HAPPY 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.
HAPPY SMILE
Largest movements
- Current investments +€397,288
up €397,288 (+116%), from €341,239 to €738,527
- Cash -€219,145
no longer reported in 2025 (was €219,145)
mainly Contributions, distributions and other (-€403,853) and Current investments (-€397,288)
- Tangible fixed assets -€26,933
down €26,933 (-16.6%), from €162,437 to €135,504
- Other debts +€401,839
up €401,839 (+8,472%), from €4,743 to €406,582
- Reserves -€243,564
down €243,564 (-35.4%), from €687,470 to €443,907
- Debts after one year -€10,375
down €10,375 (-32.8%), from €31,601 to €21,226
- Gross operating margin +€28,393
up €28,393 (+12.5%), from €226,292 to €254,685
- Taxes +€11,273
up €11,273 (+18.5%), from €60,894 to €72,167
- Financial income +€3,544
up €3,544 (+87.3%), from €4,060 to €7,604
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 | €747,317 | €896,314 | +€148,997 | +19.9% |
| Fixed assets | 21/28 | €162,437 | €135,504 | -€26,933 | -16.6% |
| Tangible fixed assets | 22/27 | €162,437 | €135,504 | -€26,933 | -16.6% |
| Land and buildings | 22 | €74,058 | €68,242 | -€5,816 | -7.9% |
| Plant, machinery and equipment | 23 | €52,219 | €42,718 | -€9,501 | -18.2% |
| Furniture and vehicles | 24 | €36,160 | €24,545 | -€11,615 | -32.1% |
| Current assets | 29/58 | €584,880 | €760,810 | +€175,930 | +30.1% |
| Amounts receivable within one year | 40/41 | €18,647 | €15,422 | -€3,225 | -17.3% |
| Other amounts receivable | 41 | €18,647 | €15,422 | -€3,225 | -17.3% |
| Current investments | 50/53 | €341,239 | €738,527 | +€397,288 | +116% |
| Cash at bank and in hand | 54/58 | €219,145 | - | -€219,145 | |
| Deferred charges and accrued income | 490/1 | €5,849 | €6,861 | +€1,012 | +17.3% |
| Total equity and liabilities | 10/49 | €747,317 | €896,314 | +€148,997 | +19.9% |
| Equity | 10/15 | €699,870 | €456,307 | -€243,564 | -34.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €687,470 | €443,907 | -€243,564 | -35.4% |
| Distributable reserves | 133 | €687,470 | €443,907 | -€243,564 | -35.4% |
| Amounts payable | 17/49 | €47,447 | €440,008 | +€392,561 | +827% |
| Amounts payable after more than one year | 17 | €31,601 | €21,226 | -€10,375 | -32.8% |
| Financial debts | 170/4 | €31,601 | €21,226 | -€10,375 | -32.8% |
| Amounts payable within one year | 42/48 | €15,846 | €417,941 | +€402,095 | +2,538% |
| Current portion of amounts payable after more than one year | 42 | €10,219 | €10,375 | +€155 | +1.5% |
| Trade debts | 44 | €883 | €984 | +€100 | +11.4% |
| Suppliers | 440/4 | €883 | €984 | +€100 | +11.4% |
| Other amounts payable | 47/48 | €4,743 | €406,582 | +€401,839 | +8,472% |
| Accrued charges and deferred income | 492/3 | - | €841 | +€841 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,646 | €26,933 | -€713 | -2.6% |
| Other operating charges | 640/8 | €618 | €765 | +€147 | +23.8% |
| Gross operating margin | 9900 | €226,292 | €254,685 | +€28,393 | +12.5% |
| Operating profit (loss) | 9901 | €198,028 | €226,987 | +€28,959 | +14.6% |
| Financial income | 75/76B | €4,060 | €7,604 | +€3,544 | +87.3% |
| Recurring financial income | 75 | €4,060 | €7,604 | +€3,544 | +87.3% |
| Financial charges | 65/66B | €1,841 | €2,134 | +€294 | +16.0% |
| Recurring financial charges | 65 | €1,841 | €2,134 | +€294 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €200,247 | €232,456 | +€32,209 | +16.1% |
| Income taxes | 67/77 | €60,894 | €72,167 | +€11,273 | +18.5% |
| Profit (loss) for the period | 9904 | €139,353 | €160,289 | +€20,936 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,353 | €160,289 | +€20,936 | +15.0% |
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 25 October 2026 via checked.be.