SUN SMILE: 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.
SUN SMILE
Largest movements
- Cash +€87,637
up €87,637 (+116%), from €75,379 to €163,016
mainly Net result for the year (+€83,217) and Deferred charges and accrued income (+€12,828)
- Deferred charges and accrued income -€12,828
down €12,828 (-39.1%), from €32,812 to €19,984
- Tangible fixed assets -€10,630
down €10,630 (-20.6%), from €51,495 to €40,865
- Reserves +€83,217
up €83,217 (+88.2%), from €94,399 to €177,616
- Debts after one year -€10,327
down €10,327 (-24.9%), from €41,530 to €31,204
- Tax, wage and social debts -€5,555
no longer reported in 2025 (was €5,555)
- Gross operating margin +€31,703
up €31,703 (+34.0%), from €93,281 to €124,984
- Depreciation +€8,975
up €8,975 (+542%), from €1,655 to €10,630
- Taxes +€5,815
up €5,815 (+24.7%), from €23,555 to €29,370
- Financial charges +€1,264
up €1,264 (+276%), from €459 to €1,723
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.
Derived cash bridge
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 | €159,747 | €225,810 | +€66,063 | +41.4% |
| Fixed assets | 21/28 | €51,556 | €41,036 | -€10,520 | -20.4% |
| Tangible fixed assets | 22/27 | €51,495 | €40,865 | -€10,630 | -20.6% |
| Furniture and vehicles | 24 | €51,495 | €40,865 | -€10,630 | -20.6% |
| Financial fixed assets | 28 | €62 | €172 | +€110 | +178% |
| Current assets | 29/58 | €108,191 | €184,774 | +€76,583 | +70.8% |
| Amounts receivable within one year | 40/41 | - | €1,774 | +€1,774 | |
| Other amounts receivable | 41 | - | €1,774 | +€1,774 | |
| Cash at bank and in hand | 54/58 | €75,379 | €163,016 | +€87,637 | +116% |
| Deferred charges and accrued income | 490/1 | €32,812 | €19,984 | -€12,828 | -39.1% |
| Total equity and liabilities | 10/49 | €159,747 | €225,810 | +€66,063 | +41.4% |
| Equity | 10/15 | €100,399 | €183,616 | +€83,217 | +82.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €94,399 | €177,616 | +€83,217 | +88.2% |
| Distributable reserves | 133 | €94,399 | €177,616 | +€83,217 | +88.2% |
| Amounts payable | 17/49 | €59,348 | €42,194 | -€17,154 | -28.9% |
| Amounts payable after more than one year | 17 | €41,530 | €31,204 | -€10,327 | -24.9% |
| Financial debts | 170/4 | €41,530 | €31,204 | -€10,327 | -24.9% |
| Amounts payable within one year | 42/48 | €17,818 | €10,990 | -€6,828 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €9,987 | €10,327 | +€339 | +3.4% |
| Trade debts | 44 | €574 | €663 | +€90 | +15.6% |
| Suppliers | 440/4 | €574 | €663 | +€90 | +15.6% |
| Taxes, remuneration and social security | 45 | €5,555 | - | -€5,555 | |
| Taxes | 450/3 | €5,555 | - | -€5,555 | |
| Other amounts payable | 47/48 | €1,702 | - | -€1,702 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,655 | €10,630 | +€8,975 | +542% |
| Other operating charges | 640/8 | - | €44 | +€44 | |
| Gross operating margin | 9900 | €93,281 | €124,984 | +€31,703 | +34.0% |
| Operating profit (loss) | 9901 | €91,625 | €114,310 | +€22,685 | +24.8% |
| Financial charges | 65/66B | €459 | €1,723 | +€1,264 | +276% |
| Recurring financial charges | 65 | €459 | €1,723 | +€1,264 | +276% |
| Profit (loss) for the period before taxes | 9903 | €91,167 | €112,587 | +€21,420 | +23.5% |
| Income taxes | 67/77 | €23,555 | €29,370 | +€5,815 | +24.7% |
| Profit (loss) for the period | 9904 | €67,612 | €83,217 | +€15,605 | +23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €67,612 | €83,217 | +€15,605 | +23.1% |
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 15 October 2026 via checked.be.