B SMART-TRADE: 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.
B SMART-TRADE
Largest movements
- Cash -€35,322
down €35,322 (-49.6%), from €71,195 to €35,874
mainly Receivables within one year (-€33,949) and Receivables after one year (-€25,000)
- Receivables within one year +€33,949
up €33,949 (+404%), from €8,403 to €42,353
of which Trade receivables: +€30,054
- Receivables after one year +€25,000
new in 2025: €25,000
- Stocks and contracts -€3,885
down €3,885 (-71.1%), from €5,462 to €1,577
- Trade debts +€18,029
up €18,029 (+920%), from €1,959 to €19,989
- Current portion of long-term debt -€11,556
no longer reported in 2025 (was €11,556)
- Reserves +€7,265
up €7,265 (+13.2%), from €54,906 to €62,170
of which Distributable reserves: +€7,265
- Tax, wage and social debts +€6,984
up €6,984 (+87.3%), from €8,000 to €14,984
of which Remuneration and social security: +€3,608
- Other debts -€1,162
down €1,162 (-28.2%), from €4,121 to €2,959
- Gross operating margin -€40,685
down €40,685 (-71.8%), from €56,689 to €16,004
- Write-downs -€22,678
down €22,678, from €11,339 to -€11,339
- Depreciation -€12,536
down €12,536 (-80.9%), from €15,491 to €2,955
- Staff costs +€11,942
new in 2025: €11,942
- Taxes -€4,580
down €4,580 (-57.1%), from €8,025 to €3,445
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 | €93,142 | €112,702 | +€19,560 | +21.0% |
| Fixed assets | 21/28 | €6,139 | €5,434 | -€705 | -11.5% |
| Intangible fixed assets | 21 | €320 | - | -€320 | |
| Tangible fixed assets | 22/27 | €5,820 | €5,434 | -€386 | -6.6% |
| Land and buildings | 22 | €3,548 | €2,128 | -€1,420 | -40.0% |
| Plant, machinery and equipment | 23 | €2,272 | €1,759 | -€513 | -22.6% |
| Furniture and vehicles | 24 | - | €1,547 | +€1,547 | |
| Current assets | 29/58 | €87,003 | €107,268 | +€20,265 | +23.3% |
| Amounts receivable after more than one year | 29 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 291 | - | €25,000 | +€25,000 | |
| Stocks and contracts in progress | 3 | €5,462 | €1,577 | -€3,885 | -71.1% |
| Stocks | 30/36 | €5,462 | €1,577 | -€3,885 | -71.1% |
| Amounts receivable within one year | 40/41 | €8,403 | €42,353 | +€33,949 | +404% |
| Trade receivables | 40 | €5,964 | €36,017 | +€30,054 | +504% |
| Other amounts receivable | 41 | €2,440 | €6,335 | +€3,896 | +160% |
| Cash at bank and in hand | 54/58 | €71,195 | €35,874 | -€35,322 | -49.6% |
| Deferred charges and accrued income | 490/1 | €1,943 | €2,464 | +€522 | +26.9% |
| Total equity and liabilities | 10/49 | €93,142 | €112,702 | +€19,560 | +21.0% |
| Equity | 10/15 | €67,506 | €74,770 | +€7,265 | +10.8% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €54,906 | €62,170 | +€7,265 | +13.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €146 | €146 | = | 0.0% |
| Distributable reserves | 133 | €52,899 | €60,164 | +€7,265 | +13.7% |
| Amounts payable | 17/49 | €25,637 | €37,932 | +€12,295 | +48.0% |
| Amounts payable within one year | 42/48 | €25,637 | €37,932 | +€12,295 | +48.0% |
| Current portion of amounts payable after more than one year | 42 | €11,556 | - | -€11,556 | |
| Trade debts | 44 | €1,959 | €19,989 | +€18,029 | +920% |
| Suppliers | 440/4 | €1,959 | €19,989 | +€18,029 | +920% |
| Taxes, remuneration and social security | 45 | €8,000 | €14,984 | +€6,984 | +87.3% |
| Taxes | 450/3 | €8,000 | €11,376 | +€3,376 | +42.2% |
| Remuneration and social security | 454/9 | - | €3,608 | +€3,608 | |
| Other amounts payable | 47/48 | €4,121 | €2,959 | -€1,162 | -28.2% |
| Remuneration, social security and pensions | 62 | - | €11,942 | +€11,942 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,491 | €2,955 | -€12,536 | -80.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,339 | -€11,339 | -€22,678 | |
| Other operating charges | 640/8 | €1,318 | €1,578 | +€261 | +19.8% |
| Non-recurring operating charges | 66A | €393 | - | -€393 | |
| Gross operating margin | 9900 | €56,689 | €16,004 | -€40,685 | -71.8% |
| Operating profit (loss) | 9901 | €28,148 | €10,868 | -€17,280 | -61.4% |
| Financial income | 75/76B | €191 | €255 | +€64 | +33.3% |
| Recurring financial income | 75 | €191 | €255 | +€64 | +33.3% |
| Financial charges | 65/66B | €807 | €413 | -€395 | -48.9% |
| Recurring financial charges | 65 | €807 | €413 | -€395 | -48.9% |
| Profit (loss) for the period before taxes | 9903 | €27,531 | €10,710 | -€16,822 | -61.1% |
| Income taxes | 67/77 | €8,025 | €3,445 | -€4,580 | -57.1% |
| Profit (loss) for the period | 9904 | €19,506 | €7,265 | -€12,242 | -62.8% |
| Transfer to tax-exempt reserves | 689 | €146 | - | -€146 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,360 | €7,265 | -€12,095 | -62.5% |
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 27 October 2026 via checked.be.