SMS & ASSOCIATES: what changed
SMS & ASSOCIATES
Largest movements
- Cash +€50,542
up €50,542 (+44.8%), from €112,711 to €163,253
mainly Net result for the year (+€143,469) and Other debts (+€62,324)
- Receivables within one year -€12,594
down €12,594 (-13.2%), from €95,590 to €82,996
of which Trade receivables: -€15,981
- Tangible fixed assets -€7,375
down €7,375 (-9.6%), from €76,742 to €69,367
of which Land and buildings: -€34,684
- Other debts +€62,324
up €62,324 (+363%), from €17,151 to €79,475
- Tax, wage and social debts -€43,853
down €43,853 (-71.6%), from €61,221 to €17,368
of which Taxes: -€43,853
- Reserves +€41,054
up €41,054 (+9.3%), from €440,612 to €481,665
- Debts after one year -€26,784
no longer reported in 2025 (was €26,784)
- Gross operating margin -€17,170
down €17,170 (-6.2%), from €277,255 to €260,084
- Taxes -€7,515
down €7,515 (-10.0%), from €75,006 to €67,491
- Depreciation +€5,325
up €5,325 (+13.4%), from €39,875 to €45,200
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €601,472 | €634,853 | +€33,380 | +5.5% |
| Fixed assets | 21/28 | €81,572 | €74,197 | -€7,375 | -9.0% |
| Tangible fixed assets | 22/27 | €76,742 | €69,367 | -€7,375 | -9.6% |
| Land and buildings | 22 | €63,235 | €28,551 | -€34,684 | -54.8% |
| Furniture and vehicles | 24 | €3,911 | €33,195 | +€29,284 | +749% |
| Other tangible fixed assets | 26 | €9,596 | €7,621 | -€1,975 | -20.6% |
| Financial fixed assets | 28 | €4,830 | €4,830 | = | 0.0% |
| Current assets | 29/58 | €519,900 | €560,656 | +€40,756 | +7.8% |
| Amounts receivable within one year | 40/41 | €95,590 | €82,996 | -€12,594 | -13.2% |
| Trade receivables | 40 | €95,193 | €79,211 | -€15,981 | -16.8% |
| Other amounts receivable | 41 | €397 | €3,785 | +€3,387 | +853% |
| Current investments | 50/53 | €310,945 | €313,822 | +€2,877 | +0.9% |
| Cash at bank and in hand | 54/58 | €112,711 | €163,253 | +€50,542 | +44.8% |
| Deferred charges and accrued income | 490/1 | €655 | €585 | -€69 | -10.6% |
| Total equity and liabilities | 10/49 | €601,472 | €634,853 | +€33,380 | +5.5% |
| Equity | 10/15 | €459,212 | €500,265 | +€41,054 | +8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €440,612 | €481,665 | +€41,054 | +9.3% |
| Non-distributable reserves | 130/1 | €440,612 | €481,665 | +€41,054 | +9.3% |
| Reserves not available under the articles | 1311 | €440,612 | €481,665 | +€41,054 | +9.3% |
| Amounts payable | 17/49 | €142,261 | €134,587 | -€7,673 | -5.4% |
| Amounts payable after more than one year | 17 | €26,784 | - | -€26,784 | |
| Financial debts | 170/4 | €26,784 | - | -€26,784 | |
| Amounts payable within one year | 42/48 | €115,476 | €134,587 | +€19,111 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €27,466 | €28,217 | +€751 | +2.7% |
| Trade debts | 44 | €9,639 | €9,527 | -€112 | -1.2% |
| Suppliers | 440/4 | €9,639 | €9,527 | -€112 | -1.2% |
| Taxes, remuneration and social security | 45 | €61,221 | €17,368 | -€43,853 | -71.6% |
| Taxes | 450/3 | €59,821 | €15,968 | -€43,853 | -73.3% |
| Remuneration and social security | 454/9 | €1,400 | €1,400 | = | 0.0% |
| Other amounts payable | 47/48 | €17,151 | €79,475 | +€62,324 | +363% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,875 | €45,200 | +€5,325 | +13.4% |
| Other operating charges | 640/8 | €5,954 | €5,879 | -€75 | -1.3% |
| Gross operating margin | 9900 | €277,255 | €260,084 | -€17,170 | -6.2% |
| Operating profit (loss) | 9901 | €231,426 | €209,005 | -€22,420 | -9.7% |
| Financial income | 75/76B | €1,878 | €4,254 | +€2,375 | +126% |
| Recurring financial income | 75 | €1,878 | €4,254 | +€2,375 | +126% |
| Financial charges | 65/66B | €3,797 | €2,299 | -€1,498 | -39.5% |
| Recurring financial charges | 65 | €3,797 | €2,299 | -€1,498 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | €229,507 | €210,960 | -€18,547 | -8.1% |
| Income taxes | 67/77 | €75,006 | €67,491 | -€7,515 | -10.0% |
| Profit (loss) for the period | 9904 | €154,501 | €143,469 | -€11,032 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €154,501 | €143,469 | -€11,032 | -7.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.