FIRST SMILE: 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.
FIRST SMILE
Largest movements
- Cash +€56,774
up €56,774 (+43.4%), from €130,844 to €187,619
mainly Net result for the year (+€210,735) and Depreciation (+€32,418)
- Receivables within one year +€56,291
up €56,291 (+169%), from €33,313 to €89,603
of which Other amounts receivable: +€55,930
- Tangible fixed assets -€29,218
down €29,218 (-12.3%), from €236,762 to €207,544
of which Furniture and vehicles: -€15,947
- Deferred charges and accrued income +€7,706
up €7,706 (+33.4%), from €23,104 to €30,811
- Reserves +€168,400
up €168,400 (+200%), from €84,200 to €252,600
- Debts after one year -€39,017
down €39,017 (-23.4%), from €166,407 to €127,390
- Other debts -€29,176
down €29,176 (-97.3%), from €30,000 to €824
- Trade debts -€14,176
down €14,176 (-50.6%), from €28,033 to €13,857
- Profit (loss) carried forward +€13,335
up €13,335 (+45.6%), from €29,244 to €42,579
- Gross operating margin +€232,505
up €232,505 (+99.9%), from €232,673 to €465,178
- Taxes +€52,035
up €52,035 (+288%), from €18,077 to €70,112
- Staff costs +€38,030
up €38,030 (+43.2%), from €88,126 to €126,156
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 | €424,229 | €515,576 | +€91,347 | +21.5% |
| Fixed assets | 21/28 | €236,967 | €207,544 | -€29,424 | -12.4% |
| Intangible fixed assets | 21 | €205 | - | -€205 | |
| Tangible fixed assets | 22/27 | €236,762 | €207,544 | -€29,218 | -12.3% |
| Plant, machinery and equipment | 23 | €4,843 | €2,858 | -€1,985 | -41.0% |
| Furniture and vehicles | 24 | €128,631 | €112,685 | -€15,947 | -12.4% |
| Leasing and similar rights | 25 | €103,288 | €92,001 | -€11,287 | -10.9% |
| Current assets | 29/58 | €187,261 | €308,032 | +€120,771 | +64.5% |
| Amounts receivable within one year | 40/41 | €33,313 | €89,603 | +€56,291 | +169% |
| Trade receivables | 40 | - | €361 | +€361 | |
| Other amounts receivable | 41 | €33,313 | €89,242 | +€55,930 | +168% |
| Cash at bank and in hand | 54/58 | €130,844 | €187,619 | +€56,774 | +43.4% |
| Deferred charges and accrued income | 490/1 | €23,104 | €30,811 | +€7,706 | +33.4% |
| Total equity and liabilities | 10/49 | €424,229 | €515,576 | +€91,347 | +21.5% |
| Equity | 10/15 | €118,444 | €300,179 | +€181,735 | +153% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €84,200 | €252,600 | +€168,400 | +200% |
| Tax-exempt reserves | 132 | €84,200 | €252,600 | +€168,400 | +200% |
| Profit (loss) carried forward | 14 | €29,244 | €42,579 | +€13,335 | +45.6% |
| Amounts payable | 17/49 | €305,784 | €215,397 | -€90,387 | -29.6% |
| Amounts payable after more than one year | 17 | €166,407 | €127,390 | -€39,017 | -23.4% |
| Financial debts | 170/4 | €166,407 | €127,390 | -€39,017 | -23.4% |
| Amounts payable within one year | 42/48 | €126,202 | €88,007 | -€38,194 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €51,880 | €45,754 | -€6,126 | -11.8% |
| Trade debts | 44 | €28,033 | €13,857 | -€14,176 | -50.6% |
| Suppliers | 440/4 | €28,033 | €13,857 | -€14,176 | -50.6% |
| Taxes, remuneration and social security | 45 | €16,289 | €27,573 | +€11,284 | +69.3% |
| Taxes | 450/3 | €8,410 | €10,283 | +€1,873 | +22.3% |
| Remuneration and social security | 454/9 | €7,879 | €17,290 | +€9,411 | +119% |
| Other amounts payable | 47/48 | €30,000 | €824 | -€29,176 | -97.3% |
| Accrued charges and deferred income | 492/3 | €13,176 | - | -€13,176 | |
| Remuneration, social security and pensions | 62 | €88,126 | €126,156 | +€38,030 | +43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,577 | €32,418 | +€1,841 | +6.0% |
| Other operating charges | 640/8 | €9,749 | €12,399 | +€2,650 | +27.2% |
| Gross operating margin | 9900 | €232,673 | €465,178 | +€232,505 | +99.9% |
| Operating profit (loss) | 9901 | €104,222 | €294,205 | +€189,983 | +182% |
| Financial income | 75/76B | €1 | €25 | +€24 | +1,940% |
| Recurring financial income | 75 | €1 | €25 | +€24 | +1,940% |
| Financial charges | 65/66B | €12,722 | €13,383 | +€661 | +5.2% |
| Recurring financial charges | 65 | €12,722 | €13,383 | +€661 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €91,501 | €280,847 | +€189,346 | +207% |
| Income taxes | 67/77 | €18,077 | €70,112 | +€52,035 | +288% |
| Profit (loss) for the period | 9904 | €73,423 | €210,735 | +€137,311 | +187% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €168,400 | +€84,200 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,777 | €42,335 | +€53,111 |
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 18 October 2026 via checked.be.