B - SMART: 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.
B - SMART
Largest movements
- Current investments +€216,132
up €216,132 (+331.6%), from €65,170 to €281,302
- Tangible fixed assets -€194,251
down €194,251 (-75.2%), from €258,171 to €63,920
of which Land and buildings: -€216,537
- Cash +€11,329
up €11,329 (+590.2%), from €1,919 to €13,248
mainly Investment in fixed assets (net) (+€182,359) and Net result for the year (+€54,585)
- Receivables within one year -€4,989
down €4,989 (-26.1%), from €19,134 to €14,145
of which Other amounts receivable: -€19,134
- Reserves +€11,728
up €11,728 (+4.1%), from €288,956 to €300,684
- Tax, wage and social debts +€9,641
up €9,641 (+3163.8%), from €305 to €9,946
- Trade debts +€4,046
up €4,046 (+486.0%), from €833 to €4,879
- Gross operating margin +€71,843
up €71,843 (+387.1%), from €18,560 to €90,402
- Taxes +€21,028
up €21,028 (+14168.2%), from €148 to €21,177
- Depreciation -€20,142
down €20,142 (-62.9%), from €32,033 to €11,892
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 | €347,083 | €375,555 | +€28,472 | +8.2% |
| Fixed assets | 21/28 | €258,171 | €63,920 | -€194,251 | -75.2% |
| Tangible fixed assets | 22/27 | €258,171 | €63,920 | -€194,251 | -75.2% |
| Land and buildings | 22 | €216,537 | - | -€216,537 | |
| Furniture and vehicles | 24 | €38,540 | €25,747 | -€12,793 | -33.2% |
| Other tangible fixed assets | 26 | €3,094 | €38,173 | +€35,079 | +1133.7% |
| Current assets | 29/58 | €88,912 | €311,635 | +€222,723 | +250.5% |
| Amounts receivable within one year | 40/41 | €19,134 | €14,145 | -€4,989 | -26.1% |
| Trade receivables | 40 | - | €14,145 | +€14,145 | |
| Other amounts receivable | 41 | €19,134 | - | -€19,134 | |
| Current investments | 50/53 | €65,170 | €281,302 | +€216,132 | +331.6% |
| Cash at bank and in hand | 54/58 | €1,919 | €13,248 | +€11,329 | +590.2% |
| Deferred charges and accrued income | 490/1 | €2,689 | €2,940 | +€251 | +9.3% |
| Total equity and liabilities | 10/49 | €347,083 | €375,555 | +€28,472 | +8.2% |
| Equity | 10/15 | €295,156 | €306,884 | +€11,728 | +4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €288,956 | €300,684 | +€11,728 | +4.1% |
| Distributable reserves | 133 | €288,956 | €300,684 | +€11,728 | +4.1% |
| Amounts payable | 17/49 | €51,927 | €68,671 | +€16,744 | +32.2% |
| Amounts payable within one year | 42/48 | €51,927 | €68,671 | +€16,744 | +32.2% |
| Financial debts | 43 | - | €18 | +€18 | |
| Credit institutions | 430/8 | - | €18 | +€18 | |
| Trade debts | 44 | €833 | €4,879 | +€4,046 | +486.0% |
| Suppliers | 440/4 | €833 | €4,879 | +€4,046 | +486.0% |
| Taxes, remuneration and social security | 45 | €305 | €9,946 | +€9,641 | +3163.8% |
| Taxes | 450/3 | €305 | €9,946 | +€9,641 | +3163.8% |
| Other amounts payable | 47/48 | €50,790 | €53,829 | +€3,038 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,033 | €11,892 | -€20,142 | -62.9% |
| Other operating charges | 640/8 | €2,278 | €1,730 | -€548 | -24.0% |
| Gross operating margin | 9900 | €18,560 | €90,402 | +€71,843 | +387.1% |
| Operating profit (loss) | 9901 | -€15,751 | €76,781 | +€92,532 | |
| Financial income | 75/76B | €250 | €441 | +€191 | +76.6% |
| Recurring financial income | 75 | €250 | €441 | +€191 | +76.6% |
| Financial charges | 65/66B | €1,828 | €1,460 | -€368 | -20.1% |
| Recurring financial charges | 65 | €1,828 | €1,460 | -€368 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€17,330 | €75,762 | +€93,091 | |
| Income taxes | 67/77 | €148 | €21,177 | +€21,028 | +14168.2% |
| Profit (loss) for the period | 9904 | -€17,478 | €54,585 | +€72,063 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,478 | €54,585 | +€72,063 |
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 8 October 2026 via checked.be.