G-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.
G-SMART
Largest movements
- Intangible fixed assets +€107,718
up €107,718 (+82.5%), from €130,547 to €238,265
- Receivables within one year +€8,639
up €8,639 (+2.5%), from €341,049 to €349,688
of which Trade receivables: +€119,658
- Cash -€8,200
down €8,200 (-60.9%), from €13,455 to €5,255
mainly Investment in fixed assets (net) (-€169,470) and Receivables within one year (-€8,639)
- Provisions +€48,056
up €48,056 (+14.3%), from €336,471 to €384,527
- Trade debts +€37,399
up €37,399 (+26.8%), from €139,785 to €177,184
- Short-term financial debts +€21,155
new in 2025: €21,155
- Tax, wage and social debts -€8,420
down €8,420 (-17.9%), from €46,934 to €38,514
of which Remuneration and social security: -€15,057
- Provisions -€288,414
down €288,414 (-85.7%), from €336,471 to €48,056
- Other operating charges +€257,290
up €257,290 (+77.6%), from €331,374 to €588,664
- Gross operating margin -€115,127
down €115,127 (-11.6%), from €994,709 to €879,582
- Depreciation +€38,128
up €38,128 (+135.1%), from €28,223 to €66,350
- Taxes -€28,712
down €28,712 (-85.4%), from €33,611 to €4,899
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 | €610,754 | €710,120 | +€99,366 | +16.3% |
| Formation expenses | 20 | €1,124 | €1,124 | = | 0.0% |
| Fixed assets | 21/28 | €242,416 | €345,536 | +€103,120 | +42.5% |
| Intangible fixed assets | 21 | €130,547 | €238,265 | +€107,718 | +82.5% |
| Tangible fixed assets | 22/27 | €111,506 | €106,908 | -€4,597 | -4.1% |
| Plant, machinery and equipment | 23 | €109,422 | €105,005 | -€4,417 | -4.0% |
| Furniture and vehicles | 24 | €2,084 | €1,904 | -€180 | -8.7% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €367,214 | €363,460 | -€3,754 | -1.0% |
| Amounts receivable within one year | 40/41 | €341,049 | €349,688 | +€8,639 | +2.5% |
| Trade receivables | 40 | €169,219 | €288,877 | +€119,658 | +70.7% |
| Other amounts receivable | 41 | €171,830 | €60,810 | -€111,019 | -64.6% |
| Cash at bank and in hand | 54/58 | €13,455 | €5,255 | -€8,200 | -60.9% |
| Deferred charges and accrued income | 490/1 | €12,710 | €8,518 | -€4,192 | -33.0% |
| Total equity and liabilities | 10/49 | €610,754 | €710,120 | +€99,366 | +16.3% |
| Equity | 10/15 | €87,464 | €88,739 | +€1,276 | +1.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,464 | €83,739 | +€1,276 | +1.5% |
| Provisions and deferred taxes | 16 | €336,471 | €384,527 | +€48,056 | +14.3% |
| Provisions for liabilities and charges | 160/5 | €336,471 | €384,527 | +€48,056 | +14.3% |
| Other liabilities and charges | 164/5 | €336,471 | €384,527 | +€48,056 | +14.3% |
| Amounts payable | 17/49 | €186,820 | €236,854 | +€50,035 | +26.8% |
| Amounts payable within one year | 42/48 | €186,820 | €236,854 | +€50,035 | +26.8% |
| Financial debts | 43 | - | €21,155 | +€21,155 | |
| Credit institutions | 430/8 | - | €21,155 | +€21,155 | |
| Trade debts | 44 | €139,785 | €177,184 | +€37,399 | +26.8% |
| Suppliers | 440/4 | €139,785 | €177,184 | +€37,399 | +26.8% |
| Taxes, remuneration and social security | 45 | €46,934 | €38,514 | -€8,420 | -17.9% |
| Taxes | 450/3 | €31,551 | €38,189 | +€6,638 | +21.0% |
| Remuneration and social security | 454/9 | €15,383 | €326 | -€15,057 | -97.9% |
| Other amounts payable | 47/48 | €100 | - | -€100 | |
| Non-recurring operating income | 76A | - | €48,512 | +€48,512 | |
| Remuneration, social security and pensions | 62 | €181,268 | €170,860 | -€10,407 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,223 | €66,350 | +€38,128 | +135.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €336,471 | €48,056 | -€288,414 | -85.7% |
| Other operating charges | 640/8 | €331,374 | €588,664 | +€257,290 | +77.6% |
| Non-recurring operating charges | 66A | €1,077 | €355 | -€722 | -67.0% |
| Gross operating margin | 9900 | €994,709 | €879,582 | -€115,127 | -11.6% |
| Operating profit (loss) | 9901 | €116,297 | €5,297 | -€111,001 | -95.4% |
| Financial income | 75/76B | €38 | €2,065 | +€2,028 | +5395.5% |
| Recurring financial income | 75 | €38 | €2,065 | +€2,028 | +5395.5% |
| Financial charges | 65/66B | €261 | €1,187 | +€927 | +355.6% |
| Recurring financial charges | 65 | €261 | €1,187 | +€927 | +355.6% |
| Profit (loss) for the period before taxes | 9903 | €116,074 | €6,174 | -€109,900 | -94.7% |
| Income taxes | 67/77 | €33,611 | €4,899 | -€28,712 | -85.4% |
| Profit (loss) for the period | 9904 | €82,464 | €1,276 | -€81,188 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €82,464 | €1,276 | -€81,188 | -98.5% |
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 5 October 2026 via checked.be.