SMT - VA: 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.
SMT - VA
Largest movements
- Cash -€102,752
down €102,752 (-94.4%), from €108,880 to €6,128
mainly Receivables within one year (-€80,533) and Net result for the year (-€61,189)
- Receivables within one year +€80,533
up €80,533 (+377%), from €21,379 to €101,912
of which Trade receivables: +€88,298
- Receivables after one year -€71,250
no longer reported in 2025 (was €71,250)
- Other debts +€61,535
up €61,535 (+13,285%), from €463 to €61,999
- Profit (loss) carried forward -€61,189
down €61,189 (-26.7%), from €229,481 to €168,292
- Debts after one year -€53,367
down €53,367 (-25.9%), from €205,736 to €152,369
- Tax, wage and social debts -€53,027
down €53,027 (-94.3%), from €56,206 to €3,179
- Trade debts +€8,538
up €8,538 (+34.4%), from €24,822 to €33,360
- Gross operating margin -€79,609
down €79,609, from €33,431 to -€46,178
- Taxes -€6,899
down €6,899 (-95.2%), from €7,244 to €345
- Other operating charges -€2,230
down €2,230 (-47.2%), from €4,729 to €2,499
- Financial charges -€1,932
down €1,932 (-13.7%), from €14,099 to €12,167
- Financial income -€1,425
no longer reported in 2025 (was €1,425)
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 | €655,634 | €560,065 | -€95,569 | -14.6% |
| Fixed assets | 21/28 | €452,025 | €452,025 | = | 0.0% |
| Financial fixed assets | 28 | €452,025 | €452,025 | = | 0.0% |
| Current assets | 29/58 | €203,609 | €108,040 | -€95,569 | -46.9% |
| Amounts receivable after more than one year | 29 | €71,250 | - | -€71,250 | |
| Other amounts receivable | 291 | €71,250 | - | -€71,250 | |
| Amounts receivable within one year | 40/41 | €21,379 | €101,912 | +€80,533 | +377% |
| Trade receivables | 40 | €1,299 | €89,596 | +€88,298 | +6,798% |
| Other amounts receivable | 41 | €20,080 | €12,316 | -€7,765 | -38.7% |
| Cash at bank and in hand | 54/58 | €108,880 | €6,128 | -€102,752 | -94.4% |
| Deferred charges and accrued income | 490/1 | €2,100 | - | -€2,100 | |
| Total equity and liabilities | 10/49 | €655,634 | €560,065 | -€95,569 | -14.6% |
| Equity | 10/15 | €316,981 | €255,792 | -€61,189 | -19.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €75,100 | €75,100 | = | 0.0% |
| Distributable reserves | 133 | €75,100 | €75,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €229,481 | €168,292 | -€61,189 | -26.7% |
| Amounts payable | 17/49 | €338,653 | €304,273 | -€34,380 | -10.2% |
| Amounts payable after more than one year | 17 | €205,736 | €152,369 | -€53,367 | -25.9% |
| Financial debts | 170/4 | €205,736 | €152,369 | -€53,367 | -25.9% |
| Amounts payable within one year | 42/48 | €132,917 | €151,904 | +€18,987 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €51,426 | €53,367 | +€1,941 | +3.8% |
| Trade debts | 44 | €24,822 | €33,360 | +€8,538 | +34.4% |
| Suppliers | 440/4 | €24,822 | €33,360 | +€8,538 | +34.4% |
| Taxes, remuneration and social security | 45 | €56,206 | €3,179 | -€53,027 | -94.3% |
| Taxes | 450/3 | €56,206 | €3,179 | -€53,027 | -94.3% |
| Other amounts payable | 47/48 | €463 | €61,999 | +€61,535 | +13,285% |
| Other operating charges | 640/8 | €4,729 | €2,499 | -€2,230 | -47.2% |
| Gross operating margin | 9900 | €33,431 | -€46,178 | -€79,609 | |
| Operating profit (loss) | 9901 | €28,702 | -€48,677 | -€77,379 | |
| Financial income | 75/76B | €1,425 | - | -€1,425 | |
| Recurring financial income | 75 | €1,425 | - | -€1,425 | |
| Financial charges | 65/66B | €14,099 | €12,167 | -€1,932 | -13.7% |
| Recurring financial charges | 65 | €14,099 | €12,167 | -€1,932 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €16,028 | -€60,844 | -€76,872 | |
| Income taxes | 67/77 | €7,244 | €345 | -€6,899 | -95.2% |
| Profit (loss) for the period | 9904 | €8,784 | -€61,189 | -€69,973 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,784 | -€61,189 | -€69,973 |
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 21 October 2026 via checked.be.