LE SMASH: 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.
LE SMASH
Largest movements
- Receivables within one year +€8,791
up €8,791 (+137%), from €6,397 to €15,187
of which Trade receivables: +€11,113
- Cash +€3,448
up €3,448 (+14,482%), from €24 to €3,472
mainly Depreciation (+€12,878) and Trade debts (+€9,374)
- Tangible fixed assets -€1,108
down €1,108 (-2.4%), from €46,951 to €45,844
of which Furniture and vehicles: -€7,387
- Trade debts +€9,374
up €9,374 (+443%), from €2,118 to €11,492
- Debts after one year -€5,240
down €5,240 (-26.0%), from €20,187 to €14,947
- Profit (loss) carried forward +€4,050
up €4,050 (+93.7%), from -€4,322 to -€272
- Other debts +€2,733
up €2,733 (+1,080%), from €253 to €2,986
- Gross operating margin -€11,255
down €11,255 (-35.8%), from €31,407 to €20,153
- Taxes -€1,736
down €1,736 (-57.8%), from €3,001 to €1,265
- Financial charges +€588
up €588 (+136%), from €433 to €1,021
- Other operating charges +€431
up €431 (+76.4%), from €565 to €996
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 | €53,463 | €64,889 | +€11,426 | +21.4% |
| Fixed assets | 21/28 | €46,951 | €45,844 | -€1,108 | -2.4% |
| Tangible fixed assets | 22/27 | €46,951 | €45,844 | -€1,108 | -2.4% |
| Furniture and vehicles | 24 | €31,988 | €24,602 | -€7,387 | -23.1% |
| Other tangible fixed assets | 26 | €14,963 | €21,242 | +€6,279 | +42.0% |
| Current assets | 29/58 | €6,511 | €19,045 | +€12,534 | +192% |
| Amounts receivable within one year | 40/41 | €6,397 | €15,187 | +€8,791 | +137% |
| Trade receivables | 40 | €4,074 | €15,187 | +€11,113 | +273% |
| Other amounts receivable | 41 | €2,322 | €0 | -€2,322 | -100.0% |
| Cash at bank and in hand | 54/58 | €24 | €3,472 | +€3,448 | +14,482% |
| Deferred charges and accrued income | 490/1 | €91 | €386 | +€295 | +326% |
| Total equity and liabilities | 10/49 | €53,463 | €64,889 | +€11,426 | +21.4% |
| Equity | 10/15 | €23,902 | €27,953 | +€4,050 | +16.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €9,633 | €9,633 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,117 | €8,117 | = | 0.0% |
| Distributable reserves | 133 | €1,516 | €1,516 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,322 | -€272 | +€4,050 | +93.7% |
| Amounts payable | 17/49 | €29,560 | €36,936 | +€7,376 | +25.0% |
| Amounts payable after more than one year | 17 | €20,187 | €14,947 | -€5,240 | -26.0% |
| Financial debts | 170/4 | €20,187 | €14,947 | -€5,240 | -26.0% |
| Amounts payable within one year | 42/48 | €9,374 | €21,989 | +€12,615 | +135% |
| Current portion of amounts payable after more than one year | 42 | €5,051 | €5,240 | +€188 | +3.7% |
| Trade debts | 44 | €2,118 | €11,492 | +€9,374 | +443% |
| Suppliers | 440/4 | €2,118 | €11,492 | +€9,374 | +443% |
| Taxes, remuneration and social security | 45 | €1,951 | €2,271 | +€319 | +16.4% |
| Taxes | 450/3 | €1,951 | €2,271 | +€319 | +16.4% |
| Other amounts payable | 47/48 | €253 | €2,986 | +€2,733 | +1,080% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,626 | €12,878 | +€253 | +2.0% |
| Other operating charges | 640/8 | €565 | €996 | +€431 | +76.4% |
| Gross operating margin | 9900 | €31,407 | €20,153 | -€11,255 | -35.8% |
| Operating profit (loss) | 9901 | €18,217 | €6,278 | -€11,939 | -65.5% |
| Financial income | 75/76B | - | €58 | +€58 | |
| Recurring financial income | 75 | - | €58 | +€58 | |
| Financial charges | 65/66B | €433 | €1,021 | +€588 | +136% |
| Recurring financial charges | 65 | €433 | €1,021 | +€588 | +136% |
| Profit (loss) for the period before taxes | 9903 | €17,784 | €5,315 | -€12,468 | -70.1% |
| Income taxes | 67/77 | €3,001 | €1,265 | -€1,736 | -57.8% |
| Profit (loss) for the period | 9904 | €14,783 | €4,050 | -€10,733 | -72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,783 | €4,050 | -€10,733 | -72.6% |
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 22 October 2026 via checked.be.