SMVL & C°: what changed
What changed
SMVL & C°
filed annual accounts (NBB)
Net result for the year
€38,683
2024 · €19,721+€18,962
Equity
€411,727
2024 · €392,544+€19,183
Cash
€20,182
2024 · €27,398-€7,216
Balance sheet total
€1.6m
2024 · €2.7m-€1.0m
Largest movements
Assets
- Stocks and contracts -€971,917
no longer reported in 2025 (was €971,917)
- Tangible fixed assets -€27,091
down €27,091 (-1.6%), from €1.6m to €1.6m
Equity and liabilities
- Current portion of long-term debt -€552,817
down €552,817 (-84.9%), from €651,323 to €98,506
- Debts after one year -€360,078
down €360,078 (-33.4%), from €1.1m to €719,525
- Trade debts -€74,066
down €74,066 (-82.9%), from €89,340 to €15,274
- Accrued charges and deferred income -€43,924
down €43,924 (-61.7%), from €71,164 to €27,240
Income statement
- Financial charges -€36,115
down €36,115 (-42.7%), from €84,637 to €48,522
- Write-downs +€26,037
new in 2025: €26,037
- Gross operating margin +€22,829
up €22,829 (+15.3%), from €149,437 to €172,266
- Taxes +€8,168
up €8,168 (+124%), from €6,574 to €14,741
- Other operating charges +€5,778
up €5,778 (+50.6%), from €11,414 to €17,191
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
€19,721
Gross operating margin
+€22,829
Write-downs
-€26,037
Other operating charges
-€5,778
Financial income
+€0
Financial charges
+€36,115
Taxes
-€8,168
Result 2025
€38,683
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
+€925,179
Investment
€0
Financing
-€932,395
Cash 2024
€27,398
From operations (derived)
+€925,179
Net result for the year
+€38,683
Depreciation
+€27,091
Stocks and contracts
+€971,917
Receivables within one year
+€13,330
Deferred charges and accrued income
+€12,350
Trade debts
-€74,066
Other debts
-€20,201
Accrued charges and deferred income
-€43,924
Financing
-€932,395
Debts after one year
-€360,078
Current portion of long-term debt
-€552,817
Contributions, distributions and other
-€19,500
Cash 2025
€20,182
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,679,787 | €1,647,884 | -€1.0m | -38.5% |
| Fixed assets | 21/28 | €1,643,088 | €1,615,997 | -€27,091 | -1.6% |
| Tangible fixed assets | 22/27 | €1,643,088 | €1,615,997 | -€27,091 | -1.6% |
| Land and buildings | 22 | €1,643,088 | €1,615,997 | -€27,091 | -1.6% |
| Current assets | 29/58 | €1,036,700 | €31,888 | -€1.0m | -96.9% |
| Stocks and contracts in progress | 3 | €971,917 | - | -€971,917 | |
| Stocks | 30/36 | €971,917 | - | -€971,917 | |
| Amounts receivable within one year | 40/41 | €25,015 | €11,685 | -€13,330 | -53.3% |
| Trade receivables | 40 | €5,167 | - | -€5,167 | |
| Other amounts receivable | 41 | €19,848 | €11,685 | -€8,163 | -41.1% |
| Cash at bank and in hand | 54/58 | €27,398 | €20,182 | -€7,216 | -26.3% |
| Deferred charges and accrued income | 490/1 | €12,370 | €21 | -€12,350 | -99.8% |
| Total equity and liabilities | 10/49 | €2,679,787 | €1,647,884 | -€1.0m | -38.5% |
| Equity | 10/15 | €392,544 | €411,727 | +€19,183 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €373,944 | €393,127 | +€19,183 | +5.1% |
| Distributable reserves | 133 | €373,944 | €393,127 | +€19,183 | +5.1% |
| Amounts payable | 17/49 | €2,287,243 | €1,236,157 | -€1.1m | -46.0% |
| Amounts payable after more than one year | 17 | €1,079,602 | €719,525 | -€360,078 | -33.4% |
| Financial debts | 170/4 | €1,079,602 | €719,525 | -€360,078 | -33.4% |
| Amounts payable within one year | 42/48 | €1,136,477 | €489,393 | -€647,085 | -56.9% |
| Current portion of amounts payable after more than one year | 42 | €651,323 | €98,506 | -€552,817 | -84.9% |
| Trade debts | 44 | €89,340 | €15,274 | -€74,066 | -82.9% |
| Suppliers | 440/4 | €89,340 | €15,274 | -€74,066 | -82.9% |
| Other amounts payable | 47/48 | €395,814 | €375,612 | -€20,201 | -5.1% |
| Accrued charges and deferred income | 492/3 | €71,164 | €27,240 | -€43,924 | -61.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,091 | €27,091 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €26,037 | +€26,037 | |
| Other operating charges | 640/8 | €11,414 | €17,191 | +€5,778 | +50.6% |
| Gross operating margin | 9900 | €149,437 | €172,266 | +€22,829 | +15.3% |
| Operating profit (loss) | 9901 | €110,932 | €101,947 | -€8,985 | -8.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €84,637 | €48,522 | -€36,115 | -42.7% |
| Recurring financial charges | 65 | €84,637 | €48,522 | -€36,115 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €26,295 | €53,425 | +€27,130 | +103% |
| Income taxes | 67/77 | €6,574 | €14,741 | +€8,168 | +124% |
| Profit (loss) for the period | 9904 | €19,721 | €38,683 | +€18,962 | +96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,721 | €38,683 | +€18,962 | +96.2% |
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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.