SMTS: 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.
SMTS
Largest movements
- Tangible fixed assets -€658,229
down €658,229 (-20.2%), from €3.3m to €2.6m
of which Leasing and similar rights: -€747,804
- Cash -€191,407
down €191,407 (-19.8%), from €966,759 to €775,353
mainly Debts after one year (-€689,589) and Investment in fixed assets (net) (-€253,102)
- Receivables within one year +€123,589
up €123,589 (+17.3%), from €712,803 to €836,392
of which Trade receivables: +€130,350
- Debts after one year -€689,589
down €689,589 (-32.9%), from €2.1m to €1.4m
- Trade debts -€80,558
down €80,558 (-33.6%), from €239,677 to €159,119
- Depreciation +€126,869
up €126,869 (+16.2%), from €784,462 to €911,331
- Gross operating margin -€119,308
down €119,308 (-5.3%), from €2.3m to €2.1m
- Taxes -€53,829
down €53,829 (-32.3%), from €166,584 to €112,756
- Staff costs +€26,885
up €26,885 (+3.6%), from €753,791 to €780,676
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 | €5,401,022 | €4,666,677 | -€734,344 | -13.6% |
| Fixed assets | 21/28 | €3,252,426 | €2,594,197 | -€658,229 | -20.2% |
| Tangible fixed assets | 22/27 | €3,252,291 | €2,594,062 | -€658,229 | -20.2% |
| Plant, machinery and equipment | 23 | €17,574 | €11,364 | -€6,210 | -35.3% |
| Furniture and vehicles | 24 | €377,606 | €487,099 | +€109,493 | +29.0% |
| Leasing and similar rights | 25 | €2,823,703 | €2,075,899 | -€747,804 | -26.5% |
| Other tangible fixed assets | 26 | €33,407 | €19,700 | -€13,708 | -41.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €2,148,596 | €2,072,480 | -€76,115 | -3.5% |
| Stocks and contracts in progress | 3 | €437,186 | €424,898 | -€12,288 | -2.8% |
| Stocks | 30/36 | €437,186 | €424,898 | -€12,288 | -2.8% |
| Amounts receivable within one year | 40/41 | €712,803 | €836,392 | +€123,589 | +17.3% |
| Trade receivables | 40 | €705,695 | €836,046 | +€130,350 | +18.5% |
| Other amounts receivable | 41 | €7,108 | €347 | -€6,761 | -95.1% |
| Cash at bank and in hand | 54/58 | €966,759 | €775,353 | -€191,407 | -19.8% |
| Deferred charges and accrued income | 490/1 | €31,848 | €35,837 | +€3,989 | +12.5% |
| Total equity and liabilities | 10/49 | €5,401,022 | €4,666,677 | -€734,344 | -13.6% |
| Equity | 10/15 | €2,209,725 | €2,252,540 | +€42,815 | +1.9% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €1,834,725 | €1,877,540 | +€42,815 | +2.3% |
| Tax-exempt reserves | 132 | €67,471 | €67,471 | = | 0.0% |
| Distributable reserves | 133 | €1,767,254 | €1,810,069 | +€42,815 | +2.4% |
| Amounts payable | 17/49 | €3,191,297 | €2,414,137 | -€777,160 | -24.4% |
| Amounts payable after more than one year | 17 | €2,096,159 | €1,406,570 | -€689,589 | -32.9% |
| Financial debts | 170/4 | €2,096,159 | €1,406,570 | -€689,589 | -32.9% |
| Amounts payable within one year | 42/48 | €1,095,001 | €1,007,430 | -€87,572 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €710,257 | €679,621 | -€30,636 | -4.3% |
| Trade debts | 44 | €239,677 | €159,119 | -€80,558 | -33.6% |
| Suppliers | 440/4 | €239,677 | €159,119 | -€80,558 | -33.6% |
| Taxes, remuneration and social security | 45 | €131,861 | €153,766 | +€21,906 | +16.6% |
| Taxes | 450/3 | €29,862 | €22,828 | -€7,034 | -23.6% |
| Remuneration and social security | 454/9 | €101,999 | €130,938 | +€28,939 | +28.4% |
| Other amounts payable | 47/48 | €13,207 | €14,924 | +€1,717 | +13.0% |
| Accrued charges and deferred income | 492/3 | €137 | €137 | +€1 | +0.6% |
| Non-recurring operating income | 76A | €275,052 | €53,293 | -€221,758 | -80.6% |
| Remuneration, social security and pensions | 62 | €753,791 | €780,676 | +€26,885 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €784,462 | €911,331 | +€126,869 | +16.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,200 | - | +€1,200 | |
| Other operating charges | 640/8 | €12,570 | €11,917 | -€654 | -5.2% |
| Non-recurring operating charges | 66A | €103 | €8,506 | +€8,403 | +8158.3% |
| Gross operating margin | 9900 | €2,264,680 | €2,145,372 | -€119,308 | -5.3% |
| Operating profit (loss) | 9901 | €714,953 | €432,942 | -€282,011 | -39.4% |
| Financial income | 75/76B | €6,321 | €7,666 | +€1,345 | +21.3% |
| Recurring financial income | 75 | €6,321 | €7,666 | +€1,345 | +21.3% |
| Financial charges | 65/66B | €67,478 | €90,037 | +€22,559 | +33.4% |
| Recurring financial charges | 65 | €67,478 | €90,037 | +€22,559 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | €653,795 | €350,571 | -€303,224 | -46.4% |
| Income taxes | 67/77 | €166,584 | €112,756 | -€53,829 | -32.3% |
| Profit (loss) for the period | 9904 | €487,211 | €237,815 | -€249,396 | -51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €487,211 | €237,815 | -€249,396 | -51.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.