BSMART: 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.
BSMART
Largest movements
- Financial fixed assets +€1.5m
up €1.5m (+134.9%), from €1.1m to €2.7m
- Receivables within one year -€389,923
down €389,923 (-58.8%), from €663,683 to €273,761
of which Other amounts receivable: -€456,758
- Receivables after one year +€290,416
up €290,416 (+829.8%), from €35,000 to €325,416
- Cash -€39,460
down €39,460 (-51.8%), from €76,169 to €36,709
mainly Investment in fixed assets (net) (-€1.5m) and Receivables after one year (-€290,416)
- Revaluation surpluses +€1.0m
new in 2025: €1.0m
- Reserves +€146,207
up €146,207 (+61.4%), from €238,105 to €384,312
- Debts after one year +€125,993
up €125,993 (+12.2%), from €1.0m to €1.2m
of which Other amounts payable: +€250,000
- Gross operating margin +€46,554
up €46,554 (+1461.9%), from €3,185 to €49,739
- Financial income +€25,000
up €25,000 (+16.7%), from €150,000 to €175,000
- Financial charges +€23,101
up €23,101 (+79.7%), from €28,991 to €52,092
- Depreciation +€20,588
up €20,588 (+193.8%), from €10,621 to €31,210
- Taxes -€11,676
down €11,676, from €4,848 to -€6,828
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 | €2,060,720 | €3,417,935 | +€1.4m | +65.9% |
| Fixed assets | 21/28 | €1,279,007 | €2,779,678 | +€1.5m | +117.3% |
| Tangible fixed assets | 22/27 | €143,737 | €112,527 | -€31,210 | -21.7% |
| Furniture and vehicles | 24 | €142,074 | €111,037 | -€31,037 | -21.8% |
| Other tangible fixed assets | 26 | €1,663 | €1,490 | -€173 | -10.4% |
| Financial fixed assets | 28 | €1,135,270 | €2,667,151 | +€1.5m | +134.9% |
| Current assets | 29/58 | €781,713 | €638,257 | -€143,456 | -18.4% |
| Amounts receivable after more than one year | 29 | €35,000 | €325,416 | +€290,416 | +829.8% |
| Other amounts receivable | 291 | €35,000 | €325,416 | +€290,416 | +829.8% |
| Amounts receivable within one year | 40/41 | €663,683 | €273,761 | -€389,923 | -58.8% |
| Trade receivables | 40 | €50,270 | €117,105 | +€66,835 | +133.0% |
| Other amounts receivable | 41 | €613,413 | €156,656 | -€456,758 | -74.5% |
| Cash at bank and in hand | 54/58 | €76,169 | €36,709 | -€39,460 | -51.8% |
| Deferred charges and accrued income | 490/1 | €6,861 | €2,372 | -€4,490 | -65.4% |
| Total equity and liabilities | 10/49 | €2,060,720 | €3,417,935 | +€1.4m | +65.9% |
| Equity | 10/15 | €884,705 | €2,064,012 | +€1.2m | +133.3% |
| Contributions | 10/11 | €646,600 | €646,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,033,100 | +€1.0m | |
| Reserves | 13 | €238,105 | €384,312 | +€146,207 | +61.4% |
| Distributable reserves | 133 | €238,105 | €384,312 | +€146,207 | +61.4% |
| Amounts payable | 17/49 | €1,176,015 | €1,353,924 | +€177,908 | +15.1% |
| Amounts payable after more than one year | 17 | €1,030,162 | €1,156,155 | +€125,993 | +12.2% |
| Financial debts | 170/4 | €880,162 | €756,155 | -€124,007 | -14.1% |
| Other amounts payable | 178/9 | €150,000 | €400,000 | +€250,000 | +166.7% |
| Amounts payable within one year | 42/48 | €145,242 | €187,721 | +€42,479 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €103,750 | €124,007 | +€20,256 | +19.5% |
| Trade debts | 44 | €4,081 | €26,379 | +€22,297 | +546.3% |
| Suppliers | 440/4 | €4,081 | €26,379 | +€22,297 | +546.3% |
| Taxes, remuneration and social security | 45 | €15,436 | €6,729 | -€8,707 | -56.4% |
| Taxes | 450/3 | €15,436 | €6,729 | -€8,707 | -56.4% |
| Other amounts payable | 47/48 | €21,974 | €30,606 | +€8,633 | +39.3% |
| Accrued charges and deferred income | 492/3 | €612 | €10,048 | +€9,436 | +1542.8% |
| Non-recurring operating income | 76A | €14,837 | - | -€14,837 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,621 | €31,210 | +€20,588 | +193.8% |
| Other operating charges | 640/8 | €1,893 | €2,059 | +€165 | +8.7% |
| Gross operating margin | 9900 | €3,185 | €49,739 | +€46,554 | +1461.9% |
| Operating profit (loss) | 9901 | -€9,330 | €16,471 | +€25,801 | |
| Financial income | 75/76B | €150,000 | €175,000 | +€25,000 | +16.7% |
| Recurring financial income | 75 | €150,000 | €175,000 | +€25,000 | +16.7% |
| Financial charges | 65/66B | €28,991 | €52,092 | +€23,101 | +79.7% |
| Recurring financial charges | 65 | €28,991 | €52,092 | +€23,101 | +79.7% |
| Profit (loss) for the period before taxes | 9903 | €111,679 | €139,379 | +€27,700 | +24.8% |
| Income taxes | 67/77 | €4,848 | -€6,828 | -€11,676 | |
| Profit (loss) for the period | 9904 | €106,830 | €146,207 | +€39,376 | +36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €106,830 | €146,207 | +€39,376 | +36.9% |
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.