SMTM: 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.
SMTM
Largest movements
- Current investments +€409,564
up €409,564 (+411.6%), from €99,512 to €509,076
- Cash -€300,089
down €300,089 (-53.7%), from €558,579 to €258,490
mainly Current investments (-€409,564) and Contributions, distributions and other (-€85,967)
- Deferred charges and accrued income +€64,231
up €64,231 (+13.5%), from €474,664 to €538,896
- Tangible fixed assets -€47,972
down €47,972 (-5.9%), from €813,637 to €765,665
of which Other tangible fixed assets: -€24,500
- Reserves +€304,215
up €304,215 (+30.2%), from €1.0m to €1.3m
- Debts after one year -€73,954
down €73,954 (-9.7%), from €765,607 to €691,653
- Tax, wage and social debts -€53,807
down €53,807 (-44.2%), from €121,634 to €67,827
- Gross operating margin +€9,451
up €9,451 (+1.5%), from €633,278 to €642,729
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 | €1,999,653 | €2,155,341 | +€155,688 | +7.8% |
| Fixed assets | 21/28 | €815,747 | €777,775 | -€37,972 | -4.7% |
| Tangible fixed assets | 22/27 | €813,637 | €765,665 | -€47,972 | -5.9% |
| Land and buildings | 22 | €429,006 | €406,813 | -€22,193 | -5.2% |
| Furniture and vehicles | 24 | €6,056 | €4,777 | -€1,279 | -21.1% |
| Other tangible fixed assets | 26 | €378,575 | €354,075 | -€24,500 | -6.5% |
| Financial fixed assets | 28 | €2,110 | €12,110 | +€10,000 | +473.9% |
| Current assets | 29/58 | €1,183,906 | €1,377,566 | +€193,660 | +16.4% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,151 | €51,104 | +€19,953 | +64.1% |
| Trade receivables | 40 | €29,040 | €48,400 | +€19,360 | +66.7% |
| Other amounts receivable | 41 | €2,111 | €2,704 | +€593 | +28.1% |
| Current investments | 50/53 | €99,512 | €509,076 | +€409,564 | +411.6% |
| Cash at bank and in hand | 54/58 | €558,579 | €258,490 | -€300,089 | -53.7% |
| Deferred charges and accrued income | 490/1 | €474,664 | €538,896 | +€64,231 | +13.5% |
| Total equity and liabilities | 10/49 | €1,999,653 | €2,155,341 | +€155,688 | +7.8% |
| Equity | 10/15 | €1,007,792 | €1,312,007 | +€304,215 | +30.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,006,792 | €1,311,007 | +€304,215 | +30.2% |
| Distributable reserves | 133 | €1,006,792 | €1,311,007 | +€304,215 | +30.2% |
| Amounts payable | 17/49 | €991,862 | €843,335 | -€148,527 | -15.0% |
| Amounts payable after more than one year | 17 | €765,607 | €691,653 | -€73,954 | -9.7% |
| Financial debts | 170/4 | €765,607 | €691,653 | -€73,954 | -9.7% |
| Amounts payable within one year | 42/48 | €221,868 | €151,682 | -€70,187 | -31.6% |
| Current portion of amounts payable after more than one year | 42 | €72,956 | €73,953 | +€998 | +1.4% |
| Trade debts | 44 | €8,895 | €9,071 | +€176 | +2.0% |
| Suppliers | 440/4 | €8,895 | €9,071 | +€176 | +2.0% |
| Taxes, remuneration and social security | 45 | €121,634 | €67,827 | -€53,807 | -44.2% |
| Taxes | 450/3 | €121,634 | €67,827 | -€53,807 | -44.2% |
| Other amounts payable | 47/48 | €18,384 | €830 | -€17,554 | -95.5% |
| Accrued charges and deferred income | 492/3 | €4,386 | - | -€4,386 | |
| Remuneration, social security and pensions | 62 | - | €11 | +€11 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,276 | €47,972 | -€2,304 | -4.6% |
| Other operating charges | 640/8 | €6,653 | €6,147 | -€507 | -7.6% |
| Non-recurring operating charges | 66A | €888 | €1,533 | +€646 | +72.8% |
| Gross operating margin | 9900 | €633,278 | €642,729 | +€9,451 | +1.5% |
| Operating profit (loss) | 9901 | €575,461 | €587,065 | +€11,604 | +2.0% |
| Financial income | 75/76B | €3,428 | €5,255 | +€1,827 | +53.3% |
| Recurring financial income | 75 | €3,428 | €5,255 | +€1,827 | +53.3% |
| Financial charges | 65/66B | €16,881 | €18,638 | +€1,757 | +10.4% |
| Recurring financial charges | 65 | €16,881 | €18,638 | +€1,757 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €562,008 | €573,682 | +€11,675 | +2.1% |
| Income taxes | 67/77 | €178,093 | €183,500 | +€5,407 | +3.0% |
| Profit (loss) for the period | 9904 | €383,915 | €390,182 | +€6,268 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €383,915 | €390,182 | +€6,268 | +1.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.