GLOBAL 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.
GLOBAL SMILE
Largest movements
- Stocks and contracts -€79,493
down €79,493 (-63.3%), from €125,626 to €46,133
- Financial fixed assets +€19,022
up €19,022 (+21.4%), from €89,053 to €108,075
- Cash +€14,944
up €14,944 (+546%), from €2,736 to €17,680
mainly Net result for the year (+€83,652) and Stocks and contracts (+€79,493)
- Receivables within one year -€13,530
down €13,530 (-13.9%), from €97,320 to €83,790
of which Other amounts receivable: -€8,863
- Short-term financial debts -€170,954
down €170,954 (-87.2%), from €196,006 to €25,052
- Profit (loss) carried forward +€83,652
up €83,652 (+46.6%), from -€179,539 to -€95,886
- Other debts +€61,006
up €61,006 (+120%), from €51,036 to €112,042
- Trade debts -€35,028
down €35,028 (-62.7%), from €55,822 to €20,794
- Gross operating margin +€94,798
up €94,798 (+124%), from €76,283 to €171,081
- Financial charges -€3,787
down €3,787 (-21.4%), from €17,714 to €13,927
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 | €324,935 | €264,204 | -€60,731 | -18.7% |
| Fixed assets | 21/28 | €97,754 | €115,041 | +€17,287 | +17.7% |
| Tangible fixed assets | 22/27 | €8,701 | €6,966 | -€1,735 | -19.9% |
| Plant, machinery and equipment | 23 | €681 | €1,142 | +€461 | +67.8% |
| Furniture and vehicles | 24 | €8,020 | €5,824 | -€2,196 | -27.4% |
| Financial fixed assets | 28 | €89,053 | €108,075 | +€19,022 | +21.4% |
| Current assets | 29/58 | €227,181 | €149,163 | -€78,018 | -34.3% |
| Stocks and contracts in progress | 3 | €125,626 | €46,133 | -€79,493 | -63.3% |
| Stocks | 30/36 | €125,626 | €46,133 | -€79,493 | -63.3% |
| Amounts receivable within one year | 40/41 | €97,320 | €83,790 | -€13,530 | -13.9% |
| Trade receivables | 40 | €79,171 | €74,504 | -€4,667 | -5.9% |
| Other amounts receivable | 41 | €18,149 | €9,286 | -€8,863 | -48.8% |
| Cash at bank and in hand | 54/58 | €2,736 | €17,680 | +€14,944 | +546% |
| Deferred charges and accrued income | 490/1 | €1,499 | €1,560 | +€61 | +4.1% |
| Total equity and liabilities | 10/49 | €324,935 | €264,204 | -€60,731 | -18.7% |
| Equity | 10/15 | -€167 | €83,486 | +€83,652 | |
| Contributions | 10/11 | €63,600 | €63,600 | = | 0.0% |
| Reserves | 13 | €115,772 | €115,772 | = | 0.0% |
| Distributable reserves | 133 | €115,772 | €115,772 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€179,539 | -€95,886 | +€83,652 | +46.6% |
| Amounts payable | 17/49 | €325,101 | €180,718 | -€144,383 | -44.4% |
| Amounts payable within one year | 42/48 | €325,101 | €180,718 | -€144,383 | -44.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €196,006 | €25,052 | -€170,954 | -87.2% |
| Credit institutions | 430/8 | €196,006 | €25,052 | -€170,954 | -87.2% |
| Trade debts | 44 | €55,822 | €20,794 | -€35,028 | -62.7% |
| Suppliers | 440/4 | €55,822 | €20,794 | -€35,028 | -62.7% |
| Taxes, remuneration and social security | 45 | €22,237 | €22,830 | +€593 | +2.7% |
| Taxes | 450/3 | €11,284 | €13,207 | +€1,924 | +17.0% |
| Remuneration and social security | 454/9 | €10,953 | €9,622 | -€1,331 | -12.2% |
| Other amounts payable | 47/48 | €51,036 | €112,042 | +€61,006 | +120% |
| Remuneration, social security and pensions | 62 | €67,036 | €67,352 | +€316 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,257 | €2,769 | +€1,512 | +120% |
| Other operating charges | 640/8 | €3,337 | €4,130 | +€793 | +23.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €76,283 | €171,081 | +€94,798 | +124% |
| Operating profit (loss) | 9901 | €4,653 | €96,829 | +€92,176 | +1,981% |
| Financial income | 75/76B | €1 | €750 | +€749 | +60,867% |
| Recurring financial income | 75 | €1 | €750 | +€749 | +60,867% |
| Financial charges | 65/66B | €17,714 | €13,927 | -€3,787 | -21.4% |
| Recurring financial charges | 65 | €17,714 | €13,927 | -€3,787 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,060 | €83,652 | +€96,712 | |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period | 9904 | -€13,060 | €83,652 | +€96,712 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,060 | €83,652 | +€96,712 |
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.