SMAL3: 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.
SMAL3
Largest movements
- Cash +€37,743
up €37,743 (+14016.8%), from €269 to €38,012
mainly Net result for the year (+€94,053) and Current portion of long-term debt (+€1,288)
- Profit (loss) carried forward +€94,053
up €94,053, from -€3,698 to €90,355
- Debts after one year -€36,446
down €36,446 (-9.6%), from €380,373 to €343,927
- Other debts -€21,650
down €21,650 (-44.4%), from €48,732 to €27,082
- Financial income +€115,000
new in 2025: €115,000
- Financial charges +€13,417
up €13,417 (+678.5%), from €1,978 to €15,395
- Gross operating margin -€3,329
down €3,329 (-424.3%), from -€785 to -€4,114
- Depreciation +€442
up €442 (+99.8%), from €443 to €885
- Other operating charges +€61
up €61 (+12.4%), from €493 to €554
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 | €465,951 | €502,809 | +€36,858 | +7.9% |
| Formation expenses | 20 | €3,982 | €3,097 | -€885 | -22.2% |
| Fixed assets | 21/28 | €461,700 | €461,700 | = | 0.0% |
| Financial fixed assets | 28 | €461,700 | €461,700 | = | 0.0% |
| Current assets | 29/58 | €269 | €38,012 | +€37,743 | +14016.8% |
| Cash at bank and in hand | 54/58 | €269 | €38,012 | +€37,743 | +14016.8% |
| Total equity and liabilities | 10/49 | €465,951 | €502,809 | +€36,858 | +7.9% |
| Equity | 10/15 | €1,302 | €95,355 | +€94,053 | +7224.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,698 | €90,355 | +€94,053 | |
| Amounts payable | 17/49 | €464,649 | €407,455 | -€57,195 | -12.3% |
| Amounts payable after more than one year | 17 | €380,373 | €343,927 | -€36,446 | -9.6% |
| Financial debts | 170/4 | €380,373 | €343,927 | -€36,446 | -9.6% |
| Amounts payable within one year | 42/48 | €84,277 | €63,528 | -€20,749 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €35,157 | €36,446 | +€1,288 | +3.7% |
| Trade debts | 44 | €387 | €0 | -€387 | -100.0% |
| Suppliers | 440/4 | €387 | €0 | -€387 | -100.0% |
| Other amounts payable | 47/48 | €48,732 | €27,082 | -€21,650 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €443 | €885 | +€442 | +99.8% |
| Other operating charges | 640/8 | €493 | €554 | +€61 | +12.4% |
| Gross operating margin | 9900 | -€785 | -€4,114 | -€3,329 | -424.3% |
| Operating profit (loss) | 9901 | -€1,720 | -€5,552 | -€3,832 | -222.7% |
| Financial income | 75/76B | - | €115,000 | +€115,000 | |
| Recurring financial income | 75 | - | €115,000 | +€115,000 | |
| Financial charges | 65/66B | €1,978 | €15,395 | +€13,417 | +678.5% |
| Recurring financial charges | 65 | €1,978 | €15,395 | +€13,417 | +678.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,698 | €94,053 | +€97,751 | |
| Profit (loss) for the period | 9904 | -€3,698 | €94,053 | +€97,751 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,698 | €94,053 | +€97,751 |
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 5 October 2026 via checked.be.