SMARD: 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.
SMARD
Largest movements
- Cash +€424,389
up €424,389 (+286.8%), from €147,953 to €572,342
mainly Current investments (+€275,000) and Net result for the year (+€216,919)
- Current investments -€275,000
down €275,000 (-100.0%), from €275,000 to €0
- Receivables within one year +€65,011
up €65,011 (+245.2%), from €26,514 to €91,524
of which Trade receivables: +€69,159
- Tangible fixed assets -€16,982
down €16,982 (-7.7%), from €219,335 to €202,353
of which Land and buildings: -€9,586
- Reserves +€137,640
up €137,640 (+23.4%), from €588,135 to €725,775
- Tax, wage and social debts +€56,424
up €56,424 (+127.4%), from €44,272 to €100,696
- Gross operating margin +€130,781
up €130,781 (+65.8%), from €198,843 to €329,624
- Taxes +€43,817
up €43,817 (+83.0%), from €52,811 to €96,628
- Financial income +€7,424
up €7,424 (+296.6%), from €2,503 to €9,927
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 | €670,595 | €867,748 | +€197,153 | +29.4% |
| Fixed assets | 21/28 | €219,335 | €202,353 | -€16,982 | -7.7% |
| Tangible fixed assets | 22/27 | €219,335 | €202,353 | -€16,982 | -7.7% |
| Land and buildings | 22 | €182,527 | €172,941 | -€9,586 | -5.3% |
| Plant, machinery and equipment | 23 | €4,007 | €2,038 | -€1,969 | -49.1% |
| Furniture and vehicles | 24 | €11,944 | €12,899 | +€955 | +8.0% |
| Other tangible fixed assets | 26 | €20,857 | €14,476 | -€6,382 | -30.6% |
| Current assets | 29/58 | €451,260 | €665,395 | +€214,135 | +47.5% |
| Amounts receivable within one year | 40/41 | €26,514 | €91,524 | +€65,011 | +245.2% |
| Trade receivables | 40 | €22,365 | €91,524 | +€69,159 | +309.2% |
| Other amounts receivable | 41 | €4,149 | €0 | -€4,149 | -100.0% |
| Current investments | 50/53 | €275,000 | €0 | -€275,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €147,953 | €572,342 | +€424,389 | +286.8% |
| Deferred charges and accrued income | 490/1 | €1,793 | €1,529 | -€265 | -14.7% |
| Total equity and liabilities | 10/49 | €670,595 | €867,748 | +€197,153 | +29.4% |
| Equity | 10/15 | €614,207 | €751,847 | +€137,640 | +22.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €7,522 | €7,522 | = | 0.0% |
| Reserves | 13 | €588,135 | €725,775 | +€137,640 | +23.4% |
| Distributable reserves | 133 | €588,135 | €725,775 | +€137,640 | +23.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €56,388 | €115,901 | +€59,513 | +105.5% |
| Amounts payable within one year | 42/48 | €56,213 | €114,746 | +€58,533 | +104.1% |
| Financial debts | 43 | €75 | €117 | +€41 | +55.1% |
| Credit institutions | 430/8 | €75 | €117 | +€41 | +55.1% |
| Trade debts | 44 | €947 | €1,220 | +€272 | +28.7% |
| Suppliers | 440/4 | €947 | €1,220 | +€272 | +28.7% |
| Taxes, remuneration and social security | 45 | €44,272 | €100,696 | +€56,424 | +127.4% |
| Taxes | 450/3 | €44,272 | €100,696 | +€56,424 | +127.4% |
| Other amounts payable | 47/48 | €10,918 | €12,714 | +€1,795 | +16.4% |
| Accrued charges and deferred income | 492/3 | €175 | €1,155 | +€980 | +559.9% |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,843 | €21,548 | +€705 | +3.4% |
| Other operating charges | 640/8 | €3,552 | €3,237 | -€314 | -8.8% |
| Gross operating margin | 9900 | €198,843 | €329,624 | +€130,781 | +65.8% |
| Operating profit (loss) | 9901 | €174,448 | €304,838 | +€130,390 | +74.7% |
| Financial income | 75/76B | €2,503 | €9,927 | +€7,424 | +296.6% |
| Recurring financial income | 75 | €2,503 | €9,927 | +€7,424 | +296.6% |
| Financial charges | 65/66B | €368 | €1,219 | +€851 | +230.9% |
| Recurring financial charges | 65 | €368 | €1,219 | +€851 | +230.9% |
| Profit (loss) for the period before taxes | 9903 | €176,583 | €313,547 | +€136,964 | +77.6% |
| Income taxes | 67/77 | €52,811 | €96,628 | +€43,817 | +83.0% |
| Profit (loss) for the period | 9904 | €123,772 | €216,919 | +€93,147 | +75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €123,772 | €216,919 | +€93,147 | +75.3% |
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 7 October 2026 via checked.be.