SMULDERS GROUP: what changed
What changed
SMULDERS GROUP
NACE 25.110, Manufacture of metal structures and parts of structures
filed annual accounts (NBB)
Net result for the year
€16.9m
2024 · €41.9m-€25.0m
Equity
€33.2m
2024 · €16.3m+€16.9m
Cash
€774,532
2024 · €119.3m-€118.5m
Balance sheet total
€694.5m
2024 · €382.5m+€312.0m
Largest movements
Assets
- Receivables within one year +€190.0m
up €190.0m (+75.7%), from €251.0m to €441.0m
of which Other amounts receivable: +€182.1m
- Financial fixed assets +€154.9m
up €154.9m (+1,499%), from €10.3m to €165.3m
of which Affiliated companies: +€154.9m
- Cash -€118.5m
down €118.5m (-99.4%), from €119.3m to €774,532
mainly Receivables within one year (-€190.0m) and Investment in fixed assets (net) (-€155.4m)
- Current investments +€85.1m
new in 2025: €85.1m
Equity and liabilities
- Other debts +€289.8m
up €289.8m (+80.3%), from €360.8m to €650.7m
- Profit (loss) carried forward +€16.9m
up €16.9m (+318%), from €5.3m to €22.2m
Income statement
- Financial income -€23.9m
down €23.9m (-44.2%), from €54.2m to €30.2m
- Other operating income +€6.5m
up €6.5m (+26.2%), from €24.8m to €31.3m
- Services and other goods +€6.4m
up €6.4m (+26.0%), from €24.6m to €31.0m
- Financial charges +€1.3m
up €1.3m (+11.2%), from €12.0m to €13.3m
of which Financial charges: +€1.6m
- Turnover +€221,872
up €221,872 (+52.5%), from €422,758 to €644,630
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
€41.9m
Turnover
+€221,872
Other operating income
+€6.5m
Goods and materials
-€210,402
Services and other goods
-€6.4m
Depreciation
-€55,705
Other operating charges
-€33
Financial income
-€23.9m
Financial charges
-€1.3m
Taxes
+€202,934
Result 2025
€16.9m
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
+€122.0m
Investment
-€240.5m
Financing
-€51,007
Cash 2024
€119.3m
From operations (derived)
+€122.0m
Net result for the year
+€16.9m
Depreciation
+€238,474
Receivables within one year
-€190.0m
Smaller working-capital items
-€466,336
Trade debts
+€5.5m
Other debts
+€289.8m
Investment (derived)
-€240.5m
Investment in fixed assets (net)
-€155.4m
Current investments
-€85.1m
Financing
-€51,007
Debts after one year
-€14,117
Current portion of long-term debt
-€36,890
Cash 2025
€774,532
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €382,538,737 | €694,535,526 | +€312.0m | +81.6% |
| Fixed assets | 21/28 | €11,789,046 | €166,986,244 | +€155.2m | +1,316% |
| Intangible fixed assets | 21 | €14,175 | €116,368 | +€102,193 | +721% |
| Tangible fixed assets | 22/27 | €1,441,286 | €1,616,706 | +€175,421 | +12.2% |
| Furniture and vehicles | 24 | €212,395 | €442,551 | +€230,156 | +108% |
| Leasing and similar rights | 25 | €90,984 | €36,248 | -€54,735 | -60.2% |
| Assets under construction and advance payments | 27 | €1,137,907 | €1,137,907 | = | 0.0% |
| Financial fixed assets | 28 | €10,333,585 | €165,253,170 | +€154.9m | +1,499% |
| Affiliated companies | 280/1 | €10,333,585 | €165,228,170 | +€154.9m | +1,499% |
| Participating interests | 280 | €10,333,585 | €165,228,170 | +€154.9m | +1,499% |
| Companies linked by participating interests | 282/3 | - | €25,000 | +€25,000 | |
| Participating interests | 282 | - | €25,000 | +€25,000 | |
| Current assets | 29/58 | €370,749,691 | €527,549,282 | +€156.8m | +42.3% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €251,015,251 | €440,994,147 | +€190.0m | +75.7% |
| Trade receivables | 40 | €4,314,455 | €12,240,866 | +€7.9m | +184% |
| Other amounts receivable | 41 | €246,700,796 | €428,753,281 | +€182.1m | +73.8% |
| Current investments | 50/53 | - | €85,053,191 | +€85.1m | |
| Other investments | 51/53 | - | €85,053,191 | +€85.1m | |
| Cash at bank and in hand | 54/58 | €119,280,345 | €774,532 | -€118.5m | -99.4% |
