sts SMULDERS: what changed
Two financial 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.
sts SMULDERS
Largest movements
- Tangible fixed assets -€49,412
down €49,412 (-35.9%), from €137,725 to €88,313
of which Furniture and vehicles: -€29,841
- Stocks and contracts +€45,843
up €45,843 (+114.6%), from €40,000 to €85,843
- Cash +€44,864
up €44,864 (+132.3%), from €33,911 to €78,775
mainly Net result for the year (+€44,341) and Depreciation (+€40,827)
- Financial fixed assets -€25,000
no longer reported in 2025 (was €25,000)
- Receivables within one year +€18,519
up €18,519 (+49.6%), from €37,326 to €55,845
of which Other amounts receivable: +€45,374
- Reserves +€44,341
up €44,341 (+18.5%), from €239,402 to €283,743
- Other debts -€17,807
no longer reported in 2025 (was €17,807)
- Trade debts +€10,234
new in 2025: €10,234
- Write-downs -€155,388
down €155,388, from €125,488 to -€29,901
- Provisions +€125,488
no longer reported in 2025 (was -€125,488)
- Gross operating margin +€30,446
up €30,446 (+59.4%), from €51,254 to €81,700
- Taxes +€12,837
up €12,837 (+291.3%), from €4,407 to €17,244
- Depreciation +€4,256
up €4,256 (+11.6%), from €36,571 to €40,827
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 | €273,963 | €308,777 | +€34,814 | +12.7% |
| Fixed assets | 21/28 | €162,725 | €88,313 | -€74,412 | -45.7% |
| Tangible fixed assets | 22/27 | €137,725 | €88,313 | -€49,412 | -35.9% |
| Plant, machinery and equipment | 23 | €71,527 | €51,957 | -€19,570 | -27.4% |
| Furniture and vehicles | 24 | €66,197 | €36,356 | -€29,841 | -45.1% |
| Financial fixed assets | 28 | €25,000 | - | -€25,000 | |
| Current assets | 29/58 | €111,238 | €220,463 | +€109,226 | +98.2% |
| Stocks and contracts in progress | 3 | €40,000 | €85,843 | +€45,843 | +114.6% |
| Contracts in progress | 37 | €40,000 | €85,843 | +€45,843 | +114.6% |
| Amounts receivable within one year | 40/41 | €37,326 | €55,845 | +€18,519 | +49.6% |
| Trade receivables | 40 | €31,665 | €4,810 | -€26,855 | -84.8% |
| Other amounts receivable | 41 | €5,662 | €51,035 | +€45,374 | +801.4% |
| Cash at bank and in hand | 54/58 | €33,911 | €78,775 | +€44,864 | +132.3% |
| Total equity and liabilities | 10/49 | €273,963 | €308,777 | +€34,814 | +12.7% |
| Equity | 10/15 | €251,802 | €296,143 | +€44,341 | +17.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €239,402 | €283,743 | +€44,341 | +18.5% |
| Distributable reserves | 133 | €239,402 | €283,743 | +€44,341 | +18.5% |
| Amounts payable | 17/49 | €22,161 | €12,634 | -€9,527 | -43.0% |
| Amounts payable within one year | 42/48 | €19,761 | €10,234 | -€9,527 | -48.2% |
| Trade debts | 44 | - | €10,234 | +€10,234 | |
| Suppliers | 440/4 | - | €10,234 | +€10,234 | |
| Taxes, remuneration and social security | 45 | €1,954 | - | -€1,954 | |
| Taxes | 450/3 | €1,954 | - | -€1,954 | |
| Other amounts payable | 47/48 | €17,807 | - | -€17,807 | |
| Accrued charges and deferred income | 492/3 | €2,400 | €2,400 | = | 0.0% |
| Non-recurring operating income | 76A | - | €751 | +€751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,571 | €40,827 | +€4,256 | +11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €125,488 | -€29,901 | -€155,388 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€125,488 | - | +€125,488 | |
| Other operating charges | 640/8 | €182 | €639 | +€457 | +251.3% |
| Non-recurring operating charges | 66A | - | €10,098 | +€10,098 | |
| Gross operating margin | 9900 | €51,254 | €81,700 | +€30,446 | +59.4% |
| Operating profit (loss) | 9901 | €14,501 | €60,037 | +€45,536 | +314.0% |
| Financial income | 75/76B | €968 | €1,564 | +€595 | +61.5% |
| Recurring financial income | 75 | €968 | €1,564 | +€595 | +61.5% |
| Financial charges | 65/66B | €297 | €16 | -€281 | -94.7% |
| Recurring financial charges | 65 | €297 | €16 | -€281 | -94.7% |
| Profit (loss) for the period before taxes | 9903 | €15,172 | €61,585 | +€46,412 | +305.9% |
| Income taxes | 67/77 | €4,407 | €17,244 | +€12,837 | +291.3% |
| Profit (loss) for the period | 9904 | €10,765 | €44,341 | +€33,575 | +311.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,765 | €44,341 | +€33,575 | +311.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.