SMAPIC: 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.
SMAPIC
Largest movements
- Receivables within one year +€84,437
up €84,437 (+93.2%), from €90,635 to €175,072
of which Trade receivables: +€83,767
- Cash -€23,999
down €23,999 (-99.6%), from €24,101 to €102
mainly Contributions, distributions and other (-€136,000) and Receivables within one year (-€84,437)
- Tangible fixed assets -€15,289
down €15,289 (-2.6%), from €597,526 to €582,237
of which Land and buildings: -€10,875
- Tax, wage and social debts +€37,836
up €37,836 (+290%), from €13,061 to €50,897
of which Taxes: +€39,147
- Other debts +€26,835
up €26,835 (+16.1%), from €167,182 to €194,016
- Trade debts -€13,891
down €13,891 (-44.1%), from €31,522 to €17,631
- Profit (loss) carried forward -€13,272
down €13,272 (-35.9%), from €36,951 to €23,680
- Gross operating margin +€78,717
up €78,717 (+44.0%), from €178,702 to €257,418
- Taxes +€34,879
up €34,879 (+272%), from €12,840 to €47,719
- Other operating charges -€23,599
down €23,599 (-88.4%), from €26,710 to €3,111
- Financial charges -€20,290
down €20,290 (-56.3%), from €36,053 to €15,763
- Financial income +€2,692
up €2,692, from €0 to €2,692
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 | €717,089 | €762,547 | +€45,458 | +6.3% |
| Fixed assets | 21/28 | €597,617 | €582,328 | -€15,289 | -2.6% |
| Tangible fixed assets | 22/27 | €597,526 | €582,237 | -€15,289 | -2.6% |
| Land and buildings | 22 | €588,395 | €577,520 | -€10,875 | -1.8% |
| Plant, machinery and equipment | 23 | €2,129 | €1,587 | -€542 | -25.5% |
| Furniture and vehicles | 24 | €7,002 | €3,131 | -€3,872 | -55.3% |
| Financial fixed assets | 28 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €119,472 | €180,219 | +€60,747 | +50.8% |
| Amounts receivable within one year | 40/41 | €90,635 | €175,072 | +€84,437 | +93.2% |
| Trade receivables | 40 | €90,635 | €174,402 | +€83,767 | +92.4% |
| Other amounts receivable | 41 | €0 | €670 | +€670 | |
| Cash at bank and in hand | 54/58 | €24,101 | €102 | -€23,999 | -99.6% |
| Deferred charges and accrued income | 490/1 | €4,736 | €5,046 | +€309 | +6.5% |
| Total equity and liabilities | 10/49 | €717,089 | €762,547 | +€45,458 | +6.3% |
| Equity | 10/15 | €57,411 | €44,140 | -€13,272 | -23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,951 | €23,680 | -€13,272 | -35.9% |
| Amounts payable | 17/49 | €659,678 | €718,407 | +€58,730 | +8.9% |
| Amounts payable after more than one year | 17 | €418,138 | €423,537 | +€5,399 | +1.3% |
| Financial debts | 170/4 | €418,138 | €423,537 | +€5,399 | +1.3% |
| Amounts payable within one year | 42/48 | €241,539 | €294,870 | +€53,330 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €29,774 | €32,325 | +€2,551 | +8.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €31,522 | €17,631 | -€13,891 | -44.1% |
| Suppliers | 440/4 | €31,522 | €17,631 | -€13,891 | -44.1% |
| Taxes, remuneration and social security | 45 | €13,061 | €50,897 | +€37,836 | +290% |
| Taxes | 450/3 | €2,063 | €41,211 | +€39,147 | +1,897% |
| Remuneration and social security | 454/9 | €10,998 | €9,687 | -€1,311 | -11.9% |
| Other amounts payable | 47/48 | €167,182 | €194,016 | +€26,835 | +16.1% |
| Remuneration, social security and pensions | 62 | €34,804 | €36,443 | +€1,639 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,642 | €34,347 | -€2,295 | -6.3% |
| Other operating charges | 640/8 | €26,710 | €3,111 | -€23,599 | -88.4% |
| Gross operating margin | 9900 | €178,702 | €257,418 | +€78,717 | +44.0% |
| Operating profit (loss) | 9901 | €80,545 | €183,518 | +€102,973 | +128% |
| Financial income | 75/76B | €0 | €2,692 | +€2,692 | |
| Recurring financial income | 75 | €0 | €2,692 | +€2,692 | |
| Financial charges | 65/66B | €36,053 | €15,763 | -€20,290 | -56.3% |
| Recurring financial charges | 65 | €36,053 | €15,763 | -€20,290 | -56.3% |
| Profit (loss) for the period before taxes | 9903 | €44,493 | €170,448 | +€125,955 | +283% |
| Income taxes | 67/77 | €12,840 | €47,719 | +€34,879 | +272% |
| Profit (loss) for the period | 9904 | €31,653 | €122,728 | +€91,076 | +288% |
| Profit (loss) for the period to be appropriated | 9905 | €31,653 | €122,728 | +€91,076 | +288% |
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 1 November 2026 via checked.be.