SMULDERKE: what changed
SMULDERKE
Largest movements
- Receivables within one year -€206,849
down €206,849 (-53.8%), from €384,312 to €177,463
of which Other amounts receivable: -€215,876
- Cash -€50,587
down €50,587 (-89.7%), from €56,413 to €5,827
mainly Other debts (-€268,000) and Tax, wage and social debts (-€12,103)
- Other debts -€268,000
no longer reported in 2025 (was €268,000)
- Reserves +€21,214
up €21,214 (+12.7%), from €166,846 to €188,060
of which Distributable reserves: +€21,214
- Tax, wage and social debts -€12,103
down €12,103 (-34.9%), from €34,651 to €22,548
- Gross operating margin -€138,068
down €138,068, from €121,266 to -€16,803
- Financial income +€38,865
up €38,865 (+206%), from €18,821 to €57,687
of which Non-recurring financial income: +€43,980
- Taxes +€10,684
new in 2025: €10,684
- Other operating charges -€4,826
down €4,826 (-52.0%), from €9,273 to €4,447
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €539,765 | €284,938 | -€254,827 | -47.2% |
| Fixed assets | 21/28 | €7,066 | €6,148 | -€918 | -13.0% |
| Intangible fixed assets | 21 | €975 | €1,347 | +€372 | +38.1% |
| Tangible fixed assets | 22/27 | €6,090 | €4,801 | -€1,289 | -21.2% |
| Plant, machinery and equipment | 23 | €2,024 | €2,015 | -€9 | -0.5% |
| Furniture and vehicles | 24 | €4,067 | €2,787 | -€1,280 | -31.5% |
| Current assets | 29/58 | €532,700 | €278,790 | -€253,909 | -47.7% |
| Stocks and contracts in progress | 3 | €8,263 | €10,285 | +€2,022 | +24.5% |
| Stocks | 30/36 | €8,263 | €10,285 | +€2,022 | +24.5% |
| Amounts receivable within one year | 40/41 | €384,312 | €177,463 | -€206,849 | -53.8% |
| Trade receivables | 40 | €17,165 | €26,192 | +€9,027 | +52.6% |
| Other amounts receivable | 41 | €367,147 | €151,271 | -€215,876 | -58.8% |
| Cash at bank and in hand | 54/58 | €56,413 | €5,827 | -€50,587 | -89.7% |
| Deferred charges and accrued income | 490/1 | €83,711 | €85,215 | +€1,504 | +1.8% |
| Total equity and liabilities | 10/49 | €539,765 | €284,938 | -€254,827 | -47.2% |
| Equity | 10/15 | €185,446 | €206,660 | +€21,214 | +11.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €166,846 | €188,060 | +€21,214 | +12.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,055 | €50,055 | = | 0.0% |
| Distributable reserves | 133 | €114,930 | €136,144 | +€21,214 | +18.5% |
| Amounts payable | 17/49 | €354,320 | €78,279 | -€276,041 | -77.9% |
| Amounts payable within one year | 42/48 | €354,320 | €78,279 | -€276,041 | -77.9% |
| Trade debts | 44 | €51,669 | €55,731 | +€4,062 | +7.9% |
| Suppliers | 440/4 | €51,669 | €55,731 | +€4,062 | +7.9% |
| Taxes, remuneration and social security | 45 | €34,651 | €22,548 | -€12,103 | -34.9% |
| Taxes | 450/3 | €34,651 | €22,548 | -€12,103 | -34.9% |
| Other amounts payable | 47/48 | €268,000 | - | -€268,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,867 | €2,284 | +€418 | +22.4% |
| Other operating charges | 640/8 | €9,273 | €4,447 | -€4,826 | -52.0% |
| Gross operating margin | 9900 | €121,266 | -€16,803 | -€138,068 | |
| Operating profit (loss) | 9901 | €110,126 | -€23,534 | -€133,660 | |
| Financial income | 75/76B | €18,821 | €57,687 | +€38,865 | +206% |
| Recurring financial income | 75 | €18,821 | €13,707 | -€5,115 | -27.2% |
| Non-recurring financial income | 76B | - | €43,980 | +€43,980 | |
| Financial charges | 65/66B | €1,847 | €2,254 | +€407 | +22.1% |
| Recurring financial charges | 65 | €1,847 | €2,254 | +€407 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €127,100 | €31,898 | -€95,202 | -74.9% |
| Income taxes | 67/77 | - | €10,684 | +€10,684 | |
| Profit (loss) for the period | 9904 | €127,100 | €21,214 | -€105,886 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €127,100 | €21,214 | -€105,886 | -83.3% |
Next steps
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.