R 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.
R SMILE
Largest movements
- Tangible fixed assets +€55,174
up €55,174 (+19.6%), from €281,055 to €336,230
of which Plant, machinery and equipment: +€57,324
- Stocks and contracts +€25,145
up €25,145 (+175%), from €14,337 to €39,482
- Receivables within one year +€14,849
new in 2025: €14,849
- Cash +€8,893
up €8,893 (+10.2%), from €87,090 to €95,983
mainly Other debts (+€88,901) and Depreciation (+€40,651)
- Other debts +€88,901
new in 2025: €88,901
- Debts after one year -€39,427
down €39,427 (-22.0%), from €179,567 to €140,140
- Profit (loss) carried forward +€21,133
up €21,133 (+33.0%), from €64,087 to €85,219
- Tax, wage and social debts +€20,644
up €20,644 (+71.9%), from €28,695 to €49,340
of which Taxes: +€15,905
- Trade debts +€6,176
up €6,176 (+122%), from €5,050 to €11,226
- Staff costs +€44,018
up €44,018 (+51.0%), from €86,330 to €130,348
- Gross operating margin +€24,747
up €24,747 (+12.0%), from €206,756 to €231,503
- Depreciation +€6,158
up €6,158 (+17.9%), from €34,494 to €40,651
- Taxes -€2,578
down €2,578 (-17.1%), from €15,077 to €12,500
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 | €385,963 | €488,681 | +€102,718 | +26.6% |
| Fixed assets | 21/28 | €281,055 | €336,230 | +€55,174 | +19.6% |
| Tangible fixed assets | 22/27 | €281,055 | €336,230 | +€55,174 | +19.6% |
| Plant, machinery and equipment | 23 | €195,666 | €252,989 | +€57,324 | +29.3% |
| Furniture and vehicles | 24 | €85,390 | €83,240 | -€2,149 | -2.5% |
| Current assets | 29/58 | €104,908 | €152,452 | +€47,544 | +45.3% |
| Stocks and contracts in progress | 3 | €14,337 | €39,482 | +€25,145 | +175% |
| Stocks | 30/36 | €14,337 | €39,482 | +€25,145 | +175% |
| Amounts receivable within one year | 40/41 | - | €14,849 | +€14,849 | |
| Other amounts receivable | 41 | - | €14,849 | +€14,849 | |
| Cash at bank and in hand | 54/58 | €87,090 | €95,983 | +€8,893 | +10.2% |
| Deferred charges and accrued income | 490/1 | €3,481 | €2,138 | -€1,343 | -38.6% |
| Total equity and liabilities | 10/49 | €385,963 | €488,681 | +€102,718 | +26.6% |
| Equity | 10/15 | €66,587 | €87,719 | +€21,133 | +31.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,087 | €85,219 | +€21,133 | +33.0% |
| Amounts payable | 17/49 | €319,376 | €400,962 | +€81,586 | +25.5% |
| Amounts payable after more than one year | 17 | €179,567 | €140,140 | -€39,427 | -22.0% |
| Financial debts | 170/4 | €179,567 | €140,140 | -€39,427 | -22.0% |
| Amounts payable within one year | 42/48 | €72,038 | €188,894 | +€116,856 | +162% |
| Current portion of amounts payable after more than one year | 42 | €38,293 | €39,427 | +€1,134 | +3.0% |
| Trade debts | 44 | €5,050 | €11,226 | +€6,176 | +122% |
| Suppliers | 440/4 | €5,050 | €11,226 | +€6,176 | +122% |
| Taxes, remuneration and social security | 45 | €28,695 | €49,340 | +€20,644 | +71.9% |
| Taxes | 450/3 | €15,384 | €31,289 | +€15,905 | +103% |
| Remuneration and social security | 454/9 | €13,311 | €18,051 | +€4,740 | +35.6% |
| Other amounts payable | 47/48 | - | €88,901 | +€88,901 | |
| Accrued charges and deferred income | 492/3 | €67,771 | €71,928 | +€4,157 | +6.1% |
| Remuneration, social security and pensions | 62 | €86,330 | €130,348 | +€44,018 | +51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,494 | €40,651 | +€6,158 | +17.9% |
| Other operating charges | 640/8 | €412 | €481 | +€68 | +16.6% |
| Gross operating margin | 9900 | €206,756 | €231,503 | +€24,747 | +12.0% |
| Operating profit (loss) | 9901 | €85,520 | €60,022 | -€25,497 | -29.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,517 | €7,829 | +€312 | +4.1% |
| Recurring financial charges | 65 | €7,517 | €7,231 | -€287 | -3.8% |
| Non-recurring financial charges | 66B | - | €599 | +€599 | |
| Profit (loss) for the period before taxes | 9903 | €78,002 | €52,193 | -€25,809 | -33.1% |
| Income taxes | 67/77 | €15,077 | €12,500 | -€2,578 | -17.1% |
| Profit (loss) for the period | 9904 | €62,925 | €39,694 | -€23,232 | -36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,925 | €39,694 | -€23,232 | -36.9% |
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 23 October 2026 via checked.be.