Key Smile: 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.
Key Smile
Largest movements
- Cash +€12,422
up €12,422 (+16.1%), from €77,103 to €89,525
mainly Other debts (+€93,169) and Net result for the year (+€28,371)
- Receivables within one year +€8,570
up €8,570 (+122.3%), from €7,007 to €15,578
of which Trade receivables: +€5,504
- Receivables after one year +€4,000
up €4,000 (+89.9%), from €4,450 to €8,450
- Financial fixed assets -€3,870
no longer reported in 2025 (was €3,870)
- Other debts +€93,169
up €93,169 (+3009.5%), from €3,096 to €96,265
- Reserves -€67,892
down €67,892 (-87.5%), from €77,580 to €9,688
- Trade debts -€2,974
down €2,974 (-70.3%), from €4,233 to €1,259
- Gross operating margin +€13,336
up €13,336 (+44.1%), from €30,220 to €43,556
- Financial charges +€2,739
up €2,739 (+961.3%), from €285 to €3,024
- Taxes +€2,490
up €2,490 (+36.1%), from €6,902 to €9,392
- Depreciation +€1,469
up €1,469 (+124.5%), from €1,180 to €2,649
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 | €96,963 | €119,264 | +€22,301 | +23.0% |
| Fixed assets | 21/28 | €8,402 | €5,402 | -€3,001 | -35.7% |
| Tangible fixed assets | 22/27 | €4,532 | €5,402 | +€869 | +19.2% |
| Furniture and vehicles | 24 | €4,532 | €5,402 | +€869 | +19.2% |
| Financial fixed assets | 28 | €3,870 | - | -€3,870 | |
| Current assets | 29/58 | €88,560 | €113,862 | +€25,302 | +28.6% |
| Amounts receivable after more than one year | 29 | €4,450 | €8,450 | +€4,000 | +89.9% |
| Other amounts receivable | 291 | €4,450 | €8,450 | +€4,000 | +89.9% |
| Amounts receivable within one year | 40/41 | €7,007 | €15,578 | +€8,570 | +122.3% |
| Trade receivables | 40 | €6,669 | €12,173 | +€5,504 | +82.5% |
| Other amounts receivable | 41 | €338 | €3,404 | +€3,066 | +905.8% |
| Cash at bank and in hand | 54/58 | €77,103 | €89,525 | +€12,422 | +16.1% |
| Deferred charges and accrued income | 490/1 | - | €310 | +€310 | |
| Total equity and liabilities | 10/49 | €96,963 | €119,264 | +€22,301 | +23.0% |
| Equity | 10/15 | €80,582 | €12,688 | -€67,894 | -84.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €77,580 | €9,688 | -€67,892 | -87.5% |
| Distributable reserves | 133 | €77,580 | €9,688 | -€67,892 | -87.5% |
| Profit (loss) carried forward | 14 | €2 | - | -€2 | |
| Amounts payable | 17/49 | €16,381 | €106,576 | +€90,195 | +550.6% |
| Amounts payable within one year | 42/48 | €16,381 | €106,576 | +€90,195 | +550.6% |
| Trade debts | 44 | €4,233 | €1,259 | -€2,974 | -70.3% |
| Suppliers | 440/4 | €4,233 | €1,259 | -€2,974 | -70.3% |
| Taxes, remuneration and social security | 45 | €9,053 | €9,053 | -€0 | 0.0% |
| Taxes | 450/3 | €6,902 | €6,902 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,151 | €2,151 | -€0 | 0.0% |
| Other amounts payable | 47/48 | €3,096 | €96,265 | +€93,169 | +3009.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,180 | €2,649 | +€1,469 | +124.5% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €30,220 | €43,556 | +€13,336 | +44.1% |
| Operating profit (loss) | 9901 | €29,040 | €40,787 | +€11,747 | +40.4% |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €285 | €3,024 | +€2,739 | +961.3% |
| Recurring financial charges | 65 | €285 | €3,024 | +€2,739 | +961.3% |
| Profit (loss) for the period before taxes | 9903 | €28,766 | €37,763 | +€8,996 | +31.3% |
| Income taxes | 67/77 | €6,902 | €9,392 | +€2,490 | +36.1% |
| Profit (loss) for the period | 9904 | €21,865 | €28,371 | +€6,506 | +29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,865 | €28,371 | +€6,506 | +29.8% |
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 6 October 2026 via checked.be.