SMVet: 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.
SMVet
Largest movements
- Cash +€11,621
up €11,621 (+43.4%), from €26,800 to €38,421
mainly Net result for the year (+€18,222) and Depreciation (+€13,675)
- Receivables within one year +€10,134
up €10,134 (+160.0%), from €6,335 to €16,469
of which Trade receivables: +€6,417
- Tangible fixed assets -€6,787
down €6,787 (-14.4%), from €47,119 to €40,332
of which Plant, machinery and equipment: -€7,423
- Profit (loss) carried forward +€18,222
up €18,222 (+99.4%), from €18,328 to €36,550
- Other debts -€9,220
down €9,220 (-19.4%), from €47,496 to €38,276
- Tax, wage and social debts +€5,274
up €5,274 (+49.2%), from €10,714 to €15,988
- Gross operating margin +€8,827
up €8,827 (+29.4%), from €30,011 to €38,838
- Depreciation +€8,540
up €8,540 (+166.3%), from €5,135 to €13,675
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 | €82,805 | €98,296 | +€15,491 | +18.7% |
| Formation expenses | 20 | €970 | €759 | -€211 | -21.8% |
| Fixed assets | 21/28 | €47,119 | €40,332 | -€6,787 | -14.4% |
| Tangible fixed assets | 22/27 | €47,119 | €40,332 | -€6,787 | -14.4% |
| Land and buildings | 22 | €27,275 | €25,318 | -€1,957 | -7.2% |
| Plant, machinery and equipment | 23 | €19,844 | €12,421 | -€7,423 | -37.4% |
| Furniture and vehicles | 24 | - | €2,593 | +€2,593 | |
| Current assets | 29/58 | €34,716 | €57,205 | +€22,489 | +64.8% |
| Amounts receivable within one year | 40/41 | €6,335 | €16,469 | +€10,134 | +160.0% |
| Trade receivables | 40 | €6,335 | €12,752 | +€6,417 | +101.3% |
| Other amounts receivable | 41 | - | €3,717 | +€3,717 | |
| Cash at bank and in hand | 54/58 | €26,800 | €38,421 | +€11,621 | +43.4% |
| Deferred charges and accrued income | 490/1 | €1,581 | €2,315 | +€734 | +46.4% |
| Total equity and liabilities | 10/49 | €82,805 | €98,296 | +€15,491 | +18.7% |
| Equity | 10/15 | €21,328 | €39,550 | +€18,222 | +85.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,328 | €36,550 | +€18,222 | +99.4% |
| Amounts payable | 17/49 | €61,477 | €58,746 | -€2,731 | -4.4% |
| Amounts payable within one year | 42/48 | €61,477 | €58,096 | -€3,381 | -5.5% |
| Trade debts | 44 | €3,267 | €3,832 | +€565 | +17.3% |
| Suppliers | 440/4 | €3,267 | €3,832 | +€565 | +17.3% |
| Taxes, remuneration and social security | 45 | €10,714 | €15,988 | +€5,274 | +49.2% |
| Taxes | 450/3 | €10,714 | €15,988 | +€5,274 | +49.2% |
| Other amounts payable | 47/48 | €47,496 | €38,276 | -€9,220 | -19.4% |
| Accrued charges and deferred income | 492/3 | - | €650 | +€650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,135 | €13,675 | +€8,540 | +166.3% |
| Other operating charges | 640/8 | €387 | €509 | +€122 | +31.5% |
| Non-recurring operating charges | 66A | - | €1 | +€1 | |
| Gross operating margin | 9900 | €30,011 | €38,838 | +€8,827 | +29.4% |
| Operating profit (loss) | 9901 | €24,489 | €24,653 | +€164 | +0.7% |
| Financial charges | 65/66B | €61 | €318 | +€257 | +421.3% |
| Recurring financial charges | 65 | €61 | €318 | +€257 | +421.3% |
| Profit (loss) for the period before taxes | 9903 | €24,428 | €24,335 | -€93 | -0.4% |
| Income taxes | 67/77 | €6,100 | €6,113 | +€13 | +0.2% |
| Profit (loss) for the period | 9904 | €18,328 | €18,222 | -€106 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,328 | €18,222 | -€106 | -0.6% |
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 3 October 2026 via checked.be.