SMUTO: what changed
Two fiscal 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.
SMUTO
Largest movements
- Tangible fixed assets +€59,759
up €59,759 (+2601.6%), from €2,297 to €62,056
of which Furniture and vehicles: +€59,585
- Cash -€33,590
down €33,590 (-17.7%), from €189,921 to €156,331
mainly Contributions, distributions and other (-€243,791) and Investment in fixed assets (net) (-€66,726)
- Receivables within one year -€11,942
down €11,942 (-26.3%), from €45,395 to €33,453
of which Other amounts receivable: -€8,418
- Other debts +€212,303
up €212,303 (+1275.0%), from €16,651 to €228,954
- Reserves -€143,293
down €143,293 (-100.0%), from €143,293 to €0
- Profit (loss) carried forward -€52,691
down €52,691 (-100.0%), from €52,691 to €0
- Tax, wage and social debts -€4,894
down €4,894 (-24.7%), from €19,799 to €14,905
of which Taxes: -€4,894
- Other operating charges +€17,220
up €17,220 (+1908.4%), from €902 to €18,122
- Gross operating margin +€17,134
up €17,134 (+24.4%), from €70,197 to €87,331
- Depreciation +€5,345
up €5,345 (+329.7%), from €1,621 to €6,967
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 | €238,245 | €252,498 | +€14,253 | +6.0% |
| Fixed assets | 21/28 | €2,297 | €62,056 | +€59,759 | +2601.6% |
| Tangible fixed assets | 22/27 | €2,297 | €62,056 | +€59,759 | +2601.6% |
| Plant, machinery and equipment | 23 | €1,833 | €2,006 | +€174 | +9.5% |
| Furniture and vehicles | 24 | €464 | €60,050 | +€59,585 | +12833.1% |
| Current assets | 29/58 | €235,948 | €190,442 | -€45,506 | -19.3% |
| Amounts receivable within one year | 40/41 | €45,395 | €33,453 | -€11,942 | -26.3% |
| Trade receivables | 40 | €15,670 | €12,145 | -€3,524 | -22.5% |
| Other amounts receivable | 41 | €29,725 | €21,308 | -€8,418 | -28.3% |
| Cash at bank and in hand | 54/58 | €189,921 | €156,331 | -€33,590 | -17.7% |
| Deferred charges and accrued income | 490/1 | €632 | €658 | +€25 | +4.0% |
| Total equity and liabilities | 10/49 | €238,245 | €252,498 | +€14,253 | +6.0% |
| Equity | 10/15 | €200,983 | €5,000 | -€195,983 | -97.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €143,293 | €0 | -€143,293 | -100.0% |
| Distributable reserves | 133 | €143,293 | €0 | -€143,293 | -100.0% |
| Profit (loss) carried forward | 14 | €52,691 | €0 | -€52,691 | -100.0% |
| Amounts payable | 17/49 | €37,262 | €247,498 | +€210,236 | +564.2% |
| Amounts payable within one year | 42/48 | €36,897 | €247,498 | +€210,601 | +570.8% |
| Financial debts | 43 | €448 | €2,526 | +€2,078 | +464.1% |
| Credit institutions | 430/8 | €448 | €2,526 | +€2,078 | +464.1% |
| Trade debts | 44 | €0 | €1,113 | +€1,113 | |
| Suppliers | 440/4 | €0 | €1,113 | +€1,113 | |
| Taxes, remuneration and social security | 45 | €19,799 | €14,905 | -€4,894 | -24.7% |
| Taxes | 450/3 | €19,799 | €14,905 | -€4,894 | -24.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €16,651 | €228,954 | +€212,303 | +1275.0% |
| Accrued charges and deferred income | 492/3 | €365 | €0 | -€365 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,621 | €6,967 | +€5,345 | +329.7% |
| Other operating charges | 640/8 | €902 | €18,122 | +€17,220 | +1908.4% |
| Gross operating margin | 9900 | €70,197 | €87,331 | +€17,134 | +24.4% |
| Operating profit (loss) | 9901 | €67,673 | €62,242 | -€5,431 | -8.0% |
| Financial income | 75/76B | €690 | €1 | -€689 | -99.9% |
| Recurring financial income | 75 | €690 | €1 | -€689 | -99.9% |
| Financial charges | 65/66B | €1,349 | €720 | -€629 | -46.6% |
| Recurring financial charges | 65 | €1,349 | €720 | -€629 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | €67,015 | €61,523 | -€5,492 | -8.2% |
| Income taxes | 67/77 | €14,324 | €13,716 | -€609 | -4.2% |
| Profit (loss) for the period | 9904 | €52,691 | €47,807 | -€4,883 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,691 | €47,807 | -€4,883 | -9.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.