EUROSMART: 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.
EUROSMART
Largest movements
- Tangible fixed assets -€886,439
down €886,439 (-58.9%), from €1.5m to €617,770
of which Land and buildings: -€828,363
- Stocks and contracts -€275,003
down €275,003 (-44.3%), from €621,214 to €346,211
- Receivables within one year +€242,447
up €242,447 (+67.4%), from €359,942 to €602,390
of which Trade receivables: +€305,575
- Financial fixed assets -€150,000
no longer reported in 2025 (was €150,000)
- Cash -€29,455
down €29,455 (-61.0%), from €48,260 to €18,805
mainly Debts after one year (-€665,763) and Trade debts (-€456,890)
- Debts after one year -€665,763
down €665,763 (-61.7%), from €1.1m to €413,613
- Trade debts -€456,890
down €456,890 (-62.8%), from €727,515 to €270,625
- Current portion of long-term debt -€145,768
down €145,768 (-42.7%), from €341,224 to €195,457
- Short-term financial debts +€100,356
new in 2025: €100,356
- Reserves +€100,000
up €100,000 (+52.6%), from €190,027 to €290,027
of which Distributable reserves: +€100,000
- Financial income +€38,570
up €38,570 (+14,285,052%), from €0 to €38,570
of which Non-recurring financial income: +€37,500
- Gross operating margin +€34,378
up €34,378 (+9.2%), from €373,070 to €407,448
- Depreciation -€30,658
down €30,658 (-47.3%), from €64,848 to €34,190
- Staff costs +€19,196
up €19,196 (+12.3%), from €155,611 to €174,806
- Taxes +€14,097
up €14,097 (+36.2%), from €38,983 to €53,079
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 | €2,683,625 | €1,585,175 | -€1.1m | -40.9% |
| Fixed assets | 21/28 | €1,654,209 | €617,770 | -€1.0m | -62.7% |
| Tangible fixed assets | 22/27 | €1,504,209 | €617,770 | -€886,439 | -58.9% |
| Land and buildings | 22 | €1,394,398 | €566,035 | -€828,363 | -59.4% |
| Plant, machinery and equipment | 23 | €2,653 | - | -€2,653 | |
| Furniture and vehicles | 24 | €105,360 | €50,658 | -€54,702 | -51.9% |
| Other tangible fixed assets | 26 | €1,797 | €1,077 | -€720 | -40.1% |
| Financial fixed assets | 28 | €150,000 | - | -€150,000 | |
| Current assets | 29/58 | €1,029,416 | €967,405 | -€62,011 | -6.0% |
| Stocks and contracts in progress | 3 | €621,214 | €346,211 | -€275,003 | -44.3% |
| Stocks | 30/36 | €621,214 | €346,211 | -€275,003 | -44.3% |
| Amounts receivable within one year | 40/41 | €359,942 | €602,390 | +€242,447 | +67.4% |
| Trade receivables | 40 | €195,662 | €501,237 | +€305,575 | +156% |
| Other amounts receivable | 41 | €164,280 | €101,152 | -€63,128 | -38.4% |
| Cash at bank and in hand | 54/58 | €48,260 | €18,805 | -€29,455 | -61.0% |
| Total equity and liabilities | 10/49 | €2,683,625 | €1,585,175 | -€1.1m | -40.9% |
| Equity | 10/15 | €399,393 | €518,717 | +€119,323 | +29.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €190,027 | €290,027 | +€100,000 | +52.6% |
| Non-distributable reserves | 130/1 | €957 | €957 | = | 0.0% |
| Reserves not available under the articles | 1311 | €957 | €957 | = | 0.0% |
| Distributable reserves | 133 | €189,070 | €289,070 | +€100,000 | +52.9% |
| Profit (loss) carried forward | 14 | €109,367 | €128,690 | +€19,323 | +17.7% |
| Amounts payable | 17/49 | €2,284,232 | €1,066,459 | -€1.2m | -53.3% |
| Amounts payable after more than one year | 17 | €1,079,376 | €413,613 | -€665,763 | -61.7% |
| Financial debts | 170/4 | €1,079,376 | €413,613 | -€665,763 | -61.7% |
| Amounts payable within one year | 42/48 | €1,204,856 | €652,474 | -€552,382 | -45.8% |
| Current portion of amounts payable after more than one year | 42 | €341,224 | €195,457 | -€145,768 | -42.7% |
| Financial debts | 43 | - | €100,356 | +€100,356 | |
| Credit institutions | 430/8 | - | €100,356 | +€100,356 | |
| Trade debts | 44 | €727,515 | €270,625 | -€456,890 | -62.8% |
| Suppliers | 440/4 | €727,515 | €270,625 | -€456,890 | -62.8% |
| Taxes, remuneration and social security | 45 | €120,580 | €78,865 | -€41,715 | -34.6% |
| Taxes | 450/3 | €67,650 | €46,333 | -€21,317 | -31.5% |
| Remuneration and social security | 454/9 | €52,930 | €32,532 | -€20,398 | -38.5% |
| Other amounts payable | 47/48 | €15,537 | €7,172 | -€8,365 | -53.8% |
| Accrued charges and deferred income | 492/3 | - | €372 | +€372 | |
| Non-recurring operating income | 76A | €1,518 | €152,211 | +€150,693 | +9,926% |
| Remuneration, social security and pensions | 62 | €155,611 | €174,806 | +€19,196 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,848 | €34,190 | -€30,658 | -47.3% |
| Other operating charges | 640/8 | €25,128 | €13,300 | -€11,828 | -47.1% |
| Non-recurring operating charges | 66A | €1,500 | €381 | -€1,119 | -74.6% |
| Gross operating margin | 9900 | €373,070 | €407,448 | +€34,378 | +9.2% |
| Operating profit (loss) | 9901 | €125,983 | €184,771 | +€58,787 | +46.7% |
| Financial income | 75/76B | €0 | €38,570 | +€38,570 | +14,285,052% |
| Recurring financial income | 75 | €0 | €1,070 | +€1,070 | +396,163% |
| Non-recurring financial income | 76B | - | €37,500 | +€37,500 | |
| Financial charges | 65/66B | €42,139 | €50,938 | +€8,799 | +20.9% |
| Recurring financial charges | 65 | €42,139 | €50,938 | +€8,799 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €83,844 | €172,403 | +€88,558 | +106% |
| Income taxes | 67/77 | €38,983 | €53,079 | +€14,097 | +36.2% |
| Profit (loss) for the period | 9904 | €44,862 | €119,323 | +€74,462 | +166% |
| Transfer from tax-exempt reserves | 789 | €35,692 | - | -€35,692 | |
| Profit (loss) for the period to be appropriated | 9905 | €80,554 | €119,323 | +€38,769 | +48.1% |
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 16 October 2026 via checked.be.