SMR: 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.
SMR
Largest movements
- Cash +€38,287
up €38,287 (+1067.7%), from €3,586 to €41,872
mainly Depreciation (+€37,176) and Other debts (+€33,379)
- Tangible fixed assets -€18,065
down €18,065 (-5.0%), from €364,044 to €345,979
of which Furniture and vehicles: -€12,307
- Other debts +€33,379
up €33,379 (+28.5%), from €117,225 to €150,605
- Reserves -€9,200
down €9,200 (-1.7%), from €532,416 to €523,216
of which Distributable reserves: -€9,200
- Gross operating margin +€14,961
up €14,961 (+44.5%), from €33,632 to €48,593
- Depreciation -€1,602
down €1,602 (-4.1%), from €38,778 to €37,176
- Financial charges -€805
down €805 (-7.4%), from €10,847 to €10,042
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 | €857,736 | €877,942 | +€20,207 | +2.4% |
| Fixed assets | 21/28 | €364,112 | €346,047 | -€18,065 | -5.0% |
| Tangible fixed assets | 22/27 | €364,044 | €345,979 | -€18,065 | -5.0% |
| Land and buildings | 22 | €322,571 | €316,813 | -€5,758 | -1.8% |
| Furniture and vehicles | 24 | €41,473 | €29,166 | -€12,307 | -29.7% |
| Financial fixed assets | 28 | €69 | €69 | = | 0.0% |
| Current assets | 29/58 | €493,623 | €531,895 | +€38,271 | +7.8% |
| Stocks and contracts in progress | 3 | €487,954 | €487,954 | = | 0.0% |
| Stocks | 30/36 | €487,954 | €487,954 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €2,068 | +€2,068 | |
| Trade receivables | 40 | - | €2,068 | +€2,068 | |
| Current investments | 50/53 | €82 | - | -€82 | |
| Cash at bank and in hand | 54/58 | €3,586 | €41,872 | +€38,287 | +1067.7% |
| Deferred charges and accrued income | 490/1 | €2,001 | - | -€2,001 | |
| Total equity and liabilities | 10/49 | €857,736 | €877,942 | +€20,207 | +2.4% |
| Equity | 10/15 | €594,416 | €585,216 | -€9,200 | -1.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €532,416 | €523,216 | -€9,200 | -1.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €526,216 | €517,016 | -€9,200 | -1.7% |
| Amounts payable | 17/49 | €263,320 | €292,726 | +€29,406 | +11.2% |
| Amounts payable within one year | 42/48 | €262,460 | €291,079 | +€28,620 | +10.9% |
| Financial debts | 43 | €137,000 | €137,000 | = | 0.0% |
| Other loans | 439 | €137,000 | €137,000 | = | 0.0% |
| Trade debts | 44 | €5,128 | €591 | -€4,537 | -88.5% |
| Suppliers | 440/4 | €5,128 | €591 | -€4,537 | -88.5% |
| Taxes, remuneration and social security | 45 | €3,106 | €2,884 | -€222 | -7.2% |
| Taxes | 450/3 | €3,106 | €2,884 | -€222 | -7.2% |
| Other amounts payable | 47/48 | €117,225 | €150,605 | +€33,379 | +28.5% |
| Accrued charges and deferred income | 492/3 | €860 | €1,646 | +€786 | +91.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,778 | €37,176 | -€1,602 | -4.1% |
| Other operating charges | 640/8 | €9,627 | €9,866 | +€239 | +2.5% |
| Gross operating margin | 9900 | €33,632 | €48,593 | +€14,961 | +44.5% |
| Operating profit (loss) | 9901 | -€14,773 | €1,551 | +€16,324 | |
| Financial charges | 65/66B | €10,847 | €10,042 | -€805 | -7.4% |
| Recurring financial charges | 65 | €10,847 | €10,042 | -€805 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,620 | -€8,492 | +€17,129 | +66.9% |
| Income taxes | 67/77 | €726 | €708 | -€18 | -2.5% |
| Profit (loss) for the period | 9904 | -€26,347 | -€9,200 | +€17,147 | +65.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,347 | -€9,200 | +€17,147 | +65.1% |
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.