SMU: what changed
What changed
SMU
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€53,587
2024 · €74,153-€20,566
Equity
€1,500
2024 · €3,215-€1,715
Cash
€197
2024 · €40+€158
Balance sheet total
€100,615
2024 · €18,523+€82,092
Largest movements
Assets
- Receivables within one year +€81,935
up €81,935 (+443%), from €18,484 to €100,418
of which Trade receivables: +€58,123
Equity and liabilities
- Other debts +€55,302
new in 2025: €55,302
- Advances received +€15,000
new in 2025: €15,000
- Tax, wage and social debts +€12,993
up €12,993 (+84.9%), from €15,308 to €28,301
- Profit (loss) carried forward -€1,715
down €1,715 (-100%), from €1,715 to €0
Income statement
- Taxes +€14,244
new in 2025: €14,244
- Gross operating margin -€7,136
down €7,136 (-9.6%), from €74,537 to €67,402
- Financial income +€1,194
new in 2025: €1,194
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€74,153
Gross operating margin
-€7,136
Other operating charges
-€412
Financial income
+€1,194
Financial charges
+€32
Taxes
-€14,244
Result 2025
€53,587
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€55,459
Investment
€0
Financing
-€55,302
Cash 2024
€40
From operations (derived)
+€55,459
Net result for the year
+€53,587
Receivables within one year
-€81,935
Trade debts
+€513
Tax, wage and social debts
+€12,993
Advances received
+€15,000
Other debts
+€55,302
Financing
-€55,302
Contributions, distributions and other
-€55,302
Cash 2025
€197
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,523 | €100,615 | +€82,092 | +443% |
| Current assets | 29/58 | €18,523 | €100,615 | +€82,092 | +443% |
| Amounts receivable within one year | 40/41 | €18,484 | €100,418 | +€81,935 | +443% |
| Trade receivables | 40 | €18,484 | €76,607 | +€58,123 | +314% |
| Other amounts receivable | 41 | - | €23,811 | +€23,811 | |
| Cash at bank and in hand | 54/58 | €40 | €197 | +€158 | +396% |
| Total equity and liabilities | 10/49 | €18,523 | €100,615 | +€82,092 | +443% |
| Equity | 10/15 | €3,215 | €1,500 | -€1,715 | -53.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Contributions outside capital | 11 | €1,500 | - | -€1,500 | |
| Other | 1109/19 | €1,500 | - | -€1,500 | |
| Profit (loss) carried forward | 14 | €1,715 | €0 | -€1,715 | -100% |
| Amounts payable | 17/49 | €15,308 | €99,115 | +€83,807 | +547% |
| Amounts payable within one year | 42/48 | €15,308 | €99,115 | +€83,807 | +547% |
| Trade debts | 44 | - | €513 | +€513 | |
| Suppliers | 440/4 | - | €513 | +€513 | |
| Advances received on contracts in progress | 46 | - | €15,000 | +€15,000 | |
| Taxes, remuneration and social security | 45 | €15,308 | €28,301 | +€12,993 | +84.9% |
| Taxes | 450/3 | €15,308 | €28,301 | +€12,993 | +84.9% |
| Other amounts payable | 47/48 | - | €55,302 | +€55,302 | |
| Other operating charges | 640/8 | - | €412 | +€412 | |
| Gross operating margin | 9900 | €74,537 | €67,402 | -€7,136 | -9.6% |
| Operating profit (loss) | 9901 | €74,537 | €66,989 | -€7,548 | -10.1% |
| Financial income | 75/76B | - | €1,194 | +€1,194 | |
| Recurring financial income | 75 | - | €1,194 | +€1,194 | |
| Financial charges | 65/66B | €384 | €353 | -€32 | -8.3% |
| Recurring financial charges | 65 | €384 | €353 | -€32 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €74,153 | €67,830 | -€6,323 | -8.5% |
| Income taxes | 67/77 | - | €14,244 | +€14,244 | |
| Profit (loss) for the period | 9904 | €74,153 | €53,587 | -€20,566 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,153 | €53,587 | -€20,566 | -27.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.