250 | = | 0.0% |
| Distributable reserves | 133 | €220,000 | €270,000 | +€50,000 | +22.7% |
| Profit (loss) carried forward | 14 | €4,470 | €4,007 | -€463 | -10.4% |
| Amounts payable | 17/49 | €196,974 | €241,207 | +€44,233 | +22.5% |
| Amounts payable within one year | 42/48 | €196,974 | €241,207 | +€44,233 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €9,162 | - | -€9,162 | |
| Trade debts | 44 | €101,014 | €131,106 | +€30,092 | +29.8% |
| Suppliers | 440/4 | €101,014 | €131,106 | +€30,092 | +29.8% |
| Taxes, remuneration and social security | 45 | €86,798 | €110,101 | +€23,303 | +26.8% |
| Taxes | 450/3 | €15,111 | €20,467 | +€5,356 | +35.4% |
| Remuneration and social security | 454/9 | €71,687 | €89,634 | +€17,947 | +25.0% |
| Non-recurring operating income | 76A | €826 | €200 | -€626 | -75.8% |
| Remuneration, social security and pensions | 62 | €629,108 | €617,961 | -€11,147 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,761 | €36,717 | -€7,044 | -16.1% |
| Other operating charges | 640/8 | €5,785 | €5,623 | -€162 | -2.8% |
| Gross operating margin | 9900 | €707,479 | €721,413 | +€13,934 | +2.0% |
| Operating profit (loss) | 9901 | €28,825 | €61,112 | +€32,287 | +112.0% |
| Financial income | 75/76B | €3,527 | €4,327 | +€800 | +22.7% |
| Recurring financial income | 75 | €3,527 | €4,327 | +€800 | +22.7% |
| Financial charges | 65/66B | €2,374 | €2,459 | +€85 | +3.6% |
| Recurring financial charges | 65 | €2,374 | €2,459 | +€85 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €29,978 | €62,980 | +€33,002 | +110.1% |
| Income taxes | 67/77 | €7,888 | €13,443 | +€5,555 | +70.4% |
| Profit (loss) for the period | 9904 | €22,090 | €49,537 | +€27,447 | +124.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,090 | €49,537 | +€27,447 | +124.3% |
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 8 October 2026 via checked.be.