SMU-C: 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.
SMU-C
Largest movements
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Cash +€42,369
up €42,369 (+193.5%), from €21,892 to €64,260
mainly Net result for the year (+€111,530) and Other debts (+€111,530)
- Tangible fixed assets +€34,774
up €34,774 (+725.8%), from €4,791 to €39,566
of which Furniture and vehicles: +€20,410
- Receivables within one year -€7,305
down €7,305 (-22.4%), from €32,586 to €25,282
of which Other amounts receivable: -€9,029
- Reserves -€147,049
down €147,049 (-100.0%), from €147,049 to €0
- Other debts +€111,530
up €111,530, from €0 to €111,530
- Tax, wage and social debts +€8,070
up €8,070 (+97.0%), from €8,315 to €16,385
of which Taxes: +€8,070
- Trade debts -€2,590
down €2,590 (-82.3%), from €3,145 to €555
- Gross operating margin +€44,188
up €44,188 (+40.8%), from €108,254 to €152,442
- Taxes +€10,857
up €10,857 (+45.7%), from €23,760 to €34,617
- Depreciation +€5,258
up €5,258 (+257.2%), from €2,044 to €7,302
- Financial income +€2,884
up €2,884 (+1916.3%), from €151 to €3,035
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 | €161,509 | €131,505 | -€30,004 | -18.6% |
| Fixed assets | 21/28 | €6,051 | €40,826 | +€34,774 | +574.7% |
| Tangible fixed assets | 22/27 | €4,791 | €39,566 | +€34,774 | +725.8% |
| Plant, machinery and equipment | 23 | €1,569 | €1,361 | -€208 | -13.2% |
| Furniture and vehicles | 24 | €3,222 | €23,633 | +€20,410 | +633.4% |
| Other tangible fixed assets | 26 | - | €14,572 | +€14,572 | |
| Financial fixed assets | 28 | €1,260 | €1,260 | = | 0.0% |
| Current assets | 29/58 | €155,458 | €90,679 | -€64,779 | -41.7% |
| Amounts receivable within one year | 40/41 | €32,586 | €25,282 | -€7,305 | -22.4% |
| Trade receivables | 40 | - | €1,725 | +€1,725 | |
| Other amounts receivable | 41 | €32,586 | €23,557 | -€9,029 | -27.7% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,892 | €64,260 | +€42,369 | +193.5% |
| Deferred charges and accrued income | 490/1 | €980 | €1,137 | +€157 | +16.0% |
| Total equity and liabilities | 10/49 | €161,509 | €131,505 | -€30,004 | -18.6% |
| Equity | 10/15 | €150,049 | €3,000 | -€147,049 | -98.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €147,049 | €0 | -€147,049 | -100.0% |
| Distributable reserves | 133 | €147,049 | €0 | -€147,049 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €11,461 | €128,505 | +€117,044 | +1021.3% |
| Amounts payable within one year | 42/48 | €11,461 | €128,505 | +€117,044 | +1021.3% |
| Financial debts | 43 | - | €35 | +€35 | |
| Credit institutions | 430/8 | - | €35 | +€35 | |
| Trade debts | 44 | €3,145 | €555 | -€2,590 | -82.3% |
| Suppliers | 440/4 | €3,145 | €555 | -€2,590 | -82.3% |
| Taxes, remuneration and social security | 45 | €8,315 | €16,385 | +€8,070 | +97.0% |
| Taxes | 450/3 | €8,315 | €16,385 | +€8,070 | +97.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €111,530 | +€111,530 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,044 | €7,302 | +€5,258 | +257.2% |
| Other operating charges | 640/8 | €619 | €1,336 | +€716 | +115.7% |
| Gross operating margin | 9900 | €108,254 | €152,442 | +€44,188 | +40.8% |
| Operating profit (loss) | 9901 | €105,591 | €143,805 | +€38,214 | +36.2% |
| Financial income | 75/76B | €151 | €3,035 | +€2,884 | +1916.3% |
| Recurring financial income | 75 | €151 | €3,035 | +€2,884 | +1916.3% |
| Financial charges | 65/66B | €689 | €692 | +€3 | +0.5% |
| Recurring financial charges | 65 | €689 | €692 | +€3 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €105,052 | €146,147 | +€41,095 | +39.1% |
| Income taxes | 67/77 | €23,760 | €34,617 | +€10,857 | +45.7% |
| Profit (loss) for the period | 9904 | €81,292 | €111,530 | +€30,237 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €81,292 | €111,530 | +€30,237 | +37.2% |
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 11 October 2026 via checked.be.