SMARD: 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.
SMARD
Largest movements
- Receivables within one year +€15,702
up €15,702 (+62.3%), from €25,214 to €40,916
of which Trade receivables: +€15,615
- Tangible fixed assets +€10,262
up €10,262 (+71.2%), from €14,413 to €24,675
of which Land and buildings: +€5,185
- Current investments +€6,661
up €6,661 (+7.2%), from €92,454 to €99,115
- Cash +€3,575
up €3,575 (+2.5%), from €144,769 to €148,344
mainly Net result for the year (+€38,056) and Tax, wage and social debts (+€10,917)
- Reserves +€38,056
up €38,056 (+28.1%), from €135,496 to €173,552
- Tax, wage and social debts +€10,917
up €10,917 (+57.6%), from €18,948 to €29,865
of which Taxes: +€10,287
- Other debts -€10,596
no longer reported in 2025 (was €10,596)
- Trade debts -€3,981
down €3,981 (-33.4%), from €11,934 to €7,952
- Gross operating margin +€22,019
up €22,019 (+59.4%), from €37,056 to €59,075
- Financial charges -€10,959
down €10,959 (-77.0%), from €14,230 to €3,272
of which Non-recurring financial charges: -€9,484
- Financial income -€10,040
down €10,040 (-51.2%), from €19,600 to €9,560
of which Non-recurring financial income: -€9,076
- Taxes +€3,438
up €3,438 (+19.6%), from €17,525 to €20,963
- Depreciation -€1,259
down €1,259 (-20.3%), from €6,188 to €4,929
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 | €281,672 | €316,067 | +€34,395 | +12.2% |
| Fixed assets | 21/28 | €14,413 | €24,675 | +€10,262 | +71.2% |
| Tangible fixed assets | 22/27 | €14,413 | €24,675 | +€10,262 | +71.2% |
| Land and buildings | 22 | €7,226 | €12,412 | +€5,185 | +71.8% |
| Plant, machinery and equipment | 23 | €7,182 | €9,916 | +€2,734 | +38.1% |
| Furniture and vehicles | 24 | €5 | €2,347 | +€2,342 | +51,251% |
| Current assets | 29/58 | €267,259 | €291,392 | +€24,133 | +9.0% |
| Stocks and contracts in progress | 3 | €6 | €6 | = | 0.0% |
| Stocks | 30/36 | €6 | €6 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,214 | €40,916 | +€15,702 | +62.3% |
| Trade receivables | 40 | €23,749 | €39,364 | +€15,615 | +65.8% |
| Other amounts receivable | 41 | €1,465 | €1,552 | +€87 | +5.9% |
| Current investments | 50/53 | €92,454 | €99,115 | +€6,661 | +7.2% |
| Cash at bank and in hand | 54/58 | €144,769 | €148,344 | +€3,575 | +2.5% |
| Deferred charges and accrued income | 490/1 | €4,816 | €3,011 | -€1,805 | -37.5% |
| Total equity and liabilities | 10/49 | €281,672 | €316,067 | +€34,395 | +12.2% |
| Equity | 10/15 | €240,194 | €278,250 | +€38,056 | +15.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €135,496 | €173,552 | +€38,056 | +28.1% |
| Distributable reserves | 133 | €135,496 | €173,552 | +€38,056 | +28.1% |
| Profit (loss) carried forward | 14 | €98,498 | €98,498 | = | 0.0% |
| Amounts payable | 17/49 | €41,477 | €37,817 | -€3,660 | -8.8% |
| Amounts payable within one year | 42/48 | €41,477 | €37,817 | -€3,660 | -8.8% |
| Trade debts | 44 | €11,934 | €7,952 | -€3,981 | -33.4% |
| Suppliers | 440/4 | €11,934 | €7,952 | -€3,981 | -33.4% |
| Taxes, remuneration and social security | 45 | €18,948 | €29,865 | +€10,917 | +57.6% |
| Taxes | 450/3 | €6,545 | €16,832 | +€10,287 | +157% |
| Remuneration and social security | 454/9 | €12,403 | €13,033 | +€630 | +5.1% |
| Other amounts payable | 47/48 | €10,596 | - | -€10,596 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,188 | €4,929 | -€1,259 | -20.3% |
| Other operating charges | 640/8 | €1,554 | €1,415 | -€139 | -9.0% |
| Gross operating margin | 9900 | €37,056 | €59,075 | +€22,019 | +59.4% |
| Operating profit (loss) | 9901 | €29,314 | €52,731 | +€23,417 | +79.9% |
| Financial income | 75/76B | €19,600 | €9,560 | -€10,040 | -51.2% |
| Recurring financial income | 75 | €1,244 | €280 | -€964 | -77.5% |
| Non-recurring financial income | 76B | €18,356 | €9,280 | -€9,076 | -49.4% |
| Financial charges | 65/66B | €14,230 | €3,272 | -€10,959 | -77.0% |
| Recurring financial charges | 65 | €2,390 | €915 | -€1,474 | -61.7% |
| Non-recurring financial charges | 66B | €11,841 | €2,356 | -€9,484 | -80.1% |
| Profit (loss) for the period before taxes | 9903 | €34,684 | €59,019 | +€24,335 | +70.2% |
| Income taxes | 67/77 | €17,525 | €20,963 | +€3,438 | +19.6% |
| Profit (loss) for the period | 9904 | €17,158 | €38,056 | +€20,897 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €17,158 | €38,056 | +€20,897 | +122% |
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 15 October 2026 via checked.be.