| Deferred charges and accrued income | 490/1 | €454,095 | €727,412 | +€273,317 | +60.2% |
| Total equity and liabilities | 10/49 | €382,538,737 | €694,535,526 | +€312.0m | +81.6% |
| Equity | 10/15 | €16,319,173 | €33,228,434 | +€16.9m | +104% |
| Contributions | 10/11 | €10,000,000 | €10,000,000 | = | 0.0% |
| Capital | 10 | €10,000,000 | €10,000,000 | = | 0.0% |
| Issued capital | 100 | €10,000,000 | €10,000,000 | = | 0.0% |
| Reserves | 13 | €1,000,000 | €1,000,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000,000 | €1,000,000 | = | 0.0% |
| Legal reserve | 130 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,319,173 | €22,228,434 | +€16.9m | +318% |
| Amounts payable | 17/49 | €366,219,563 | €661,307,092 | +€295.1m | +80.6% |
| Amounts payable after more than one year | 17 | €14,117 | €0 | -€14,117 | -100% |
| Financial debts | 170/4 | €14,117 | €0 | -€14,117 | -100% |
| Leasing and similar obligations | 172 | €14,117 | €0 | -€14,117 | -100% |
| Amounts payable within one year | 42/48 | €362,407,078 | €657,681,092 | +€295.3m | +81.5% |
| Current portion of amounts payable after more than one year | 42 | €51,007 | €14,117 | -€36,890 | -72.3% |
| Trade debts | 44 | €944,705 | €6,431,268 | +€5.5m | +581% |
| Suppliers | 440/4 | €944,705 | €6,431,268 | +€5.5m | +581% |
| Taxes, remuneration and social security | 45 | €597,208 | €576,556 | -€20,652 | -3.5% |
| Taxes | 450/3 | €597,208 | €576,556 | -€20,652 | -3.5% |
| Other amounts payable | 47/48 | €360,814,157 | €650,659,150 | +€289.8m | +80.3% |
| Accrued charges and deferred income | 492/3 | €3,798,368 | €3,626,000 | -€172,368 | -4.5% |
| Operating income | 70/76A | €25,201,404 | €31,916,003 | +€6.7m | +26.6% |
| Turnover | 70 | €422,758 | €644,630 | +€221,872 | +52.5% |
| Other operating income | 74 | €24,778,646 | €31,271,373 | +€6.5m | +26.2% |
| Operating charges | 60/66A | €25,224,575 | €31,896,060 | +€6.7m | +26.4% |
| Goods for resale, raw materials and consumables | 60 | €449,372 | €659,774 | +€210,402 | +46.8% |
| Purchases | 600/8 | €449,372 | €659,774 | +€210,402 | +46.8% |
| Services and other goods | 61 | €24,591,299 | €30,996,644 | +€6.4m | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,768 | €238,474 | +€55,705 | +30.5% |
| Other operating charges | 640/8 | €1,136 | €1,169 | +€33 | +2.9% |
| Operating profit (loss) | 9901 | -€23,171 | €19,942 | +€43,114 | |
| Financial income | 75/76B | €54,168,069 | €30,223,966 | -€23.9m | -44.2% |
| Recurring financial income | 75 | €54,168,069 | €30,223,966 | -€23.9m | -44.2% |
| Income from financial fixed assets | 750 | €41,394,144 | €18,799,474 | -€22.6m | -54.6% |
| Income from current assets | 751 | €12,339,690 | €10,709,831 | -€1.6m | -13.2% |
| Other financial income | 752/9 | €434,235 | €714,661 | +€280,426 | +64.6% |
| Financial charges | 65/66B | €11,978,378 | €13,318,627 | +€1.3m | +11.2% |
| Recurring financial charges | 65 | €11,743,385 | €13,318,627 | +€1.6m | +13.4% |
| Debt charges | 650 | €11,529,891 | €12,414,586 | +€884,695 | +7.7% |
| Other financial charges | 652/9 | €213,494 | €904,040 | +€690,546 | +323% |
| Non-recurring financial charges | 66B | €234,993 | €0 | -€234,993 | -100% |
| Profit (loss) for the period before taxes | 9903 | €42,166,519 | €16,925,281 | -€25.2m | -59.9% |
| Income taxes | 67/77 | €218,954 | €16,020 | -€202,934 | -92.7% |
| Taxes | 670/3 | €220,600 | €16,824 | -€203,776 | -92.4% |
| Tax adjustments and reversals of tax provisions | 77 | €1,646 | €804 | -€842 | -51.2% |
| Profit (loss) for the period | 9904 | €41,947,565 | €16,909,261 | -€25.0m | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,947,565 | €16,909,261 | -€25.0m | -59.7% |
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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 3 November 2026 via checked.be.