SMTP: 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.
SMTP
Largest movements
- Stocks and contracts -€28,016
down €28,016 (-42.9%), from €65,331 to €37,315
- Receivables within one year +€8,119
up €8,119 (+21.3%), from €38,065 to €46,184
of which Other amounts receivable: +€16,731
- Deferred charges and accrued income -€2,425
down €2,425 (-12.3%), from €19,733 to €17,309
- Debts after one year -€14,563
no longer reported in 2025 (was €14,563)
- Contributions -€10,000
down €10,000 (-94.3%), from €10,600 to €600
- Reserves +€5,915
up €5,915 (+6.2%), from €95,447 to €101,361
- Current portion of long-term debt -€4,201
down €4,201 (-46.4%), from €9,048 to €4,847
- Trade debts -€2,720
no longer reported in 2025 (was €2,720)
- Gross operating margin +€20,572
up €20,572 (+183.4%), from €11,219 to €31,792
- Taxes +€6,396
up €6,396 (+568.7%), from €1,125 to €7,520
- Financial charges -€2,589
down €2,589 (-40.1%), from €6,454 to €3,865
- Financial income +€624
up €624 (+237.5%), from €263 to €887
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 | €145,586 | €121,349 | -€24,237 | -16.6% |
| Fixed assets | 21/28 | €1,787 | €458 | -€1,329 | -74.4% |
| Tangible fixed assets | 22/27 | €1,787 | €458 | -€1,329 | -74.4% |
| Plant, machinery and equipment | 23 | €606 | - | -€606 | |
| Furniture and vehicles | 24 | €1,181 | €458 | -€723 | -61.2% |
| Current assets | 29/58 | €143,799 | €120,892 | -€22,907 | -15.9% |
| Stocks and contracts in progress | 3 | €65,331 | €37,315 | -€28,016 | -42.9% |
| Stocks | 30/36 | €65,331 | €37,315 | -€28,016 | -42.9% |
| Amounts receivable within one year | 40/41 | €38,065 | €46,184 | +€8,119 | +21.3% |
| Trade receivables | 40 | €30,902 | €22,291 | -€8,611 | -27.9% |
| Other amounts receivable | 41 | €7,163 | €23,893 | +€16,731 | +233.6% |
| Cash at bank and in hand | 54/58 | €20,669 | €20,084 | -€586 | -2.8% |
| Deferred charges and accrued income | 490/1 | €19,733 | €17,309 | -€2,425 | -12.3% |
| Total equity and liabilities | 10/49 | €145,586 | €121,349 | -€24,237 | -16.6% |
| Equity | 10/15 | €107,221 | €103,136 | -€4,085 | -3.8% |
| Contributions | 10/11 | €10,600 | €600 | -€10,000 | -94.3% |
| Reserves | 13 | €95,447 | €101,361 | +€5,915 | +6.2% |
| Distributable reserves | 133 | €95,447 | €101,361 | +€5,915 | +6.2% |
| Profit (loss) carried forward | 14 | €1,174 | €1,174 | = | 0.0% |
| Amounts payable | 17/49 | €38,365 | €18,214 | -€20,151 | -52.5% |
| Amounts payable after more than one year | 17 | €14,563 | - | -€14,563 | |
| Financial debts | 170/4 | €14,563 | - | -€14,563 | |
| Amounts payable within one year | 42/48 | €23,802 | €18,214 | -€5,588 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €9,048 | €4,847 | -€4,201 | -46.4% |
| Financial debts | 43 | €1,245 | - | -€1,245 | |
| Credit institutions | 430/8 | €1,245 | - | -€1,245 | |
| Trade debts | 44 | €2,720 | - | -€2,720 | |
| Suppliers | 440/4 | €2,720 | - | -€2,720 | |
| Taxes, remuneration and social security | 45 | €10,788 | €13,366 | +€2,578 | +23.9% |
| Taxes | 450/3 | €10,788 | €13,366 | +€2,578 | +23.9% |
| Non-recurring operating income | 76A | - | €23,559 | +€23,559 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,551 | €1,329 | -€222 | -14.3% |
| Other operating charges | 640/8 | €1,206 | €914 | -€292 | -24.2% |
| Gross operating margin | 9900 | €11,219 | €31,792 | +€20,572 | +183.4% |
| Operating profit (loss) | 9901 | €8,462 | €29,548 | +€21,086 | +249.2% |
| Financial income | 75/76B | €263 | €887 | +€624 | +237.5% |
| Recurring financial income | 75 | €263 | €887 | +€624 | +237.5% |
| Financial charges | 65/66B | €6,454 | €3,865 | -€2,589 | -40.1% |
| Recurring financial charges | 65 | €6,454 | €3,865 | -€2,589 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | €2,271 | €26,570 | +€24,300 | +1070.2% |
| Income taxes | 67/77 | €1,125 | €7,520 | +€6,396 | +568.7% |
| Profit (loss) for the period | 9904 | €1,146 | €19,050 | +€17,904 | +1562.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,146 | €19,050 | +€17,904 | +1562.3% |
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 8 October 2026 via checked.be.