SMSA Invest: 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.
SMSA Invest
Largest movements
- Cash -€164,190
down €164,190 (-24.1%), from €682,571 to €518,381
mainly Contributions, distributions and other (-€300,000) and Other debts (-€100,000)
- Tangible fixed assets +€73,232
up €73,232 (+346%), from €21,149 to €94,380
- Other debts -€100,000
down €100,000 (-25.0%), from €400,000 to €300,000
- Profit (loss) carried forward -€51,247
down €51,247 (-37.8%), from €135,644 to €84,397
- Debts after one year +€36,382
new in 2025: €36,382
- Current portion of long-term debt +€15,847
new in 2025: €15,847
- Tax, wage and social debts +€15,499
up €15,499 (+25.1%), from €61,667 to €77,165
of which Remuneration and social security: +€9,110
- Gross operating margin -€49,181
down €49,181 (-5.2%), from €941,029 to €891,848
- Depreciation +€19,206
up €19,206 (+531%), from €3,619 to €22,825
- Taxes -€19,056
down €19,056 (-17.2%), from €110,676 to €91,619
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 | €726,488 | €635,257 | -€91,231 | -12.6% |
| Fixed assets | 21/28 | €21,449 | €94,680 | +€73,232 | +341% |
| Tangible fixed assets | 22/27 | €21,149 | €94,380 | +€73,232 | +346% |
| Furniture and vehicles | 24 | €21,149 | €94,380 | +€73,232 | +346% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €705,039 | €540,577 | -€164,462 | -23.3% |
| Amounts receivable within one year | 40/41 | €22,468 | €22,195 | -€273 | -1.2% |
| Trade receivables | 40 | €22,318 | €22,195 | -€123 | -0.6% |
| Other amounts receivable | 41 | €150 | - | -€150 | |
| Cash at bank and in hand | 54/58 | €682,571 | €518,381 | -€164,190 | -24.1% |
| Total equity and liabilities | 10/49 | €726,488 | €635,257 | -€91,231 | -12.6% |
| Equity | 10/15 | €147,644 | €96,397 | -€51,247 | -34.7% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,644 | €84,397 | -€51,247 | -37.8% |
| Amounts payable | 17/49 | €578,843 | €538,859 | -€39,984 | -6.9% |
| Amounts payable after more than one year | 17 | - | €36,382 | +€36,382 | |
| Financial debts | 170/4 | - | €36,382 | +€36,382 | |
| Amounts payable within one year | 42/48 | €578,843 | €502,478 | -€76,366 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | - | €15,847 | +€15,847 | |
| Financial debts | 43 | €58,879 | €43,997 | -€14,881 | -25.3% |
| Credit institutions | 430/8 | €58,879 | €43,997 | -€14,881 | -25.3% |
| Trade debts | 44 | €58,298 | €65,468 | +€7,171 | +12.3% |
| Suppliers | 440/4 | €58,298 | €65,468 | +€7,171 | +12.3% |
| Taxes, remuneration and social security | 45 | €61,667 | €77,165 | +€15,499 | +25.1% |
| Taxes | 450/3 | €8,103 | €14,491 | +€6,388 | +78.8% |
| Remuneration and social security | 454/9 | €53,564 | €62,674 | +€9,110 | +17.0% |
| Other amounts payable | 47/48 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Remuneration, social security and pensions | 62 | €513,900 | €517,241 | +€3,341 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,619 | €22,825 | +€19,206 | +531% |
| Other operating charges | 640/8 | €1,529 | €10,464 | +€8,936 | +585% |
| Non-recurring operating charges | 66A | €65 | - | -€65 | |
| Gross operating margin | 9900 | €941,029 | €891,848 | -€49,181 | -5.2% |
| Operating profit (loss) | 9901 | €421,917 | €341,317 | -€80,600 | -19.1% |
| Financial income | 75/76B | €8,576 | €7,094 | -€1,482 | -17.3% |
| Recurring financial income | 75 | €8,576 | €7,094 | -€1,482 | -17.3% |
| Financial charges | 65/66B | €8,437 | €8,039 | -€398 | -4.7% |
| Recurring financial charges | 65 | €8,437 | €8,039 | -€398 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €422,056 | €340,372 | -€81,684 | -19.4% |
| Income taxes | 67/77 | €110,676 | €91,619 | -€19,056 | -17.2% |
| Profit (loss) for the period | 9904 | €311,380 | €248,753 | -€62,627 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €311,380 | €248,753 | -€62,627 | -20.1% |
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 31 October 2026 via checked.be.