ND-SMART: 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.
ND-SMART
Largest movements
- Cash +€4,922
up €4,922 (+7.5%), from €65,975 to €70,897
mainly Net result for the year (+€35,355) and Other debts (+€5,915)
- Tangible fixed assets -€2,448
down €2,448 (-14.2%), from €17,210 to €14,762
of which Plant, machinery and equipment: -€1,612
- Receivables within one year +€2,076
up €2,076 (+11.3%), from €18,369 to €20,445
of which Trade receivables: +€2,333
- Other debts +€5,915
up €5,915 (+24.8%), from €23,885 to €29,800
- Debts after one year -€3,239
down €3,239 (-40.1%), from €8,070 to €4,831
- Tax, wage and social debts +€2,868
up €2,868 (+29.4%), from €9,757 to €12,625
- Trade debts -€2,005
down €2,005 (-88.4%), from €2,268 to €263
- Gross operating margin +€1,442
up €1,442 (+2.7%), from €53,025 to €54,467
- Taxes +€1,420
up €1,420 (+10.3%), from €13,805 to €15,225
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €102,074 | €106,103 | +€4,029 | +3.9% |
| Fixed assets | 21/28 | €17,210 | €14,762 | -€2,448 | -14.2% |
| Tangible fixed assets | 22/27 | €17,210 | €14,762 | -€2,448 | -14.2% |
| Land and buildings | 22 | €11,126 | €10,325 | -€802 | -7.2% |
| Plant, machinery and equipment | 23 | €5,792 | €4,180 | -€1,612 | -27.8% |
| Furniture and vehicles | 24 | €291 | €257 | -€34 | -11.8% |
| Current assets | 29/58 | €84,865 | €91,341 | +€6,477 | +7.6% |
| Amounts receivable within one year | 40/41 | €18,369 | €20,445 | +€2,076 | +11.3% |
| Trade receivables | 40 | €18,095 | €20,428 | +€2,333 | +12.9% |
| Other amounts receivable | 41 | €273 | €17 | -€257 | -93.9% |
| Cash at bank and in hand | 54/58 | €65,975 | €70,897 | +€4,922 | +7.5% |
| Deferred charges and accrued income | 490/1 | €521 | - | -€521 | |
| Total equity and liabilities | 10/49 | €102,074 | €106,103 | +€4,029 | +3.9% |
| Equity | 10/15 | €54,990 | €55,345 | +€355 | +0.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,990 | €50,345 | +€355 | +0.7% |
| Amounts payable | 17/49 | €47,084 | €50,758 | +€3,674 | +7.8% |
| Amounts payable after more than one year | 17 | €8,070 | €4,831 | -€3,239 | -40.1% |
| Financial debts | 170/4 | €8,070 | €4,831 | -€3,239 | -40.1% |
| Amounts payable within one year | 42/48 | €39,014 | €45,927 | +€6,913 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €3,104 | €3,239 | +€135 | +4.3% |
| Trade debts | 44 | €2,268 | €263 | -€2,005 | -88.4% |
| Suppliers | 440/4 | €2,268 | €263 | -€2,005 | -88.4% |
| Taxes, remuneration and social security | 45 | €9,757 | €12,625 | +€2,868 | +29.4% |
| Taxes | 450/3 | €9,757 | €12,625 | +€2,868 | +29.4% |
| Other amounts payable | 47/48 | €23,885 | €29,800 | +€5,915 | +24.8% |
| Remuneration, social security and pensions | 62 | €433 | €165 | -€267 | -61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,613 | €2,695 | +€82 | +3.1% |
| Other operating charges | 640/8 | €616 | €673 | +€57 | +9.3% |
| Gross operating margin | 9900 | €53,025 | €54,467 | +€1,442 | +2.7% |
| Operating profit (loss) | 9901 | €49,363 | €50,934 | +€1,570 | +3.2% |
| Financial income | 75/76B | €221 | €113 | -€107 | -48.6% |
| Recurring financial income | 75 | €221 | €113 | -€107 | -48.6% |
| Financial charges | 65/66B | €628 | €468 | -€161 | -25.5% |
| Recurring financial charges | 65 | €628 | €468 | -€161 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €48,956 | €50,579 | +€1,623 | +3.3% |
| Income taxes | 67/77 | €13,805 | €15,225 | +€1,420 | +10.3% |
| Profit (loss) for the period | 9904 | €35,151 | €35,355 | +€203 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,151 | €35,355 | +€203 | +0.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.